Home / News / Foreclosure (page 351)

Foreclosure

Homeownership Preservation Foundation Receives $1M HUD Grant

The Homeownership Preservation Foundation (HPF) is the sole recipient of a $1 million Mortgage Modification and Mortgage Scam Assistance (MMSA) grant from HUD. The grant will enable HPF to continue as the primary ""call to action"" for HUD's anti-scam campaign to assist victims as well as educate and warn distressed homeowners about foreclosure prevention and loan modification scammers.

Read More »

Improvement in Mortgage Delinquencies Slows: TransUnion

TransUnion reports that for the fourth quarter of 2010, the national mortgage delinquency rate dropped to 6.41 percent, down 0.47 percent from the company's third-quarter reading. These new findings confirm consecutive quarterly drops for U.S. mortgage loan delinquency in 2010, and almost a 7 percent decline year-over-year. On the surface, ""[t]his is great news...but not so fast,"" says a TransUnion spokesperson. The final quarter in 2010 marked the smallest decline in mortgage delinquency since the recession ended in the summer of 2009.

Read More »

Judge Rules MERS Cannot Act on Behalf of Banks

A New York judge has ruled that Mortgage Electronic Registration Systems, Inc. (MERS) does not have the right to transfer mortgages on behalf of its members, meaning it does not have the right to file foreclosures on behalf of lenders. The company has recently been under fire for the practice, but the company defended its actions saying that borrowers are required to sign documents stating that MERS can assume rights and responsibilities on behalf of creditors.

Read More »

Rowell Auctions Names Doug Dennison National Sales Coordinator

Rowell Auctions, Inc. has announced the hiring of Douglas G. Dennison as national sales coordinator for the firm. Dennison has 20 years of auction experience and has specialized in large real estate government auctions throughout the country. He has served as auction project manager for the FDIC, U.S. General Services Administration (GSA), U.S. Marshals Service, Small Business Administration (SBA), Resolution Trust Corporation (RTC), and U.S. bankruptcy auctions in more than 30 states.

Read More »

West Coast Foreclosure Sales Climb to Pre-Robo-Signing Levels

Foreclosure auction sales in states along the West Coast have bounced back to levels not seen since robo-signing moratoriums went into effect last fall, the California-based tracking firm ForeclosureRadar reports. The company's coverage area includes the states of Arizona, California, Nevada, Oregon, and Washington. ForeclosureRadar says it recorded ""significant increases"" in activity on the courthouse steps in all five states during the month of January, with foreclosure sales jumping more than 50 percent in most areas.

Read More »

Fed Governor Calls on Servicers to Make Home Retention the Priority

Federal Reserve Governor Sarah Bloom Raskin says the biggest drag on the nation's economy is the absence of any substantial recovery in the housing sector. She has challenged mortgage servicers to step up to the plate and make home retention their top priority. Raskin says too many servicing practices have been developed and defended solely on the basis of ""standard industry practice"" but according to her, many practices are not only standard but ""shoddy.""

Read More »

National Fair Housing Alliance Partners with HOPE LoanPort

HOPE LoanPort, a Web-based tool developed by HOPE NOW that streamlines loan modification applications on behalf of homeowners at-risk of foreclosure, and the National Fair Housing Alliance (NFHA) will collaborate to promote fair housing for borrowers facing foreclosure. Through training and outreach focused on ending discrimination, the organizations hope to preserve homeownership in under-served communities.

Read More »

Homeownership: American Dream or American Nightmare?

Although foreclosures and underwater homes continue to plague today's housing market, a survey conducted by Trulia.com found that 70 percent of Americans still view homeownership as being part of their American Dream. In fact, more than three out of four homeowners say their homes are the best investment they ever made. Conversely, only 20 percent feel trapped in their ""underwater"" homes, while 14 percent said they would walk away from their mortgage in a heartbeat if they could.

Read More »

Foreclosure Activity Down 17% from a Year Ago: RealtyTrac

RealtyTrac has released its January foreclosure market report. The tracking company's analysis shows that foreclosure filings were reported on 261,333 U.S. properties in January. The tally represents a 1 percent increase from the previous month but a 17 percent decrease from January 2010. It marks the third consecutive month that filings have come in below 300,000, following 20 straight months where the total exceeded that threshold. REO activity was the only area where filings increased on a month-to-month basis.

Read More »

California Appeals Court Rules Oral Promises Are Binding

A California appeals court ruling could have far reaching effects for the mortgage servicing community. The three judges hearing the case of Aceves v. U.S. Bank found that the bank had promised to negotiate a loan modification for a customer while intending to proceed with the foreclosure on the customer's house. The bank claimed an oral promise to postpone foreclosure is unenforceable. But the court ruled against the bank because the homeowner had opted against other actions to keep her home based on the bank's word it would offer a modification.

Read More »