Foreclosure News

Article Source
http://www.facebook.com/note.php?note_id=158404427516259

No doubt you’ve heard the news recently that a number of major banks have volunteered to temporarily suspend foreclosures in 23 states and Bank of America is temporarily suspending foreclosures nationwide.

While this situation is changing daily, I want to tell you what we currently know to answer any questions you may have.

•In late September and early October some lenders and servicers began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes.

RealtyTrac provides a resource where you can identify the housing crisis down to the county... Use the maps and statistics to figure areas that may be good to buy in or avoid based on the foreclosure rates presented.

Check out your areas of interest at: http://www.realtytrac.com/trendcenter/

Yesterday (Jan 7th, 2011), the Supreme Court in Massachusetts issued a ruling against two banks regarding foreclosures that may have nationwide implications. You can do a search on "MA Supreme Court Ruling foreclosure 2011" and a bunch of different local and national news reports will come up. A few reports noted this may throw all foreclosures into a very complicated legal process. Please chek this further if you play in the foreclosure area.

The Court upheld a lower court decision invalidating two foreclosures that may have national implications, analysts said. The lower court ruling challenged the way lenders have traditionally foreclosed on properties without having all the paperwork in place at the time a home is seized. Summary from the Boston Globe from Friday.

Two and 1/2 hours, but VERY worthwhile to watch. Seems like there is a lot of mystery even at the top. At least there is discussion and an attempt to reach clarity.

http://www.c-spanarchives.org/program/ForeclosureC
(play button below video at right)

Matt

Hello this is Wint and I need some advice to help me save my home. I just receive notice that my home is up for foreclosure. And I'm not sure on what to do to stop it. I was told about a goverment program called produce the note and this will by me some time, but I don't know how to go about the process of implementing
this procedure. Does this have to be done by an attorney or can I do it myself? and what are some other options, stradegies,or roads to take other than bankrupties.Is there anyone that would like to do a short sale on my home my sale date is January 4,2011
so i've got less than 20 days left. I just need some help!

Provided by The WallStreet Journal

Patsy Campbell could tell you a thing or two about fighting foreclosure. She's been fighting hers for 25 years.

The 71-year-old retired insurance saleswoman has been living in her house, a two-story on a half acre in a tidy middle-class neighborhood here in central Florida, since 1978. The last time she and yet Ms. Campbell has been able to keep her house, protected by a 105-pound pit bull named Dodger and a locked, rusty gate advising visitors to beware of the dog.
"They're not going to take this house," says Ms. Campbell. "I intend to stay in this house and maintain it as my residence until I die."

This article can be found at: http://www.bloomberg.com/news/2010-12-02/pending-sales-of-existing-homes...

More Americans unexpectedly signed contracts to buy previously owned homes in October, easing concern that the absence of government support is destabilizing the housing market.

The index of pending home resales jumped a record 10 percent after dropping 1.8 percent in September, the National Association of Realtors said today in Washington. The median forecast in a Bloomberg News survey called for a 1 percent decrease. The group’s data go back to 2001.

This article can be found at: http://thehill.com/blogs/on-the-money/banking-financial-institutions/131...

A top housing official on Wednesday said the current system for processing foreclosures is not equipped to deal with the nation's backlog of troubled mortgages and admitted national mortgage servicers cut corners to comply with state and local property laws.

This article can be found at: http://www.housingwire.com/2010/12/01/freddie-mac-to-suspend-foreclosure...

Freddie Mac will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011, the company announced Wednesday.

Freddie Mac's mortgage portfolio stands at $39.6 billion as of October, according to its monthly summary report. Its serious delinquency rate stood at 3.82% in October as well.

The eviction suspension will apply to any occupied single-family and two-to-four unit properties.

"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," said Anthony Renzi, executive vice president of single-family portfolio management at Freddie Mac.

This article can be found at: http://www.loansafe.org/fdic-having-difficulties-paying-your-mortgage-pa...

(LoanSafe.org) – Mortgage payment problems and foreclosures continue to dominate the news. What should you do if you are having difficulty paying your mortgage? Here are reminders and updates from FDIC Consumer News, mostly about refinancing opportunities and loan modifications available through the federal government’s “Making Home Affordable” program.