Category Archives: Foreclosure Report

Renters Protected During Foreclosure

USA Foreclosures 101

With the foreclosure settlement out of the way and the pace of foreclosure proceedings picking up, there is a lingering question about the fate of renters currently living in homes going through foreclosure. The question is getting even more scrutiny now that private investors are beginning to view foreclosed properties as an opportunity to make good money in the real estate market. Fortunately, there are protections in place that prevent renters from being thrown out … Continue reading →

Former Insurance Investigator Gets $18 Million From Foreclosure Settlement

USA Foreclosures 101

Back in February, 2012 the attorneys general of 49 states reached a settlement with five of the nation’s largest mortgage lenders to put an end to possible litigation surrounding allegations of fraud. The case was borne out of a thorough investigation and subsequent whistle-blower report by 63-year-old Lynn Szymoniak, an attorney and former insurance industry investigator. For her efforts Szymoniak earned some $18 million out of a total $25 billion settlement. In reporting the story … Continue reading →

Investors: The Key To The Housing Recovery

USA Foreclosures 101

A story in the Chicago Tribune, dated March 20 2012, poses an interesting question in regards to the housing market and the potential of private investors in helping along the recovery. The story opens by referencing a former employee of a New York-based private equity firm who left his company in order to start a real estate business. Dan Madger has begun purchasing foreclosed homes at reduced prices and making them available on the rental … Continue reading →

Income Gained From Sale Of Foreclosed Homes Up For Taxation

USA Foreclosures 101

The Mortgage Forgiveness Debt Relief Act expires on the 31st of December 2012, and since short sales take a minimum of six months to complete, the income gained from the selling of a foreclosed home could be, once again, eligible for taxation. Millions of homeowners are now facing this grim reality because previously the income gained from the sale of a house undergoing foreclosure was tax-free, but after this year this won’t be the case … Continue reading →

The Government’s Continued Culpability In Foreclosure Mess

USA Foreclosures 101

Check your favorite news feed about stories on foreclosures in the US and you will most likely see the vast majority focusing on bank practices and illegal foreclosure proceedings. That’s likely to be fueled even more by the HUD report released yesterday indicating alleged widespread fraudulent activity among many of the nation’s largest mortgage lenders. That report is suspect to begin with, but even so, we still are not hearing a whole lot about the … Continue reading →

Abuse Of Foreclosures Increasing Across America

USA Foreclosures 101

According to experts and officials who have conducted research across America, foreclosure abuse is now becoming rampant. This story comes out of a report conducted by the California city of San Francisco which revealed that foreclosure abuse was widespread. Of the 400 foreclosures which were audited for the report, 84% of them were apparently illegal. Many experts are now assuming that the figures revealed in San Francisco are also reflective of the true state of … Continue reading →

Foreclosures On The Rise Among Wealthy

USA Foreclosures 101

During the last few months of 2011 we were treated to nightly reports about the Occupy Wall Street movement and its offspring around the country. One of the chief complaints coming from the occupiers is their perception that the wealthy keep getting wealthier off the backs of the poor. The “One Percenters,” the occupiers allege, are making life miserable for the rest of the country by stealing all the wealth. If you sympathize with the … Continue reading →

Foreclosures And The Future

USA Foreclosures 101

When the housing market suffered a dramatic hit in 2007, foreclosures in Washtenaw County, Michigan went up by roughly 65%, with thousands forced to go through the foreclosure process each year. But the devastating effect of foreclosures in Washtenaw County is not just confined to this area because this could be a precursor to the continuation of foreclosures in other declining areas like Detroit. However, some states should take notice of Michigan’s decision to introduce … Continue reading →

Foreclosure Sales Slow, But Not For Long

USA Foreclosures 101

Foreclosure listing company RealtyTrac Inc. has released new data showing that the number of foreclosure properties sold in 2011 was the lowest since 2008. They reported a little more than 907,000 such sales including homes that were already foreclosed upon and others in-process. That number represents more than 23% of all sales for the year. By way of comparison, US foreclosure sales reached their highest point in 2009 at a rate of about 37% of … Continue reading →

Foreclosure Deals On The Decline In Las Vegas

USA Foreclosures 101

Las Vegas is one city where it’s no longer possible to nab a great deal on a foreclosed home anymore as the number of these homes has shrunk considerably. Tim Kelly of Max Extreme in Las Vegas was one of the first people to comment on the situation, and he said that homes which previously only cost around $80,000-$125,000 are now being fought over with multiple offers. This situation points to the fact that the … Continue reading →