Foreclosure News

Foreclosure activity will return to normal this year

Published: Thursday, 19 March 2015
Written by Administrator

The home market is about to get rid of the high numbers of foreclosures that have haunted it for almost 10 years.

Foreclosures dropped this February to the lowest since July '06. It will go back to, or go below normal levels this year.

The 8.5 year lowest in foreclosures is an important number for house markets, because the bubble was at its highest August '06.

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Should a county profit from your foreclosure?

Published: Thursday, 12 March 2015
Written by Administrator

Lawmakers debated during a committee meeting for a property tax amendment that ends counties from profiting from foreclosures.

The tax act lets counties foreclose on a home from back property taxes. This debate isn’t from whether a county should take a home because of back property taxes, but whether a county can keep the money from the home, once sold.

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Foreclosure survivors could be next wave of homebuyers in South Florida

Published: Friday, 20 February 2015
Written by Administrator

A group of foreclosed South Florida property owners who have been ignored in the mortgage market because of foreclosures in the past, may be back in the game very soon.

Lenders usually don't chance mortgages for people for over 7 years after foreclosures or short sales, and a lot of them are beginning to come to the end of that freeze-out period. An estimated 7.3 mil. "boomerang buyers" will be able to purchase again from 2015.

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Collecting Debts on Dubious Foreclosures

Published: Tuesday, 02 December 2014
Written by Administrator
Collecting Debts on Dubious Foreclosures

In 2012, when five banks settled with government officials in foreclosure abuses in the housing bust, the sum, $26 billion was really a small price for the banks to pay. It was small compared to the damage from the reckless lending by banks and abusive foreclosures. It was small compared to what the banks got back.

The settlement talks originally were created around robotic-signing, where the banks filed false court documents in an try to hurry up foreclosures and, in the process, deny homeowners their rights to due-process. When the settlement was finished, it protected the banks from government lawsuits, not only for robo-signing, but also for other wrongdoings, including improper denial of loan modifications, fees that benefited banks but threw homeowners into default, and conflict of interest that pushed banks to foreclose homes, not rework troubled loans.

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