Would you buy a foreclosed home now, knowing full well the title may be clouded by mortgage fraud? I wouldn’t. Anyone who would without title insurance is asking for a huge legal mess. Moreover, because of fraudulent procedures, bank of America and other companies have halted all foreclosures. See 40 State Attorneys General to Investigate [...]
about -1 years ago - No commentsThe Department of Housing and Urban Development pushed for more authority to charge lenders for writing nonperforming mortgages that did not meet Federal Housing Administration guidelines. Under the new proposal, HUD would force FHA lenders to pay the government for "serious and material" violations of origination guidelines. HUD will charge a lender for compensation if [...]
about 21 hours ago - No commentsAs home prices continue to fall, foreclosed homes are creeping onto the market at sizzling prices. This has many home buyers looking to score a deal. The Hudson & Marshall foreclosure auction was held today at the J.W. Marriott Hotel, with over 100 homes across the valley, all up for grabs. But the pool of [...]
about 2 days ago - 1 commentHome sales fell 19 percent in the Baltimore metro area in September, compared with a year earlier — the third month in a row of declines. Sept. 30 was the official end of the homebuyer tax credit, the last day to close on a deal. But the real rush happened by June 30, the deadline [...]
about 2 days ago - No commentsBank of America Corp., the biggest U.S. lender, is halting foreclosure sales in all 50 states as the bank is widening its investigation into how it handled home repossessions. Concerns are spreading among federal and local officials that homes are being seized based on false data, have raised concerns that mortgage lenders have been evicting [...]
about 2 days ago - 1 commentIn another sign of the mass chaos that has crippled the US housing market, the AP is reporting that as of today, BofA has halted all foreclosure sales throughout the United States. While this is great news for many people who are set to lose their homes, some even potentially wrongfully, it is not good [...]
about 2 days ago - No commentsBank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday. The announcement came a week after the nation’s largest bank said it was freezing home foreclosures in 23 states where foreclosures must be approved by the courts. The bank [...]
about 2 days ago - No commentsDespite the Federal Housing Administration releasing a new low cost reverse mortgage program earlier this week, lenders in Massachusetts can not originate the product according to the Division of Banks. “No one has applied yet to offer the product,” said Jason Lefferts, spokesperson for the agency in an interview with RMD. ”We have gotten a few [...]
about 2 days ago - No commentsBank of America (BAC: 13.38 +0.53%) will stop foreclosure sales in all fifty states as it extends its review into faulty affidavits. On Oct. 1, BofA suspended foreclosures in 23 states, admitting employees signed affidavits without verifying information within the documents or without a notary present. Ally Financial (GJM: 23.9699 -0.25%) and JPMorgan Chase (JPM: [...]
about 3 days ago - No commentsThe big question from the mortgage meltdown isn’t why so many distressed homeowners are defaulting on their loans. It’s why any of them are still making payments. In the worst-hit areas millions have no equity left, and little hope of seeing any anytime soon. The market value of their homes is far below the size [...]
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