Monthly Archives: July 2011

Wells Fargo Fined $85 Million for Mortgage Abuses, Discrimination Lawsuit Awaits

Well, it just keeps getting worse for our favorite neighborhood lender Wells Fargo.  Maybe we should just start calling them “Fargo,” as in the Coen brothers’ movie.  If you haven’t seen it, suffice it to say it’s a dark comedy…with much more darkness than comedy. According to a statement issued by the Federal Reserve, Wells […]

Posted in Wells Fargo | Comments closed

Bank of America Settles with Investors for $8.5 Billion

As previously discussed on this site, Bank of America has quite a few investors none too pleased with the performance of their mortgage-backed securities.  Earlier this summer, BofA agreed to a settlement of $8.5 billion to cover nearly all of their liability from the transfer of Countrywide Financial first-lien mortgages.  According to the article by […]

Posted in Bank of America | Comments closed

RealtyTrac: 1 Million Foreclosures Delayed until 2012

RealtyTrac recently reported that an estimated 1 million foreclosures, auctions, and home repossessions will be delayed at least a year.  According to the article on Realtor.org, these foreclosures should have been filed in 2011, but will now instead contribute to the glut of “shadow inventory,” further delaying the real estate recovery. Further complicating to the […]

Posted in Foreclosure News | Comments closed

Investment Log Cabin – Black Mountain, NC

This home lingered on the market for about 18 months as a non-short sale.  However, market realities set in and the sellers accepted a short sale offer, which was successfully negotiated by an attorney. The home had one mortgage with a local lender.  This was another investment property, yet the sellers were left with no […]

Posted in Closed Short Sales, North Carolina Short Sale News | Comments closed

Chase Offers Cash for Keys to Short Sale Borrowers

This may sound absurd, but according to the South Florida Sun-Sentinel, Chase is offering certain borrowers a sizable chunk of change for closing a short sale. Borrowers may receive $10,000 – $20,000 from the mortgage giant for agreeing to a short sale.  But not every borrower is eligible, and the borrower cannot ask be to […]

Posted in Short Sale Info for Realtors, Short Sale Info for Sellers, Strange but True | Comments closed