Sally is 20 years ahead on her 30-year mortgage. So why is Bank of America about to foreclose on her? [More]
foreclosures
Thanks To Bank Of America's Crappy Online Payment System, Your House Is Getting Foreclosed
By 2.11.10
Not Having A Mortgage Doesn't Stop Bank Of America From Foreclosing
By 1.21.10
Charlie and Maria Cardoso managed to do something few homeowners can: They own their vacation home in Florida outright, with no mortgage. But that didn’t stop Bank of America from kicking out a tenant who was renting the house, tossing out the Cardosos’ possessions, and, yes, foreclosing on the debt-free home. [More]
Experts Answer Credit Questions From Average Americans
By 1.20.10
Henry Unger at the Atlanta Journal-Constitution has put together a multi-part series of questions and answers from readers. The detailed answers are provided by Consumer Credit Counseling Service of Greater Atlanta, and the questions–which I’ve listed below–cover a broad spectrum of personal finance issues, including credit cards, mortgages, and credit reports. [More]
Bank Of America Seizes Wrong House, Causes Big Stink. No, Really.
By 1.12.10
Last October, Bank of America screwed up and seized a vacation home that didn’t belong to them. They also changed the locks and shut off the power, leaving 75 pounds of salmon and halibut rotting for a week before it was discovered, writes Laura Elder of the Galveston Daily News.
The owner, Dr. Alan Schroit, and his wife discovered what had happened when they showed up on Halloween to prepare for a party they were going to host the next day.
Rental Vacancies Are Up Along With Foreclosures. Wait, What?
By 1.11.10
So apparently apartment vacancies were up to 8% in the last quarter, which is weird because one would assume that people getting tossed from their foreclosed houses would be renting. Marketplace has some thoughts on the problem. [More]
Company Forecloses On Wrong Condo, Throws Out Everything
By 12.22.09
It’s still unclear exactly what’s going on between this Las Vegas woman and a realty company, but they definitely sent someone to clean out her home when they weren’t supposed to. She says they came and emptied the place of everything she owned, all because of an address mistake with the foreclosed property next door. They say she’s misrepresenting the amount of her belongings to the media. [More]
Million-Dollar Homeowners Defaulting At Double The Rate Of Others
By 12.18.09
The mortgage crisis isn’t just about homeowners with underwater subprime mortgages on unsellable houses. Folks with million-dollar homes are also finding it difficult to get out from under their hefty mortgages, and are defaulting at rates that are double those for homeowners with mortgages under $250,000. The difference? They’re often willing to sell at a loss, and their lenders are willing to let them do so, instead of foreclosing and destroying their credit ratings. [More]
Citi Promises No Foreclosures Or Evictions For One Month
By 12.17.09
About 4,000 borrowers who were either scheduled to have foreclosure sales or who were going to receive foreclosure notices will be left alone until January 17th, according to CNN. [More]
Your Kids Are Bumming Out The Mall Santa
By 12.14.09
The Wall Street Journal says that this year, mall Santas are spending their breaks looking bleakly at the wall and salting their mugs of bourbon with bitter tears. Why? Because your kids keep sitting on their laps and acting like characters from a Loretta Lynn song. One Santa used to joke that bad kids would get socks, but no more:
This year, he stopped telling the joke. Too many children were asking for socks. “They’ve probably heard their parents say, ‘Geez, I wish I had some money to get them clothes,'” says Mr. Riemersma, 56 years old.
Videodrome #3: Paper Puppet Reenactments Of Removed YouTubes
By 12.14.09
Faster! Leaner! Meaner! Ben Popken rounds up Consumerist.com’s top stories of the week, from psychotic stewardesses to deadly foreclosures. This week we introduce a new feature: printing out the internet and turning it into a puppet show. [More]
Wells Fargo Steps Up, Animals Are Safe
By 12.11.09
Wells Fargo promised to secure care for the animals left without food and water when a Rhode Island sanctuary for abandoned beasts was foreclosed on. [More]
UPDATED: No, Wells Fargo, You Can't Leave Animals To Die
By 12.9.09
Wells Fargo foreclosed on a Rhode Island shelter for abandoned animals, barred former owner Dan MacKenzie from entering the property, and seems to be just letting the animals fend for themselves, the Providence Journal reports. [More]
Slothful Home Loan Modifiers Earn More Money When You're Delinquent
By 11.30.09
With a rising wave of foreclosures looming, the Treasury is stepping up pressure on lenders to finish modifying home loans and to pick up the pace. Potentially exacerbating the problem is that many loans are held by servicers whose fees increase the longer borrowers remain in default. [More]
New Record! 9.64% Of All Mortgages Delinquent!
By 11.19.09
The Mortgage Bankers Association has announced that 9.64% of all mortgages are now delinquent, and this delinquency rate breaks the record set last quarter. The records are based on MBA data dating back to 1972.
Need Affordable Housing? What About A Mobile Home?
By 10.28.09
Mobile homes have a less-than-stellar reputation, deservedly or not. I know my own mom always warned me against them by saying they were just tornado bait, which was enough to make me leery of even stepping foot inside a friend’s mobile home growing up. But if you’re not irrationally afraid of tornadoes, a mobile home might be a great housing option if you’re on a tight budget or looking to save money, writes Michigan Telephone.
Homeowner Says Bank Told Him To Skip Payments, Then Foreclosed
By 10.28.09
When MC lost his second job he had trouble affording his $3,000 mortgage payment. He called his mortgage holder, Flag Star Bank, asking for a break, but the bank told him there was nothing it could do for him unless he skipped payments and submitted a loan modification package.
Nobody Wants To Buy (Four Fifths Of) Detroit
By 10.26.09
Detroit tried to auction off almost 9,000 homes and lots last week—enough property to fill Central Park—but Reuters says less than 1/5th of what went on the block actually sold. Unfortunately, it sounds like speculators snatched up few decent properties, leaving actual Detroit residents looking for new homes out in the cold.
