From the monthly archives:
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 the [...]
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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