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foreclosures

Foreclosures Down 16 Percent Year-Over-Year in Q3

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RealtyTrac has released its U.S. Foreclosure Market Report for September and the third quarter of 2014, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions— were reported on 317,171 U.S.Click to continue

More Than 40,000 Permanent Loan Mods Reportedly Granted in August

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HOPE NOW has released its August 2014 loan modification data, which found that an estimated 40,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

CoreLogic Reports 45,000 Completed Foreclosures in August

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CoreLogic has released its August National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory, which found that there were 45,000 completed foreclosures nationally, down from 58,000 in August 2013, a year-over-year decrease of 22.2 percent.Click to continue

New York State Launches Probe Into Hard Money Predatory Lenders

Scales of Justice/Credit: Thomas Northcut

Benjamin M. Lawsky, Superintendent of Financial Services, announced that the New York State Department of Financial Services (DFS) is launching an investigation into possible predatory lending practices by companies that originate short-term, high-interest loans to New Yorkers secured by a borrower’s home or other real estate – a practice known as hard money lending.Click to continue

Surge of Past Short Sellers Spotlights New Problems for Sellers With Deficiencies

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Many are aware of the foreclosure code placed on past short seller credit. As past short sellers surge back into the housing market, new problems come to light. Short sellers who paid on a deficiency after the short sale closed are getting denied by both Fannie Mae and Freddie Mac for a conventional mortgage for three reasons:

1. The short sale credit is coded as a foreclosure, the same problem that almost all short sales are experiencing.Click to continue

Consumers in Foreclosure: Kick'em When They're Down!

On July 23, 2014, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) jointly issued an announcement, entitled “CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers” (“Announcement”).1

It seems that the perps (aka “perpetrators”) are out in full force, using deception and false promises to “collect more than $25 million in illegal fees from distressed homeowners.”2Click to continue