Category: Foreclosure

New York's Attorney General Files Fraud Suit Against Banks

New York’s attorney general is accusing some of the nation’s largest banks of deceit and fraud. That is because they were using an electronic mortgage registry that he claims puts homeowners at a disadvantage in foreclosures. He claims the banks submitted court documents containing false and misleading information. It appeared to provide the authority for

States Attorneys General Agree to Foreclosure Settlement

More than 40 states have signed on to a draft settlement with the nation’s largest banks. It aims at helping homeowners struggling with loans bigger than the value of their homes. However, several states including California, New York, Nevada, Florida, and Delaware remain undecided. Attorneys general from these states have issues with the deal but

Obama Administration Expands Foreclosure Prevention Program

The Obama administration is expanding eligibility for its Home Affordable Modification Program (HAMP). They are expanding it to borrowers with higher debt loads and tripling the incentives it pays banks that reduce the principal on loans. It will also offer incentives to Fannie Mae and Freddie Mac to reduce the principal on loans; which it

Florida Supreme Court to Addresses Requirements for Voiding a Foreclosure Sale

A Florida state appeals court has asked the Florida Supreme Court to clarify what is required to void a foreclosure

The Debate Over Mortgage Principal Reduction

Mortgage principal reduction is an idea that could be helpful to or cause more default among borrowers. Some experts feel that widespread mortgage principal reduction may drive defaults much higher. Also, taking this step may tighten lending by forcing banks to offer “price protection” to borrowers. Moreover, the data shows there is essentially no difference

States Close to Settlement with Mortgage Servicers over Foreclosure Shenanigans

A draft settlement between the nation’s major banks and U.S. Attorneys General over deceptive foreclosure practices has been sent to state officials for

NFL Star Santana Moss' Lighthouse Point Home in Foreclosure

Washington Redskins receiver, Santana Moss, is in foreclosure for not paying the mortgage on his Lighthouse

2012 Expected to Bring a Modest Decrease in Housing Prices

The good news about the current housing market is that there is an abundance of inventory and affordability. However, the most recent numbers show prices steadily declined from October 2010 to October 2011. Overall, housing prices are lower than they were in October 2001. And, in some cities, prices are at their lowest level in

Government Proposes Renting Homes Seized in Foreclosure

Fannie Mae and Freddie Mac seek to reduce losses, stabilize neighborhoods and support housing values by turning into rentals a portion of the more than 180,000 repossessed homes in their

HOA Prodding Resistant Banks to Act on Distressed Condo Units

In addition to homeowners, Home Owner's Associations (HOA) are victims of the foreclosure crisis as well. When homeowners stop paying maintenance fees or assessments, associations start facing serious problems. Some associations have more than 50% of their units delinquent. Under Florida law, HOAs can foreclose on owners for the delinquent fees and can take a