One reason why there are so many short sales on the market today is because so many homeowners are under water. This means that a homeowner purchased a home for a price that is higher than what the home is worth now. This means that if the homeowner is behind on their mortgage, they will [...]
Here’s a new item we’ll try to bring you from time to time: Celebrities in Foreclosure. Today, the pride of Thousand Oaks, the Olympic Golden Girl, Marion Jones.
As Lance Pugmire reports in L.A. Times, Marion Jones is down to her last $2,000, and last year a bank foreclosed on her $2.5 million cheateau-style "dream [...]
Ed McMahon, who for decades appeared as Johnny Carson’s sidekick on "The Tonight Show," is fighting to avoid foreclosure on his multimillion-dollar Beverly Hills home, according to published reports.
He was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the [...]
The solution to the current real estate recession is as obvious as the noses on our faces. It is not loaning hundreds of billions of dollars to investment bankers. It is not more regulation of the capital markets. It is not offering new tax credits to home builders and home buyers. It is most certainly [...]
Tips for renters dealing with a foreclosed property:
Q: How does a tenant know if a landlord is being foreclosed on?
A: Landlords are not required to notify tenants. The bank must post a notice on the property within 15 days of advertising a foreclosure sheriff’s sale in the local newspaper. The county can verify whether [...]
For people with no place to live, the foreclosure epidemic has provided a temporary relief from life on the streets. Squatters have been taking over houses that have been left vacant due to foreclosure, and their presence has sparked a great deal of controversy.
In many areas around the country, there are now more empty houses [...]
They enter through a broken first-floor window each night to sleep on a moldy bed in the abandoned four-family house at 827 Main Street, part of a new generation of squatters emboldened by America’s housing foreclosure crisis. For squatters, foreclosed homes like this are like a camp-ground with free camping.
Squatting is on the rise across [...]
The Field Asset Services (FAS), a company that works together with lenders and banks to prepare homes that are in foreclosure for sale, has hit the wrong unit on a condo in Stockton, CA. FAS was supposed to inspect the unit 232, and instead they entered and re-keyed unit 2 where Ruth Anderson lives.
Ruth Anderson [...]
The Exchange Commission and Security filed fraud charges against the promoters of a real estate investment scheme that operated a fraudulent foreclosure reinstatement scheme. The scheme started in 2005 and got around $18 million in only two years. More than 600 people were caught by the scheme with the promise that they could get returns [...]
A new report examines the impacts of the mortgage meltdown on rental housing.
“The current mortgage turmoil reaches deep into rental markets. New research on rental housing market dynamics from Harvard University’s Joint Center for Housing Studies finds that the current housing debacle not only adds to the number of households competing for low-cost rentals but [...]