Foreclosure News

Supply of Foreclosed Homes on the Rise Again
By James R. Hagerty
The Wall Street Journal
March 19, 2010

The supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S.

Mortgage analysts at Barclays Capital in New York estimated that banks and mortgage investors held a total of 645,800 foreclosed homes in January, up 4.6% from 617,286 a month earlier.

According to Barclays, the supply peaked at around 845,000 in November 2008 and then declined through 2009.

Barclays: Foreclosure Backlogs Are Worst in Florida, New York
By Nick Timiraos
The Wall Street Journal
March 15, 2010

A recent report from analysts at Barclays Capital sheds light on how court procedures and efforts to delay foreclosures have swelled the backlog of busted home mortgages in some of the nation’s hardest-hit housing markets.

"Cash for keys" aids home borrowers, investors
Reuters
Reporting by Al Yoon
Editing by Kenneth Barry
March 12, 2010

Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry Culver for the deed to his Bryan, Ohio house.

With the exchange, and a pay-off to a second-lien holder, Culver was freed of $120,000 in crushing mortgage debt on the house, said Daurio, who had bought the right to cut the deal when he purchased the mortgage months earlier. The house, after repairs, is now on the market for $47,500.

Home Foreclosures Approach Peak Range
US News and World Report
By Luke Mullins
March 12, 2010

Although the U.S. housing market witnessed its smallest annual increase in foreclosure activity in four years last month, distressed-property tallies are expected to remain in an elevated range for some time. Foreclosure filings were reported on more than 308,000 American homes in February, RealtyTrac said Thursday. That's a 2 percent decline from January but a 6 percent increase from a year earlier. All told, February represents the 12th consecutive month with more than 300,000 foreclosure filings.

Mortgage help: 170,000 get permanent aid
By Tami Luhby
CNN Money
March 12, 2010

More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.

Some 15.5% of those who entered the program have gotten long-term adjustments through February, up from 11.5% a month earlier, according to a report from Treasury officials issued Friday.

More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.

Foreclosure Filings Increase at Slowest Pace in Four Years
By John Kell
The Wall Street Journal
March 11, 2010

U.S. foreclosure filings rose 6% in February from a year earlier, the smallest increase in four years, according to RealtyTrac.

Severe winter weather temporarily slowed the processing of foreclosure records in some states.

RealtyTrac Chief Executive James J. Saccacio added the leveling of the foreclosure trend isn't necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure-prevention programs, legislation and other processing delays are capping monthly foreclosure activity.

Bank Padlocked Wrong House and Took Parrot
By James R. Hagerty
The Wall Street Journal
March 10, 2010

PITTSBURGH—Bank of America Corp. apologized after its local contractor entered the home of a mortgage borrower when she was away, cut off utilities, padlocked the door and confiscated her pet parrot, Luke.

Angela Iannelli, 46 years old, alleged in a lawsuit Monday that the October incident—which separated her from her 10-year-old parrot for more than a week—caused so much "emotional distress" that she needed a prescription medication for anxiety.

Up to now, the Obama administration has had a pretty clear goal of doing whatever it could to keep struggling homeowners in their houses. Is it changing course?
By Daniel Indiviglio

Up to now, the Obama administration has had a pretty clear goal of doing whatever it could to keep struggling homeowners in their houses. Today, however, the New York Times reports that a new Treasury program will seek to do the opposite: it would encourage underwater borrowers to leave their homes more quickly. Is the Obama administration changing course?

This article is found at: http://finance.****/news/Pennsylvania-helps-jobless-hmoney-3417196184.ht...

Erin and Robert Smith had no problem handling the $2,000 monthly payment on their home ... until they lost their jobs.

The Harrisburg, Pa., couple fell behind in September 2008, a few months after their consulting business faltered in the wake of a client's bankruptcy. Their loan servicer refused to help them, instead sending them a foreclosure notice.

"All we needed was a break," said Erin Smith, 33, who feared her family of five would wind up homeless. "We knew once we found employment, we could start making those payments."

Can't make your mortgage? Get an emergency loan
By Tami Luhby
CNN Money
March 8, 2010

Erin and Robert Smith had no problem handling the $2,000 monthly payment on their home ... until they lost their jobs.

The Harrisburg, Pa., couple fell behind in September 2008, a few months after their consulting business faltered in the wake of a client's bankruptcy. Their loan servicer refused to help them, instead sending them a foreclosure notice.

"All we needed was a break," said Erin Smith, 33, who feared her family of five would wind up homeless. "We knew once we found employment, we could start making those payments."