Category Archives: Foreclosure News

Uncontested Foreclosures Resume in New Jersey

David Voreacos and David McLaughlin from Bloomberg recently reported on a development that we all knew was coming.  Chase, Wells Fargo, Citigroup, and Bank of America were given permission by Superior Court Judge Mary Jacobson (in Trenton, NJ) to resume “uncontested” foreclosures. All of these lenders, as well as Ally Financial and OneWest Bank, were […]

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Meet Linda Green, Your Bank’s Vice President

Disclaimer: Do not read this before you take your happy pills.  This is going to make your blood boil! A recent CBS News article discusses the outlandish lengths banks will go to in order to process a foreclosure.  Their methods can be illegal, unethical, and downright bizarre.  The overall story here is not new…it has […]

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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 […]

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Foreclosure Sales Drop in 2010, but Market Still Lags

RealtyTrac just released its Year-End and Q4 2010 U.S. Foreclosure Sales Report™, and there was actually some good news…foreclosures represented a smaller percentage of sales (26%) in 2010 than in 2009 (29%).  However, the number was still higher than in 2008 (23%).  But the overall market also experienced a large drop (22%) in units sold […]

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Foreclosures Taking Loooooonger

507 days…that’s how long it takes (on average) for a home to go to foreclosure after the owner stops making payments, according to an article in the USA Today.  LPS Applied Analytics, a mortgage industry research firm, says that in December 2010 the nationwide average was 410 days, and that by January the figure had […]

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Bank of America Creates Foreclosure Unit with 30,000 Employees

If you want to know just how serious Bank of America’s distressed mortgage problem is, here’s a number you can put on it: 30,000.  That’s how many employees will work under the bank’s new “Legacy Asset Servicing” unit, according to a Reuters report released on Feb. 4th. This shows just how serious the country’s foreclosure […]

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Asheville Foreclosure Increase is First Nationally

The Asheville, NC metro area has made news in a less than desirable way…the area’s 229% increase in foreclosures from 2009 to 2010 was the biggest increase in the United States.  Ouch! According to RealtyTrac, the 4-county area saw 1,496 foreclosure filings in 2010, for a ranking of 175 out of 205 metro areas studied […]

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RealtyTrac Releases 2010 Metropolitan Foreclosure Market Report

RealtyTrac released its annual year-end foreclosure report, and there was a mix of positive and negative news.  In 149 of the country’s 206 major metropolitan markets (areas with population of 200k or more), foreclosure activity was up compared with 2009.  However, the 10 highest foreclosure areas all reported a decrease in foreclosure activity from 2009.  […]

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North Carolina Foreclosure Rescue Scam Shut Down

North Carolina Attorney General Roy Cooper’s office has shut down a foreclosure rescue firm that actually tried to change its name to avoid prosecution by the state.  Wow, did this guy really think he would get away with it? North Carolina law prohibits charging fees up front for loan modifications or foreclosure assistance, which is […]

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Buyer’s Feet Stave off Foreclosure (for now)!

A client of mine just sold her house in North Carolina and moved to Nevada, just outside of Las Vegas.  As you probably know, Nevada is full of foreclosures and short sales.  So, naturally, my client contracted to buy a short sale.  During the escrow period (and during short sale negotiations with the lender), she […]

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