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Spike in foreclosures could hurt home values
After months of holding back, banks appear ready to take houses away from delinquent homeowners and add them to an already depressed real estate market, likely pushing values even lower. New data show foreclosure activity jumped sharply in June in MetroWest and the Milford area. In 26 towns, foreclosure petitions – or the start of the foreclosure process – rose 81 percent from May to June, according to The Warren Group, a Boston-based company that tracks real estate data. The change was particularly pronounced in Milford and 11 surrounding towns, where foreclosure petitions nearly tripled, rising from nine in May to 26 in June. “Real estate values...
Read MoreR. Kelly facing foreclosure on Chicago house
He’s had a successful career as a singer/songwriter, but is R. Kelly having some difficulty paying his bills? CNN has confirmed the “I Believe I Can Fly” artist has been named in a $2.9-million foreclosure suit involving his property in Olympia Fields, Illinois. According to CNN affiliate WBBM CBS 2 Chicago, 11,140 square feet mansion which features six full bathrooms, seven half-baths, and a four-car garage was built 11 years ago. The station cites a report by Crain’s Chicago Real Estate Daily that the singer, whose full name is Robert Sylvester Kelly, has not made a payment on the home since June of last year. J. P. Morgan Chase Bank N.A. filed...
Read MoreCalifornia Governor signs new protection on short sales
California real estate agents are applauding a new law that prevents all lenders from pursuing homeowners who sell their properties via a process known as a short sale. Gov. Jerry Brown today signed the law, Senate Bill 458, according to the North County Times of San Diego County. The law broadens state protections for short sales, transactions where a home is sold for less than the amount owed on the mortgage. DataQuick of San Diego reports that short sales made up 18 percent of the June home purchases in California. Previous law required that first mortgage holders who agree to short sales must accept the agreed-upon proceeds as payment in full. The new law extends...
Read MoreFighting to Stop Foreclosure through Class Action vs. Pro Se: What homeowners need to understand
Making the decision to stand up for your rights and demand justice for a wrongful foreclosure or to save your home is a critically important decision. An equally important decision is how you will go about stopping foreclosure and whether or not you will start or join a class action or perhaps challenge the pretender lender as Pro Se. Both methods have proven effective, but there are clear differences between the two. It’s important to know what your goal and desired end result is when weighing your options, because the wrong strategy and decision can be life altering. Class actions have grown in popularity over the past few years, especially when it comes...
Read MoreHomeowners fight illegal foreclosure
Homeowners fight illegal foreclosure Bank of America has unlawfully organized sales for over 100 local homes in 2011 by Andrew Kirk, OF THE RECORD STAFF Posted: 06/28/2011 04:25:16 PM MDT If your Summit County home is foreclosed upon by a company that does not hold your loan and has no legal right to operate in Utah, there may be nothing you can do about it. That’s been the experience of hundreds of Utahns foreclosed upon by ReconTrust, a subsidiary of Bank of America. The company has publicly noticed the sale of over 100 homes in Summit County this year alone in The Park Record’s legal notices pages. According to the Summit County Recorder’s Office,...
Read MoreFending off foreclosure: You don’t have to lose your home
Fending off foreclosure: You don’t have to lose your home By Michael D. Larson • Bankrate.com Curing a foreclosure is a little like curing cancer — the sooner you catch it, the better your chance of survival. Early on in the default process, consumers can still come back from the brink because they haven’t missed more than one or two monthly payments and their lenders haven’t spent too much trying to get them back in line. But as the foreclosure process moves along, the size of the delinquent debt owed and the bank legal costs that customers are usually charged mount. Borrowers who try to ignore their financial problems — and...
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