With the economic stimulus (or “e-stim,” as we’ve been calling it) signed into law, President Obama turns his attention to the foreclosure crisis. At an event in Arizona today, he announced the following proposals to help homeowners.
foreclosure
Make The Bank Prove It Really Owns Your Mortgage Before You Let Them Toss You Out
By 2.18.09
We’ve written about this before, but as more and more people face foreclosure (last year’s foreclosures totaled 2.3 million, according to the AP) its a good time to remind people of this strategy.
California Man Barricades Himself Inside Foreclosed Home
By 2.17.09
Carson, California has over 1,100 homes in foreclosure according to its mayor, and barricaded inside one of them was Frank Torres, an oil-refinery worker who lost his home to foreclosure after work was scarce last year. Now he’s working full-time and he wants to buy his house back — but he says the bank won’t listen. That’s why he painted a message on the roof of his former home and held the building hostage for 5 hours.
Housing Statistics Are Being Buoyed By So-Called "Vultures"
By 1.27.09
Sales of existing homes are up, which sounds like good news — except that if you really look at what is going on — it’s really sort of bleak. About half of all home sales in December were foreclosures, says Marketplace, where the house is sold for less than what is owed on the mortgage.
Fannie Mae To Stop Evicting Renters From Foreclosed Properties
By 1.13.09
As a rule, banks generally consider renters to be a liability and want nothing to do with them. When a property goes into foreclosure, these renters are usually unceremoniously tossed out and the building resold. Now Fannie Mae has announced a new program whereby renters in good standing will be allowed to stay in their apartments — if the property is owned by the government-controlled home funding company.
Not Even Money Saves You From Foreclosure
By 12.4.08
Eric lost his home to foreclosure, but unlike other homeowners, he had actually been trying for the past month-and-a-half to buy it back from the mortgage company for more than the mortgage. The law firm that was handling it, however, wanted an extra $20k in fees to make that happen. He told the realtor that he would buy it for more than it was going to be listed for. The realtor told him that he couldn’t make a bid until it was “active,” which would happen on 11-29. On Sunday he tells the broker he;ll give an offer on Monday. Monday rolls around and they’ve already sold the house to someone else, for less than Eric was willing to pay. They said they “forgot” that he was going to make a bid. Eric is livid. His story, inside…
Top 3 Foreclosure Scams To Avoid
By 11.25.08
With so many people facing foreclosure these days, it’s a good idea to educate yourself about the types of scams that take advantage of folks who are having trouble paying their bills. Even if you are doing ok, perhaps you can help someone else by recognizing a scam.
Where Do I Turn For Help With My Mortgage?
By 11.25.08
Reader Mike is in a “challenging mortgage situation” and wants to know where he should turn for help.
Ask The Consumerists: Should I Rent A House That Is In Foreclosure?
By 10.24.08
Reader Kelly wants to know if she should risk renting a vacation house that is in foreclosure.
The Bailout Bill Helps Renters Keep Their Homes
By 10.11.08
Great news for renters facing eviction due to foreclosure: any mortgage owner seeking assistance under Congress’ mammoth bailout bill is required to let paying renters stay in their homes.
What Does The Bailout Mean For You?
By 10.6.08
So, Congress finally passed the bailout bill. You know about the Treasury’s newfound $700 billion, and you’ve heard about the snipped golden parachutes, but what does the 451-page week-old shotgun savior of a bill actually mean for you?
This Foreclosed Property Is An Excellent Home For Bobcats
By 9.7.08
Unlike prospective homebuyers, this pair of bobcats went absolutely wild over a foreclosed Lake Elsinore home. According to the L.A. Times, the bobcats were likely attracted by an outdoor koi pond, which isn’t just decorative, but serves as a fabulous source of drinking water. Like any suburban couple, the pair is expected to stay until the kids are old enough to leave.
Donald Trump Saves Ed McMahon From Foreclosure!
By 8.15.08
Donald Trump doesn’t know Ed McMahon, but he “grew up watching him on tv,” so he’d like to be his new landlord. McMahon is currently facing foreclosure from Countrywide, and had 2 weeks to sell his house before the bank repossessed it. Mr. Trump has agreed to buy the house and lease it to McMahon, says the LA Times.
WaMu Tells You To Stop Paying Your Mortgage And Apply For Help, Then Forecloses On You
By 8.5.08
WaMu, despite all their big talk about helping homeowners avoid foreclosure, is apparently too overwhelmed with a tsunami of defaulted loans to call their customers back, let alone help them stay in their homes. Meet Lori and Mark Pestana. They have a $275,000 fixed rate mortgage with WaMu as their servicer. In August 2007, the Pestanas could not make a payment on their loan. They considered dipping into their retirement savings, but WaMu’s website offered an alternative:
Halt Foreclosure Proceedings By Challenging Your Bank's Claim To Your House
By 7.27.08
Banks don’t always own the homes they’re trying to repossess, a crucial oversight that residents facing foreclosure can exploit to stay in their homes—though not without effort. Mamie Ruth Palmer successfully sued the Bank of New York after the bank tried to foreclose her home without possessing the note securing the property. After six years in court, the bank agreed to slash her outstanding mortgage in half and waive $12,000 in foreclosure fees so she could keep her home.
By 7.24.08
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Tragic: A woman facing foreclosure commits suicide, faxes note to her mortgage company that said “by the time they foreclosed on the house today she’d be dead.” [Boston]
Dogs And Cats Feel The Foreclosure Crisis, End Up In Shelters Or Worse
By 6.26.08
As the foreclosure crisis continues, pets are losing their homes and their families as cash-strapped humans can no longer afford to care for their dogs and cats.
Countrywide Is About To Foreclose On Ed McMahon
By 6.4.08
Ed McMahon, former sweepstakes pitchman and Johnny Carson sidekick, has defaulted on his multimillion-dollar Beverly Hills home, says the AP. Mr. McMahon’s house has been on the market for two years, but is located so close to Britney Spears’ house that he’s having trouble selling it.
