Posted by on September 2, 2010 – 12:42 pm
As Foreclosures Trickle Up, Hamptons Home Goes to Auction Wall Street Journal (blog) “There could be more only because there's more than a million foreclosures that are still about to hit the market,” said Rick Weinberg, an auction group …
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As Foreclosures Trickle Up, Hamptons Home Goes to Auction – Wall Street Journal (blog)
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Posted by on September 2, 2010 – 12:10 pm
Foreclosures ' heavy toll on health San Jose Mercury News She's lived for more than 10 years with her family in ZIP code 94621 in Oakland, one the East Bay neighborhoods hardest hit by home foreclosures . … Foreclosures can make you sick, report says San Francisco Chronicle all 10 news articles »
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Foreclosures’ heavy toll on health – San Jose Mercury News
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Posted by on September 2, 2010 – 11:47 am
Stuy Town foreclosure auctions blocked for now Reuters NEW YORK, Sept 2 (Reuters) – A New York judge has blocked two sets of competing creditors from conducting foreclosure auctions related … Stuyvesant Town Judge Puts Off Ruling on Ackman Group's Foreclosure Plans Bloomberg Foreclosure Sale of Stuy Town Could Be Postponed Again DNAinfo Lenders Race to Sell Stuyvesant Town Wall Street Journal (blog) BusinessWeek - Benzinga - Crain’s New York Business all 11 news articles »
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Stuy Town foreclosure auctions blocked for now – Reuters
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Posted by on September 2, 2010 – 9:47 am
Rising Tide of High-End Foreclosures ABC News While the pace of foreclosures has receded in the general housing market, it continues to rise in well-to-do pockets of the country, especially Southern … and more »
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Rising Tide of High-End Foreclosures – ABC News
Posted by on September 2, 2010 – 8:27 am
RPT-Communities key in foreclosure fight-Fed's Rosengren Reuters "My own view is that too little focus has been on community problems because the focus has been more targeted to housing and foreclosures ," Rosengren said. … Holistic approach to foreclosures needed, Rosengren says Boston Globe Hub Fed head: Rich towns must help poor ones fight foreclosure Boston Herald all 3 news articles »
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RPT-Communities key in foreclosure fight-Fed’s Rosengren – Reuters
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Posted by on September 2, 2010 – 3:21 am
News Quench California forgoes new foreclosure law Inman.com The Center for Responsible Lending issued a statement Wednesday calling the bill "the major foreclosure prevention legislation of the session," and … Cali Mortgage Modifications Face Another Hurdle TheStreet.com Foreclosure Alternative Programs For Troubled Homeowners–Programs To Avoid The …
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California forgoes new foreclosure law – Inman.com
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Posted by on September 2, 2010 – 12:20 am
Ailing Toronto couple loses west-end home in foreclosure Toronto Star … in their three bedroom home in west-end Toronto for 45 years, but on Thursday morning they're being evicted because a trust company foreclosed on them. …
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Ailing Toronto couple loses west-end home in foreclosure – Toronto Star
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Posted by on September 1, 2010 – 7:08 pm
MyFox Atlanta Communities to get first shot at foreclosed homes USA Today WASHINGTON — Major mortgage lenders will now give state and local governments the right to buy foreclosed properties before they … Governments, community groups to get first crack at foreclosed homes Palm Beach Post HUD expands program that gives communities first crack at buying foreclosed homes Sun-Sentinel HUD First Look program gives communities first dibs at foreclosed properties Marketplace (blog) RealEstateRama (press release) all 36 news articles »
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Communities to get first shot at foreclosed homes – USA Today
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Posted by on September 1, 2010 – 3:58 pm
Forbes (blog) Government Should Encourage Foreclosures Forbes (blog) Foreclosures are a perfectly appropriate exit tactic given our budget deficit and the previous round of lackluster tax credits.
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Government Should Encourage Foreclosures – Forbes (blog)
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Posted by on September 1, 2010 – 11:41 am
Foreclosures Could Pose Trouble on Election Day New York Times Home foreclosures , the epidemic spawned by the crash of the real estate market, are once again a potential election-year bugaboo. … and more »
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Foreclosures Could Pose Trouble on Election Day – New York Times
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Posted by on September 1, 2010 – 11:41 am
Foreclosures Could Pose Trouble on Election Day New York Times Home foreclosures , the epidemic spawned by the crash of the real estate market, are once again a potential election-year bugaboo. …
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Foreclosures Could Pose Trouble on Election Day – New York Times
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Posted by on September 1, 2010 – 6:23 am
Foreclosures spike, tied to joblessness The Salem News Foreclosures in Massachusetts soared by nearly 80 percent in July compared to the same period a year ago, according to new … Foreclosures soar in Mass
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Foreclosures spike, tied to joblessness – The Salem News
Posted by on September 1, 2010 – 6:16 am
The numbers are impressive and also oppressive at the same time. Over 600,000 foreclosures were reported between January and July of this year and there are no signs of the trend slowing up.
Since the beginning of the crisis lenders have made it clear they do not wish to own any property, yet as the qualifications for loans and credit rules have become far more stringent homeowners are now faced fewer and fewer options for dealing with them. Lenders are overwhelmed and many are offering little, if anything at all, in the way of answers to the problem.
Homeowners looking to stop foreclosure are finding some lenders no longer offering loan modifications or refinancing options. Lenders instead are asking homeowners to call as soon as they realize they have, or may have, a problem making their mortgage payment so that other options such as temporary payment suspension, putting missed payments at the end of the loan term, or extending the loan period to lower payments.
Research reports that only about half of the homeowners facing foreclosure make the call. Of those that do contact their lender at the first sign of trouble they are reporting that many lenders are unsympathetic and non-responsive. Many are reporting being placed on hold for over an hour, being shunted around from department to department in a perpetual shuffle trying to speak with the right person, getting dropped during transfers or finding full voice mail boxes.
Adding another twist to this story is the concern over those mortgages bought by foreign investors. These fall under globalization rules which make it difficult to alter a loans term. Many of the mortgages sold in the secondary market are reporting some of the highest default rates.
What has to happen before a turnaround in the current foreclosure crisis can begin a turnaround? Lenders that were slow on the uptake in dealing effectively with distressed borrowers need to implement better lines of communication. Homeowners facing a possible home loan default and looking to avoid foreclosure are going to have to be more proactive in contacting their lenders.
In the meantime thousands of homes are going into foreclosure across the country with several months left this year to set yet another record.
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Posted by on September 1, 2010 – 2:16 am
Home foreclosure woes persist MassLive.com SPRINGFIELD – More Pioneer Valley homeowners are losing their homes to mortgage foreclosure despite the federal Making Home Affordable program … Foreclosures soar in Mass. in July Boston Globe Joblessness blamed for 80% spike in Mass.
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Home foreclosure woes persist – MassLive.com
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