The fight was a tough one but the American Legion Post 75 veterans in City of Industry have managed to prevent their post from being foreclosed upon by the bank. Joe Estrada is a veteran from the Vietnam War. He looks tired and sleepy having endured many weeks of worry. He a smile breaks through [...]
Troubles never come alone. This is true in the case of Carl R. Greene at the helm of Philadelphia Housing Authority according to the confirmation of the Daily News. When he was having financial trouble and defaulted on his luxury condominium one of the female employees filed a suit against him pertaining to sexual harassment. [...]
Two of the best economists, Richard Berner and Jan Hatzius of Morgan Stanley and Goldman Sachs respectively are differing diametrically over the issue of deflation overtaking this foreclosure ridden country. Berner, many years junior to Hazius in age is optimistic, but Hatzius is pessimistic. The two belong to a small group of economists who had [...]
With the establishment of mandatory settlement talks in 2008 by the Legislature for those with sub-prime loans, the Administrative Judge of Suffolk County, Patrick Leis appointed Jeffrey Arlen Spinner to preside over the part that deal with the meetings. Later another judge was included to help in handling the massive backlog. Mandatory meetings to avoid [...]
The foreclosure situation has become more mired by HAMP. On an average the house owner with a mortgage owes the lender over $1.50 for each dollar of the worth of their property. This means they belong to that category of borrowers who are likely to resort to strategic default and walk away. This is the [...]
The US economy is in the throes of a deep recession. Unemployment is at its peak of 10 per cent. As people lose jobs thick and fast, even those with sound credit history are faltering on mortgage payments. Hence, foreclosures have become common. The Federal government has come up with a program by which loans [...]
Foreclosures are posing problems for pool maintenance for those few homeowners left with the responsibility of doing so. Squashing mosquitoes seems to be the best option for millions of cash-strapped pool owners across America. Squeezed homeowners just have no alternative but to reduce pool maintenance in their financial plan.
A recent survey has shown that loan modifications have led to further defaults worsening the foreclosure situation. Professor Alan M White of Valparaiso University in his report ‘De-leveraging The American Homeowner: The Failure of 2008 Voluntary Mortgage Contract Modifications’ noted “more than nine out of ten voluntary mortgage modifications in 2008 involved no cancellation of principal, past due interest or even late fees or expenses.