Foreclosures

Foreclosures

Mortgage Delinquencies and Foreclosures Continue to Drop in Second Quarter

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.30 percent of all loans outstanding at the end of the second quarter of 2015. This was the lowest level since the second quarter of 2007. The delinquency rate decreased 24 basis points from the previous quarter, and 74 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

Conspirator Pleads Guilty to $3.8 Million Mortgage Fraud Scheme

Alberic Okou Agodio, age 30, of Bethesda, Maryland, pleaded guilty today to conspiracy, wire fraud, and aggravated identity theft, arising from a mortgage fraud scheme in which he used the names of immigrants and students, along with false financial information, to obtain approximately $3.8 million in home mortgage loans to buy approximately three dozen row houses in Baltimore, all of which are in default or foreclosure

Counseling for homeowners boosted with state grant

About 1,000 Washington State homeowners facing foreclosure will receive financial counseling to help resolve their mortgage issues, thanks to a grant awarded this week by Attorney General Bob Ferguson to the Washington State Housing Finance Commission.

OCC to Escheat Funds from the Foreclosure Review, Terminates Orders Against Three Mortgage Servicers,...

The Office of the Comptroller of the Currency (OCC) today announced it will escheat at the end of 2015 any remaining uncashed payments made pursuant to the Independent Foreclosure Review (IFR) Payment Agreement so eligible borrowers and their heirs may claim the funds through their states’ escheatment processes

Advocates Applaud HUD on New Reverse Mortgage Policy that Could Reduce Foreclosures on Surviving...

Last Friday, the U.S. Department of Housing and Urban Development released an updated policy that gives reverse mortgage servicers the ability to allow a surviving spouse to stay in their home if the mortgage was originated prior to August 4, 2014.

HUD LAUNCHES NEW WEBSITE FOR HOUSING COUNSELING AGENCIES

The U.S. Department of Housing and Urban Development (HUD) today unveiled a new website specifically designed for HUD-approved housing counseling agencies, offering free on-line training covering a broad range of topics including responsibilities of homeownership and tenancy; avoiding foreclosure and eviction; financial management; and fair housing. The training is designed to help prepare housing counselors for the upcoming, mandatory HUD-certified counselor examination.

Protecting Your Most Valuable Asset: Your Home

Your house is among the most important investments in your life. It’s where your children will be raised, where you will grow old, and where your grandchildren will play. You researched schools and neighborhoods to choose the house you will eventually call home. It’s most likely the largest financial commitment (investment) you’ve ever made, but when misfortune strikes your home is more vulnerable than any other asset

Habitat for Humanity applauds Senator Richard Shelby’s inclusion of donated appraisals in proposed updates...

Among the Dodd-Frank regulatory requirements that the U.S. Senate Banking Committee plans to address through legislation unveiled earlier this week is a small clarification that will provide significant savings for the more than 1,400 Habitat for Humanity affiliates operating locally across the United States.

Court Halts Mortgage Relief Operation that Targeted Homeowners Facing Foreclosure

At the Federal Trade Commission’s request, a federal court halted a sham operation that allegedly told financially distressed homeowners it would help get their mortgages modified, but instead effectively stole their mortgage payments, leading some to foreclosure and bankruptcy. The FTC seeks to permanently stop the scheme and its participants’ illegal practices. It also filed a contempt action against one of the scheme’s principals, Brian Pacios, who is under a previous court order that prohibited him from mortgage relief activities

NCRC Reacts to FHA Announcement About Changes to Distressed Asset Stabilization Program

“We applaud the FHA for taking these significant steps to improve homeownership opportunities in neighborhoods hard hit by the foreclosure crisis. NCRC and its member organizations have advocated to the FHA for improving the number and quality of Neighborhood Stabilization Outcome (NSO) targeted loan pools. We’re pleased that the FHA listened to these concerns and adopted several of our key recommendations

Court Temporarily Halts Company From Offering Mortgage Relief Services

Continuing to crack down on phony mortgage relief programs, a federal court has temporarily halted Los Angeles-based Wealth Educators, Inc. and its president from offering mortgage relief services at the Federal Trade Commission’s request. The agency charged the defendants with failing to provide the help they promised homeowners, while charging a hefty up-front fee. The company also told consumers to stop making their monthly mortgage payments, leading some facing the prospect of foreclosure.

Ninth Circuit Affirms MERS’ Authority to Assign Deed of Trust

In Tung Q Lam, v. JPMorgan Chase Bank NA et al, the borrower argued that Mortgage Electronic Registration System, Inc. (“MERS”) lacked authority to assign the deed of trust because MERS lost its status as agent of the promissory note holder when the note was assigned to subsequent entities.

Springboard Awarded $2.6 Million to Provide Foreclosure Prevention Counseling

Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) announced that it has received more than $2.6 million in federal dollars awarded through the Congressionally funded National Foreclosure Mitigation Counseling (NFMC) Program.

NATIONAL FOUNDATION FOR CREDIT COUNSELING® RECEIVES $2.3 MILLION HOUSING GRANT

The National Foundation for Credit Counseling (NFCC) is pleased to announce that it has received a grant award totaling $2.3 million from NeighborWorks® America to support foreclosure prevention efforts through its Member Agencies.

$44.8 Million awarded through National Foreclosure Mitigation Counseling program to help nearly 130,000 families

NeighborWorks America today announced that $44.8 million has been awarded to 25 state housing finance agencies (HFAs), 18 HUD-approved housing counseling intermediaries, and 68 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. Although fewer new households face foreclosure than just a couple of years ago, the rate has begun to increase again, and many hundreds of thousands of homeowners remain seriously delinquent and face the prospect of foreclosure this year

Housing Advocates Applaud Introduction Of Legislation Protecting Tenants At Foreclosure

The National Housing Law Project (NHLP), the National Law Center on Homelessness & Poverty (NLCHP), and the National Low Income Housing Coalition (NLIHC) applaud Senator Richard Blumenthal (D-CT) and Representative Keith Ellison (D-MN) for introducing legislation to permanently extend the Protecting Tenants at Foreclosure Act (PTFA).

Service Members to Receive Over $123 Million for Unlawful Foreclosures Under the Servicemembers Civil...

WASHINGTON, D.C. - February 10, 2015 - (RealEstateRama) -- The Justice Department announced today that under its settlements with five of the nation’s largest mortgage servicers, 952 service members and their co-borrowers are eligible to receive over $123 million for non-judicial foreclosures that violated the Servicemembers Civil Relief Act (SCRA).  The five mortgage servicers are JP Morgan Chase Bank N.A. (JP Morgan Chase); Wells Fargo Bank N.A. and Wells Fargo & Co. (Wells Fargo); Citi Residential Lending Inc., Citibank, NA and CitiMortgage Inc. (Citi); GMAC Mortgage, LLC, Ally Financial Inc. and Residential Capital LLC (GMAC Mortgage); and BAC Home Loans Servicing LP formerly known as Countrywide Home Loans Servicing LP (Bank of America)

CT REIA Saturday Seminar: Buying Notes & Real Estate From Bank

WASHINGTON, D.C. - January 21, 2015 - (RealEstateRama) -- Wow an entire day with Sue Nelson exploring step by step how to do her business from start to finish. You would be crazy to miss that opportunity, and you can bet we will be there!

Four National Banks to Pay $2.7 Million to Massachusetts Over Unlawful Foreclosures

BOSTON - January 20, 2015 - (RealEstateRama) -- Four national banks agreed to pay a total of $2.7 million and undertake obligations to facilitate the repair of defective property titles, resolving claims that they unlawfully foreclosed on properties in Massachusetts when they did not hold the mortgages, Attorney General Martha Coakley announced today

Tennessee Court of Appeals Rules MERS Qualifies as Interested Party

Reston, Virginia, - January 14, 2015 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that the Court of Appeals of Tennessee at Jackson ruled that under applicable Tennessee law, MERS is a “party interested” in the foreclosure of a senior mortgage lien, and that the trustee who conducted a nonjudicial foreclosure of the senior lien was liable to MERS for damages resulting from the breach of her “affirmative duty to identify MERS as an interested party in the notice of foreclosure sale.” In reaching its decision, the Court recognized MERS’ interest in the junior lien as owner of legal title to the security interest and beneficiary of a recorded deed of trust

Northern California Real Estate Investor Pleads Guilty to Bid Rigging and Fraud at Public...

WASHINGTON, D.C. - December 25, 2014 - (RealEstateRama) -- A Northern California real estate investor pleaded guilty for his role in bid rigging and fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.

COLORADO ATTORNEY GENERAL’S OFFICE CHARGES TWO ADDITIONAL FORECLOSURE LAW FIRMS WIH FRAUD

DENVER - December 23, 2014 - (RealEstateRama) -- Colorado Attorney General John Suthers today announced civil law enforcement actions against foreclosure law firms Robert J. Hopp & Associates and The Hopp Law Firm, including its principal Robert Hopp and affiliated title company National Title, and The Vaden Law Firm, including its principal Wayne Vaden and affiliated title company City Park Title. The firms and their affiliated businesses are accused of inflating foreclosure costs charged to homeowners and others in violation of the Colorado Consumer Protection Act and the Colorado Fair Debt Collection Practices Act.

Senate Passes Hunter Bill to Combat Blight, Auction Abuse

LANSING - December 12, 2014 - (RealEstateRama) -- The Michigan Senate unanimously passed Senate Bill 295 today, legislation sponsored by Senate Minority Floor Leader Tupac A. Hunter (D-Detroit) that is designed to improve neighborhoods and reduce blight by banning certain landowners with delinquent blight fines from bidding in county tax foreclosure auctions.

Fannie & Freddie Suspend Foreclosures; Loan Defaults Plunge

WASHINGTON, D.C. - December 11, 2014 - (RealEstateRama) -- Fannie Mae and Freddie Mac announced they plan to suspend evictions on foreclosed single-family properties nationwide during the holidays, from December 17, 2014 through January 2, 2015. Legal and administrative proceedings for evictions may continue, as well as pre-foreclosure activities, but families who are living in foreclosed homes will be allowed to remain in their homes during that time. The foreclosure moratorium applies to all foreclosed occupied single-family homes as well as properties with two to four units that have mortgages owned or guaranteed by Freddie Mac.

Superior Court of Pennsylvania Affirms MERS’ Authority to Assign Mortgage

Reston, Virginia, - September 2, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that the Superior Court of Pennsylvania affirmed the trial court’s granting of summary judgment in favor of the foreclosing mortgage holder and rejected the appellant’s wrongful foreclosure claims

Raymer Real Estate Services is Helping Distressed Homeowners in Warren County KY

Bowling Green, KY - August 22, 2014 - (RealEstateRama) -- One of the best real estate agents in Warren County Kentucky, Greg Raymer of Raymer Real Estate Services (www.sokyhomehub.com), is helping distressed homeowners in Bowling Green, Kentucky avoid foreclosure and is making the American dream of homeownership a reality for thousands of Kentucky residents.

Realtors® Say Attorney General Holder is Right – No One Should Pay Taxes on...

WASHINGTON, D.C. - August 21, 2014 - (RealEstateRama) -- The following is a statement by National Association of Realtors® President Steve Brown:

MERS Wins Dismissal in California Court of Appeal

Reston, Virginia, - July 18, 2014 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that the Court of Appeal of the State of California Second Appellate District affirmed the trial court’s order dismissing a wrongful foreclosure lawsuit.

South Pushes Nationwide Housing Starts Down 9.3 Percent in June

WASHINGTON, D.C. - July 18, 2014 - (RealEstateRama) -- Nationwide housing production fell 9.3 percent to a seasonally adjusted annual rate of 893,000 units in June, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The drop was due primarily to a nearly 30 percent decline in the South. All other regions posted monthly gains

OBAMA ADMINISTRATION RELEASES JUNE HOUSING SCORECARD

WASHINGTON - July 11, 2014 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the June edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show progress among key indicators, including growing equity and a rebound in the sale of new and existing homes. While this scorecard notes positive overall trends in the housing market, officials caution that more work needs to be done as the economy recovers from the Great Recession.

Popular Government & Nonprofit Press Releases

ASE

Efficiency Initiative Led By Knoxville, The Alliance And Other Partners Is...

An energy efficiency initiative led by the city of Knoxville, Tennessee, the Alliance to Save Energy and other partners is among six finalists for the international C40 Cities Bloomberg Philanthropies Awards in the Cities4Energy category

Recent Government & Nonprofit Press Releases

DOI

Secretary Zinke Announces $94.3 Million to States for Parks and Outdoor...

U.S. Secretary of the Interior Ryan Zinke today announced that $94.3 million will be distributed for outdoor recreation and conservation projects to the 50 states, U.S. territories, and the District of Columbia from the Land and Water Conservation Fund (LWCF), which is funded through offshore oil and gas leasing. These funds are awarded through federal matching grants that leverage public and private investment in America’s state and local public parks.