Foreclosures
”"We Used To Sell Homes In A Day, Now 50% Of Our Sales Are Foreclosures"
Bank repossessions (that's when not even the bank can sell your house) are up 48% from a year ago, as falling house prices trapped borrowers in mortgages they couldn't afford, says Bloomberg. More »
Mother Saves Family From WaMu Foreclosure With Consumerist's Executive Contact Info
Arlene got behind on her mortgage payments and had been trying for 6 months to contact her lender, Washington Mutual, to see if they could work out a deal. All she found was disconnections, non-returned phone calls, contradictory information, and no answers. After reading my article in Reader's Digest about ways to get customer satisfaction she sent me an email. She was ready to try the "town crier" method, where you stand outside the business passing out copies of your complaint letter, but we gave her some executive contact info to try first before wasting any money at Kinko's. Arlene says that thanks to the phone numbers we gave her, "They are going to suspend the foreclosure for 60 days and work with me on the payments for a set period of time which is all I ever wanted them to do." Once again, the almighty power of executive customer service has been revealed. Arlene's original email, inside... More »
recession watch
Foreclosures Hit An All Time High As Many Homeowners Simply Give Up
The Mortgage Bankers Association says that foreclosures have hit an all-time high as more and more borrowers with adjustable rate mortgages walk away from their homes before their payments increase. More »Exciting New Service Helps You Walk Away From Your Mortgage!
YouWalkAway.com promises to teach you how to give up paying your mortgage and let the bank foreclose on your house.
You will immediately know the exact amount of days you have to live in your house payment free. We stay on top of your walk away plan and keep you up to date with weekly progress emails. We also will notify you if the lender is taking longer than expected subsequently giving you more time in your home payment free.It's like a spoof, except real! More »
foreclosures
California Foreclosures Hit New Quarterly Record: 16,683
The number of homeowners losing their house to foreclosure shot to a new record of 31,676 in the last quarter of 2007, Los Angeles Times reports. Research firm DataQuick says that 41% of homeowners currently in default can keep their homes if they bring their payments current, refinance, or sell their home, down from 71% the year prior. Hey, at least it's sunny.
Pain goes through the roof [Los Angeles Times] (Thanks to Nicole!)
scary
Will The Foreclosure Tsunami Lead To An Arson Boom?
Here's a scary thought. The subprime meltdown and its resulting tsunami of foreclosures may lead to a boom in arson, says Fortune magazine:Faced with foreclosure on her Russellville, Indiana home, Christina Snyder allegedly concocted the kind of plan that now has insurance executives on edge.More »
Protesters Taunt Goldman Sachs Employees By Singing "Frosty The Goldman" Outside Company Christmas Party
subprime meltdown
Foreclosures Up 68% From Last Year
Foreclosure tracking firm RealtyTrac has announced November's foreclosure numbers and, while foreclosure activity is down 10% from last month's number, the news isn't happy. Foreclosures are up 68% from November 2006, with 201,950 foreclosure filings—up from 120,334 this time last year. Also worth mentioning, last year's numbers weren't exactly low—they were up 68% from 2005. More »
subprime meltdown
As Foreclosures Increase, Renters Suffer
When an apartment building is foreclosed on, the tenants are usually evicted—whether the new buyer wants them or not, says the Boston Globe:Stephen O'Brien wants to buy a foreclosed apartment building on Warwick Street in Roxbury. He wants to keep the ground-floor tenant, James Evans, 77, who is partially blind and living on Social Security.More »
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