Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

U.S. Representative Maxine Waters (D-California) has written a letter to Department of Housing and Urban Development (HUD) Secretary Julián Castro asking for relief and more transparency for seniors participating in HUD's Home Equity Conversion Program (HECM). At the center of the issue is the fate of surviving non-borrowing spouses upon the death of the last … Continue reading Representative Waters Asks HUD For More Transparency For Non-Borrowing Spouses on HECMs

Bill to Speed Up Short Sale Process and Avoid Foreclosure

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Arkansas), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a … Continue reading Bill to Speed Up Short Sale Process and Avoid Foreclosure

College town’s rental cap fails logic test

During what is now the most challenging housing economy of our time, one college town is making it harder for homeowners to keep their homes, and for renters to find reasonable rates.Winona, Minn., recently passed a “30% rule” that restricts the amount of homes on each block that can legally be rented out to 30%. … Continue reading College town’s rental cap fails logic test

Past foreclosure cases with unpredictable outcomes

One surprising smackdown occurred on Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn’t proved its claim to a delinquent borrower’s home in White Plains, Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, … Continue reading Past foreclosure cases with unpredictable outcomes

Should there be a Foreclosure Property Registry

Maryland mulls foreclosure property registry A group of Maryland officials says the state should create a foreclosure registry that would allow local governments to track the condition of real-estate owned properties. The Maryland Foreclosure Task Force said these municipalities often don't know whom to contact about foreclosed properties, with their drag on surrounding neighborhoods a … Continue reading Should there be a Foreclosure Property Registry

Holiday Foreclosure Moratorium Announced

Fannie Mae and Freddie Mac announced temporary foreclosure moratoriums on all single-family homes and two-to-four unit properties over the holidays. Both companies will enforce the moratorium from December 19 through January 2. “The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said … Continue reading Holiday Foreclosure Moratorium Announced

Three more mortgage servicers change foreclosures

Three mortgage servicers agreed with the New York Department of Financial Services to make procedural changes similar to those of the consent orders signed by much larger institutions earlier in the year. The latest to adopt the changes are Saxon Mortgage Services, which was recently purchased by Ocwen Financial Corp. (OCN: 13.24 +1.92%); American Home … Continue reading Three more mortgage servicers change foreclosures

New NV law: Felony for false representations on title & $5000 fine for fraud!

A new Nevada law that went into effect in October caused many mortgage servicers to pause the foreclosure process, knocking Las Vegas out of the top foreclosure rate in the country. It was a spot the city held for 22 consecutive months, nearly two years, RealtyTrac said in a report Thursday. Las Vegas dropped to … Continue reading New NV law: Felony for false representations on title & $5000 fine for fraud!