Considering the big hand of small time lenders fraudulent maneuvers in mortgage loans, New York state has made it a law that all those originating mortgages from here must be checked for criminal backgrounds and their fingerprints taken to prevent a repeat of the foreclosure crisis that is raging.
Many like Elizabeth Giammarino [...]
At the root of foreclosure blues is the unwise mortgage decisions. The borrowers did not think before they leapt. The result is that today thousands of families are paying the price for rash decisions. If the lender does not get his or her dues there is no alternative but to initiate foreclosure proceedings against the [...]
Organized mortgage frauds located in Atlanta seem to be a plausible explanation for the rising numbers of Atlanta foreclosures. The Wall Street Journal has reported how a fraud caucus managed to pocket $6.8 million in mortgages from Bear Stearns. A certain New York couple approached the bank with the story that they earned more than [...]
Bush has given his signature on mortgage legislation, which aims to give financial relief to foreclosure victims. Hitherto if a mortgage debt was forgiven then it was considered to be income as it was taken to be a gain. But that will no longer be applicable – forgiven debts will not be taxed. Bush said [...]
Statistics is pouring in. Analysis varies Foreclosure numbers fell in November from what it was in October making many opine that the peak has been reached and the process of climbing down has begun. Has the market found something to stand on? According to predictions ‘about $500 billion in adjustable-rate-mortgages are due to reset at [...]
Banks are in a hurry to sell off repossessed houses that are nothing but white elephants. In the process the buyer might be lucky to pick up a bargain at 30% to 40% less than the price of few years ago. But that gain is cancelled when the tax is calculated not at the rate [...]
Since the last twelve months hundreds of house owners have been knocking on the doors of Stephani Rojas – a mortgage counselor. They are desperately seeking help as foreclosures close in on them. The majority comes when they are just about to be evicted. There is a sense of shame for having failed their families [...]
Howling scavengers – the jackals and vultures, inevitably follow the predators. Rescue scammers who pose as helpers have closely followed the foreclosure crisis. The traumatized victims cry on their shoulders only to discover later that whatever was left in their pockets have been neatly picked.
A federal indictment report exposed that six people were [...]
