Posts tagged as:

foreclosure crisis

Lenny Dykstra sues Chase for bad mortgages

by Moe Bedard

NEW YORK (Reuters) – Lenny Dykstra filed a $100 million lawsuit against JPMorgan Chase & Co alleging he was fraudulently induced into borrowing more money than he could afford, leading to the former star baseball center fielder’s bankruptcy.

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Video: Florida courts clogged with foreclosures

by Moe Bedard

WEST PALM BEACH, FL — State courts are taking brand new action to try and alleviate the chokehold that foreclosures are causing and keeping everyone’s property values down.

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Police Officers Fighting Crime By Fighting Foreclosure

by Moe Bedard

Officers Connecting At-Risk Homeowners With Foreclosure Help
MILWAUKEE — Police officers are joining forces with city and community organizations to connect at-risk homeowners with foreclosure help

Some Milwaukee police officers are engaged in a different type of foot patrol — they are fighting crime by fighting foreclosure.
“Empty homes impact our area because a lot of crimes occur [...]

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Chase Banks says foreclosure home sales may be higher in 3 years

by Moe Bedard

Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years.

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Higher end homeowners feeling the foreclosure pain

by Moe Bedard

However, foreclosure stories defy classification and stereotype. They include families experiencing job loss or medical expenses, or even people who have fallen behind a few payments and who are awaiting evaluation for modifications but for whom the bank has pushed forward with foreclosure proceedings anyway.

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10% of San Diego Homeowners Are Late on Their Mortgage

by Moe Bedard

Nearly 10 percent of San Diego County homeowners with mortgages are at least two months late on their payments and are likely to default and fall into foreclosure, a sampling of area credit records shows.
According to Chicago-based Trans-Union, a credit and information management company, a record 9.9 percent of mortgage holders in the

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New Tsunami of Foreclosures Feared by End of 2010

by Moe Bedard

Reporting from Washington – Experts fear that a new wave of foreclosures will hit this year as prolonged unemployment makes it difficult for millions of homeowners to pay their mortgages — and many of them aren’t likely to get much help from a federal program aimed at keeping them in their houses.

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40% of Homes in South Florida Are Underwater

by Moe Bedard

Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday.
About 41 percent of the 836,723 single-family home mortgages in Palm Beach, Broward and Miami-Dade counties are “underwater,” according to a

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39% foreclosure rate in Sedona, Arizona

by Moe Bedard

Real estate agents in Sedona are hoping the housing market turns around soon, as more and more people are seeing their homes go into foreclosure.
In 2009, of the 187 home sales, 73 were in foreclosure, according to reports from the Sedona Verde Valley Association of Realtors.
Carolyn Huggins, a real estate agent for well over a [...]

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Attorney O Max Gardner III: The worst is yet to come

by Moe Bedard

Some of those mortgages are simply walking away from homes because the outstanding principal on the mortgage is higher than the home’s value. Adding to the problem are mortgage companies, which also walk away from homes because of back taxes, lawyers’ fees and homeowners’ association fees.
“The problem is working its way up in income levels,” [...]

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75 Year Old Man Loses Home of 47 Years to Foreclosure

by Moe Bedard

Naples — In the early morning darkness, Nathaniel Keith hitched his pontoon boat to his white Ford F150 pick-up, got in the truck’s cab and drove out of River Park, leaving his home of 47 years behind.
His small, white house at 507 13th Street North in Naples will be sold in a

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Housing Crisis Far From Over

by Moe Bedard

“The housing crash is not over,” Zandi said.
The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures looms, a well-known economist said on Wednesday.
Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters [...]

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1 in 7 US Home Loans in Foreclosure or Delinquent

by Moe Bedard

NEW YORK (Reuters) – A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
U.S. mortgage delinquency rates and the percentage of loans that entered the foreclosure process also [...]

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Foreclosures Will Rise Through 2010

by Moe Bedard

Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
One in seven U.S. home loans was past due or in foreclosure as of Sept. [...]

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Job Losses May Trigger 2nd Banking Crisis

by Moe Bedard

The unemployment rate now stands at 10.2%, yet stocks are at a 2009 high. The bulls will tell you not to worry; the unemployment rate is a lagging indicator. True as that may be, Charlie Gasparino author of The Sellout, has a word of warning: the jobs data may be a leading indicator when it [...]

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New Foreclosure Hot Spots Ravage the US

by Moe Bedard

Among those new hot spots were Boise City-Nampa, Idaho which saw a 142 percent increase in foreclosures in the third quarter compared with the same period a year ago. Other new foreclosure hot spots include Provo-Orem (120 percent increase) and Salt Lake City (105 percent increase) metro areas, both of which are in Utah.
 
And in [...]

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Foreclosures lead to more homelessness

by Moe Bedard

Foreclosure does not come out of nowhere. Homeowners facing foreclosure always know at least several months in advance that their time is up. When these individuals realize that their home will be foreclosed on, they should begin making other arrangements. They should be seeking out rentals that they can afford or trying to get friends [...]

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U.S. mortgage delinquencies set record

by Moe Bedard

NEW YORK (Reuters) – High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.
Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up [...]

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Another Wave of Foreclosures Looms

by Moe Bedard

About 70 percent of the $189 billion in outstanding option ARMs will reset by 2011, the report said, which would be another setback to a teetering housing market still struggling to recover from the mortgage meltdown that precipitated the financial crisis.
Option ARMs make up only 1.3 percent of percent of outstanding mortgages and were used [...]

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Commercial Foreclosure Explosion Lurking Around the Corner?

by Moe Bedard

By Moe Bedard
A great number of experts have placed the blame on the foreclosure crisis in America on the problems associated with mortgage backed securities. When the real estate markets decline, purchasers of these securities disappear and when foreclosures escalate, losses in mortgage backed securities run deep. This is a cycle that is difficult to [...]

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