The crisis is the same, though driven by different factors. The Detroit-Warren-Livonia Michigan area posted the third highest increase in foreclosures, up 19% for 2010. So, the snowball continues to roll rapidly down the hill, albeit with something new pushing it. It started with teaser ARMs expiring as home prices fell and interest rates increased….
Category Archives: foreclosure
What Does The Mortgage Company Have To Prove To Take My House?
Who owns the note? That has been the battle cry, increasing in volume, from Florida to New York and across the land, wherever banks have to go to court to take someone’s house, and the homeowner defends against foreclosure. The banks say, why should this person get a free house? Well, hardly anyone does. Most…
Another Foreclosure Defect?
Michigan homeowners may have another defense to foreclosure by advertisement. It seems yet another foreclosure shortcut taken by the mortgage companies has been uncovered. A Nevada attorney has challenged a foreclosure there on the basis that the default notice was defective, in that the sender had no idea whether the mortgage was actually in default….
Mortgage Modification and Michigan Foreclosure News
Well, my voice is shaking. I have literally marked 577 emails as possible blog topics. Instead of letting us hit a bottom two years ago, and letting the mortgage companies die the death they so richly deserve, our politicians bailed them out, with our money, of course. Instead of judicial mortgage modification, the powers that…
Foreclosures Still Going Strong
More foreclosures happening, the housing market gets worse, and even more foreclosure will come. American household wealth goes down, another precursor of more bankruptcies. The rich and famous are not immune, word is Mel Gibson’s Malibu, California properties will be foreclosed. Waiting for a loan modification to save your home?You may be waiting until you…
Foreclosure Scandals Explode
Our friends at the big banks, like J. P. Morgan and Ally Financial, until recently GMAC Mortgage, are taking it on the chin in the press these days, I will try to summarized the latest foreclosure scandals. Written contracts, like mortgages, depend on, documents. Legal proceedings over written contracts depend on, accurate documents. Especially affidavits,…
Foreclosure News Update
More true confessions from foreclosure crooks. If you are losing your home in foreclosure, you would like to think the paperwork is accurate. Or, if you are buying a home out of foreclosure. Well, go ahead and think that, but it has never been further from the truth. MERS was started by the mortgage companies…
Foreclosure News Everywhere
The picture represents the cash the mortgage companies have been ripping off the public for years. The manure has been hitting the fan, hot and heavy. I will throw out some of the big stories of the last couple of weeks: The first item is not news, just another story of the failure of the…
Foreclosure Crisis Continues
ice I have not posted for a while, sorry, the foreclosure crisis continues, but not a lot new to report. We hear about the housing bubble, which we in Michigan missed. But our housing market burst anyway! And, with unknown trillions of our tax dollars committed to saving the bank and mortgage companies that brought…
Buy And Bail Is Back?
Well, here we go again. Buy and bail, where people get approved for a mortgage to buy a new place, even though they still owe for the old one, never left. Changes in government lending standards were supposed to prevent this, at least with Fannie Mae and Freddie Mac loans. Surprise, surprise, as Gomer Pyle…
