foreclosure - Articles

FHA Program Gives Distressed Homeowners a Second Chance

ShutterstockForeclosure doesn't have to mean the end of homeownership. By Scott Sheldon A consumer who sold his or her home in a short sale or lost it in a foreclosure would normally have to wait 36 months to purchase a primary residence again with an FHA fixed-rate mortgage. However, the FHA Back to Work Program allows... Continue Reading »

Foreclosures See a Slight Upswing

Shutterstock By Christine DiGangi There was a time when having more than 1 million U.S. homes in foreclosure was the norm. It wasn't that long ago, actually -- the foreclosure inventory only dropped below the million mark in June 2013 -- but as of January 2014, just 794,000 homes were in some state of foreclosure.... Continue Reading »

Jailed Mortgage Fraudster Maintains Grip on Victims' Homes

#fivemin-widget-blogsmith-image-178282{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-178282, #postcontentcontainer #fivemin-widget-blogsmith-image-178282{width:570px;height:411px;display:block;} Though tales of booming housing markets have pushed foreclosure horror stories out of the headlines,... Continue Reading »

Crunching the Latest Foreclosure Numbers

AP By Christine DiGangi There are fewer than 2 million mortgages in serious delinquency as of November, a 26 percent decline from the previous year and a 5-year low, according to the monthly CoreLogic Foreclosure Report. A seriously delinquent mortgage means the homeowner is more than 90 days past-due on payments and is... Continue Reading »

How to Avoid Falling for a HARP Scam

By Meg Burns Did you make New Year's resolutions? Was personal finance one of them? Refinancing your mortgage may be an option to help you reach your New Year's goals. Many programs are available to help you refinance even if you are underwater. If you are one of the many homeowners who have kept up-to-date on your... Continue Reading »

After a Foreclosure: How to Own a Home Again

Shutterstock By AJ Smith If your home was foreclosed upon during the recent housing crash, you might think there's no chance for you to ever own a home again. But that couldn't be further from the truth. Although lending standards are tighter than they were pre-recession, there are still a few steps you can take to put... Continue Reading »

Foreclosure Victim Must Leave Hotel After 9-Year Stay, $29,000 Bill

#fivemin-widget-blogsmith-image-759856{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-759856, #postcontentcontainer #fivemin-widget-blogsmith-image-759856{width:570px;height:411px;display:block;} Nearly a decade after moving to a hotel after losing her home in foreclosure, a Wisconsin woman faces... Continue Reading »

Home Sales Slow in June

The National Association of Realtors (NAR) reports that the seasonally adjusted annual rate of existing home sales in June fell 1.2% to 5.08 million from a downwardly revised total of 5.14 million in May. Sales are up 15.2% year-over-year for the month. The consensus estimate called for sales to reach 5.27... Continue Reading »

Bad at Math? You're More Likely to Lose Your Home

According to a study released Monday, math-challenged borrowers were five times more likely to default on their loans. "Whether you're good with numbers predicts how likely you are to default," said Stephan Meier, an associate professor of business at Columbia Business School, who authored the report along with economists... Continue Reading »

Ricardo Cerezo, Facing Eviction, Finds $4.85 Million Lottery Ticket

Man about to lose his home, finds lottery ticket and wins millions of dollars: It's the stuff of dreams, right? Well for Ricardo Cerezo of Geneva, Ill., that scenario was a reality. In February, Cerezo appeared at a foreclosure hearing where he was told he had mere months before his family was to be evicted from his... Continue Reading »

Homeowners to Get Foreclosure Settlement Payments Starting Friday

By Aruna Viswanatha Borrowers whose homes were in foreclosure in 2009 or 2010 can expect to receive between $300 and $125,000 under settlements reached between top banks and regulators earlier this year. The payments will begin going out on Friday, the Federal Reserve and the Office of the Comptroller of the Currency said... Continue Reading »

Michelle Hansen Tags Home With Message to Chase Bank: You're 'Stealing' My House

Cases of homeowners struggling against their banks to fend off foreclosure are a dime a dozen these days. But Michelle Hansen of Aurora, Colo., is upping the ante against JPMorgan Chase, which she says is refusing to grant her a loan modification after she became delinquent on her mortgage. What's her tactic? She's using... Continue Reading »

Allen Iverson Foreclosure: See the $2.8 Million Atlanta Home Ex-NBA Star Lost

Former NBA star Allen Iverson isn't having a good week. First, a judge skewered him Tuesday for bad parenting skills, and now he's lost his giant Atlanta mansion to foreclosure. Iverson's nearly 10,000-square-foot home on Atlanta's exclusive West Paces Ferry Road had been on the market for $2.5 million, but it was sold... Continue Reading »

10 Best States to Default on Your Mortgage

Defaulting on your mortgage inevitably pushes you into the foreclosure process, and that can be a very traumatic experience. But there is a glimmer of hope, even if you're already getting phone calls and notices warning you of impending foreclosure. If you live in a state where it takes an exceptionally long time to... Continue Reading »

New Mortgage Rules and Foreclosure: Do They Do Enough to Help Borrowers?

By Les Christie Federal officials issued new rules for mortgage servicers Thursday aimed at protecting homeowners facing foreclosure. But consumer groups say the rules don't do enough to help prevent borrowers from unnecessarily losing their homes. Since the housing crisis began, many mortgage servicers -- which collect... Continue Reading »

Mortgage Settlement's Next Step: Banks to Pay $8.5 Billion in 'Robo-Signing' Mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners. The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses... Continue Reading »

Payback Time: Florida Homeowners Foreclosing on Banks

By Les Christie Since the housing bubble burst in Florida five years ago, more than 400,000 borrowers have had their homes foreclosed on by their lenders. But for some, it's payback time. Hundreds of homeowners and condo associations are foreclosing on banks that have failed to pay dues and other expenses on the... Continue Reading »

Housing Recovery: Halfway Back to Normal

Each month, Trulia's Housing Barometer charts how quickly the housing market is moving back to "normal." We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month's data to... Continue Reading »

Mortgage Loophole Leaves Many Widows Fighting Foreclosure

Foreclosure has seemingly affected the majority of residents living in the U.S. in the past few years. Some have experienced it themselves, while others know a family member or friend who has gone through the process. One group that has been hit hard by the crisis are widowed wives. Several women across the country who... Continue Reading »

After Foreclosure, 3 Steps to Getting Back on the Road to Buying

By Samantha Debianchi Finding your dream home is truly a special and momentous occasion, but sometimes the honeymoon doesn't last. Just as money is the root of many divorces, it is also the root of many foreclosures. But once the long and tedious process is finalized, how do you get back in the game and find a new... Continue Reading »

'The Wire' Actor Richard Burton Faces Foreclosure Over Unpaid Water Bill

Actor and singer Richard Burton, who played a gangster in HBO's "The Wire," might get hosed for not paying a water bill. Burton, a Baltimore resident, refused to pay a $1,037.42 water bill because he thought it was higher than it should have been, the actor told ABC News. Baltimore officials filed a lien against his... Continue Reading »

Multimillion-Dollar Foreclosures: Mansions Claimed by the Housing Crisis

Foreclosures tend to get a bad rap, stereotyped as homes left in ruins by deadbeat owners who skipped out on their mortgages. Rarely do you think of a posh McMansion in foreclosure. Until now. The lifestyles of the rich didn't go untouched by the housing crisis, and there are plenty of gorgeous, sprawling spreads out... Continue Reading »

Foreclosure Statistics Drop in 3rd Quarter

A majority of the largest metropolitan areas in the U.S. recently received good news on the mortgage front, as foreclosures dropped in the third quarter. Home seizure activity slumped on an annual basis in 62 percent of the nation's 212 largest population centers during the period, according to the latest data from the... Continue Reading »

Fighting Off Foreclosure: One Woman's 3-Year Ordeal

By Michele Lerner When even a single home goes into foreclosure, the effects can be far reaching. In the case of Dee, when she faced foreclosure on her home in Prince George's County, Md., the potential hardship extended well beyond her immediate family. Dee's home not only shelters some of her six children and... Continue Reading »

Foreclosure Scam: 530 Charged for Allegedly Defrauding 73,000 Homeowners

WASHINGTON -- Federal investigators have charged 530 people for allegedly defrauding more than 73,000 desperate homeowners around the country who fell behind on mortgage payments, leaving them vulnerable to con artists offering to help them avoid foreclosure. At a news conference discussing the results of a yearlong... Continue Reading »

Wells Fargo Flip-Flops and Forecloses on Cindi Davis, Who Has Stage 4 Breast Cancer

Cindi Davis of Mount Holly, N.C., has been fighting breast cancer for four years. Now she has to fight Wells Fargo too. The bank had been threatening to foreclose on Cindi and her husband, Kirk (both pictured above), after her mounting medical bills made it difficult for the couple to keep up with their monthly... Continue Reading »

Expiring Tax Cut Poised To Take a Bite Out of Mortgage Settlement Payouts (Opinion)

By Adam Levin It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation's largest banks, the government threatens to beat those victims over the head... Continue Reading »

Housing Crisis Turns Some Ex-Homeowners Into Lifelong Renters

You couldn't pay Mark Williams to own a home again. "Give me the money for it," he said. "I'm still not buying a house." It's not that he always felt this way. Williams (pictured at left) did profit handsomely from the housing market's boom years, selling a Sacramento home in 2005 for more than twice as much as he... Continue Reading »

Occupy Our Homes Launches TV Ad Campaign to Fight Foreclosures

Occupy Our Homes, an offshoot of the Occupy Wall Street movement, launched a national ad campaign this week aimed at inspiring beleaguered homeowners to battle foreclosure and eviction. The organization has created a foreclosure-resistance template and support network that it hopes borrowers will use to fight off... Continue Reading »

Proposed Rules Could Help Homeowners Avoid Foreclosure 'Surprise'

By Christopher Maag A proposal from the government's consumer lending watchdog would protect homeowners from unexpected fees, poor service and costly errors caused by companies that collect their monthly mortgage payments. The new rules, proposed by the Consumer Financial Protection Bureau, also would require mortgage... Continue Reading »

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