Foreclosure

Banks drop the foreclosure hammer on churches

Banks drop the foreclosure hammer on churches

Banks are foreclosing on America’s churches in record numbers as lenders increasingly lose patience with religious facilities that have defaulted on their mortgages, according to new data. The surge in church foreclosures represents a new wave of distressed property seizures triggered by the 2008 financial crash, analysts say, with many banks no longer willing to […]

Consumers still strugglig to pay loans

Consumers still strugglig to pay loans

U.S. consumers continue to struggle to pay back home equity, auto and other loans as high unemployment drags on the economy. The American Bankers Association said in a report released on Tuesday that the overall loan delinquency rate ticked up slightly for the second straight quarter. It had been dropping steadily since hitting 3.35 percent […]

Mortgage lenders now cast themselves as saviors

Mortgage lenders now cast themselves as saviors

PacWest Funding’s CEO watched in late 2007 as rival mortgage brokerages, banks and collaborators collapsed under the weight of the declining housing market. Fearing his company would be next, Curtis Melone restructured his business to offer what he felt people needed most: help with their crushing mortgage debt. Melone re-christened his company Green Credit Solutions, […]

Somebody needs to foreclose on the government’s foreclosure program

Somebody needs to foreclose on the government’s foreclosure program

The Obama administration‘s central foreclosure-prevention effort won’t reach its original goals and the government should come up with clear, measurable objectives for the two-year-old program, according to a new report from a congressional watchdog. Because the Treasury Department has failed to properly analyze the program it runs, it is nearly impossible for overseers and the […]

Foreclosure nightmares: When the banks get it all wrong

Foreclosure nightmares: When the banks get it all wrong

Christopher Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a U.S. marshal’s sedan was peeling out of his driveway. Nailed to Marconi’s front door was a foreclosure summons from Wells Fargo, naming him as a defendant. […]

Expect at least three more years of housing problems

Expect at least three more years of housing problems

The housing market will remain depressed, with record high foreclosure levels, rising mortgage rates and a glut of distressed properties dampening the market for years to come, industry experts predicted on Tuesday. “We don’t see a full market recovery until 2014,” said Rick Sharga of RealtyTrac, a foreclosure marketplace and tracking service. He said that […]

Foreclosures drop 9 percent in October

Foreclosures drop 9 percent in October

The number of U.S. homes repossessed by lenders last month fell by the sharpest margin this year, as several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly. Home repossessions dropped 9 percent from September to October, foreclosure listing firm RealtyTrac Inc. said Thursday. The decline […]

That dream home you bought in foreclosure might not be yours

That dream home you bought in foreclosure might not be yours

It seemed too good to be true: You bought a house in foreclosure at a fraction of the former price. Maybe you even knocked out a wall or two and remodeled with all the money you saved. But now thousands of foreclosures around the country may be invalid because of bank paperwork problems. Should you […]

Foreclosures rise again

Foreclosures rise again

Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 […]

Foreclosures surge

Foreclosures surge

The number of U.S. homes lost to foreclosure surged in July, another sign lenders are moving quicker to take back properties from homeowners behind in payments. Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm RealtyTrac Inc. said Thursday. Banks have […]