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Industry News
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$1.5 Billion Targeted for Struggling Homeowners
Housing finance agencies are anxiously awaiting a small windfall to help some 125,000 struggling homeowners in five states hardest hit by the housing market crash.
President Barack Obama announced the $1.5 billion infusion for housing agencies in Arizona, California, Florida, Michigan and Nevada, where home values have fallen more than 20 percent from the peak 2006 and 2007 markets.
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Nevada Supreme Court to hold hearing on foreclosure program
The Nevada Supreme Court will consider amendments to the rules governing the Nevada Foreclosure Mediation Program at a public hearing on March 16.
“With the Foreclosure Mediation Program now in its eighth month of operation, we have determined that some additional rule changes are necessary to make the process more efficient and responsive, to benefit both the homeowner and the lender” said Chief Justice Ron Parraguirre.
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Squatters in their own house: When banks don't foreclose
It's been more than 16 months since Eugene and Patricia Harrison last paid the mortgage on their Perris, Calif., home. Eleven months since the notice got slapped on their front door, warning that the house would be sold at auction.
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Bankruptcy Foreclosure Scams
For $800 and the Deed To Your Home--
Bankruptcy Foreclosure Scams Target Distressed Home Owners
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Rented Identities, Extravagant Prices and Foreclosure: A Post-Boom Real Estate Scam
Over the course of several months last year, McConville picked up at least 81 condo conversions from distressed developers and orchestrated their sale to more than 20 buyers who'd rented him their identities, according to a review of hundreds of public and private records and interviews with lenders, developers, former McConville employees, and six of the more than 20 buyers.
By arranging purchase prices well above market value, McConville was able to pay off the developers and capture what the developers' records state as more than $12.5 million. Now, 74 of the 81 homes involved in the deals in Sommerset Villas and Sommerset Woods in Escondido and Westlake Ranch in San Marcos are in the first stage of foreclosure.
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