In many ways the story of a 103-year-old saved from eviction is heartwarming. Deputies and movers in Atlanta, GA, couldn’t go through with tossing a 103-year-old woman and her 83-year-old daughter on the streets after her home of 53 years was foreclosed on. Kudos to the folks sent to do the unpleasant task for not [...]
Should every old person expect to stay in their house?
December 6th, 2011 · No Comments
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Four million foreclosed borrowers eligible for review
November 6th, 2011 · No Comments
If you were in the process of foreclosure during calendar years 2009 and 2010 in the US, you may be entitled to a review of your foreclosure for potential wrongdoing. The Office of the Comptroller of the Currency (OCC) put together this agreement with mortgage servicers and the Federal Reserve. The mailings to potentially affected [...]
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What’s good for the goose …
June 15th, 2011 · No Comments
… is also good for the gander. It’s entertaining to see the tables turned on a bank for once. After a bank wrongfully foreclosed on a homeowner who apparently never even carried a mortgage against the property, a judge ruled in the homeowner’s favor and ordered the bank to pay the homeowners’ legal fees. When [...]
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Want to protect your house against foreclosure due to job loss?
June 5th, 2011 · No Comments
The best way to do this is: don’t lose your job. That’s a bit of a smart-aleck answer, but there is reality to back this up. In the United States currently (2011) there are programs to help homeowners in trouble, but relatively few are designed to extend help to homeowners with extended bouts of unemployment. [...]
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The artist formerly almost in foreclosure
April 23rd, 2011 · No Comments
The artist formerly know as “The Artist Formerly Known as Prince” — also known as, well, Prince — was almost in foreclosure on a piece of land in Chanhassen, MN. Apparently the artist made a last-minute $368,000 payment to “balance out the mortgage” and hence take the property off of the auction block. Getting to [...]
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Short sales are hard if you’re the short seller
October 3rd, 2010 · No Comments
This post over at Debt Kid is funny, in a macabre sort of way. It illustrates first-hand how badly you should try to avoid being the person selling short in a short sale. In a nutshell, a short sale is a sale of a property for less than what’s owed on it. It’s meant to [...]
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Four smart tips to take out a mortgage after foreclosure
August 28th, 2010 · No Comments
(This post is given courtesy of MortgageFit.com.) If you are a victim of foreclosure, you do not need to consider it as an endless suffering. Foreclosure does bring upon you financial disaster but it does not end your life. You can regain your financial condition, even after you have encountered a foreclosure. You can usually [...]
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Don’t expect banks to be nice to you for buying their foreclosures
February 13th, 2010 · No Comments
We just purchased a new house this week. It happened to be a foreclosure. It was in excellent shape even compared to a house not in foreclosure. I have to say, though, the seller jerked us around quite a bit throughout the whole process. That wasn’t pleasant at all. But we ended up getting the [...]
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Strategic default? Banks are on to you
October 27th, 2009 · No Comments
Few states have been hit harder by the foreclosure mess than Florida. Properties in some areas are worth half of what they were at their peak. A sizable number of underwater borrowers — those owing more than their homes are currently worth — have simply stopped making payments on their mortgages, using the extra money [...]
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Patron saint of foreclosures?
August 14th, 2009 · No Comments
Poor St. Joseph. He can’t catch a break these days. Folks are buying St. Joseph (husband of Mary) figurines and burying them, upside-down, near the For Sale sign in hopes of bringing a quicker sale. Prayer sure doesn’t hurt but this is a bit off the deep end. I had heard about this practice several [...]
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