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The surge of foreclosure activities in Utah is blamed on the growing financial crisis and unemployment in the area. The current situation has affected people from all walks of life, those who lived beyond what they earned and those who purchased affordable homes. According to Vice President Jason Eldredge of Newreach, a company that monitors [...]
Continue Reading: Nearly 650 houses in Utah Under Foreclosure
Ocwen Financial Corp. has committed to work with Governor O’Malley and state agencies to modify mortgage loans and lessen the number of houses being foreclosed. Ocwen will use its proprietary software to identify borrowers at risk of foreclosure, arrange payment plans and keep borrowers in their homes while maintaining income for mortgage lenders and investors.
Continue Reading: Maryland Governor Martin O’Malley and Ocwen Financial Launch Program to Lessen Foreclosures
Are you from Indiana?
Then go to the web site of the Indiana Housing & Community Development Authority (IHCDA) and comment on IHCDA’s proposal concerning the use of the $84 million given by the federal government to Indiana to help solve foreclosure problems.
Continue Reading: Indiana Asks for Comment on $84 Million Federal Foreclosure Funds
On September 19, a foreclosed house in the Healy Block Historic District in Minneapolis was burglarized. The house is situated in the neighborhood that features Queen Anne-style houses built by Thereon Potter Healy. Most of the houses feature decorative balustrades and curved and stained glass windows.
Continue Reading: Thief and Vandalism on Minneapolis Foreclosed Properties
Home buyers who were expecting to purchase homes at discounted prices in foreclosure auctions were surprised to find out that banks are asking for higher prices to recover their investments.
Continue Reading: Buyers Find Foreclosure Auctions Not a Good Bargain After All
The Federal Deposit Insurance Corp. (FDIC) is planning to use an estimated $24 billion in federal funds to help nearly 1.5 million homeowners in the United States avoid foreclosure.
The program includes providing guarantees to 2.2 million loans that have been modified, particularly risky loans by borrowers with small down payments or weak credit. With modified loans, borrowers will have longer loan terms and pay lower interest rates.
Continue Reading: FDIC Proposes to Spend $24 Billion Federal Funds to Address Foreclosures
The owner and developer of Renaissance Grand Hotel in St. Louis, Missouri, HRI Properties, has presented its foreclosure forbearance proposal to bondholders, their lawyers and trustees.
Continue Reading: Renaissance Hotel Owner Presented Foreclosure Forbearance Plan to Bondholders
Job loss or unemployment has been triggering the rise of repo home listings, defeating old reasons like bad loans and its effects. So far this year, Americans who lost their jobs reached almost one million; resulting to a lot of foreclosures due to non-payment. Economists believe that this number will still increase and national delinquency rate has a long way to go.
Continue Reading: Foreclosure Woes: Jobless Now, Homeless Later
One of the reasons for the millions of homeowners homeless due to foreclosure is predatory lending practices. These were perpetrated by both mortgage lenders and servicers who did not care about the homeowners at all but were only concerned about their commission. To make matters worse, the same homeowners are now becoming victims to fraudulent mortgage rescue operations.
Continue Reading: California AG Arrests 3 Foreclosure Scam Artists
Last week, the chairman of the Senate Banking Committee Chris Dodd sent a letter to President Bush, urging him to concentrate on looking for solutions to the enduring foreclosure crisis. The letter also contained criticism about the way the Bush administration handled the problems in the housing industry.
Continue Reading: Dodd Urges Bush Administration to Focus on Foreclosure Efforts
The foreclosure crisis, which left millions of Americans homeless or on the verge of being one, was always considered to be the result of predatory lending practices. When the mess in the mortgage industry revealed this to be true, many of those who engaged in such aggressive practices are now battling lawsuits.
Continue Reading: New Jersey AG Files Lawsuit against 37 for Foreclosure Fraud
You are currently browsing the Foreclosures Blog – Foreclosure Listings Nationwide weblog archives for November, 2008.