If you own a house made with poisonous Chinese drywall, you may soon have one fewer thing to worry about: paying your homeowner’s insurance premiums.
foreclosures
How To Buy A Foreclosed House (That You Might Actually Want To Live In)
By 9.28.09
Buying a foreclosed home may seem like a great deal, since the bank that’s selling it would rather unload it at a loss than stay on as owner. But foreclosures come with a lot of risks — including vandalism by former owners or theives who strip vacant homes of just about anything that isn’t bolted down — and even things that are (you know, like toilets).
Homeowners With Good Credit Are More Likely To Strategically Default
By 9.25.09
Here’s an interesting discovery about mortgage defaults from the LA Times:
Party Crazy Wells Fargo Banker Fired
By 9.15.09
The Wells Fargo banker who turned a foreclosed Malibu beach house into his her summer party pad has been fired. The couple who originally owned the place were victims of Bernie Madoff, and lost the $12 million house in May. Wells says the banker acted alone, and added, “We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members.”
Brooklyn Judge Rejects Improperly Documented Foreclosure Motions, Shocks Banking Industry
By 8.31.09
There’s a judge in Brooklyn, NY, who has tossed out nearly half of the foreclosure cases brought before him over the past year, because the lenders have such messy paper trails that they can’t prove ownership anymore.
![Despite Refinance, Homeowner Evicted And House Sold [Updated]](../../../../consumermediallc.files.wordpress.com/2012/06/082009-005-yard.jpg?w=158&h=158&crop=1)
Despite Refinance, Homeowner Evicted And House Sold [Updated]
By 8.21.09
Imagine coming home to find the sheriff on your doorstep with an eviction notice, and then being given 3 hours to get the hell off your property, which is no longer yours because your bank mistakenly sold it out from under you for about a third of its value. Oops! Although we initially assumed WaMu/Chase was behind all of it, NCB Miami reports that actually “a mistake in the Miami-Dade Clerk’s Office appears to be behind the mishap, which landed Ramirez homeless for more than 24 hours.”
Bad News: Yet Another Record Month For Foreclosures
By 8.13.09
For the third time in the last five months a new record for foreclosure filings has been reached says foreclosure tracking firm RealtyTrac. July saw an increase of 7% from June of this year and, even more telling, a 35% increase from last year.
Family Lives Alone In 32-Story Tower
By 7.30.09
Thanks to their bank, Victor Vangelakos and his family live by themselves in a 32-story tower.
Banks Pay Foreclosed Homeowners Not To Trash Houses
By 7.27.09
Stuck as a third wheel at catch-up lunch with my wife and her friend this weekend, my ears pricked up when the friend dropped a tantalizing bit of foreclosure trivia — when it finally comes time to kick you out, banks will hand over a ton of money to bribe you into not vandalizing the place.
FTC Launches First Wave Of Smackdown On Scammy Loan Consultants
By 7.16.09
Yesterday, as part of “Operation Loan Lies,” the FTC and 19 states filed 189 lawsuits, cease-and-desist orders, and other legal actions to shut down loan modification consultants who prey on desperate homeowners. The scammers offer to help solve foreclosure problems for a hefty fee; instead, they fail to modify the loan at all while collecting payments for their services, sometimes even encouraging homeowners to stop communicating with their lenders completely or to send payments to the consultants instead of the bank.
Renter Forced To Move Out Of Foreclosed House, Can't Get Security Deposit Back
By 7.15.09
Silpa had the bad fortune of renting a house from a deadbeat owner who let the property go into foreclosure. Now that $2,200 security deposit could be lost forever amid the turmoil. Silpa’s story:
Your Member Of Congress Can Help Renegotiate Your Mortgage
By 6.6.09
If your bank isn’t willing to renegotiate your mortgage, see if your Member of Congress can’t give them a little push. Maxine Waters (D-CA) rings up the C.E.O.s of Bank of America and Wells Fargo on her constituents’ behalf, while Elijah Cummings (D-MD) hired a staffer who’s helping more than 120 constituents avoid foreclosure.
Foreclosures Hit Another Record High, Up 34% From 2008
By 5.13.09
One in every 324 households in this country received a foreclosure filing last month, according to RealtyTrac. This marks the all time high since the firm started tracking filings in 2005. Foreclosure filings are up 34% since last year.
Report: Loan Modifications To Date Haven't Been That Effective
By 4.4.09
Fewer than half of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent… [while] nearly one in four loan modifications in the fourth quarter actually resulted in increased monthly payments.
Fannie And Freddie Can Foreclose Again
By 4.3.09
Fannie Mae and Freddie Mac can foreclose on people’s houses again. There was much fanfare when they were banned from doing so back in December, but not a peep on March 31st when the moratorium ended. Funny, that. [The Washington Independent] (Photo: Colin Tobin)
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…
Giant Bee Swarm Overtakes Foreclosure
By 3.19.09
A shit-ton of bees have infested this foreclosed home in Florida, creating a hive the size of a small child on the exterior, and chasing and harassing the neighbor’s daughter. See, that’s them in this picture. According to the article, bees and raccoons are infesting foreclosures across Florida. Nobody can find the owners or banks that are supposed to own and take care care of them. [More]
By 3.17.09
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There was an unexpected rise in new housing construction in February— fueled by an 82% jump in the construction of new apartment buildings. We suppose people have to live somewhere, right? [MarketWatch]
