Ruling may slow foreclosures in South Carolina
The Washington Post — May 3, 2011
The Supreme Court of South Carolina on Tuesday ordered lenders not to proceed with foreclosures in the state until they can demonstrate that they have given troubled homeowners a meaningful opportunity to modify their loans.
216 Cook County homeowners saved from foreclosure
Chicago Tribune — May 3, 2011
A year after it was announced, Cook County's multimillion-dollar mortgage foreclosure mediation program has saved 216 delinquent homeowners from losing their properties to lenders.
Let's make a deal on foreclosures in California
Los Angeles Times — May 4, 2011
It's been five years since the U.S. housing bubble burst, triggering a downward spiral in the credit markets and the eventual default of millions of overextended borrowers. Yet the companies that service most mortgages are still struggling with the volume of loans going bad, in large part because they are woefully understaffed. An extreme example of the problem is when one arm of a mortgage servicing company forecloses on a home even as another arm is offering to modify the loan in order to rescue the borrower. A state Senate committee is considering a bill to block that from happening, and lawmakers should support it.
Foreclosed Homeowners Vent Anger at Wells Fargo
New America Media — May 4, 2011
SAN FRANCISCO, Calif.—Oakland resident Sara Kershnar has been trying to get Wells Fargo bank to modify her home loan for two years.
How time impacts foreclosure rationality
HousingWire — May 3, 2011
I was visiting with a real estate attorney this morning. She was writing a story about the industry in terms that her local market could understand. She writes for a newspaper that serves a fairly swanky East Coast community made up mostly of retirees. Many of her readers are likely living in what once were their vacation homes, most of them paid off.