Foreclosures Show Positive Fall

By Kevin Chiu Foreclosure filings dropped 14% in November experiencing a positive fall as default notices, scheduled bank auctions and bank repossessions hit their lowest level in a year, according to RealtyTrac. However, some of the hardest hit states, including California, Arizona and Massachusetts posted year-over-year increases in November. Foreclosure auctions, the final step in the painful foreclosure process reached a nine month … [Read more...]

GMAC Rewards Underwater Homeowners

By Mike Colpitts As one of the U.S. most troubled mortgage lenders, GMAC Mortgage, once ranked as one of the top producing mortgage companies in the nation is offering troubled underwater homeowners cash bonuses in exchange for making mortgage payments on time. The program will be offered to a pilot group of military veterans to encourage them to avoid defaulting on their homes. Loan Value Group, a New Jersey firm, creates an incentive … [Read more...]

Mortgage Delinquencies Drop

By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies are waging with the foreclosure crisis. Mortgage delinquencies fell 2.5% in August from July, according to … [Read more...]

Mortgage Defaults Edge Up in August

Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for August, with one in every 570 U.S. households receiving a foreclosure notice of some form … [Read more...]

Hurricane Irene Magnifies Financial Pain

By Kevin Chiu Cities and counties dealing with clean-up costs of Hurricane Irene are facing increasing financial pain as they recover from the monster storm, which affected more than a dozen states along the eastern seaboard. Irene may cost insurers as much as $4.5 billion in damages in the U.S., according to Risk Management Solutions, Inc. The storm caused an estimated $2 billion to $4.5 billion in insured losses throughout the nation and … [Read more...]

Few Bankers Go to Prison in Financial Crisis

By Mike Colpitts Besieged by Wall Street and banking irregularities more than three years after the financial crisis exploded on Wall Street, only a handful of banking industry executives have been sentenced to prison in the fallout of the U.S. mortgage crisis that transformed the U.S. economy. A New Jersey based mortgage company president was the first major banking executive to be sentenced to federal prison in the government's efforts … [Read more...]

Hurricane Irene Flooding Leaves Homeowners Out of Luck

By Kevin Chiu As Hurricane Irene moved over the border into Canada, after having unleashed its mighty torrent on the Atlantic coast over a dozen states, flooding became its dominant issue as forecasters predicted. Torrential rains in more than a half a dozen states are expected to bring upwards of a million home insurance claims. But many homeowners are expected to soon learn that flooding damage left in the storm’s wake won't be covered by … [Read more...]

Mortgage Defaults Surge Higher

By Kevin Chiu Mortgage defaults, the first step homeowners face in the foreclosure process, surged higher during the month of June demonstrating an increase in future anticipated foreclosures growing at the fastest rate in more than a year, according to Lender Processing Services, a real estate data supplier which tracks defaults. The surge in mortgage defaults shows the expected rise in foreclosures may be just months off as the housing … [Read more...]

Squatters Grow in Housing Mess

Attempting to own a house by squatting in a property to gain legal ownership is increasingly becoming more popular in these tough economic times with more than 7 million homeowners who have been kicked out of their homes as a result of the foreclosure crisis. Gaining legal title to a home by adverse possession is legal in all 50 U.S. states, but it takes guts and a complete legal understanding of the laws in each state. Adverse possession is … [Read more...]

PMI Offers Money to Homeowners

By Mike Colpitts One of the nation's largest mortgage insurers is offering cash money to upside down homeowners at risk of losing their homes to foreclosure. PMI Group, Inc. is launching the innovative program with a former Goldman Sachs Banker, who started the program in an effort to get troubled homeowners to stay in their homes by offering financial incentives rather than be foreclosed. The program will be offered to less than 6,000 … [Read more...]