For the second time New York City failed to secure funds for tackling foreclosure blight. The Department of Community and Economic Development of the state dampened all hopes of the city to avail of millions to fight the menace. New York City was applying for funds coming through the Neighborhood Stabilization Program that had been [...]
Manuel Sanabria is determined not to be bogged down by life’s misfortunes. Once a Mariner in Iraq, the man returned to Florida only to find his home foreclosed and debt piling up. His home will soon be auctioned and he along with his wife will move to his mother-in-law’s home.
Twenty five year old Sanabria is [...]
None of the remedies are working. Foreclosure crisis continues to be a mess. Both the Bush and Obama governments toed the same line of throwing trillions of dollars to the banks and lenders. The financial tsars were thrilled to pocket $1.2 trillion from the toxic assets that the federal government covered. They pocketed billions more [...]
There are innumerable flaws in the foreclosure system as is evident from the fact that in Bridgeport City tax debts amounting to a meagre $51.69 can cause foreclosures to snap up the property. The system of collection of back log taxes seems to have broken down as can be seen in the case of Jean [...]
Foreclosures are at an all time high in the US. Along with default notices, bank takeovers were noted on 803,489 homes in the first half of this year. This is a 9 per cent jump from the earlier quarter and a 24 per cent increase from the first half of 2008. This means one in [...]
Previous clients of Joan Ramirez, who is a Staten-island, N.Y.- based real estate broker, surrendered to foreclosure after a prominent institutional lender gave them a mortgage which they could not afford to pay. The mortgage was set up with 100 percent financing through a fixed-rate first mortgage, in conjunction with a [...]
Property taxes are being affected by the ongoing foreclosure crisis. Calculating the value of property requires a linear process. The price paid for similar properties in the same area is studied and the value calculated accordingly. Apparently there is not much scope for confusion.
It is supposed to be neither too complicated nor subjective. Thus [...]
There are sure signs that the federal homeowner plan is impacting on the number of foreclosures.
Craig Vale was one of the many who had given up all hope of winning against foreclosure when he heard about the new plan launched this year. It was like manna from heaven for this unemployed borrower. During [...]
