Foreclosure News

This article can be found at: http://voices.washingtonpost.com/political-economy/2010/10/fannie_freddi...

Mortgage giants Fannie Mae and Freddie Mac on Friday said they are taking steps to make sure the companies that service their loans are complying with state law in foreclosures.

Ally Financial and J.P. Morgan Chase, which both Fannie and Freddie use to manage some loans, have admitted to submitting flawed paperwork filed in support of foreclosures around the country--an issue has prompted reviews or formal investigations by attorneys general in at least nine states and federal regulators.

This article can be found at: http://www.businessweek.com/news/2010-10-01/jp-morgan-must-show-foreclos...

Oct. 1 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest U.S. mortgage servicer, must prove its home foreclosures are legal, and if it can’t, must stop the practice, California Attorney General Jerry Brown said.

JPMorgan is asking courts to delay judgments in pending foreclosure cases while the bank reviews and possibly resubmits statements. JPMorgan said this week it is re-examining foreclosure filings after learning employees may have signed affidavits without personally reviewing underlying records, relying instead on other personnel.

Many of you guys are on these sites to look for encouragement/stories of success etc. I just want to give you some words of encouragement- DONT STOP BELIEVING! You CAN DO IT! and you WILL DO IT! Times are rough right now and everyone and everything is SLOWED DOWN. Dont be hard on yourself! Sign up to as many of these networking sites as you can, Twitter, Facebook , **** etc... Sooner or later, it WILL happen!

Foreclosure rates hold steady
CNN Money
By Les Christie
September 16, 2010

The foreclosure crisis has entered a new phase: The number of properties entering the foreclosure process has dropped, and now nearly matches the number of repossessions.

The number of homeowners falling enough behind on their loans to attract initial notices of default was down 30% in August, RealtyTrac said Thursday. Eventually, that should translate into fewer people losing their homes.

But lenders repossessed more than 95,000 homes -- a record -- and that was up from 76,000 a year ago.

I just ran accross this article on the Web,about
foreclosure(dated Sept.15,2010) four main points

1. Banks repossessed 95,364 property's in Augs.
2010.

2. 338,836 properties received a fore closure-related
warning in Augs. 2010.

3.More then 2.3 million homes have been repossessed sine the recession began in Dec. 2007

4. Top ten states with highes foreclosure:

NO.10 Hawaii
9 Illionis
8 Michigan
7 Georgia
6 Utah
5 Idaho
4 California
3 Arizona
2 Florida
1 Navada

These factare amazing! BY; Realty Trac Chief
Executive James Saccacio

Just wanted to know what Craigslist is up to by trying to warn distressed homeowners about investors being a foreclosure rescue scammer?? Am I missing something or what? Just kind of concerns me. What does anyone else gather from this article from BBB?? just kinda makes me mad about what they are trying to say. Any feed back would be appreciated. Thanks. http://roswell.craigslist.org/apa/ http://www.bbb.org/alerts/article.asp?ID=593

This article is found at: http://tampabay.bizjournals.com/tampabay/stories/2010/08/30/daily26.html

The U.S. Housing and Urban Development Department is working with the nation’s top mortgage lenders to offer select state and local governments and nonprofit organizations a “first look,” or right of first refusal, to purchase foreclosed homes before making these properties available to private investors.

HUD didn’t identify which government and nonprofit agencies would be selected to participate, but Florida is a likely candidate because of the extent of already record foreclosure numbers here. Groups that are part of HUD’s current Neighborhood Stabilization Program, which includes Tampa Bay, are eligible to take part.

This article can be found at: http://www.huffingtonpost.com/2010/09/01/foreclosure-roulette-bank_n_699...

Bea Garwood has been bracing for foreclosure since May, but she says she's been told three times to expect a sheriff's sale in the next month and it still hasn't happened.

"We really at this point do not know where we are in the process," said Garwood, who lives in Pinckney, Mich. with her husband. "We have no clue. We haven't even heard from Chase bank in three weeks."

The Garwoods may have had a lucky spin in the game that industry analyst Sean O'Toole calls "Foreclosure Roulette."

This article can be found at: http://www.msnbc.msn.com/id/38864587/ns/business-real_estate/

WASHINGTON — One in 10 American households with a mortgage was at risk of foreclosure this summer as the government's efforts to help have had little impact stemming the housing crisis.

About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday.

That number, which is adjusted for seasonal factors, was down slightly from a record-high of more than 10 percent as of April 30.

In a worrisome sign, the number of homeowners starting to have problems with their mortgages rose after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years.

Hello DG Family,