There are few things as depressing as having your house taken away from you on Christmas Eve, so the people at Freddie Mac and Fannie Mae are issuing a brief moratorium on evicting people from foreclosed properties during the holiday season. [More]
foreclosures
Scammed In A Refi, Woman Loses Home
By 11.23.10
A woman who thought she was doing a simple refi for $50,000 and became the victim of an elaborate swindle was just dealt her final savage blow: her house is getting foreclosed on. [More]
Foreclosures Are Hurting The Children
By 11.22.10
Children are an overlooked victim in the mortgage meltdown. Experts are growing concerned about the negative social, emotional and academic impact foreclosure turmoil is having on kids. Everything from forced relocation, moving to a new school, seeing your parents at each other’s throats over money, to coming home and finding all your belongs in the trash takes its toll, and there isn’t currently a public policy response to address the issues. [More]
Strapped To A "Rocket Docket" Built For Max Foreclosure Speed
By 11.19.10
Florida has special high-velocity courts presided over by retired judges that process foreclosures at the rate of 25 per hour. That’s potentially one evicted family every 2.4 minutes. Rolling Stone reporter Matt Taibbi sat in on one of these “rocket dockets” to show what goes on, marveling at the shoddy and fraudulent paperwork the banks are cramming through the courts. [More]
Man Lets House Go Into Foreclosure Over $25 Fee
By 11.16.10
I think this qualifies as cutting off your face to spite your nose.
UPDATE: It seems our reader may have the last laugh, letting the house go into foreclosure, then buying it back at a discount.
Paying The Foreclosure Lawyer With A Second Mortgage
By 11.10.10
Ever the hotbed of innovation, a new innovation in foreclosure defense is emerging in Florida. Until now, the big question for foreclosure lawyers is “how do we get paid?” If their client can’t afford to pay the bank, how are they going to pay for legal services? One firm has figured out a way. After the original mortgage is nullified or reduced, the client takes out a new mortgage for 40% of the savings, and pays it to the lawyer. [More]
"Adversely Possessing" Empty Houses: Robin Hood Or Fraudster?
By 11.9.10
Citing a law from the 1850’s, Mark is going around Florida looking for foreclosed and abandoned houses and filing paperwork to try to claim their deeds. It’s called “adverse possession.” [More]
Squatters Spoil Dream Home With Fake Deed Claims
By 11.3.10
A Seattle couple were 10 days from closing on their new house when they discovered squatters had moved in who claimed they had seized “free land.” [More]
Walk With A Family Walking Away From Their House
By 10.28.10
What’s it like to walk away from your house? No, not to go down the street to get some ice cream. Walk away like mailing the keys to your mortgage lender and saying, “Take it. It cost me more than it’s worth.” Immoral? Perilous to future job prospects? Is it “just business?” NPR follows along with one couple grappling with these very questions. [More]
Oops We Lost Your Docs So You're Going To Foreclosure
By 10.27.10
After Alexis’s employer started making her and other workers taking mandatory furlough days, her income dropped so much that she had trouble making mortgage payments. So, like many others, she sought a loan mod. She followed all of Bank of America’s instructions and thought she was on the path to getting a mod. Then BoA told her they were going to foreclose on her house. [More]
Poll: Most Americans Concerned About Ability To Pay Mortgage Or Rent
By 10.27.10
The recession may be over, but according to a new poll by the Washington Post, not only are most Americans concerned about having enough money to pay their rent or mortgage, but that number has continued to increase over the last two years. [More]
Loan Mod Denied Because Family Saved Too Much, Now Heading To Foreclosure
By 10.25.10
This family sought a loan mod after the father had his hours cut at work, making it hard for them to make their regular monthly payments. They followed the advice of housing counselors, reducing expenses and saving up money. Finally, PNC Bank told them their loan was denied. The $7,160 they saved up, which included a $5,218 tax refund, meant they were too well off to qualify. Now their house heads towards foreclosure. [More]
Bank Of America Admits It Kinda Sorta Screwed Up On Some Foreclosures
By 10.25.10
In spite of all the evidence to the contrary, Bank of America has never really confessed to making errors on home foreclosures… until today. [More]
NY To Make Foreclosure Lawyers Verify Paperwork
By 10.21.10
The chief judge in New York Wednesday ruled that lawyers handling foreclosures will have to verify that all paperwork is correct. [More]
Robosigners Showered With Jewels, Cars, Even House Payments
By 10.19.10
It’s hard work signing thousands of documents a day, even if you don’t have to read them. Your hand can cramp like something awful! [More]
GMAC Resumes Foreclosures; White House Warns Banks To Not Be Stupid
By 10.19.10
One month ago, GMAC/Ally was the first major mortgage lender to freeze foreclosures and foreclosure sales in about half the U.S.. But the day after Bank of America announced it was thawing its foreclosure freeze, GMAC followed suit. Meanwhile, the White House has warned all lenders that it will go after banks who are found to employ any of the tactics that got them into this mess in the first place. [More]
Bank Of America Gets Back To Foreclosing In Some States
By 10.18.10
Ten days after announcing a freeze to foreclosures in all 50 states, Bank of America announced on Monday that it was time to get back to the business of foreclosing on homes in 23 of those states. [More]
14 Reasons Why Countrywide Is In The Worst Company Hall Of Fame
By 10.15.10
As the news breaks that Angelo R. Mozilo, the curiously orange former CEO of Countrywide Financial, has agreed to pay millions of dollars in fines, we decided to take a walk down Countrywide’s Memory Lane… which happens to be a street littered with abandoned and foreclosed houses. [More]
