Before leaving office NJ Gov. Corzine signed two pieces of real estate related legislation into law that benefits foreclosure victims and buyers The state’s housing crisis influenced New Jersey state politicians to sponsor real estate laws that both benefit victims of foreclosures and buyers looking to take advantage of the down market. The first...
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Numbers rise on strategic defaults by borrowers who believe it’s best for their finances Homeowners have found themselves in foreclosure for a number of reasons. Some purchased properties they could never really afford. Others lost their jobs–the national unemployment rate remains in the double digits–and had no way to make mortgage payments. But as...
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More than a 1M homes headed for foreclosure, and hundreds of thousands more in the process or repossessed comprise looming “shadow inventory” Scenario 1 A breaking point may come in the second or third quarter: The supply of these distressed homes will get so big that banks and mortgage servicers will have no choice...
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Banks seized more than 30,000 homes in South Florida through foreclosure in 2009 This foreclosure rate is a 16 percent increase from 2008, according to a new report from CondoVultures.com. Lenders filed 97,000 foreclosure notices in 2009. Obviously, not all of those homeowners ended up losing the properties. “Lenders repossessed an average of 83...
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Foreclosure expert says the worst is yet to come as foreclosure filings hit record high of nearly 3 million in 2009 Industry group RealtyTrac’s year-end report shows a record 2.8 million U.S. properties with foreclosure filings in 2009. It shows 3,957,643 foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — a...
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Bank foreclosures in Memphis and other parts of Shelby County in Tennessee are being blamed on giant financial services provider Wells Fargo The city and the county have filed a civil litigation case against Wells Fargo alleging that Charlotte-based bank Wachovia, which Wells Fargo acquired in December last year, engaged in predatory lending practices...
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