Lies a new tool in foreclosure
Foreclosure lawyers want to take back property as fast as possible, and sometimes they do not let the facts slow them down.
In case after case, lawyers representing banks are giving false statements in court about who owns mortgages, or whether the homeowner is willing to negotiate, or whether they have completed all the legal steps to put a foreclosed house back on the market.
Banks Announce Plans for New Common Stock
The Washington Post
Three large banks, including Capital One of McLean, said this morning that they would issue new common stock and use the money toward repaying federal investments.
Capital One and the other banks, BB&T of North Carolina and U.S. Bancorp of Minnesota, all passed the federal stress tests announced last week; regulators determined the banks have sufficient capital to weather the recession. But the companies still must convince regulators they would remain in good shape after repaying the government's money.
Official: HOAs don't want foreclosures
Rick Worth keeps a manicured yard at his home in the Palm Hills community near Horizon Ridge Parkway in Henderson, much nicer than the foreclosures on his block.
That's why he's upset at his homeowners association for initiating foreclosure on his home for unpaid fines that accumulated when he converted his lawn from grass to desert landscape.
Data show many shore foreclosures on second homes
Southern New Jersey hasn't been spared from the wave of foreclosures in the U.S.
But the character of foreclosures might be a little different here compared with those elsewhere because a significant number of properties are second homes.
Home loan quagmire
Bad debt at the Federal Housing Administration could send the nation’s already wobbly economy into yet another tailspin, U.S. Rep. Stephen Lynch told the Herald in an interview late last week.
“Problems at the FHA could upset the little recovery that we now have,” said Lynch, who is drafting legislation that would require the sprawling government agency to provide Congress with a financial status report twice a year.
Washington Report: Appraisal System
Last week saw the official kickoff of Fannie Mae's and Freddie Mac's mandatory new system of appraisals nationwide, and some mortgage and appraisal groups are up in arms over sharply higher costs for consumers.
The so-called "home valuation code of conduct" imposed by Fannie and Freddie puts most appraisal assignments in the hands of management companies, some of whom are owned by major lenders such as Bank of America and Wells Fargo.
Biggest Mortgage Lenders
DALLAS, May 11 /PRNewswire/ -- As residential originations have soared, one mortgage lender was able to leverage an acquisition from last year to grab a bigger share of the market, according to a MortgageDaily.com lending analysis. Meanwhile, another acquisition in 2009 enabled MetLife Bank to become a top-10 originator.
U.S. mortgage lenders saw production increase 73% from the fourth quarter, based on first-quarter earnings data analyzed by MortgageDaily.com. Compared to a year earlier, however, fundings fell 9%.
Many readers are interested in buying a foreclosed home
It's usually best to purchase a foreclosed property directly from a bank rather than on the courthouse steps.
Q. Our local newspaper says that there a lot of foreclosed homes in our neighborhood, and we would like to buy one or two of them now because we think that local home prices have finally bottomed out. But how can we find homes that are in foreclosure if we don't have a real estate license?
The long and short of a short sale
I sold a house on a short sale when this whole epidemic first started. I had a ready and willing buyer for my house, which had a note of $1.05 million at the time -- this was spring 2007.
I had lost my job and had no way of keeping my home, so we listed it at the price owed and didn't get any action for about six months.