The number of U.S. households that missed consecutive mortgage payments or were in foreclosure fell more in the second quarter than any time since the mortgage crisis began four years ago, a survey found. But the data, released Thursday by the Mortgage Bankers Association, showed the crisis is far from ending. One worrisome sign: The [...]
Foreclosures continued on an overall downward trend in July in the Yuba-Sutter area, though Sutter County saw an increase compared to a year earlier in the number of homes undergoing the final foreclosure step and falling into bank possession. In Yuba County, 56 homes went into foreclosure last month, a decrease of 10 from a [...]
RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009. More homes were taken over by banks and [...]
One of the sad realities of having your home foreclosed is the tremendous amount of physiological pressure that is involved. Can you imagine buying a home, calling it yours, spending money to fix it up, than due to circumstances beyond your control, loss of income, sickness or whatever, you can’t make your mortgage payments. Having [...]
Generally, the Internal Revenue Service (IRS) treats debt forgiveness by a creditor as taxable income. However, under federal legislation that took effect in 2007, certain home mortgage debt cancellations—such as loan modifications, short sales, or foreclosures—may be exempted from federal taxes. Other exemptions are also available. Important rules to consider • Homeowners considering a loan [...]
This is a cute YouTube video of a woozy 7-year-old boy in the back seat of a car, struggling to understand the effects of anesthesia. It’s been viewed 53,900,000 times and has helped the family gather income in the low six figures since it was posted 18 months ago. CNN has more on this rapid [...]
U.S. foreclosure filings rose 6% in February from a year earlier, the smallest increase in four years, according to RealtyTrac. RealtyTrac Chief Executive James J. Saccacio added the leveling of the foreclosure trend isn’t necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure-prevention programs, legislation and other [...]
A contractor for Bank of America went into the home of a borrower which was not vacant nor in default with the mortgage. While Angela Iannelli was away, under instructions from Bank of America, the contractor cut off utilities, padlocked the door and confiscated her pet parrot, Luke. Maybe the contractor was thinking the woman [...]
Numerous articles have reported that homeowners are underwater and that strategic defaults are increasing. However, a little known statistic by the Federal Reserve shows that home equity again is on the rise. KEEP THIS IN MIND • The Federal Reserve conducts substantial research on mortgage balances and home-value changes in hundreds of local markets nationwide [...]
The upper end market for real estate is picking up. This reminds me of prior downturns, when people waited for the bottom of the real estate market to turn, and when they finally decided to buy, they paid thousands more by waiting because the bottom had passed them by. Which brings up actor Nicolas Cage’s [...]
