The foreclosure crisis worsens but the victims are fighting it and struggling to continue to stay in the houses that are their homes. The Government together with the mortgage industry is going all out to address the problem that has gone beyond the boundaries of the playing fields of the lenders and borrowers. All are [...]

This summer a million-dollar Hamptons mansion was caught in the foreclosure net. This mansion is an 18,000 square foot property in Bridgehampton. Foreclosure has reduced its value from $27 million to a mere $19.5 million! A company called Burns Development constructed the mansion on 4 sprawling acres. It has hosted top shows like the Hamptons [...]

With the surging waves showing no signs of receding, New Yorkers continue to be hemmed in by foreclosure crisis. It is alleged that fraudulent sub-prime mortgage lending has led to this meltdown. Each single foreclosure has a snowballing effect and affects the surrounding neighbourhood – its environment and property values. Foreclosures are a costly judicial [...]

The increasing numbers of foreclosures, defaults and delinquencies have broken past records in the first quarter of 2008. The apprehension is that this trend will continue causing damage to the real estate market and the economy in general. According to latest figures that proportion of loans that slipped into foreclosures increased by 0.99% through this [...]

The gloomy apprehension is that soon one in 32 house owners in New York will be cursed with foreclosures within two years or so. The story of this debacle started with the taking of sub-prime loans. These large numbers of foreclosures will cause a loss of about $65 billion to the state and local administration. [...]

On Monday 24th March, at Philadelphia, New York Senator Hillary Clinton (Democrat) talked about a new four point plan to tackling the growing national problem of foreclosures She wanted more to be done for loans that are threatening foreclosures as well as the creation of a panel to study the problem from all angles. She [...]

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 who had [...]

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 [...]