Wrongful Foreclosures
A recent OpEd from the New York Times commented on a recent draft agreement between regulators and banks. The interesting part of what they uncovered is that there was much to do regarding paperwork, processing, manpower and processes but very little to do with wrongful foreclosures. A quote from the article says it all, “Because […]
Yet Another Scam!
Cynthia Roldan from the Palm Beach Post reports on a growing scam that is becoming more and more prevalent throughout the country. People are renting out abandoned homes as if they owned the home…..the only problem is that they don’t own the home! The message here is pretty clear. If you or one of your […]
Dual Track Foreclosures
Alejandro Lazo from the Los Angeles Times report on a common practice called dual track foreclosures. To quote the article, “Financial institutions commonly pursue foreclosure even if a borrower has requested a loan modification, a two-track process the lending industry has argued is necessary to protect its investments. But dual tracking is under fire from […]
The Military Prevails!
Our friends at Bank of America and Morgan Stanley are at it again! They decided to foreclose on 178 military members while the military members were on active duty. It’s not only morally wrong but it’s also against the law! “The Service members’ Civil Relief Act offers protections to military personnel to prevent foreclosures. It […]
Robo Signers Attack Illinois
Sounds like a science fiction movie! Unfortunately it’s more akin to a horror flick. While Florida has been in the headlines over the last few months due to “robo signing”, other states, such as Illinois, are not immune to the practice. Mark Huffman reports that 2 Florida based (go figure!) corporations are under investigation by […]
Going to the Well!
Once upon a time, Wells Fargo was a joy to deal with when purchasing short sales. They were responsive, timely and reasonable in their request. As of late, they have caught BOA it is…..or maybe they hired some genius from BOA! Either way, they have become a very cumbersome company. On a recent short sale, […]
“No end in sight to foreclosure quagmire”
NBC Channel 11 reports on how we continue down the rabbit hole of foreclosures. The government has introduced program after program that had great intentions but have delivered minimal results. The blame game is always played but never finished. Unemployment continues to rise while our economy plummets. The banks hold back the inventory of houses […]
Do You Facebook?!
Sam Debord brings us an interesting post that involves one of the most visited websites in the world…Facebook. A couple in Australia defaulted on their mortgage. Presumable they were playing hide and seek with the bank because the bank couldn’t find them … The bank was trying to serve them foreclosure papers. Some industrious little […]
Illinois home foreclosure activity rose more than 5 percent in May
For those of you who live in Illinois, your foreclosure count just went up. Foreclosure activity increased more than 5% in May (as compared to April). Not that this is international headline news, but it is important to note that Illinois ranks in the top 5 states nationwide for foreclosure activity. My opinion this has a lot to […]
Why Foreclosure Filings Have Dropped
Lisa Shapiro from the Huffington Post clarifies why foreclosures have fallen to a 40 month low. Many want you to believe that it is due to the success of this program or that program…or that the economy is making a miraculous recovery. While all of this would be great, it’s just not the case. “This slowdown continues […]
A Belated 4th of July Greeting!
I hope everyone had a great 4th of July! My family and I relaxed by the pool in the morning and then went to a friend’s house in the afternoon where we had a great meal and enjoyed lively conversation. We were also able to watch several “home grown” fireworks shows that entertained the masses! It wasn’t […]
Same Old Same Old!
Gretchen Morgenson form the New York Times reports on the proposed “settlement” between the robo signers (I mean banks!) and our illustrious government. It is being touted as a $25B settlement that is supposed to slap the guilty lenders silly. As Ms. Morgenson points out, one must really read between the lines to understand the […]