Posts with tag foreclosure

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 »

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 »

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 »

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, 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 »

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 »

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 »

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 »

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 »

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 »

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 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 »

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 »

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 »

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 »