Foreclosures Down 29% From Year Ago

Foreclosures are continuing a steady fall, as home prices rise and the housing market picks up nationwide. About 1 million homes were in some stage of foreclosure in May, down from 1.4 million in May 2012, a 29 percent decline, according to CoreLogic’s latest foreclosure report. As of May, the foreclosure inventory represented 2.6 percent […]

What Will the New ‘Normal’ for Housing Be?

Mortgage giant Fannie Mae recently offered some predictions of what the housing market’s “normal” will look like in the next two years. In its report, “Transition to ‘Normal’?”, Fannie says while the housing market has shown improvement, uncertainty remains over both the economy and the real estate market. “Our forecast is that 2013 and 2014 will […]

Major Foreclosure Servicer Charged With Forgery

  Finally, someone is getting indicted for robo signing. Robo signing, if you haven’t heard or know what it was, is having  employees signing thousands of  false mortgage documents. Read the story below from the New York times for further explanation: “DocX, one of the largest companies in the nation to provide foreclosure services to […]

You Own My Mortgage? Prove It

Delinquent home owners are finding a wild-card in saving their home from foreclosure. In court, more home owners are successfully arguing that their mortgage companies can’t prove they own the loan and don’t have the right to foreclose on them. The Wall Street Journal reports: “In some cases, borrowers are showing courts that banks failed […]

5 Unexpected Foreclosure Hotspots

While Las Vegas boasts the worst foreclosure rate in the country, several other cities are creeping up with the fastest growing rates of foreclosures — and they’re in some unexpected places. These cities mostly have one thing in common: They’re all battling a growing number of job losses among their residents that are leading more […]

The States of Arizona and Nevada Sues Bank of America for Foreclosure Fraud

The states of Arizona and Nevada has sued Bank of America for alleged foreclosure fraud.  The lawsuits are very similar in scope, and basically allege that Bank of America engaged in deceptive practices specifically with regard to mortgage servicing, loan modification, and foreclosure. Arizona Attorney General Terry Goddard said in a press release: “Bank of […]

Many Mortgage Holders Underwater

In what could be another sign that the housing crisis is far from over, the percent of mortgage holders who are underwater on their homes continued to rise in the third quarter–and some say it could be another eight to 10 months before that trend turns around. In the U.S., 23.2% of U.S. mortgage holders […]

Home Sales Slow in September Due to Foreclosure Moratoriums

U.S. pending home sales slipped for the first time in three months in September as foreclosure moratoriums  slowed sales. The National Association of Realtors’ index for pending sales of existing homes fell 1.8% to 80.9, the industry group said Friday. Economists surveyed by Dow Jones Newswires had expected pending home sales would increase by 3% […]

Beware of Foreclosure Scams

A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do nothing to help you save your home from foreclosure. A company/person guarantees they can stop a foreclosure or get your loan modified. NO ONE can make this guarantee […]

Wells Fargo to Refile 55,000 Foreclosure Cases

Wells Fargo & Co. said it plans to refile paperwork in 55,000 foreclosure cases after it discovered flaws in foreclosure documents. The San Francisco-based bank, which is also among the largest providers of residential mortgages in Minnesota, had previously stood by its foreclosure paperwork as other major mortgage lenders came under scrutiny. Wells Fargo proceeded […]