Dismissal for Lack of Prosecution

We all know that  foreclosure cases are proceeding at a slow pace due to the freeze, particularly when foreclosure defense lawyers are defending them.  Arguments have turned to procedural tactics while ignoring that mortgages have not been paid in months and sometimes years.  Are the costs explained to debtors - do they think they will … Continue reading Dismissal for Lack of Prosecution

Foreclosure Statistics and Activity

Five states account for more than half of U.S.  foreclosure activity. Five states accounted for  51 percent of U.S.  foreclosure activity in May, led by California,  where 51,906 properties received a foreclosure filing during the month. A total of 19,192 Florida properties  received a foreclosing filing in May, the second highest state total despite a  … Continue reading Foreclosure Statistics and Activity

Short Sale Process Gets Faster Every Month

People in the real estate business must be aware how streamlined the short sale process is becoming.  Several months ago legislation was introduced to attempt to regulate the short sale process.  It seems this is occurring just by virtue of the times....short sales are closing faster and faster. Previous legislation, the “Prompt Decision for Qualification … Continue reading Short Sale Process Gets Faster Every Month

Latest Foreclosure Statistics

National Foreclosure Statistics Top 5 Foreclosure Cities Merced, California Modesto, California Stockton, California Riverside, California Detroit, Michigan May 2011 Total Foreclosures Available 1,736,724 Number of Sales 186,454 Median Sales Price $161,500.00 Illinois Foreclosure Statistics Top 5 Illinois Foreclosure Cities: Chicago Aurora Rockford Elgin Joliet May 2011 Total Foreclosures Available 101,822 Number of Sales 5,781 Median … Continue reading Latest Foreclosure Statistics

Notes turning into bonds – Contributing to the Foreclosure Stall

I take a mortgage out at Beth's Lending, a mortgage originator.  A mortgage consists of two parts.  The first is the note, or the IOU, which is the borrower’s promise to pay.  The second is the mortgage, which is the security, or the lien, or the actual interest. Beth's lending takes the mortgage note to … Continue reading Notes turning into bonds – Contributing to the Foreclosure Stall