In the bankruptcy case of Beasley, Leonard; In re, The bankruptcy court ruled that a foreclosure sale held before the debtor's bankruptcy filing was valid. The details of the bankruptcy case:"The debtor's home was sold at a foreclosure sale held on Nov. 13, 2008. After filing for Chapter 13 relief on Feb. 9, 2009, the [...]
According to an article in the Star-Telegram, a recent report revealed that more than 50 percent of homeowners who received mortgage modifications were at least two mortgage payments delinquent within a year, making them vulnerable to foreclosure. The report also revealed that homeowners who received mortgage modifications that reduced their monthly payments were less likely [...]
According to an article in the Dallas Morning News, Dallas-Fort Worth's commercial real estate industry may face another year of foreclosures as more properties lose value and financing. The article said:"The vast majority of buildings bought after 2005 are absolutely not worth the debt," said Paul Whitman, president of commercial real estate firm Jones Lang [...]
How Voluntary Mortgage Modification Program Failed America It's time to face the ugly reality of this foreclosure crisis, the administration's Making Home Affordable program had failed terribly. Not only have we not stopped the foreclosure crisis, it has worsened. The program was supposed to help 3 to 4 million Americans facing foreclosure ; but so [...]
According to an article in the Star-Telegram, an increasing number of commercial property loans may face foreclosure in the next few months, as interest-only loans that were issued in the past several years reset. The article said: "There's a massive amount of these loans ready to hit market," said Ben Loughry, managing partner of Integra [...]
According to an article in the Bloomberg, the foreclosure crisis is likely to worsen as more than 7 million properties facing imminent foreclosure hit the housing market in the next year or two. The article said:"The "huge shadow inventory," reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 [...]
According to an article in the Star-Telegram, the Federal Housing Administration (FHA) has been terribly weakened by the foreclosure crisis and many analysts fear that the housing agency may need a taxpayer bailout. The article said: "On Friday, the FHA said its financial reserves had sunk below mandatory levels for the first time in its [...]
According to an article in the American Chronicle, Rosario Divins, a self-proclaimed foreclosure prevention specialist was sentenced to 350 months in a federal prison for milking homeowners out of thousands of dollars. This foreclosure scammer was also ordered to pay $83,600 in restitution to her victims and will be placed under supervision for three years [...]
According to an article in Reuters, America's high unemployment rate is causing a surge in the number of foreclosures and bankruptcy filings nationwide. The article said: "Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in July...By comparison, 4.89 percent of [...]
According to an article in the Dallas Morning News, more than 250 Dallas-Fort Worth area commercial and investment properties are facing foreclosure in October. The properties have more than $400 million in debt attached to them and included in the foreclosure filings are several large developments. The article said:"The just-completed Two Addison Circle office building [...]