Countrywide is catching hell from consumer advocates who say they’re not doing enough to help the homeowners they’ve foreclosed on.
foreclosure
Foreclosures Doubled In September
By 10.11.07
Last month saw twice as many foreclosures than last September, says RealtyTrac, the foreclosure tracking organization.
Proposed Law Would Let Bankruptcy Courts Rewrite Predatory Mortgages
By 9.25.07
Several Democrats proposed a bill last week in the House of Representatives that would allow bankruptcy courts to alter mortgages written by so-called “predatory lenders.” The bill would save around 600,000 Americans from foreclosure, says its author, Representative Brad Miller from North Carolina.
After Foreclosure, Here Comes The IRS
By 8.20.07
If your house is being foreclosed on, don’t expect the pain to end with the foreclosure.
Foreclosure Filed On 1 In 29 Households In Detroit In 2007
By 8.15.07
The foreclosure numbers for the first half of 2007 are in and Stockton, California leads the pack with 1 out of every 27 homes foreclosed on in 2007. Second is Detroit, with 1 in 29 and coming in third, Las Vegas with 1 in 31.
Heat Map Of Rental Prices Based On Craiglist Listings
By 7.23.07
In a project born out of “boredom” and an experience with a landlord that was facing foreclosure due to gambling on an ARM, grad student Ethan Garner created CraigStatsSF, a site that visualizes craiglist San Francisco rental listings. He writes:
As I started looking for places, I noticed everything that used to be for rent was now for sale due to the same foreclosure effect that happened to my landlord.
Doomsday Coming in October For The Subprime Mortgage Industry
By 7.10.07
Many consumers who signed up for adjustable rate mortgages in 2004 and 2005 will see their mortgage payments jump this October, according to CNNMoney. With foreclosure rates already as high as one foreclosure filing for every 656 households in the US, this can’t be good news.
Watch Out For "Equity Stripping" Scams
By 7.5.07
The New York Times has an article about a growing problem, a scam called “equity stripping.” Here’s how it works: You answer an advertisement targeting people who are facing foreclosure, but want to stay in their homes. You think you’re refinancing your loan at a lower rate, but in reality you’re transferring the deed to someone else. That person then takes out as much as they can against the value of your home. From the NYT:
Jessica Attie, co-director of the foreclosure prevention project at South Brooklyn Legal Services and the lawyer for the Johnsons, said her office was overwhelmed with homeowners who had handed over their deeds to people pretending to help “save” their homes.
We know times are tough and a lot of homeowners are facing difficult financial decisions, but make sure you know what you’re signing. If someone offers to “temporarily” buy your home, warning bells should go off.
H&R Block Subprime Lending Division Loses $676.8 Million
By 6.21.07
The company reported losing $85.5 million, or 26 cents per share, during the February-April period, which is when the nation’s largest tax preparer sees the majority of its revenue. By comparison, the company earned $587.5 million, or $1.79, during the same period a year ago.
H&R Block says it will sell its subprime lending operation to a private equity firm.
Foreclosures Up 90% In May
By 6.14.07
May’s national foreclosure rate was up 90% from last year, and 19% from April according to Reuters. Some of the statistics being quoted by the media are astonishing to us: In Nevada, a formerly hot real estate market, there was 1 foreclosure filing for every 166 households. Nevada’s foreclosure rate was up 40% from April.
When Will Casey Serin Pay For Embodying The Worst Of The Housing Bubble Burst?
By 5.15.07
Casey-Serin is 24, but he’s already $170,000 in debt, thanks to a bevy of hare-brained schemes that helped him buy 8 homes in 8 months in 4 states with no money down, looking to do the ol’ “fix n’ flip.” None of them sold, and now he’s strapped to the nines.
How To: Avoid Foreclosure
By 5.8.07
Since 1.1 million of you will soon be forced out of your homes due to the subprime mortgage debacle, we thought we’d link this extensive article in the Washington Post detailing the various strategies one can use to negotiate with lenders and hopefully stay in your home.
$1 Billion Pledged For Refinancing Subprime Mortages, But It's Not Nearly Enough
By 4.12.07
The Neighborhood Assistance Corporation of America announced that they have set aside $1billion for the refinancing of subprime mortgages, but it’s not nearly enough. From the Washington Post (emphasis ours):
NACA requires that people who ask for its help attend intensive housing counseling workshops. It also assesses the person’s ability to own and maintain a home. It then helps the person obtain a mortgage with one of its partner lending institutions, the biggest ones being CitiGroup and Bank of America.
Posterboy For The Housing Bust
By 10.9.06
Ah, more oogie in the wake of the recessing housing froth. Meet Casey Serin, a 24-year-old with $2.5 million in debt.
