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Wells Fargo Announces New Housing Assistance Program

USA Foreclosures 101

Few months ago, Bank of America announced plans to streamline its paperwork process in order to facilitate more short sales among distressed homeowners facing foreclosure. That action was met with limited approval among critics who insist that America’s banks are out to steal from America’s homeowners. Now, another plan has been announced by one of the nation’s major banks to help low income home buyers while at the same time reducing the number of vacant … Continue reading →

Posted in Foreclosure News, Foreclosure Report | Tagged Bank of America, closing cost assistance, distressed homeowners, eligible buyers, foreclosed home, housing market, las vegas, lending institutions, mortgage bankers, mortgage loans, payment assistance, Wells Fargo | Leave a reply

Short Sales Gain In January And February 2012

USA Foreclosures 101

Two months ago Bank of America announced plans to streamline its paperwork process in order to allow more distressed homeowners to get out of their obligations through a short sale rather than going through foreclosure. The news was greeted happily by some who saw it as a means of helping these homeowners and bringing some stability to the housing market. Others rebuffed the announcement claiming it was just a publicity stunt by Bank of America … Continue reading →

Posted in Foreclosure News, Foreclosure Report | Tagged arizona, Bank of America, california, distressed homeowners, Florida, foreclosure, housing market, mortgage lenders, national association of consumer advocates, realty trac, short sales | Leave a reply

Short Sales Being Streamlined by Bank of America

USA Foreclosures 101
House on suburban street with 'For Sale' sign in foreground

As one of the largest mortgage lenders in the country, Bank of America has great sway with the rest of the industry when it makes a decision contrary to the norm. Such is the case with their recent announcement of plans to streamline the short sale process in order to conclude a deal in 20 days or less. Right now the typical short sale can take months while a bank goes through the paperwork process … Continue reading →

Posted in Foreclosure News, Foreclosure Report, USA Foreclosure | Tagged Bank of America, distressed homeowners, housing market, mortgage lenders | Leave a reply

Settlement Money Moving Slowly

USA Foreclosures 101
settlement money

This past February (2012) the state attorneys general from 49 states reached a historic settlement with five major U.S. housing lenders (Bank of America, Citigroup, GMAC, J.P. Morgan Chase, and Wells Fargo) that would provide some $25 billion in relief to underwater homeowners and those who already lost their homes due to foreclosure. Yet more than two months later, most of that money has not even begun to go out, according to a story published … Continue reading →

Posted in Foreclosure News, USA Foreclosure | Tagged affordable housing, Bank of America, Citigroup, financial assistance, foreclosure, GMAC, J.P. Morgan Chase, Missouri, New Hampshire, Wells Fargo, Wisconsin | Leave a reply

New Yorkers Warned Of Foreclosure Settlement Scam

USA Foreclosures 101
Home foreclosure, avoid foreclosure scams

New York Atty. Gen. Eric Schneiderman issued an alert to his state’s citizens warning them of scammers trying to take advantage of the February (2012) foreclosure settlement reached between the states and five of the nation’s largest banks. The settlement provides millions of dollars in relief funds the states will be using to help distressed homeowners. However, according to Schneiderman the opportunity has led some individuals in New York State to attempt to steal from … Continue reading →

Posted in Foreclosure News, Foreclosure Problems | Tagged distressed homeowners, financial crises, mortgage relief, new york, settlement assistance | Leave a reply

New Yorkers Fight Foreclosure With A Song

USA Foreclosures 101
foreclosure sign in a house

Last April 16, 2012 the Bronx Supreme Courthouse opened for business as usual. On the docket were six foreclosure auctions scheduled to take place throughout the day. But as bargain hunters looking for a great deal began showing up at the courthouse they were greeted by a group of about 40 protesters who were trying to put an end to the proceedings by singing songs. Metro Focus reported on the musical protest in a very … Continue reading →

Posted in Foreclosure News, USA Foreclosure | Tagged banking industry, economic justice, economic woes, federal reserve, foreclosure auctions, greedy banks, home mortgages, new york, taxpayer money | Leave a reply

IMF Displays Ignorance Of Foreclosure Issues

USA Foreclosures 101
A man showing a house model

Bloomberg’s BusinessWeek carried a story outlining a recent report from the International Monetary Fund (IMF) regarding the US foreclosure crisis. Unfortunately for the IMF, the report does nothing but display the organization’s complete ignorance about what’s going on in this country. As most of the ignorant do, the IMF was expecting President Barack Obama to wave his magic bailout wand in a move that would supposedly solve the crisis once and for all. According to … Continue reading →

Posted in Foreclosure News, Foreclosure Report | Tagged barack obama, distressed homeowners, eligibility requirements, eligibility restrictions, foreclosure, household debt, international monetary fund, principal reduction, recession | Leave a reply

Home Sales, Foreclosures Both Up In March

USA Foreclosures 101

LoanSafe.org reported late last week that both homes sales and foreclosures were up in March (2012) over the same period in 2011. Their numbers are based on transactions in Maryland and come from RealtyTrac, a nationally known company that tracks real estate trends nationwide. If the numbers reflect national trend – and that’s what the story implied – they could point to a very healthy spring for the real estate market. According to LoanSafe.org there … Continue reading →

Posted in Foreclosure Report, USA Foreclosure | Tagged delinquent borrowers, foreclosure, loan modification, low interest rates, Maryland, mortgage companies, real estate agents, real estate trends | Leave a reply

Geithner, Treasury At It Again

USA Foreclosures 101
Washington

The Independent, a popular London-based newspaper, is reporting on a story out of the U.S. Treasury not being carried by very many American news outlets. According to the Independent, Treasury Secretary Tim Geithner is locked in a head-to-head battle with the director of the Federal Housing Finance Agency (FHFA) over whether or not Fannie Mae and Freddie Mac should sign off on a principal reduction plan included as part of the foreclosure settlement announced last … Continue reading →

Posted in Foreclosure News, Foreclosure Problems | Tagged delinquent borrowers, distressed homeowners, housing finance agency, housing market, principal reduction, principal reduction plan, tim geithner, treasury plan, treasury secretary | Leave a reply

Foreclosures Changing the Face of the Rental Market

USA Foreclosures 101
Row of foreclosed houses

If you’ve been paying attention to news surrounding the ongoing foreclosure crisis you’re probably aware that investors are starting to scoop up large numbers of foreclosed single-family homes in order to convert them into rental units. Smaller homes are being rented as-is while larger ones are being subdivided into individual apartments. This is to be expected with home prices being the lowest they’ve been in a decade. Yet there is something new happening in the … Continue reading →

Posted in Foreclosure News, Foreclosure Report | Tagged apartment buildings, current trends, distressed market, foreclosed homes, home ownership rates, rental opportunities, residential rental market, rock bottom prices | Leave a reply

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US Foreclosures Recent Updates

  • Wells Fargo Announces New Housing Assistance Program
  • Short Sales Gain In January And February 2012
  • Short Sales Being Streamlined by Bank of America
  • Settlement Money Moving Slowly
  • New Yorkers Warned Of Foreclosure Settlement Scam

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