foreclosed homes - Articles

Fewer Homes Being Repossessed, Thanks to Investors

AP By Alex Veiga LOS ANGELES -- Fewer U.S. homes are completing the foreclosure process and ending up repossessed by banks because investors are increasingly buying up properties when they go on sale at public auction. The trend reflects a growing appetite among investors for buying homes before they exit the... Continue Reading »

Woman's Belongings Lost When Repo Crew Empties Wrong House

#fivemin-widget-blogsmith-image-138161{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-138161, #postcontentcontainer #fivemin-widget-blogsmith-image-138161{width:570px;height:411px;display:block;} You'd like to think that if someone broke into your home, then backed up a truck and carted away all... Continue Reading »

Squatting in Foreclosed Homes on the Rise?

Thanks to existence of adverse possession laws in some states -- which in rare cases allows a person to claim title to an abandoned property after occupying it for an extended time -- Cherie Fields, 25, and her husband Owen Fields, 27, apparently thought they could live at a vacant home in Lakeland, Fla., for free. On... Continue Reading »

'Sharpie Parties' Wreak Havoc on Foreclosed Homes

By Tim Reid In the age of Facebook and Twitter, a new crime has hit America: "Sharpie parties," gatherings of party revelers armed with "Sharpie" magic markers and lured by social media invitations to wreak havoc on foreclosed homes. Five years into the U.S. foreclosure crisis, Sharpie parties are a new form of blight... Continue Reading »

Los Angeles Sues U.S. Bank, Calls It a 'Slumlord'

By Jonathan Stempel The city of Los Angeles has sued U.S. Bank, accusing a unit of the fifth-largest U.S. commercial bank of becoming one of its biggest slumlords and blighting the city by allowing hundreds of foreclosed homes to fall into disrepair. Monday's civil lawsuit by the office of Los Angeles City Attorney... Continue Reading »

Banks Neglect REO Homes in Minority Areas, Study Says

After the housing meltdown, banks have repeatedly come under fire for allegedly using discriminatory lending practices against minorities. A study from the Center for Responsible Lending found that blacks and Hispanics with credit scores above 660 received subprime mortgages three times as often as whites with the same... Continue Reading »

Foreclosed Homeowner 'Booby-Traps' Home

Hell hath no fury like a homeowner scorned. The FBI, a bomb squad, and first responders donning hazmat suits converged on a foreclosed home in South Seattle on Monday, according to KOMO News. The reason? Police believe the former owner booby-trapped the home in anticipation of his eviction. As it turns out, though, the... Continue Reading »

Viewpoint: Feeling Guilty About Buying a Foreclosure?

The sides in the housing crisis' morality play have been very neatly defined for us. The banks are the ruthless, faceless devils who cast out the sick and (financially) weak from their homes. A few bystanders -- let's call them renters-by-choice and anonymous online commenters -- stand on the sidelines cheering because,... Continue Reading »

Newest Squatters in Empty Homes: Rats and Coyotes

Lynn McGee is mad as hell and isn't going to take it anymore. That's why she posted a banner saying "House Full of RATS & Bank Don't Care" across the front of the townhouse that adjoins hers in Greenacres, Florida. The derelict and abandoned unit next door has been in foreclosure since September 2009, according to a... Continue Reading »

Fewer Phoenix Foreclosures, But They Still Pack a Wallop

Although foreclosure activity in Phoenix is down slightly from 43 percent to 38 percent of the total market month-over-month, it is still a tough market for potential sellers. Dawn Yazzie-Howard just went under contract with her 3-bedroom, 2-bath home in Mesa, Ariz., after eight months on the market. The news is... Continue Reading »

Housing Crisis Exposed: Foreclosure Ghost Towns

On paper, the housing crisis is a labyrinth of mismanaged paperwork, reams of foreclosure filings and stacks of ongoing investigations. But for families involved in the very real struggles of homeownership, foreclosure takes on an entirely new dimension. Two weeks ago HuffPost Business solicited photos from its readers of... Continue Reading »

Foreclosed Home Squatters Chased Out by SWAT Team

The Naples, Fla., police department doesn't fool around when it comes to ridding a foreclosed home of illegal squatters. A SWAT team, called to a foreclosed home last month due to a so-called disturbance, gassed the place in an effort to force out a possible squatter who allegedly was hiding in the attic. In the end, three... Continue Reading »

Biggest Loser: Celebrity Home Edition

The "Great Recession" has been anything but great for most peoples' bottom line. According to the National Bankruptcy Research Center, over 1.5 million people have declared bankruptcy in 2010, while RealtyTrac reports that 1.05 million homes went into foreclosure the same year. Both of these rates are record high... Continue Reading »

Robo-Signing Banks Set to Be Punished?

Is the ever-evolving trend of quickie foreclosures, robo-signing, rocket dockets and more that banks have adopted as of late finally going to cause them to get more than a handslap? According to recent reports, the answer is yes. Tom Ice of Ice Legal who was profiled in AOL Real Estate however, has a different viewpoint... Continue Reading »

Cheap Mortgage Rates: Don't Miss Out

With cheap mortgage rates topping 5 percent for the first time since April 2010, it's time to start getting serious if you're thinking of buying a home. While rates are still historically low, as the government begins to make decisions about what to do with Fannie Mae and Freddie Mac, you can be certain of one thing --... Continue Reading »

Homebuyer Tax Credit Bills Coming Due in 2011

If you took advantage of the first time homebuyer tax credit in 2008, it's time to start repaying this interest -ree loan when you file your 2010 tax return by April 2011. But, if you used the homebuyer tax credits in 2009 or 2010, you won't ever have to repay the money unless you sell or otherwise dispose of your home... Continue Reading »

Phoenix Foreclosures Rise Again

A moratorium on foreclosures by some of the nation's largest banks didn't really help the distressed market in Phoenix. Arizona's largest city has seen an increase in the percentage of foreclosures when some other major cities were reporting a slight drop off at the start of the year. Foreclosures represented 43 percent... Continue Reading »

Foreclosures Fall, and Why That's Bad News

Bad news: The number of foreclosure actions taken by banks fell in January compared to the year before, according to the researchers at RealtyTrac. Foreclosures fall: bad news. Yes, you read that right. Banks seized fewer homes in January, and that's bad news for everyone. Here's how Rick Sharga, senior vice president... Continue Reading »

Worst Foreclosed Home Vandalism Ever?

We don't expect foreclosed homes to be in mint condition, but what Tom Moon of Pacific Moon Real Estate saw when he walked through the doors of a 3,000-square-foot bank-owned home in Huntington Beach, Calif., was perhaps the worst case of home vandalism ever. Most walls in the house were splattered in mold, a second floor... Continue Reading »

Making Homeownership Dreams Come True

The dream of homeownership has become a bit harder to achieve in these tough economic times. Now there's a nonprofit organization that's hoping to change that for those families where owning a home is always a far-fetched goal. Family Services, Inc., a nonprofit organization based in North Charleston, S.C., is... Continue Reading »

Communities Fight Back After Banks Walk Away

People aren't the only ones walking away from underwater mortgages. Banks are walking away, too. Communities are fighting back to regain control of their neighborhoods. Some by forcing banks to terminate mortgages. Others by purchasing the homes abandoned by banks, fixing them up then renting or selling them. A... Continue Reading »

Home Foreclosures Roll on at Record Rates

Foreclosure -- the beast that is eating the housing market -- barely paused in October, despite the latest housing scandal. Experts thought foreclosures might go into hibernation after lenders botched thousands of foreclosures with skipped steps and faulty documentation. In at least one case, a single bank official signed... Continue Reading »

Foreclosures: Illinois Town Invests in Them

Foreclosed homes can bring down the value of neighboring homes and otherwise be a blight on the community if they sit vacant for an extended period of time. That's why the town of Cicero, Ill., a Chicago suburb, is buying up bank-foreclosed properties, rehabbing them and selling them back to residents as subsidized... Continue Reading »

Buy a Home at a $100,000 Discount

Source: SmartMoney Fannie Mae and Freddie Mac need to shrink their inventories of foreclosed homes, so the two government-controlled companies are offering some amazing deals, often with down payments as low as 3 percent plus other incentives. Many of the homes are lesser properties in less-than-desirable neighborhoods,... Continue Reading »

Fannie Mae to Sell Foreclosed Homes With Subprime Lending Terms

Thought those great low down-payment deals were gone? Think again. If you're willing to buy a home foreclosed by Fannie Mae through the new HomePath program, you may be able to purchase one with as little as 3 percent down. Even better, that 3 percent can be a gift from a family member or other third party, or a loan from... Continue Reading »

AOL RealEstate on Facebook