Foreclosure
Colorado Foreclosure Rate Rises in First Quarter
The first quarter of 2008 saw another surge in foreclosure homes in Colorado, as the state’s overall foreclosure rate rose more than 23% over the statistic totals for the first quarter of 2007. The 11,630 foreclosure filings that occurred during the first three months of the year was also 6% higher than the totals for [...]
Mortgage Delinquency Risk Up
A new study released by a real estate data analysis firm known as CoreLogic has found that the risk of mortgage delinquency is up in 2008, which projects more defaults and subsequent foreclosures for the nest year. The report is based on the Core Mortgage Risk Monitor, a system which projects foreclosure risk based on [...]
Foreclosure and Crime
Distressed homeowners have more than one reason to worry now. Slavic Village, an economically backward neighborhood in Cleveland, has gained the dubious reputation of being the worst neighborhood in the country for foreclosures. According to a report released recently, it was found that Slavic Village recorded the highest number of foreclosure filings in a single quarter than anywhere else in the nation!
NY State Senator Seeks to Hold Lenders Accountable
In New York, one state lawmaker is pushing for new legislation that would be aimed at not allowing foreclosures to destroy a neighborhood or community by sitting on the market unowned and uncared for. This tends to drag down home values in nearby communities, and can lead to even more foreclosures as a result. State [...]
Lure Buyers at No Extra Cost
In cities like San Diego, the number of homes entering foreclosures is rising steadily. As a troubled homeowner, one of the options you can explore is putting a ‘for sale’Âť sign in front of your yard and hope that buyers will stumble on your property before the re-instatement period is up. You should know that [...]
Michael Jackson’s Neverland Saved From Foreclosure
The famous Neverland Ranch, of the entertainer Michael Jackson, was saved from a foreclosure sale set for this week after a loan on the California property was sold to a large real estate investment firm called Colony Capital. Michael said the loan is about $23.5 million and it had been held by Fortress Investment Group. [...]
Homeowner Frustration on the Rise Due to Foreclosure
It’s logical that the rising trend in foreclosure houses nationwide would lead many homeowners to become extremely frustrated and distressed. Losing a home and dealing with an adjustable rate mortgage that seems to only work against you has to be an incredibly taxing and frustrating experience. And now officials are seeing a new trend among [...]
Frank Warns Lending Industry not to Oppose New Foreclosure Assistance Legislation
US Financial Chairman Barney Frank warned lenders Monday that the new legislation proposed before the House that would require lenders to trim down the debt owed by some homeowners in danger of foreclosure so that refinanced loans for those borrowers could be sponsored by the federal government was their last chance to help the housing crisis before the government imposed tougher legislation that could hurt lenders severely.
Bernanke Speaks out on Foreclosure’s Effect on Economy
Federal Reserve Chairman Ben Bernanke announced Monday that the mortgage market throughout the country remains strained due to defaults, and urged that something, anything must be done to halt foreclosure, as it is crippling the nation’s economy as a whole. Speaking to the New York University School of Business, he remarked about how mortgage defaults [...]
Maryland to Offer Foreclosure Information Session in Frederick
Citing the lack of assistance for Maryland citizens and the lack of information and effective resources being provided to help homeowners avoid foreclosure, a new foreclosure prevention / education meeting is being held by the Maryland Department of Licensing, Labor and Regulation in Frederick, Maryland on Monday night. The meeting will help to inform citizens of their rights and options when facing foreclosure.
