Posts tagged as:

foreclosures

Another Trump foreclosure

by Moe Bedard

Lawsuits also are pending from unhappy investors who want refunds of their 20 percent deposits. They allege developers used misleading advertising and breached their contract for failing to finish the project on time — no later than December 2008.

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Nicolas Cage is a one man real estate bubble that went pop!

by Moe Bedard

Cage bought this Tudor mansion in Bel Air, Calif., in 1998 from Tom Jones for $6.47 million. The house, which Dean Martin owned before Jones, has six fireplaces, including one in a bathroom. Cage put it on the market at $30 million a year ago, but recently cut the price to $17.5 million. It is [...]

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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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Housing recovery is “in a precarious state,” says Robert Shiller

by Moe Bedard

A sharp drop in pending home sales for January is the latest in a string of reports calling into question the nascent rebound in housing.
The housing recovery is “in a precarious state,” says Robert Shiller, Yale professor, author and co-creator of the S&P Case-Shiller Index, taking a much more pessimistic view vs. his comments here [...]

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It could be 10 years before banks get out of this mess

by Moe Bedard

“This is absolutely the worst market I’ve seen,” said Hawking, a commercial lender for 30 years who is chief lending officer at Crestview Hills-based Bank of Kentucky Financial Corp. “I never thought I’d see property values drop 30 to 50 percent and demand so tepid with prospects so uncertain. If a bank has exposure to [...]

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Ohio will not get any government foreclosure help

by Moe Bedard

WASHINGTON A new White House plan to help struggling homeowners avoid foreclosure will not provide any assistance to Ohio even though the state has one of the highest foreclosure rates in the country.
In a town-hall meeting today in Nevada, President Barack Obama outlined a $1.5 billion plan designed to help unemployed homeowners in five states [...]

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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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Five California Cities Redlining

by Moe Bedard

The California Reinvestment Coalition’s new research in five California cities shows re-redlining happening through a pattern of concentrated predatory lending and foreclosures, combined with higher denials for new, prime loans in neighborhoods of color. Based on original research using seldom analyzed lending and loan modification data, the report looks at how banks, including the largest [...]

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More Foreclosures Being Cancelled

by Moe Bedard

Foreclosure sales have been canceled at an increasing rate as loan modifications take hold, according to ForeclosureRadar, a Stockton-area data company that monitors California’s distressed housing market.

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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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Foreclosures, Food Stamps and No Jobs – Where is Our President?

by Moe Bedard

Where is President Obama?
Obama has been talking about a lot of things, lately. Like long-term structural changes to our health insurance markets, and cap and trade bills to address global issues of climate change. And of course there was the TARP bailout for the financial sector, the stimulus package, cash for clunkers, a

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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 Hitting Blacks and Hispanics Hard

by Moe Bedard

Black and Latinos are at a disproportionate risk in the ongoing foreclosure crisis because they are more likely than whites to have higher-cost mortgage loans and face higher unemployment rates, a report says.
The report from the William C. Velasquez Institute called on the federal government to take steps, including reforming bankruptcy laws and expanding eligibility [...]

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Predatory Landlords: The Latest Foreclosure Scam

by Moe Bedard

By Moe Bedard
The simple act of renting a home for Main Street Americans has become a sick game of “Where’s the foreclosure?” or another popular rental hit, “Let’s see how long we can rent in this home before it falls into foreclosure?”
The scam of renting a home when it is in foreclosure and not paying [...]

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FTC Testifies on Efforts to Combat Foreclosure Rescue and Loan Modification Scams

by Moe Bedard

The Federal Trade Commission today told the U.S. House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services that, with the rapid increase in mortgage delinquencies and foreclosures, the FTC has intensified its efforts to protect consumers from foreclosure rescue and loan modification scams. The FTC also recommended legislative and other remedies [...]

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Silence Equals Consent

by Moe Bedard

By Moe Bedard
While a few stalwart senators tried to battle for the passage of the cramdown bill last week we heard a number of important opinions, both pro and con, regarding the proposed power of bankruptcy judges to reduce principle balances on home loans. It appeared obvious to me and a great deal of other [...]

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Banks Starting to Walk Away on Foreclosures

by Moe Bedard

SOUTH BEND, Ind. — Mercy James thought she had lost her rental property here to foreclosure. A date for a sheriff’s sale had been set, and notices about the foreclosure process were piling up in her mailbox.
Ms. James had the tenants move out, and soon her white house at the corner of Thomas and Maple [...]

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Tide turns against schools as foreclosures rise

by Moe Bedard

FORT PIERCE, Fla. — Way back when times were good — last April — builders showed up one day at Forest Grove Middle School and gutted a little-used classroom off the gym.
Four months and a half-million dollars later, they had transformed the space into a gleaming, bubbling mini marine biology laboratory, with five huge, blue [...]

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Is Obama for the People or the Banks?

by Moe Bedard

Let’s get something straight here America.
The President of the United States is to work for the common good of the people for which they represent and serve. Yes, represent and serve. They do not take the oval office to work for the “special interests” of corporate America and the money that fills their campaign buckets.
Or do they?

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Foreclosures on Subprime Mortgages

by Moe Bedard

Senator Durbin is behind a Democratic Foreclosure Prevention Package that would allow home owners to renegotiate their interest only loan terms.A surprising twenty-four percent of all mortgages in Peoria County are subprime or interest only which is above the national average according to The Center For Responsible Lending.
Read the rest of the Central Illinois Proud [...]

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Another Stop Foreclosure Story and Another Victim of the Subprime Debacle

by Moe Bedard

Operating this blog has given me the opportunity to reach out to people everywhere and it feels good to hear from people who take the time and trust me enough to ask for advice. As you can tell this blog has no advertising and I don’t push my services on people. I truly want to [...]

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