Foreclosure1 Blog

Foreclosure scams beginning in California have swept across the country. Federal Investigators are honing in on Kansas. Bogus bankruptcies have been used to cheat house owners as well as lenders. Advantage has been taken of the clause that bankruptcy automatically postpones foreclosures. Bankruptcies are now on the rise.
The danger is that when buyers think they […]

Governor Timothy M. Kaine (D) took the initiative to introduce in the General Assembly regulations against high risk mortgages in an attempt to stem the tide of foreclosures. In the next two years thousands are at risk of losing their houses. The aim is to give them a grace period to grapple with the problem […]

In 2008 about 25,000 house owners will be exposed to the risk of foreclosures as interest rates are scheduled to reset to higher notches. The report has been released by banking regulators who are urging the victims to seek help without wasting time. Those holding adjustable rate mortgages should contact their lenders to find out […]

Since the Great Depression America has not seen such high vacancy rates. In the next two years about 2 million mortgages will be in default. In some areas the malaise is more intense than others. The worst casualties are Florida, California and Nevada. The accusing finger points to the sub-prime mortgage that in turn led […]

In the coming two years over 20,000 sub-prime mortgage rates are scheduled to reset in Connecticut to higher notches. This will invariably set off another wave of House foreclosures.
The county that is hardest hit is New Haven. Figures show that this region was a happy hunting ground for sub-prime adjustable rate loans. Also economic weaknesses […]

A letter has been sent to the Bank of America from 91 organizations in California asking for a cessation of those foreclosures listed under BofA and Countrywide. In a $4 billion deal BofA is buying off Countrywide in the third quarter.
This will make BofA the largest mortgage giant in the country.
BofA is proceeding with the […]

Some of the big mortgage giants including Fannie Mae, HSBC Finance, JP Morgan Chase and Citigroup supported a move by US Treasury Department to clamp down a 30 day freeze hoping that this will allow those lagging behind in payments to make alternative plans. Hope Now Alliance was formed last year to stem the tide […]

At Clearwater Beach condominium Mike Burgur returned home to find outsiders yanking off fans, door knobs, toilets and lugging off with the refrigerator. The plates of electrical outlets had been unscrewed together with faucets. The kitchen floor was strewn with egg shells and broken jelly jars. Burger was shocked to see his own septuagenarian landlady […]

In North Texas foreclosures raced to over 27% creating a record for the first quarter of 2008. Over 4,100 Dallas-Fort Worth are listed for foreclosure sales in March. For this quarter lenders have registered for sale more than 13,000 residential units. It indicates a rise of 21% over the previous year. Housing experts do not […]

House owners feel they are alone battling foreclosures. Last Monday Senator Harry Reid together with six mortgage giants met house owners to find solutions to the foreclosure crisis, at Foreclosure Mobile Resource Center. At a modest estimate 400 persons crowded in Cashman Center hoping that the lenders will offer an olive branch […]