Living After Foreclosure

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Entries Tagged as 'Facing Foreclosure'

Mortgage Forgiveness Debt Relief Act of 2007 extended

January 14th, 2013 · No Comments

For many underwater homeowners — homeowners that owe more on their mortgage than the house is currently worth — they have a bit of an upper hand with their lenders.  Lenders are reluctant to foreclose on these homeowners even if they’re in default, because that would mean realizing a loss on the property:  selling below […]

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Fannie and Freddie have a soft spot?!

December 4th, 2012 · No Comments

Very interesting article about how Fannie Mae and Freddie Mac are postponing evictions briefly so that they occur at the very beginning of next year. This reprieve comes as a bit of year-end, quasi government foreclosure help.  A representative from Fannie Mae calls the measures an attempt “to relieve some stress at this time of […]

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Toni Braxton foreclosed on

November 12th, 2012 · No Comments

I enjoyed Toni Braxton’s singing but the lenders didn’t enjoy her not paying on her 11,000+ sq. ft., six-bedroom six-bathroom house in Duluth, Georgia.  From the face of it it’s beautiful.  A Chapter 7 restructuring plan didn’t work out. This was the second of Ms. Braxton’s homes that was foreclosed on.  The first was in […]

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Older Americans at higher risk for foreclosure

July 22nd, 2012 · No Comments

The golden years aren’t so golden for increasing numbers of Americans fifty years and older.  The American Association of Retired Persons reports that three million older Americans are staring down the dark tunnel of foreclosure. The foreclosure rate among this age group has increased to nearly ten times what it was only five years ago […]

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Should every old person expect to stay in their house?

December 6th, 2011 · No Comments

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 […]

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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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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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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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