Older Americans at higher risk for foreclosure

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 […]

Should every old person expect to stay in their house?

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 […]

Four million foreclosed borrowers eligible for review

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 […]

Well, this is one way to get rid of unsold homes

If this story is true, this is an ugly development.  (It’s a guy with a video camera, so who knows.)  Banks are allegedly paying to destroy new and unfinished homes that they own rather than pay mounting fines imposed by local government for allowing the homes to stay vacant and poorly maintained. The only people […]

Big jump in foreclosures: Who’s immune?

Probably not too many people.  Though California, Arizona, Nevada, and Florida are still the poster children for the housing carnage, Idaho, Illinois, and Oregon are up-and-comers.  Foreclosures for February 2009 are up 30% from February 2008 levels.  Seven hundred thousand properties owned by banks haven’t been put on the market yet. What may make the […]

Virulent foreclosure side effects

Foreclosures are making people sick.  Literally.  It’s possible that there is a link between the West Nile virus and foreclosed properties, particularly properties with swimming pools that become standing water once abandoned and provide a home to lots of mosquitoes. Falling property values in neighborhoods with abandoned houses makes sense.  Increased crime due to vandalism […]