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The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction. Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this [...]
With all the noise surrounding the “robo-signing scandal” and subsequent foreclosure freeze, it may have taken some by surprise that the banks would issue another “freeze” on their foreclosure processes. But as we predicted, the major banks — as well as Fannie Mae and Freddie Mac — will postpone their foreclosure procedures from Dec 20-Jan [...]
that [the foreclosure scandal] is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings yesterday [reported by the Washington Post]. Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. Following are the [...]
Some of the nation’s largest banks will appear before the Senate Banking Committee today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders. A 125-page report just released by the Congressional Oversight [...]
History would say, “Yes. I’ve seen this before.” Since 2008, talk of foreclosure moratoria has emerged in the fourth quarter around the holidays, only to be lifted part-way through the first quarter with record numbers of foreclosures flooding the market. This is then followed by an increase in short sales as banks and homeowners work [...]
is relatively simple, but an important and often misunderstood part of the foreclosure process. We’re encountering a lot of confusion among agents and homeowners about this issue, so here’s some clarification. Judicial A “judicial” state requires a judicial review of the foreclosure case before it can be officially processed. The foreclosure process actually begins by [...]
Wells Fargo says it has no plans to freeze foreclosures today or in the future. Since the beginning of the “robo-signing” scandal, where large banks allegedly processed hundreds of thousands of foreclosure documents improperly, Wells Fargo has maintained that its processes have been thorough and in accordance with the law. John Stumpf, Chairman and CEO [...]
Ally Financial (GMAC’s mortgage unit) has lifted their temporary foreclosure freeze, joining Bank of America in proceeding with the foreclosure processes in the 23 states requiring judicial review. While Bank of America maintains their moratorium in the non-judicial states, Ally is now continuing the foreclosure process for its entire non-performing portfolio, and expects that individual [...]
Bank of America announced today it is in the process of lifting its foreclosure freezes in 23 states that require a judicial foreclosure proceeding. On NPR this morning, a spokesman said that the bank has approximately 195,000 non-performing mortgages that have not been paid in more than two years. Next week, Bank of America will [...]
Has the housing market bottomed-out? Do you need to stay involved (or finally get involved) with distressed homeowners? Just look at the numbers … According to Lender Processing Services (LPS), there are more than 7 million mortgage loans delinquent or in the foreclosure process. This is up from the second-quarter 2010 figures we saw from [...]
GMAC’s mortgage unit, Ally Financial, has followed Bank of America in reviewing its foreclosure proceedings on a nationwide level. Ally continues to halt evictions in only 23 states, but has hired a “specialized team” to review all their foreclosure holdings with special attention given to foreclosure sales. So far, they have found no evidence of [...]
It’s hard to miss the news in real estate today: major lenders are investigating issues in their foreclosure processes. To date, GMAC (now Ally Financial), JPMorgan Chase and Bank of America have announced foreclosure freezes to review how their companies are handling the process. While most lenders have stalled foreclosure procedures in roughly half the [...]
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