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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

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

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

Foreclosures Being Put to Use in Cleveland

USA Foreclosures 101
People moving in a foreclosed house

As most of the United States continues to grapple with a glut of foreclosed homes and shadow properties, some communities are banding together to do what they can to fight off as much of the resulting urban blight as possible. A handful of programs all over the country are finding creative ways to acquire foreclosed properties and convert them into useful homes for a variety of needy people. One example exists in Cleveland, where the … Continue reading →

Posted in Foreclosure News, USA Foreclosure | Tagged Cleveland, financial circumstances, foreclosed homes, foreclosure, funding sources, government organization, national effort | Leave a reply

Foreclosure Affecting More Than Just Homes

USA Foreclosures 101
Foreclosure

In light of the continually troubled housing market it’s understandable that the vast majority of attention being paid to foreclosures is squarely on distressed homeowners and their properties. But truth be known, foreclosures go far beyond just residential properties. All over the country commercial enterprises are finding themselves in serious financial trouble as well. Among some of the hardest hit are America’s churches. Such is the case with Faith Christian Church of Lakewood Ranch, Florida. … Continue reading →

Posted in Foreclosure News | Tagged distressed homeowners, faith christian church, Florida, foreclosure, housing market, lakewood ranch, monthly mortgage payments | Leave a reply

Congress Considering Tax Issue With Foreclosure Settlement

USA Foreclosures 101
The Question of Tax Fairness on Foreclosure

If you’ve been following the news regarding the foreclosure crisis you’re probably familiar with the settlement between five of the nation’s largest mortgage lenders and 49 state attorneys general. The $25 billion settlement was reached as a means of preventing further litigation against the banks for alleged “illegal” foreclosures. Interestingly enough, the thousands of homeowners expected to receive cash from the settlement will also be subject to income tax on that money. That is, unless … Continue reading →

Posted in Foreclosure Law, Foreclosure Report | Tagged federal income tax, foreclosure, foreclosures, mortgage lenders, settlement money, settlement payments, tax relief bill, washington | Leave a reply

Former Insurance Investigator Gets $18 Million From Foreclosure Settlement

USA Foreclosures 101
settlement money

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 →

Posted in Foreclosure Law, Foreclosure Problems, Foreclosure Report | Tagged Bloomberg, Citibank, foreclosure, insurance industry, investigative experience, mortgage lenders, procedural changes | Leave a reply

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 →

Posted in Foreclosure Law, Foreclosure Report, USA Foreclosure | Tagged foreclosed home, foreclosed homes, foreclosure, foreclosures, market analysts | Leave a reply

The Government’s Continued Culpability In Foreclosure Mess

USA Foreclosures 101
Foreclosure

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 →

Posted in Foreclosure Problems, Foreclosure Report, USA Foreclosure | Tagged foreclosure, foreclosure mess, foreclosure proceedings, foreclosures, hud report, Missouri | 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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