Foreclosure Crisis
Merced County Receives $7 Million in Foreclosure Money
Finally, Merced County is set to receive $7 million in foreclosure aid from the U.S. Department of Housing and Urban Development (HUD) after having been left out in HUD’s list of counties and cities to receive aid directly from HUD.
Merced Countyβs aid of $7 million will come from the $145 million given to the [...]
Family Faces Foreclosure Crisis
The Reynolds family used to live an extravagant life. Rodney, the head of the family, made $80,000 a month and his wife Lydia earned a monthly income of $150,000. No one would think that they would eventually fall victim to foreclosure.
Their earnings were more than enough to support a rather luxurious lifestyle. Rodney had a [...]
60 Percent of Homeowners in 6 States Are Facing Foreclosure Threats
An estimated 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada owe mortgages to banks more than the market value of their properties.
Citigroup Ties Up with Large Banks to Alleviate Foreclosure Crisis
American homeowners heading for foreclosure may put their hopes on a new project designed by Citigroup. The company has joined forces with Federal Deposit Insurance Corporation (FDIC), Morgan Stanley Chase, and other large banks to help mitigate property foreclosure problems hounding single families.
Tenants in Foreclosed Properties Receive Help
In various cities and towns across the U.S., thousands of tenants are being evicted from single-family houses, condos, townhouses and other kinds of rental properties because their landlords are in foreclosure. These tenants have been faithfully paying their rent not knowing that their landlords haven’t been paying their monthly amortizations.
Chase: No Foreclosure for 3 Months
With both the government and non-profit organizations working hand in hand to curb foreclosure crisis, it is not surprising that lenders such as JP Morgan Chase has also decided to extend their help to distressed homeowners facing foreclosure. In the next 3 months, the New York-based company will temporarily stop foreclosure filings.
Foreclosure Rescue Scams: How to Spot Them
According to the Federal Trade Commission, the agency responsible for preventing fraudulent, unfair and deceptive business practices, foreclosure rescue scams are actually not as difficult to spot since they usually take the following forms:
Foreclosure Scam Artist Sentenced to 10 Years
The problems in the housing industry did not only result to million of Americans losing their homes to foreclosure. It also gave rise to a growing number of foreclosure-related scams, perpetrated by unscrupulous individuals. The good news is that the judiciary branch of the government is serious about punishing these foreclosure scam artists.
Homeless Children: Innocent Victims in the Foreclosure Mess
The current problem in the mortgage industry has resulted to millions of homeowners losing their homes to foreclosure. And if this is not enough to weaken the national economy, the recent Wall Street meltdown has certainly made everything worse for the housing industry. Sadly, children belonging to families who lost their homes to foreclosure are among the innocent victims.
Fake Foreclosure Rescue Operations Rising
The national foreclosure crisis did not only result in large inventories of repossessed properties for sale in the market and declining home prices. It also gave rise to a growing number of homeowners who are scammed out of their money and homes by fake foreclosure rescue operations.
