Man Buys All 650 Foreclosed Properties In One County For $4.8 Million In Back Taxes

Man Buys All 650 Foreclosed Properties In One County For $4.8 Million In Back Taxes

Why settle for scooping up one tax-foreclosed property when you can nab say, 650 of them in one fell swoop? Of course, being a millionaire helped in the case of one Michigan man who plunked down $4.8 million to buy every foreclosed property in a recent county sale. All he had to do was pay off the total amount of back taxes owed, and voila! He’s got a bunch of property and is the only one in county history to have pulled off such a feat. [More]

Bank Of America Tries To Undo Foreclosure On Home It Didn’t Hold Mortgage For, Fails

Bank Of America Tries To Undo Foreclosure On Home It Didn’t Hold Mortgage For, Fails

Seems like it’s just so darn easy for banks to accidentally foreclose on a home and force the residents to move out, but when it comes to making it right everything gets quite difficult. Bank of America has tried to rescind a foreclosure from April 2010 on a home it didn’t hold the mortgage for, but turning back the clock isn’t possible for the family that used to live there. [More]

California Goes Gangbusters Against Abusive Lending, Passes Sweeping Foreclosure-Protection Law

California Goes Gangbusters Against Abusive Lending, Passes Sweeping Foreclosure-Protection Law

Hey, rest of the country that isn’t California! This is how you do it: California legislators went ahead and approved a sweeping bill on Monday that is basically a homeowner bill of rights, including ending abusive practices by mortgage lenders while at the same time helping homeowners evade the abyss of foreclosure. California ain’t kidding around. [More]

Condos Sold Without Owners’ Permission For 1/3 Their Value

Condos Sold Without Owners’ Permission For 1/3 Their Value

Imagine that you’ve recently purchased a condo for $100,000. The complex where it’s located is about 90% rented, and 10% owner-occupied. The complex’s owner struggles, and the whole neighborhood goes up for sale in a foreclosure auction. The new owners dissolve the condo association, since they own all of the rentals, or 90% of the homes in the complex. This gives the owners permission to sell the entire complex at once, including what used to be condos. Your proceeds from having your home sold out from under you: $33,000. You still owe the rest of your mortgage, but have nowhere to live. Condo owners in Reading, Pennsylvania experienced this nightmare recently, and there is no legal way out for them. [More]

Church Buys Foreclosed Property, Ends Up With $170,000 Tax Bill

Church Buys Foreclosed Property, Ends Up With $170,000 Tax Bill

Members of a Dallas-area church congregation thought they had done their due diligence when they looked into buying some foreclosed property. They were told that all the back taxes had been cleared off the books; so why are they now facing a tax bill for $170,000? [More]

78-Year-Old Woman Forced To Leave House She & Her Husband Built In 1956

78-Year-Old Woman Forced To Leave House She & Her Husband Built In 1956

After the story of a 78-year-old grandmother being evicted from the home she and her husband built in 1956 hit the news, public outcry over the story has granted her a bit of a reprieve. The tricky part of all of this? Her daughter says her mental faculties are making it hard to figure out who exactly holds the mortgage. [More]

Bank Meltdown Forces Eviction Of Blameless Homeowner

Bank Meltdown Forces Eviction Of Blameless Homeowner

The grease fire that is the home mortgage business is reportedly set to claim a Wisconsin homeowner who paid his mortgage on time. [More]

Couple Uses Legal Loophole, Gets House Practically For Free

Couple Uses Legal Loophole, Gets House Practically For Free

How did an Iowa couple with two foreclosures already under their belts get to own their house free and clear after making only one mortgage payment? By taking advantage of a law designed to keep married couples from making huge financial commitments without the other’s consent. Since the wife was late to their closing and didn’t sign the mortgage, the couple now owns their house free and clear after making only one payment. [More]

Consumer Lawyers Drawn to Foreclosure-Fighting Bootcamp On
Remote Farm

Consumer Lawyers Drawn to Foreclosure-Fighting Bootcamp On Remote Farm

A growing band of consumer lawyers have been pilgrimaging to a farm located in the depths of the North Carolina mountains to learn the secrets of fighting foreclosures by exploiting lenders’ flawed document trail. [More]

Understand The Essential Players In The Foreclosure Scandal

Understand The Essential Players In The Foreclosure Scandal

Having trouble keeping track of all the different players and abbreviations and names in the latest foreclosure fraud mess? ProPublica offers a handy primer. [More]

Foreclosure Prevention Program Still Having Trouble Preventing Foreclosures

Foreclosure Prevention Program Still Having Trouble Preventing Foreclosures

The government program that is supposed to stop 4 million foreclosures continues to have trouble keeping homeowners in the program. [More]

Letting Mortgage Go Delinquent To Qualify For Short Sale Damages Credit

Letting Mortgage Go Delinquent To Qualify For Short Sale Damages Credit

In order to qualify for a “short sale,” in which the lender agrees for the house to be sold for less than the remaining amount owed and takes a loss, the lender sometimes requires the homeowner to be several months delinquent on their mortgage payments. But while getting out of a house you can’t afford can be a good idea, bear in mind that the delinquency will stain your credit report. [More]

Cops Break Down Door To Foreclosure Protest House, Carry Away Homeowner

Cops Break Down Door To Foreclosure Protest House, Carry Away Homeowner

The cops in Wood County, Ohio have broken down the door to the foreclosure protest house and arrested the homeowner and several protesters who had spent the week barricaded inside. As you can see here, the homeowner was literally carried off the property by the authorities. [More]

Pam Anderson Owes $493K In Taxes; Nic Cage Loses His House To Foreclosure

Pam Anderson Owes $493K In Taxes; Nic Cage Loses His House To Foreclosure

Times are tough everywhere, it seems. Even behind the gilded gates of Hollywood estates, the tax man cometh and the shadow of foreclosure looms large. Now, two of Tinseltown’s higher-profile oddballs, Pamela Anderson and Nicolas Cage, are both feeling the sting of the economic downturn. [More]

Data Shows Horrifying Bank Of America Refinance Story Actually Typical

Data Shows Horrifying Bank Of America Refinance Story Actually Typical

The Chicago Reporter is a publication that reports on race and poverty in Chicago. This issue’s cover story is about mortgage modifications and the struggles that homeowners face when trying to access the Obama Administration’s refinance program. Apparently, banks are so incompetent that it can be almost impossible to actually modify your mortgage.

The article tells the story of a small business owner who thought he would always be able to pay his mortgage, but whose work dried up with the economy, and his wife, who was laid off from her full-time job. The husband was injured on the job, and the medical bills piled up. [More]

Homeless Guy Lives On Rewards Points From His Former
Life

Homeless Guy Lives On Rewards Points From His Former Life

Sudden unemployment can really help you think creatively. The OC Register has a profile of a guy who lost his condo after being laid off from his 6-figure corporate development job — and is now living out of his leased BMW and a storage unit — and using his rewards points to survive. [More]

About 1 In 4 Borrowers Is Underwater

About 1 In 4 Borrowers Is Underwater

The Wall Street Journal says the number of borrowers currently underwater on their mortgage (meaning they owe more than the property is worth) has swelled to 23%. Ouch. [More]

Newsflash: The Next Tsunami Of Aggressively Irresponsible Loans Didn't Magically Disappear

Newsflash: The Next Tsunami Of Aggressively Irresponsible Loans Didn't Magically Disappear

We’ve been talking about the next wave of the mortgage crisis for quite some time now, and it seems that, as predicted, it’s cresting and about to hit. We are, of course, speaking of Option-ARM loans — considered the riskiest of all mortgages due to their ability to grow rather than shrink. Yes, there actually exists a mortgage that allows the borrower to pay less than the interest that is accruing on the loan.