Alton church starts group to help homeowners with foreclosures

May 10, 2012

Illinois resident Diane Thompson is bringing her work to her church. With the sponsorship of The First Unitarian Church, Thompson coordinates The Homeowners’ Support Network, formed to assist homeowners with loan modifications and mediation issues. The group of twenty trained volunteers provides support and referrals. Thompson works with foreclosures in her professional life, so she [...]

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Foreclosure reform bill passes

May 10, 2012

Hawaii state lawmakers recently passed a mortgage foreclosure law providing more protection for homeowners, based on a refinement of Act 48 which was presented last session. Representative Robert Herkes, chairman of the House Committee on Consumer Protection and Commerce, said, “Once again, we won one for the homeowners, and I couldn’t be more pleased.” The [...]

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Foreclosure call a win for homeowners

May 10, 2012

Justice has been served in Virginia. Richard and Karin Mathews recently filed a complaint with the Virginia Supreme Court, one day before their house was to be sold at auction. Their claim: that PHH Mortgage Corp. was required to meet with them at least 30 days before foreclosure. PHH disagreed, saying a meeting was not [...]

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The Foreclosure From Hell

May 9, 2012

Unbeknownst to nine Sacrament condo residents, their building had been foreclosed on. They found out early one morning when private security guards entered their homes forcing them into the street. The guards allegedly made verbal threats and waved their Tasers. As one tenant tried to explain the situation, a security officer said, “Between you, me [...]

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Woman fighting foreclosure arrested in appeal to Wells Fargo CFO

May 9, 2012

Ana Casas Wilson was arrested recently in southern California after protesting her foreclosure at the home of Wells Fargo CFO, Tim Sloan. She and a group of supporters were attempting to draw attention to the plight of homeowners fighting foreclosure and broke a new anti-picketing statute in the process. The Alliance of Californians for Community [...]

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Fannie Mae’s Approval of Mortgage Principal Reductions Gets the Silent Treatment

May 9, 2012

Why is the Federal Housing Finance Agency reluctant to approve mortgage principal reductions? That’s what the U.S. Congress Committee on Oversight and Government Reform wants to know. The FHFA had already okayed the process for Fannie Mae, however, Acting Director Edward DeMarco is not convinced it’s the best approach. The International Monetary Fund (IMF) has [...]

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Rockaway residents say they lost thousands after rent-to-own building went into foreclosure

May 9, 2012

Residents of the Metroplex on the Atlantic, a luxury apartment complex in Far Rockaway, NY, thought they were paying their high rent as part of a rent-to-own agreement. They were surprised and disappointed when they learned the building was going into foreclosure. Building manager, Jerzy Szymczyk is being blamed for duping the residents and making [...]

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Bank sues Farmer for foreclosure on house

May 9, 2012

Former Kentucky Agriculture Commissioner Richie Farmer is facing heat on several fronts. In the process of divorcing his wife Rebecca, their former home, in which he still resides, has been foreclosed on. According to Rebecca’s attorney, Brian Logan, Richie is responsible for the payments, although none have been made for the last five months. A [...]

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Census Bureau: Homeownership rate at lowest point in 15 years

May 9, 2012

The Census Bureau reports that the homeownership rate, which was 69.2 percent in 2004, has fallen to 65.4 percent, which is the lowest level in 15 years. Correspondingly, the apartment-vacancy rate has also fallen. The trend of investors turning foreclosed properties into rental units will continue to provide growth for the apartment market. The Census [...]

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Mortgage industry has long way to go to clean up its act

May 9, 2012

Opinions are mixed on whether the mortgage industry is becoming more efficient. According to Daniel Lindsey of the Legal Assistance Foundation in Chicago, “They’re a huge, inefficient, bureaucratic ship that doesn’t operate well, and it’s not going to turn itself around quickly.” However, David H. Stevens of the Mortgage Bankers Association, while acknowledging past problems [...]

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