Foreclosures Archives

Two legal decisions – one in a New York State Court and one in a Tampa, Fla. foreclosure court – to cancel a homeowner’s mortgage debt after the bank couldn’t find the mortgage paperwork, are sending shivers down the spine of mortgage lenders. Read more»

States are growing increasingly frustrated with banks foreclosing on homes; so much so that some states are threatening banks with legal action if they don’t mend their foreclosing ways. New York is leading the way — and other states have already begun to follow. Read more»

Economists and real estate experts call it “foreclosure overhang,” and it is one of the big question marks that will determine when the housing market will truly recover. The term refers to the number of foreclosed properties that will wind up on the for-sale market. In the worst case, millions of foreclosed homes offered at fire-sale prices will cause an excess supply that will dampen prices for years to come. Read more»

In the past few years, unique items that have appeared on the eBay auction block include a grill cheese sandwich with the image of the Virgin Mary; a vampire killing kit; an air guitar, and even a Saginaw, Mich., home that sold for $1.75. It’s the last item that resonates with what Lee County, Fla., is doing on in an eBay-like fashion — selling foreclosed houses online. Read more»

No doubt about it, great real estate bargains are out there these days – but there’s more to cutting the best deal on a distressed home than meets the eye – and the pocketbook. With one-third of all home sales coming from the foreclosed property market, it’s time to get smart about getting the best deals. Read more»

Millions of homeowners across the country are hanging on for dear life, making their monthly payments and hoping and praying that the value of their homes – once thought to be akin to a virtual retirement account – will rebound from historic lows. Read more»

You have to be a real mortgage-market fan to know this term: cure rate. It has popped up in news stories this week reporting on the declining percentage of borrowers who are catching up on payments after falling behind. It’s an important figure, because it shows that, despite some recent good news, the home market still has lots of problems. Read more»

By Alan Zibel, AP Real Estate Writer Read more»

By Jonathan J. Cooper, Associated Press Writer Read more»