foreclosure - Articles

If You Know You Won't Be Able to Keep Up With Your Mortgage, Here Are Some Options

By Christopher Maag Donna Moore's husband earns a good income, and he can easily afford to pay their mortgage. But in a few months, when her husband retires, all that will change. "(W)e will not be able to pay this mortgage," a reader using the screen name "Donna Moore" wrote in response to a recent Credit.com story,... Continue Reading »

Late Payments on Mortgages Hit 3-Year Low

By Alex Viega LOS ANGELES -- U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report. Still, the rate of decline remains slow, credit reporting agency TransUnion said Wednesday. The... Continue Reading »

Bank of America Branch in San Diego Gets 'Trash Deposit' in Protest Over Blighted Vacant Home

What do you do when the bank-owned house next door is a vacant and blighted mess? If you're these San Diego residents, you remove the garbage piled out front and take it to its rightful owner: the bank itself. The Alliance of Californians for Community Empowerment, a homeowner advocacy group, gathered dirty rugs,... Continue Reading »

Celebrity Foreclosure Nightmares: Common's Chicago Home in Jeopardy and More

Rapper Common has been facing some foreclosure trouble with his apartment in Chicago. Bank of America filed legal documents saying that the rapper-turned-actor stopped making monthly mortgage payments in March. The suit claimed that Common and his manager, Derek Dudley, who co-owns the property, owed $345,389.52. Since... Continue Reading »

Millions of Older Americans at Risk of Foreclosure

By Les Christie NEW YORK -- A growing number of older Americans are falling into serious mortgage debt, with more than three million borrowers over the age of 50 at risk of losing their homes to foreclosure, according to a recent report from the AARP. Since the housing crisis started, more than 1.5 million homeowners age... Continue Reading »

Underwater Homes: Top 10 States With the Most Negative-Equity Mortgages

Underwater mortgages have plagued the housing market since the housing bubble burst in 2006. Rapidly declining prices meant that homeowners started to owe more on their mortgages than their homes were worth. This can lead to short sales, foreclosures, and a serious blow to a households' net worth. CoreLogic released... Continue Reading »

For 2nd Straight Month, More Homes Face Risk of Foreclosure

By Alex Veiga LOS ANGELES -- Banks are increasingly placing homes with unpaid mortgages on a countdown that could deliver a swell of new foreclosed properties onto the market by early next year, potentially weighing further on home values. June provided the latest evidence of this trend, as the number of U.S. homes... Continue Reading »

Financial Nightmare Doesn't End With Foreclosure: There's the IRS

By Christopher Maag Christine, a Credit.com reader, thought that after losing her home to foreclosure, there would be no new financial shocks for a while. Then she received a letter from the IRS. "I filed my taxes in 2010 and thought everything was fine," Christine wrote in a comment to a Credit.com story, "then... Continue Reading »

Bank Threatens to Foreclose on Stage 4 Breast Cancer Patient

Cindi Davis (pictured above) has been fighting breast cancer for four years. She's now in Stage 4 of the deadly disease, and it's taken dozens of chemo treatments and $1,100 a month in prescription medications to keep her alive. Those expenses are crippling Cindi and her husband, Kirk, and they are hardly able to keep up... Continue Reading »

Banks' Paperwork Foul-Up Cost Atlanta Woman Her Home

Sidnetta Smith (pictured at left) had to uproot herself and her children and move to North Carolina, leaving half of their belongings behind, when Bank of America foreclosed on their Atlanta home and evicted them. That's painful enough, but there's an added rub: Smith's home wasn't BofA's to take – because the bank... Continue Reading »

What a Homebuyer Should Know Before Closing

By Leonard Baron It's hardly page-turning literature, but there are many reasons why you should read these documents before making any property purchase: • Title abstract • Title insurance policy and schedule of exclusions • Plat or a survey while you walk the property boundaries • Homeowners'... Continue Reading »

Short Sale or Foreclosure? Either Way, Your Credit Suffers

By Christopher Maag Five years into the housing crisis, many Americans are still saddled with homes they cannot afford. Close to 16 million people, or nearly 30 percent of borrowers, owe more on their mortgages than their homes are actually worth, according to Zillow.com, an online real estate marketplace. On average,... Continue Reading »

REO-to-Rental Program Takes Next Step: FHFA

A government-sponsored REO-to-Rental program that aims to soften the blow of foreclosed homes to the housing market has entered a new stage. The Federal Housing Finance Agency, which controls Fannie Mae and Freddie Mac, recently announced that it has selected the winning bidders of a preliminary program that will allow... Continue Reading »

Occupy D.C. Protesters Fail to Block Eviction

Even a gang of Occupy protesters in Washington, D.C., couldn't stop the eviction of a woman from a Capitol Hill home. Several dozen demonstrators rallied around the front door of the foreclosed home where Dawn Butler had been living for a year, using a barrier of plastic milk crates to block local police and U.S.... Continue Reading »

Foreclosures Made Up 26% of All Home Sales in 1st Quarter

By Jessica Dickler Homes in some stage of foreclosure accounted for more than 1 in 4 home sales during the first three months of the year, according to a report released Thursday. Distressed properties that were either in default, scheduled for auction or bank-owned accounted for 26 percent of all residential sales... Continue Reading »

Foreclosure Review: Fed Promotes Program Via Video

Marking the latest attempt to boost participation in a somewhat neglected foreclosure review program, the Federal Reserve recently released a video that explains the program. Announced during settlement negotiations between the government and mortgage servicers over foreclosure abuses, the Office of the Comptroller of... Continue Reading »

States Tighten Foreclosure Regulations

The Hawaii Legislature and Massachusetts House of Representatives passed bills that put tougher restrictions on foreclosures. In Hawaii, the new bill updates the state's foreclosure law, which was called the strongest in the country when it passed last year. The update makes the regulations even stricter, and provides... Continue Reading »

Homebuyers Held at Gunpoint, Arrested As They Move In

When Robert Canoles and his son Branden saw two people trying to enter the foreclosed and empty home next door to them in Porterdale, Ga., they were quick to react. They held the unknown visitors at gunpoint, and waited for the Newton County Sheriff's deputies they'd summoned to arrive. The officers quickly arrested the... Continue Reading »

Home Prices May Withstand Foreclosure Wave

At best, an increase in foreclosures takes a double-edged sword to the housing market. On the one hand, it means we may be inching toward stabilization, as shadow inventory begins to move through the pipeline. On the other, it spells more stress for beleaguered homeowners and puts downward pressure on home prices. Housing... Continue Reading »

Karen Perry Loses Three Kids, Ex-Husband and Now Home?

First, Karen Perry endured divorce. Then, the death of all three of her children along with her ex-husband in a plane crash. Two months later, is this Arizona woman about to lose her home? Perry, who has suffered enough heartache for a lifetime, will be moving out of her home in Gold Canyon, Ariz., after the financial... Continue Reading »

Home Destroyed by Hurricane Ike Still Faces Foreclosure

Even those that continue to make payments on a house that no longer exists aren't immune to foreclosure. Brad Gana, of Seabrook, Texas, is being threatened with foreclosure over a home that hasn't existed since it was destroyed by Hurricane Ike in 2008, local Houston 2 News reports. Furthermore, after the hurricane, which... Continue Reading »

Obama's Refinance Plan: Who Will Benefit?

WASHINGTON -- Today's record-low mortgage rates are out of reach for millions of U.S. homeowners who would benefit from them most. One in four homeowners with a mortgage -- 11 million people -- owe more than their home is worth. These "underwater" borrowers have virtually no shot at refinancing. Their plight is a drag on... Continue Reading »

One Homeowner's Foreclosure Clock: 2 Years and Counting

By Laura Rowley Losing your home to foreclosure is traumatic, no doubt. And for a variety of reasons--from internal bank bureaucracy and missteps to slow-moving government programs--the pain can stretch out for months. It takes an average of 336 days for a home to move through the foreclosure process, from the first day... Continue Reading »

Facing Foreclosure, Ernie Soto Fights to Hang Onto Family Home

By Arthur Delaney ALAMOGORDO, N.M. -- From next to the dead tree in his backyard, Ernie Soto can see the big house where he used to live. It's perched on the side of a mountain overlooking Alamogordo, a town of 36,000 on the eastern edge of New Mexico's Tularosa Basin. In 2007 Soto moved downhill to a smaller house... Continue Reading »

Foreclosure Protesters Dump Trash at Bank of America President's Home

Hauling several bags of garbage left at a foreclosed Bank of America property in Malden, dozens of protesters showed up at bank president Robert Gallery's Beacon Hill home Wednesday to dump the trash and unload fury. "We're here today because of the loan-servicing abuse that's going on in America," Antonio Ennis, of... Continue Reading »

Foreclosure Victims Plan Protests Across U.S.

Victims of the foreclosure mess and housing crisis are taking to the streets -- literally. Street demonstrations are being planned in 10 cities, and in the crowd at the first one you are going to see Dixie Mitchell, a 74-year-old cancer survivor who refinanced her paid-off home to help one of the foster kids in her care --... Continue Reading »

Foreclosure Up Close: 'My Job Is to Watch Dreams Die'

For many Americans, the foreclosure crisis is a distant aberration -- horrible to behold, but completely remote. Thanks to a blog entry highlighted by Business Insider, the visceral experience of succumbing to foreclosure may hit much closer to home. First posted on the social news site, Reddit, "Why My Job Is To Watch... Continue Reading »

Will Obama Refinance Your Mortgage?

Several media reports claim that one of the tools the Obama administration may use to resurrect the housing market and help mortgage holders remain in their homes is a program which will let people refinance at current mortgage rates. With rates at all-time lows, refinanced mortgages could save people hundreds, if not... Continue Reading »

Family Loses Home Despite Never Missing a Mortgage Payment

"Creative financing" claims another victim. According to Michigan's NBC25, an Ithaca family has just lost its home despite never missing a mortgage payment. The culprit: an unconventional loan that left them vulnerable despite a $20,000 investment. When the company that sold them the home, KMS Property Management,... Continue Reading »

Foreclosure Rates Plummet as Red Tape Mounts

LOS ANGELES -- Most of the nation's largest metropolitan areas are seeing a sharp drop in foreclosure activity as banks take longer to move against homeowners who are behind on their mortgage payments. In the first half of this year, 84 percent of metropolitan areas with a population of at least 200,000 saw their... Continue Reading »

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