(Kathy from Florida) How long does a foreclosure typically take in Florida? (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Archive for the ‘Foreclosure’ Category
How Long Can you Collect Belongings After Foreclosure Auction?
(Michelle from Georgia) how long do you have to collect your things from the home being foreclosed on once its actioned off? (more…)
Can a Home be Moved from Property Before Foreclosure?
(Sarah from Georgia) Can A home be moved from property before foreclourse? (more…)
Does Foreclosure Ruin My Credit If I’m On the Deed?
(Miryam from Florida) im married my husband has a mtg that behind im only on the deed not on the note. can this ruin my creditm if he get foreclosed? should i take my name off the deed?does the bank report it to the credit beruau or the court? thanks (more…)
Lender to Delinquent Homeowner: Don’t Leave!
With all of the mortgage delinquencies that are occurring, many lenders have been quick to foreclose on properties as an attempt to stem their losses. However, there are also social problems that are causing lenders to allow homeowners in default to stay in their homes until they sell. This is what is happening: (more…)
Hundreds Arrested in Mortgage Fraud Probe
Hundreds of mortgage professionals have been arrested within the past week, with most arrests occurring Wednesday, June 18. According to the FBI, there may be as many as 1,400 additional investigations, which could lead to many more arrests for fraud. (more…)
Foreclosure Hits Former Bash Brother
Former Major League Baseball star Jose Canseco is walking away from his mortgage. His $2.5 million Encino mansion has been foreclosed after Canseco stopped making monthly mortgage payments. (more…)
Tennessee Senator Proposes Tax Credit for Home Buyers
In a proposed bill co-sponsored by Senator Johnny Isakson of Georgia, Tennessee Senator Lamar Alexander wants Congress to provide tax credits of up to $15,000 over three years to those who buy new and foreclosed homes. Alexander pointed to a similar strategy used in the 1970’s to stimulate demand for home purchases. (more…)
National Foreclosure Management Inc. Sued by Florida Attorney General
A foreclosure rescue operation was sued in Broward County Circuit Court on allegations of fraud. National Foreclosure Management Inc., which also does business as American Home Rescue Inc. was charged with violating Florida’s deceptive and unfair trade laws.
About 80 homeowners were affected, representing approximately $1.7 million in equity. Most of these homeowners had substantial equity in their homes, yet were facing foreclosure. It is believed that they were targeted specifically because of the higher equity they held.
Homeowners thought that they were getting a deal. They were allowed to remain in the homes while the rescue company held the property titles for a year. Homeowners were expecting to refinance as part of the deal.
Instead, many homes were sold to investors that would in turn rent the homes back at an inflated rental rate. Homeowners lost their equity and ownership interests.
The legislature has proposed House Bill 643 and Senate Bill 992 which are expected to make mortgage rescue scams harder to operate. These bills would require a 5 day cancellation period, additional disclosures and limitations on payments received prior to service.
ARM Holders Should Refinance
Holders of adjustable rate mortgages (ARMs) that are facing a reset (dramatic increase) in their rates and monthly payments should consider refinancing with a fixed rate mortgage loan. Actions by the Fed to cut short-term interest rates should hold mortgage rates low for the next several months. (more…)
