The grease fire that is the home mortgage business is reportedly set to claim a Wisconsin homeowner who paid his mortgage on time. [More]
foreclosure
Couple Uses Legal Loophole, Gets House Practically For Free
By 4.20.11
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
By 10.27.10
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
By 10.25.10
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
By 7.21.10
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
By 7.9.10
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
By 5.7.10
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
By 4.13.10
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
By 3.18.10
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
By 3.10.10
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
By 12.1.09
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
By 9.18.09
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.
Banker Uses Foreclosed Beach House For Totally Awesome Parties
By 9.12.09
It’s Saturday night! Let’s party! …But where? Oh, I know. I heard that there’s this foreclosed Malibu beach house where a Wells Fargo manager is having some killer parties. Well, at least until ACORN had to go and ruin everyone’s fun.
New York Times: Walking Away From Your Mortgage, Not So Bad After All
By 3.22.09
Great news, distressed homeowners! If you aren’t eligible for the President’s homeowner assistance package and can’t negotiate a better deal on your mortgage, the New York Times says that turning in the keys and leaving your home may not be the end of your financial world. The Times mapped out a guide for dealing with the various players controlling your mortgage…
Top 3 Emerging Mortgage Scams To Watch Out For
By 3.19.09
In its recent annual report to the Mortgage Banker’s Association, the Mortgage Asset Research Institute described three emerging mortgage fraud schemes that are either new or increasing in popularity.
Homeowners Association Will Foreclose On Your House If You Don't Pay $267.58
By 3.16.09
Be careful what you sign when you buy that new home — because you might be agreeing to allow the home owners association foreclose on and auction off your house if you don’t pay your dues.
Federal Reserve Chairman Ben Bernanke's Childhood Home Sold After Foreclosure
By 3.16.09
Federal Reserve Chairman Ben Bernanke is from a small town in South Carolina called Dillon — a town where the impact of the economic meltdown is being felt keenly.
Octuplets Family $23,225 Behind On Mortgage Payments
By 2.19.09
CNN is reporting that the house that the octuplets mom is living in is currently in default, and the mortgage owner, the grandmother of the octuplets, is $23,225 behind on her mortgage payments.
