One of the manufacturers being sued for selling drywall that reeked up houses with the smell of rotting eggs is participating in a pilot program to make repairs on 300 homes. Awesome, only a few more thousand to go. [More]
real estate
Bank Of America's Foreclosure Freeze Stuck Me In Limbo
By 10.12.10
The Bank of America foreclosure freeze doesn’t work out so well for those who were about to buy a foreclosed property. Andy finds himself spinning his wheels, having been zapped by the freeze ray just as he was about to close on a house. [More]
Is This The Right Way To Alert The Neighbors Of Crime In Your Neighborhood?
By 10.8.10
A man in Huntington Beach, CA, says he was just trying to let his neighbors know about a spate of recent robberies when he placed a 3’x10′ banner reading “We have a thief in the neighborhood” on his house. But now he’s facing flack from some locals who say the sign only draws negative attention, especially if one is trying to sell one’s home. [More]
Man Caught In Deed-In-Lieu Of Foreclosure Hell
By 10.6.10
Since he had to get rid of his house and move to take advantage of some new opportunities, Joe has been working for months to get Chase to accept a deed-in-lieu of foreclosure on his condo in Chicago. A deed-in-lieu is when you hand over your house to the bank rather than go through a normal foreclosure process that is lengthy and costly for both parties. He met the requirements and began his descent into hell, full of lost paperwork, unreturned calls, and missed deadlines, despite contacting the executive offices of Chase, Freddie Mac, and Chase Home lending. Finally he catches a break, only to have his hopes snatched away again at the last moment… [More]
Fannie Mae Gives Wounded Soldiers A Break On Mortgages
By 9.29.10
Fannie Mae yesterday announced that military families with a member who was injured or killed while on active duty can apply for a forbearance of up to six months if they’re having trouble making their mortgage payments. [More]
Bank Reverses Erroneous Foreclosure On Family With Very Sick Child
By 9.28.10
After the Washington Post reported on their plight, a family with a gravely ill child that got foreclosed on a day after they were told their loan modification was approved, the bank investigated and found that they had screwed things up. [More]
Chase Forecloses On Family With Son Crippled By Rare Genetic Disorder
By 9.27.10
A family whose son has debilitating cerebral adrenoleukodystrophy got foreclosed on by Chase, just days after they were told their loan modification was approved. [More]
Foreclosure Firm Allegedly Forged Bank Execs' Signatures On Affidavits
By 9.23.10
A foreclosure firm listed “Bogus Assignee” as the mortgage owner on the documents they submitted to the court to process the foreclosure. That’s one of the many oddities surfacing in the investigation of a Florida foreclosure firm for allegedly using improper documentation to speed up foreclosures. Another is an employee “Linda Green” who signed of on thousands of foreclosure affidavits claiming to be executives from Bank of America, Wells Fargo, U.S. Bank and other lenders. [More]
Massachusetts Regulators Rarely Acted Against Subprime Brokers And Lenders
By 9.15.10
An investigative report finds that Massachusetts regulators only acted against 3% of its licensees during the sub-prime peak, the lowest among fellow New England states, while publicly preening that it was being “aggressive.” In fact, as foreclosures rose during ’06-’08, enforcement actually dropped. Forget who watches the watchdogs, who watches? [More]
Developers Spiking Homeowner Contracts With Hidden Resale Fee Covenants
By 9.13.10
Last April, Techdirt pointed out that a financial firm in Texas was trying to attach “private transfer fees” to homes, so that developers would get a little bit of each sale as it passed among owners in the years to come. It sounded crazy then–imagine having to pay royalties on clothes or furniture whenever you resold them–but the firm is aggressively expanding its plan and has signed up more than 5,000 developers across the country, reports the New York Times. If you buy a new house in the next decade, look for a “resale fee” covenant hidden in a separate document that might not be included in your closing papers or even require a signature. [More]
Wells Fargo Says It Won't Foreclose For 30 Days, Then Does So Within A Week
By 9.10.10
A week after Wells Fargo rejected a couple’s loan mod app and said it wouldn’t start foreclosure proceedings any sooner than 30 days later, a guy showed up on their steps. He said he was with an investment firm that had just bought the house at a real estate auction, and if they would leave within 2 weeks, he would give them $1,500. [More]
Man Sets House On Fire, Dies In It, After Losing Home To Homeowners' Association
By 9.6.10
Feuds between homeowners and homeowners’ associations can get pretty intense, as BoingBoing pointed out twice last week. One feud in Ogden, NC, was so bad that the man’s house was sold by the court to pay for dues and fines levied by the association. The house was sold earlier this summer, reports the Star-News, and last month the man doused everything in gas and set the place on fire. [More]
Unexpected Work Transfer And An Upside-Down Mortgage Create Sticky Financial Situation
By 9.3.10
In a secure profession that very rarely requires people to relocate, John made what seemed like a pretty solid financial decision. He and his wife bought a house. He tells Consumerist that this seemed like a great idea until his employer transferred him (involuntarily) across the country. He left behind his wife, who works in the same field but was not transferred, and the house, on which he is upside down. This has left the couple in a nasty financial situation they never anticipated. He wonders: can the Consumerist hive mind offer him any wisdom? [More]
BofA Pays To Fedex You Multiple Loan Mod Opps You Don't Care About
By 9.1.10
BofA has been Fedexing Eli a loan mod opportunity once every two months for the past eight months. He has no intention of doing a refi, he’s never been late on a payment and likes his 5/1 ARM and low interest late. Wonder how many other homeowners is BofA frittering away their bailout bucks on by FedExing junk mail. Meanwhile, the people who actually want loan mods are stuck in purgatory. [More]
Home Prices Go Up — But Won't Stay Up
By 8.31.10
The expiring tax credit caused a burst of homebuying activity, says the AP, but the effect is likely to be short-lived. [More]
BofA Tries To Foreclose On Couple With Current Mortgage
By 8.31.10
Even though they have made every payment in full and on time, Bank of America sent one couple a letter asking them for the deed to their house. [More]
NYC Slumlords Outed By Public Advocate's Worst Landlord List
By 8.30.10
Not many renters in New York City are in love with their landlords, but only a handful of the city’s landlords deserved to be called out in public for repeated violations and ignored complaints from tenants. Starting this morning, the city’s Public Advocate has decided it’s time that the worst offenders be forced into the spotlight with a public, searchable database. [More]
Roofing Company Caves, Leaving Homeowners Out Thousands
By 8.25.10
The takeaway from this story about a roofing company that went under, taking people’s deposits with it, is to never pay for a job in full and up front. If the company stipulates this, the BBB says it’s a big red flag. [More]
