BOSTON— A Lawrence financial and legal services firm and its owner accused of preying on vulnerable customers during the foreclosure crisis have been ordered by a judge to pay Massachusetts more than $1.9 million. Attorney General Maura Healey announced the judgment Thursday against Pinnacle Financial Consulting LLC and owner Robert Burton.» Read More
A borrower in Michigan recently received a letter from his mortgage servicer, CitiMortgage. It offers to discuss foreclosure alternatives, including potential eligibility for the government's mortgage bailout program. It is clear, succinct, and gives several phone numbers and contact information.
After several quarters of improvements, the number of U.S. homeowners who are late on their mortgages increased in the second quarter, according to a survey by the Mortgage Bankers Association.
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, the New York Times reports.
Fame is no longer protection from foreclosure, and neither is success. Who are some of the celebrities who have gone through a foreclosure? Find out!
Short-term deals offered on Groupon and other Web site may be the wrong strategy for local businesses that need more than a temporary sales boost to survive.
The percentage of late-paying mortgage holders—those who were 60 days or more late with payment—decreased in the spring for the sixth straight quarter, according to credit reporting agency TransUnion.
Just as we saw a double dip in home prices, we may be seeing another surge in foreclosures.
Banks have tried everything to get the glut of vacant homes on the market under control, including flat-out giving them away. But when that doesn't work, what do you do? Rev up the bulldozer.
A new study found, "foreclosed homes go through more than a year of very high vacancy rates following the auction and are substantially more likely to be vacant up to 60 months after the foreclosure."
South Florida is the default capital of the country. Here in Miami-Dade County, one out of five households with mortgages is in foreclosure. Nearby Broward and Palm Beach counties are not far behind. Nearly 200,000 South Florida families are stuck in the mire of default the New York Times reports.
Fame ain't no thing for JPMorgan.
Tens of thousands of Bank of America’s most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country’s largest mortgage servicer, and investors in its troubled mortgage securities.
A settlement over foreclosure practices between the nation's five largest mortgage servicers and the states attorneys general will not be reached by next Tuesday.
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As millions of Americans struggle in foreclosure, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, the NY TImes reports.
Sales of existing homes fell 3.8 percent in May, not as deep a drop as some had forecast, to a seasonally adjusted annual rate of 4.81 million units.
Many distressed homeowners have spent years wondering when they’re going to get kicked out. But the backlog of foreclosures has provided a reprieve. In New York, for example, it would take 62 years to process them all.
Every time we get the monthly foreclosure numbers from RealtyTrac, I hear someone on TV say, 'Well, the problem is really only concentrated in a handful of states." Yes, the volumes are, the problems are not.
Delays in foreclosure proceedings and a new push by big banks and servicers to find foreclosure alternatives is drawing a new, albeit still troubling picture of the nation's real estate market.
Falling home prices may be plaguing the US economy, but they are candy to foreign investors, who already have a weak dollar on their side. Buyers from overseas spent roughly $41 billion on US residential real estate last year, a bump up from the previous year. US real estate agents report a surge this Spring especially, as foreign buyers see continued pressure on home prices and ample bargains.