The pueblo style house is five years old having a view of the ocean close to Seacliff State Beach. Ward estimates its worth to be $1.5 million. He said, “With so many people being taken advantage of by the banks and it becoming more public everyday, we feel this will be an important story and case, setting precedence for the people, against the injustices of the banks”.

Michele Ashley, the spokesperson of Wells Fargo did not comment on the plea that the matter was pending in court.

Last 29th April the case was filed. Judge Jeff Almquist granted an injunction that was temporary last May to prevent the house from being sold off. At the core of the issue is a “special forbearance agreement” that 43 year old Ward together with his 40 year old wife Marianna had inked about a year previously. Marianna is marketing manager in the field of high technology.

The couple contend that they had paid three modified payments – each amounting to $3,247 when the lender, without any prior notice sold off their house in an auction (foreclosure) on 26th March. $910,412 was paid by US Bank trustee on behalf of Banc of America Funding Corporation 2006-G – an investor group.

The Wards came to know of it after one week of the sale when a “cash for keys” notice was dangled on their door; in other words they were threatened with eviction.

Wells Fargo is represented by lawyer Jarlath Curran II of Irvine. He said that the couple is not eligible for modification of their loans because their income ($7,797 per month) was insufficient to meet all their requirements. In the court papers Curran noted, “If plaintiffs cannot keep their loan current now, they are unlikely to be willing or able to pay a much larger delinquency later”. He argued that the lender had given notice to the couple regarding this decision. To support this Curran presented a document (computer generated) dated 19th March from Ben Windust the senior vice president.

But lawyer Kenneth Ingber said on behalf of his clients, the Ward that the operations undertaken by the lender tantamounted to breach of agreement. He further claimed that the letter of 19th March was neither actually sent nor received by the couple.

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Liese Varenkamp is planning to give up her job of auctioneer dealing with foreclosures. She is 51 years old and is the publisher of Santa Cruz Record and Investors Edge. She is the crier at auctions on the steps of the Government Center of the county for about 3 years. She has rattled off 3,600 names of house owners who had failed on their mortgage dues and seen their properties swallowed by foreclosure auction by the banks and lenders.

Now she wants to move away from this job to another direction. After reading a piece by an attorney Ellen Brown on her site The Web of Debt she came to know that a court ruling of May could set the precedent that would make it impossible for lenders to initiate foreclosures on 62 million mortgages in the instance of transfer of ownership without the same being recorded. Varnkamp said that she is keen to help the house owners and was concerned that this game by the lenders had caused the counties to lose funds being deprived of recording fees. She was looking for proper legal assistance for helping the people to fight this crass injustice. She will take part for the last time in foreclosure auction the next Wednesday.

At the auction on Friday she called out the addresses of about 36 properties in Santa County that are in foreclosure. Realtor Alex Johnson was among the few handfuls of those who had gathered in Capitola. Investment broker Aaron Lieben was also present with his toddler daughter Zara. Nearly 24 foreclosure sales were postponed and there were 3 cancellations. Varenkamp called out the opening prices that the trustee firms had given her on behalf of the lenders. The bidders had to come with certified cheques covering the entire purchase amount. Lieben opined, “There’s a shortage of really nice homes. The market is not stable, so it’s hard to get a margin.” He decided not to make a bid. The only person who did bid was Johnson for a house in Soquel on Golf Drive. He paid $456,706 – one dollar more than the price asked for by the lender. The last owner had purchased the house back in 2005 and had fallen into debt for $700,000.

There were seven other units but no bidders; the properties reverted back to the banks or lenders.

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A single bidder, in a foreclosure auction has bought up Southeast Hospital for $20 million. It is located to the eastern side of River Anacostia. Except for it there is no other hospital to attend to the residents. The auction was over within five minutes.

With this move D.C has returned to the work of taking over a financially troubled hospital. Over a decade previously the D.C. General Hospital run by the city was compelled to down shutters because of troubles of a similar nature.

At the recent auction there was no exchange of cash but the procedure has brought down the approximate debt of $55 million that the Specialty Hospitals of America, which previously owned it, owed to the city, noted Peter Nickles, the Attorney General.

Without delay the city took over possession of the hospital having 184 beds. Previously it was known as Greater Southeast Community Hospital. It honoured its payroll of $2.2 million and launched into the process of making other transfers and various other formalities.

For many months the city has been wrangling with Specialty regarding the finances of the hospital. The latter tried to halt the foreclosure but the judges proceeded with it. It was part of the plan of the city to take over control from the firm of this medical centre and place it under the authority of a board appointed by the District. Five of the board members were named by the city.

Natwar M. Gandhi, the Chief Financial Office has warned of the monetary risks involved in taking over this medical unit. The city officials were warned of the “negative impact on the District’s budget and financial plan”.

A sole vote was cast against the setting up of the hospital board by the city – it was that of Marion Barry (Democrat/Ward8). Barry informed that there were two potential private purchasers who were keen on the unit but Nickles turned down the offer from one.

Barry did not give the name of the person. Nickles admitted that there were two who showed interest in the deal but neither of them could produce the proper documents required.

Nickles also said that Barry had refused a minimum of 15 invitations to visit the centre and discuss solutions. Nickles alleged, “He has zero interest in a project that is of utmost importance to his constituents”.

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Legal entanglements are halting foreclosure sales of Bank of America in Utah. The court at St. George has for the time being stopped all Bank of America’s foreclosure auctions in Utah. This ruling in keeping with the laws of Utah State will impact on other lenders as well. It has been alleged that the mega lender and its connected firms had not properly registered themselves to operate business in Utah.

On 22nd May this first hand injunction against Recon Trust, a subsidiary of Bank of America and some other related companies will potentially impact on thousands of other foreclosures throughout the state.

The order running into 2 pages was ruled by Judge James L. Shumate (5th District Court) at St. George. It puts a ban on ReconTrust and some others from proceeding with sales of foreclosed units in Utah until it is determined whether the firm is registered legally with the relevant authority – Utah Division of Corporation.

The case was against Peni Cox residing in Washington County whose house had been foreclosed open. In reply to the order Bank of America has gone to the federal court to have the injunction lifted.

This dramatic order has come at a crucial time when the state is reeling under a surge of foreclosures. More than 22,000 owners of residential houses are defaulting since the middle of 2008.

The injunction was sought by lawyer J. Christian Barlow who had been representing Cox. He said if the order is made permanent then Bank of America and other such mortgage firms would have to register with the state and set up offices here so that the victims can parley with them directly. Barlow had accused Bank of America and other mega lenders for “arrogance and audacity”, even after pocketing billions as bail out money from the Federal Reserve. After having reaped profits, these banks resorted to kicking occupants from their homes without following legal rules. Barlow commented that the judge had “felt so strongly” in this case that he ordered the temporary injunction sans any hearing so as to put on hold the foreclosure process.

Speaking on behalf of Bank of America its spokesperson said that since the institutions are national in stature they are under federal law and rules. As such state statutes are not applicable to them. But the defendants did have a chance to present their views prior to the passing of the order.

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Foreclosure auction of Hollywood star, Nicolas Cage’s home has failed. He is leaving Bel Air since there is no other alternative. The property is a sprawling mansion owned by Oscar winning star of “Leaving Las Vegas”. The property went up to be auctioned on April 7th, Wednesday, together with a couple of other properties in the same boat. The auction was held on the court house steps of Pomona.

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Chaotic foreclosure auctions being followed by sudden evictions causing unprecedented pain and chaos in Phoenix.

One of the sufferers is Fed Winston. He had been negotiating with his lender regarding modification when the house he had been living in as the owner for long 18 years was sold off at a foreclosure auction in 2009 November. He said, “I had given my lender all the financial documents and been told not to worry about losing my home when someone knocked at my door. Some guy told me he owned my house and I had to get out that afternoon. I slammed the door in his face.”

Winston is a retired person suffering from cancer. The medical treatment has brought him to the brink of financial ruin causing him to fall behind his mortgage. It pushed his home into foreclosure. His lender however told him that loan modification matter was pending and as such the auction had been delayed. Winton’s dues were $300,000. His house was sold at the auction for $103,000.

When a man came knocking on his door asking Winston to clear out, Winston asked for proof of the sale and refused to leave until he laid eyes on it. The person, who claimed to be the new buyer, returned with it later on that very same day. It being a Friday, Winston was able to stay on for the weekend to pack his goods. Winston complained that nobody had enlightened him about his rights. Perhaps if he had been armed with that knowledge he would not have been so easily pushed out.

Brett Barry is a realtor. He recalled the incident of his neighbour who had forfeited his house to foreclosure in the previous fall. The successful bidders showed up at the house immediately after the auction. The family occupying the house comprised of a couple, their daughter and grandchildren. In a single day they had to engage packers and find a hotel to satisfy the whims of the foreclosing party. The new owners were concerned that the family might damage the house or remove some of the appliances and so they refused to allow the packing to take place inside the privacy of the house. The movers took two days to remove the goods while the couple as well as the buyers stood guard nearby.

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Mesa County has been witnessing in January 2010 the highest number of auctions in the 12 mega counties of Colorado according to the increase of percentages as per the data released by Colorado Division of Housing.

In January this year the number of foreclosure auctions jumped by more than four times the number of the same month in the previous year and six times more than 2008 January. The number of foreclosures that started also spiked last January by over two times the number of 2009 January and three times more than the numbers of 2008 January.

Eight counties of the twelve largest counties of Colorado posted drops in foreclosure posting as compared to January 2008. Foreclosure activity had picked up speed from that month in Colorado. In Mesa County the wave came comparatively late but it began to significantly surge from 2009. In January 2010 foreclosure numbers slowed down in 10 of the mega 12 counties but it swelled in Boulder and Mesa.

In Mesa county there were 145 foreclosure filings in 2010 January – an increase of 56 filings from January 2009 filings. In January 2008 there had been 41 foreclosure postings. The total number of sales of foreclosed units also jumped in this January. 70 houses were sold at the auctions or taken over by the banks. In January 2009, 16 foreclosed units had been sold. In January the number had been 12.

Till 19th February the lenders have taken 106 foreclosure actions according to Sharon Ener of Mesa County Public Trustee’s Office. He explained that although more units in Mesa County were entering the foreclosure zone over the past few months the pace of sales has not been equal to it and comparatively slow. In foreclosure sales Mesa County ranked 10th.

Realtors in Mesa County are feeling positive when the total number of sales of residential units in January went up by 46% in comparison to 2009 January. According to Colorado Association of Realtors in January 99 units were sold marking a spike from the 68 houses that were sold in 2009 January.
The prices however continue to tumble with more foreclosed units rushing into the market. In January 2010 the average sales value dropped to $192,222 as compared to the average sale price of $206,667 in 2009 January.

The figures are not too bright and fears about a backlash remain.

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Auctions are coming to the rescue of the banks to offload their inventory of foreclosed houses. Rates are being drastically cut but there are risks attached.
A house on Shelby Avenue in East Nashville was up for auction among 30 others. The auction was being conducted by Bob Parks Auction – the company being on a fast tour of the area disposing of houses. The house had been renovated with top class hardwood floors, fireplaces ringed by exposed bricks and a kitchen with a fresh coat of paint. The tax authorities had listed the house at $297,300. But a bidder won the house of $166,000. Even the buyer, Stewart Levine who was representing a local investor, Lane Wallace, was surprised and said, “I’m surprised it didn’t go for more. In this market, things are just down.”

Auctioneers are opining that auctions of bank repossessed homes are increasing as the banks are facing pressure to get rid of their huge inventories of foreclosed houses. Meanwhile the developers and owners of the units are drowning under jumbo debts. With no or less income there is very little hope in front of them.

Dale Hire has been purchasing and refurbishing houses for the last two decades. He opines that these auction deals are a sort of gamble. For those with ready cash and luck in their pockets there are many opportunities to snap up. Across USA in 2008 the number of auctions went up by 1% calculating to $17.1 billion in gross-sales-revenue. This is as per the findings of National Auctioneers Association.

Locally the sale of plots and houses fell by 29% in 2008 from what it was in 2007. Meanwhile auctions are becoming more and more popular. In Nashville over 100 auctions were recently listed.

Charlie Montgomery of Comas Montgomery Realty and Auction of Murfreesboro said, “It’s across the board that a lot of companies are seeing an increase.” He explained that this increase has been due to an increase in the number of foreclosures and the desperation of owners to dispose of them as quickly as possible. On an average it takes a listed house to be sold within 87 days in Nashville as in July as per the observations of Greater Nashville Association of Realtors.

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Thanks to the recent passage of a new law foreclosure auctions in Illinois have been delayed but not cancelled. It is apprehended that the number of default notices will continue to increase.

During the past three months in the Chicago region the default notices had dropped because of decrease in the number of filings for a period of 30 days that started from last April. The default notice is the first step in the foreclosure process. But once more foreclosure numbers are rapidly rising.
In Chicago region the default notices in April shot up to 5,539. In May it dropped sharply to 1,694 default notices but again in June it went up to 3,468. Experts are opining that the trend of increase will continue.

In the early part of April Governor Quinn inked into law Homeowner Protection Act. It bans foreclosures from starting within the first thirty days of the loan becoming delinquent. It also stipulates lenders to communicate to the borrowers that they have a grace period of 30 days within which to work out the loan working through an HUD approved housing counselor.

Geoff Smith of Woodstock Institute said, “The 90-day window is good but only good if you can help the borrower get into a better loan and theoretically that would be through the (federal loan modification) program.” Referring to the grace period he noted that it “seems to have achieved its goal of delaying the foreclosure process. What happens next is where the big question mark is. Are those people, whose foreclosure was delayed, are they now getting the help they need?”

Earlier in August the Treasury had noted that merely 9% were eligible for reworking of loans. Delinquent homeowners are being asked to avail of a trial period of three months to show their capability of being current with the newly worked out loan terms as laid down in the Home Affordable Modification Program.
The Department of Financial and Professional Regulation of the state is getting about 2,000 calls per months from the borrowers who have received notices relating to the grace period from their servicers. They are trying to locate a bonafide counselor. The problem is that there are not enough counselors to handle the mounting requests.

In July there were 14,524 initial default notices, auction sales and bank repossession on properties in Illinois – 35% more than in June according to RealtyTrac. Of these 6,770 were default notices. In June there were 3,648, default notifications, 3,139 default notices in May and in April 6,407 default notices. The bank repossessions numbered 3,700 in July.

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Overseas buyers coming from U.K. and Australia are flocking to foreclosure auctions in Detroit. The city is dotted with foreclosure notices and there is a surfeit of houses for sale. There are on the shop shelves 1,800 units priced below $10,000. Just a couple of years ago these were worth ten times that amount. In some extreme instances the houses are being sold for $1. This has lured in potential buyers from abroad. Darren Veness is a resident of Brighton, England. She though it would be fun and interesting to take a look at this foreclosure market.

Mike Shannon is a Detroit real estate broker and specializes in foreclosures in the city. In the past couple of months he has picked up 10 fresh clients from outside the state who are making bulk purchases. They want to buy up 50, 100 or 1,000 units – eager to snap up each and every decent bit of property going cheap that they can locate.

The foreign buyers are the recent among a long line of purchasers taking over the falling housing stock of Detroit – a city that had been a might centre of the automobile industry and boasted of the maximum number of owner occupied homes in America. Unlike many other jumbo cities, the single-family houses dominate the scene here and not the high-rises.

The buyers coming from abroad are attracted by the huge volume of vacant houses available for extreme low prices – much lower than anywhere else.

The poor housing mood of Detroit has impacted on the sale of HUD houses. The average price tag of these houses has fallen to $8,692 from $46,702 in 2008. In January 2009 it has dipped to $6,035.

However this is not the picture across the entire real estate market of Detroit. For instance a seven bed roomed Tudor house in Indian Village is asking a price of $849,900. A penthouse condo in Albert Kahn Building is asking $765,000.

The population of the city has dropped to half since 1950 and there are no signs of it picking up. The winners in this drama could be the renters who have settled in the houses of bonafide landlords. The losers are those who have fallen into the clutches of dubious ones who have no right to let out the premises. Those who have managed to cling on to their houses in this foreclosure climate will benefit with neighbours moving in to reside but the cost they will be pay is a further fall in their own property prices.

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