Foreclosure

Feds Approve Bank Of America’s Buyout Of Countrywide

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!The Federal Reserve gave it’s stamp of approval to Bank of America to complete their acquisition of Countrywide Financial Corp. After the announcement Ken Lewis, CEO of Bank of America, said that the deal would close in the 3rd […]

6Jun2008 | Tom Royce | 0 comments | Continued

Philadelphia Plans To Blocks Foreclosures With Slight Of Hand

The power of the government is a wonder to behold, especially when the actions of said government invokes the law of unintended consequences.
The city of Philadelphia is about to launch a new plan to help those facing foreclosure. Instead of the sheriff auctioning off the properties as charged to by law, the city sheriff will […]

5Jun2008 | Tom Royce | 0 comments | Continued

Legendary Ed McMahon May Lose LA Home To Foreclosure

Ed McMahon, famous sidekick to Johnny Carson, is facing financial turmoil and may lose his house. McMahon has had his Los Angeles mansion for sale for over 2 years but has been unable to find a buyer.
Since suffering a terrible accident in which he has suffered a broken neck 18 months ago he has been unable […]

4Jun2008 | Tom Royce | 0 comments | Continued

H&R Sued In Massachusetts Over Minority Lending

If you think that this lawsuit is because H&R Blocks mortgage unit, Option One Mortgage, failed to lend to minorities and over charged them, you would be partial right.
According to the suit minorities were overcharged. What is interesting is that they are also being sued because they actually made the loans available to people of […]

4Jun2008 | Tom Royce | 0 comments | Continued

PMI Launches Site For Distressed Homeowners

The PMI Mortgage Insurance Co. has launched a new site for those who are at risk of foreclosure. The site is basic, but if I was at my wits end and worried about losing my home, this is exactly what I would be looking for.
HomeSafePMI.com was released to the public today. If you know someone […]

4Jun2008 | Tom Royce | 0 comments | Continued

Cash Out Refinancing Leads To Massachusetts Foreclosure Surge

Way back in 2005 I wrote how Massachusetts families were using their homes as a ATM with cash out refinancing. At that time 14 percent of household income was coming from these cash out refinances.
Well, it looks like many of these folks are losing their homes now as they took too much out of the […]

3Jun2008 | Tom Royce | 0 comments | Continued

Tenants Get Caught In The Foreclosure Crossfire, 72 Hours To Get Out

As we well know, many of the homes that are being foreclosed upon are owned by speculators. Once they realized that they could not sell the homes for a profit the owners went and got tenants.
When the debt burden on these multiple homes became too bad they declared bankruptcy and the homes are now in foreclosure. But […]

3Jun2008 | Tom Royce | 0 comments | Continued

Mortgage Guaranty Ends Mortgage Insurance For Condos in Florida

The largest mortgage reinsurance company, Mortgage Guaranty Insurance Corp., has decided to stop providing private mortgage insurance to condo owners in Florida starting June 1st. While others will continue to provide the service this is still fairly big news.
The company lost 1.4 billion in the 4th quarter last year and is trying to get […]

26May2008 | Tom Royce | 0 comments | Continued

Inventory and Sales Almost Equal, Is This The Bottom?

Look at this chart from Calculated Risk carefully. If you need to see a bigger version, click on it or here.
This is the scary part. It looks like we may hit a point where the inventory of homes for sale in the country will exceed the sales for the year.
I wonder if that […]

24May2008 | Tom Royce | 2 comments | Continued

San Diego Foreclosure Rescue Scam Busted After 400 Ripped Off

Desperate people tend to make desperate mistakes. This will bring out the worst in some people as has happened with a foreclosure rescue scam in San Diego.
5 people were arrested including the ringleaders William Hutchings and Xiaoke Li in a foreclosure scam that affected 400 mainly Hispanic families. What happened is that they offered […]

23May2008 | Tom Royce | 1 comment | Continued