Nearly 80,000 kids in Ohio have seen their houses swallowed up by foreclosure while innumerable others are facing this risk as per a recent study. Foreclosures cause the family stress levels to increase. It results in households moving to poorer localities having higher crime rates and weak neighbourhood bonds as per the findings of First Focus.

A simple plumber Quintana, working by the labour of his hands found himself in a quagmire when he suffered injury while working and sought modification. The bank advised him to not to pay mortgage dues for two months to become eligible for it. Quintana complied and realized too late that the bank had tricked him into facing foreclosure.

A unit of Morgan Stanley, Saxon Mortgage Services that has recently been sold to Ocwen has been asked by the Federal Reserve to review its foreclosure operations covering the years 2009 and 2010. Warnings have been given that it would be fined and for lapses. The Feds came to a similar agreement with a branch of Goldman Sachs.

State Rep. Bobbie Beaver of Maine has taken the initiative in the passing of a bill that would see to it that lenders no longer ignore the rule of producing the original mortgage note before foreclosing. This will protect the homeowners from the outright thievery of national mortgage lenders – something that has been going on so long.

Ironically many previous homeowners do not know that sometimes even after foreclosure money is due to them if the sale amount is more than what they owed to the bank. But not having left behind a forwarding address the money lies idle in the office of the country clerk. Recently a website has been launched to trace the owners.

Cheryl Rosimos of Oakdale is threatened with foreclosure that will affect not only her family but also her six llamas. She has run from pillar to post to make her bank, Chase, help her but to no avail. The bank has said ten times that it has lost her documents.

The Black church African Methodist Episcopal Church, Roxbury is threatened with foreclosure initiated by One United bank. The bank has been helped by bailout funds. Church lawyer said not a single payment had been missed and could not understand the threats of the bank.

During the latest session of the Legislature a bill (AB 284) was passed in Nevada and in October 2011 it became the law. This caused the plummeting of foreclosure numbers. As per the law the lenders have to prove their legal standing before foreclosing. This has led to increase in short-sale figures.