Entries Tagged as 'Mortgage'

The mortgage industry is badly shaken by a ruling delivered by a judge here. Other judges across the country have now found it to be a tool to stop the smooth run of foreclosures by lenders. The issue that has been raised is basic and fundamental – in many of the bankruptcy proceedings the foreclosure [...]

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Many federal economists are of the opinion that the problem of foreclosures would not ease by mortgage modifications. What is required is direct aid to the foreclosure victims.
It is unemployment and declining value of houses that are the direct causes of more defaults and delinquencies. Modifications are not always for the [...]

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The foreclosures on a running spree are indicative of the mortgage crisis. There are thousands going up for auction as hundreds gather to pick up bargain deals. It is the similar scene in Chesterfield County Courthouse in the previous week as six bargain hunters prepare to snap up deals unsure about how many residential houses would actually go up for auction.

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All around the country alarm signs are there – the administration is again courting foreclosures by encouraging dubious firms to issue new mortgages backed by FHA. Either the corridors of power are ignorant or choose to be so to allow a rerun of the foreclosure in the near future.

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The price rise is noticeable everywhere – even foreclosure filings have become more expensive. In Warren with state lawmakers having given the green signal, the county officials have increased the cost of foreclosure filings in the court. It has jumped from $165 to $565 on the first day that the House Bill 138 became alive.

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A dose of foreclosure medicine is just the palliative that the sick real estate market needs. It is an open secret that the lending body is buddy-buddy with Wall Street. This lending group is responsible for the foreclosure crisis of today. Till recently the real estate market had been fairly stable and healthy.

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Robert Lee of Foreclosure Trackers suggests that purchase of discounted notes can help foreclosure victims. Where politicians and bankers have failed, the duo has found a solution to the challenge. They are turning the dismal situation into an opportunity.

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The claims of the mortgage industry of succeeding in reining in foreclosures have been negated by surging foreclosure in May. The numbers had jumped by about 50% from what they were during the same time in 2007. There were 261,255 foreclosure postings – a jump of 48% from 176,137 in May of 2007 and 7% from April this year.

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Of all the house loans in America, one out of eleven are in or about to enter the foreclosure net at the end of the first quarter 2008. The number is rising as real estate markets fall and jobs vanish while price of food and fuel increase. The first quarter of this year has been the worst since the last thirty years in American financial history.

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