The staggering number of foreclosures has led to a virtual paralysis of the judicial system. Florida is one of the worst affected areas and the courts here are choked with foreclosure cases. This prompted Miami University’s Michael Froomkin to craft The Foreclosure Defense Program. It helps to engage young attorneys with the backlog of foreclosure [...]
Florida courts are drowning in foreclosure cases causing a massive backlog. A task force was set up to recommend suggestions for improving the system and adding more speed to it.
The most attention is likely to be given to compulsory mediation for residential foreclosures. It is being implemented in three judicial courts in Florida. By mandatory [...]
When the foreclosure crisis made its debut experts in personal finance put pressure on the homeowners to open communications with their lender if they defaulted. The house owners were made to believe that the lenders would do their best to skirt foreclosure. But now the experts are not sure and singing a different tune.
The borrowers [...]
The US is in the grip of a deep recession. As unemployment reaches its zenith, people are faltering on mortgage payments. Hence, foreclosures are common. Now there is a demand for low-end foreclosed properties in St. Paul. In August, there were a total of 1,811 vacant spaces in the area. This means a decline of [...]
Mortgage servicers have always worked as collection agents – this being their business and as such they are ill equipped to handle en masse modification of mortgages. This was the view of Patrick Madigan the assistant attorney general of Iowa. Speaking at an interview he said, “The mortgage industry has responded to this crisis with [...]
The US economy is going through one of its challenging phases. Unemployment is at its peak and people are faltering on mortgage payments. Hence, foreclosures are common. Now the value of the foreclosed properties has crashed to an all-time low. Normally home buyers buy a property with the notion that its value will appreciate over [...]
The foreclosure situation has radically changed the financial thinking of baby boomers. The financial advisers who are in charge of $10 trillion as assets will change their priorities as regards investments when they reach retirement point. This was view of a senior official at BlackRock Inc.
They will move on from accumulation (squeezing the most out [...]
Today the FHA (Federal Housing Agency) has a pivotal role to play in pulling up the economy from foreclosure blues. Following the housing crash there were wide ranging views as to whether ownership should be made easy or more difficult. Worried lenders who had burnt their fingers now want 20% down payment before they will [...]
