Single mom Melissa Smiles lives out life with her son. They were preparing for Christmas when suddenly foreclosure notice arrived although for the last ten months Bank of America had been baiting her with modification hope. When she took the assistance Help Desk the bank suddenly became cooperative.

BofA has bizarre methods to harass homeowners. One couple had never failed to pay premium was mulling over loan modification but never took it. The credit agency however was notified otherwise. Couple’s record got damaged. Another couple had paid cash for their house but had their house broken into and possessions rifled.

In Virginia the lender can foreclose sans the judicial system; a trustee takes over the duties of the judge. It hardly leaves two weeks time for the borrower to file a case submitting proof in defense plus thousands of dollars as court bond. A new law as further strengthened position of lenders.

Detroit City is planning to shrink down to a core area by discontinuing services to those places where vacant houses are creating problems in overwhelming numbers. The abandoned structures would be razed to the ground giving way to urban farms.

A survey has contradicted popular notions about the foreclosure crisis. Most of the borrowers were not young but were above forty, the bulk of the loans did not have high rates of interest, ballooning payments and pre-penalty fines. Thirdly the majority did not lose property – in some instances they sold it profitably.

CITI is one of the many banks that gave no thanks to the ordinary American after being bailed out from a near-death situation. This attitude is causing foreclosures to persist. Philadelphia is mandating compulsory meetings between the parties prior to foreclosure. A typical case is that of William Whiting.

ESOP (Empowering and Strengthening Ohio’s People) is distinct from other government plans as well as that of mortgage counselors in that it makes the lenders accountable. It has managed to make many mega financial entities (Bank of America, CitiMortgage, Ocwen Financial Corporation Litton Loan Servicing) to ink “fair lending agreements” that outline clearly the working [...]

Questionable mortgage operations and loose lending standards were the causes leading up to the housing bubble that ultimately burst and pushed economy into the jaws of the severest recession (2007-2009) since the 30’s. Many citizens contracted mortgage loans on their houses without understanding and walked into houses they could ill afford. Consequently foreclosures touched record [...]