Tag Archives: Foreclosure
HUD says BofA ‘hindered’ probe
Bank of America came under fire last week when it was revealed that the nation’s largest lender “significantly hindered” a federal probe into its foreclosure practices on FHA loans.
The report, filed by a Department of Housing and Urban Development in… Continue reading
Foreclosure delay, delay, delay
Ominous numbers from RealtyTrac this week. The online marketplace for foreclosure properties says foreclosure filings in May were 33 percent lower than in May 2010, while, at the same time, the inventory of unsold, repossessed homes went up.
Even as fo… Continue reading
Fannie to inspect delinquent homes
If you happen to see a contractor walking around your house, taking pictures, don’t panic. It’s just your lender “inspecting” your property.
According to new rules announced by Fannie Mae this week, mortgage servicers will be required to “order” a “pro… Continue reading
Foreclosing on a bank
How dare Warren and Maureen Nyerges foreclose on their bank branch?
You’ve probably read or seen the story by now: The Nyergeses paid cash in 2009 for a foreclosed house in Naples, Fla. They owned it free and clear. Four months after they bought the ho… Continue reading
Florida still foreclosure zone
The U.S. mortgage market appears to be on the mend. Except, that is, for the usual hot spots, where loan delinquencies and foreclosures remain so elevated they render the national statistics “somewhat meaningless.”
That’s according to the latest survey… Continue reading
BofA to give away houses
Have too many foreclosed properties?
Why not give them away?
That’s what Bank of America plans to do with as many as 150 vacant and abandoned properties in and around Chicago through a new “collaboration” with the city that’s intended to address the pr… Continue reading
Servicers must work with borrowers
The FHFA says it is updating some guidelines to ensure servicers work with delinquent borrowers before they attempt to foreclose on their homes.
Considering the foreclosure crisis started four years ago and more than three million families already have… Continue reading
What?! Prince in foreclosure?!
I know the foreclosure crisis has been super-bad, but now it’s even badder, given that it’s knocking on the door of the baddest, most ridiculously funky musician to ever emerge from the frozen north: the Minnesota Landowner Currently Known as Prince. O… Continue reading
Predicting strategic defaults
Owning a home that is worth less than what you owe on your mortgage isn’t fun.
But if the thought of walking away from this mortgage has ever crossed your mind, you might want to know that someone may be watching you.
FICO announced it has developed ne… Continue reading
Bad foreclosures hurt everyone
Borrowers, mortgage markets, communities, courts and mortgage investors are all victims of loan servicers’ inadequate foreclosure policies and practices.
That’s one clear conclusion of a new 15-page report, “Interagency Review of Foreclosure Policies a… Continue reading