Battles in California Over Mortgages
Battles in California Over Mortgages
Posted on June 26, 2010
As the housing market continues to sputter, the real estate industry is increasingly split on the responsibilities of overextended and foreclosed homeowners. On one side are the bankers, who say borrowers should be liable for what they owe. On the other side are real estate agents, who say those who lost their houses should not be so burdened by debt that they cannot move on, David Streitfeld reports in The New York Times.
Pacoima residents want city to fight blight
Pacoima residents want city to fight blight
Posted on June 13, 2010
One in 10 homes in the area is in some stage of foreclosure. A city ordinance taking effect July 8 will fine banks $1,000 a day if they don’t maintain the houses.
Foreclosure filings decline 3% in May
Foreclosure filings decline 3% in May
Posted on June 10, 2010
Foreclosure activity in the U.S. continued to level off in May with the number of homes caught up in some stage of the process falling 3% from April, a real estate firm said.
A foreclosure fix
A foreclosure fix
Posted on June 03, 2010
Banks foreclosed on almost 200,000 homes in California last year, and this year’s toll is expected to be even higher. State lawmakers have tried to encourage banks to do more loan modifications that help both sides, keeping borrowers in their homes while cutting lenders’ losses. Yet homeowner advocates say a serious problem remains. Overwhelmed and disorganized, lenders continue to foreclose on borrowers who are in the process of negotiating new loan terms. At a time when the market is flooded with repossessed properties, that’s just inexcusable.
Foreclosure filings decline 9% in April
Foreclosure filings decline 9% in April
Posted on May 13, 2010
The U.S. foreclosure crisis has started to “plateau,” with the number of U.S. homes in some stage of the process declining 9% in April from the month before, according to RealtyTrac.
Homes receiving some kind of foreclosure filing in April — a notice of default, scheduled auction or bank repossession — declined 2% from April 2009, the first year-over-year drop since the Irvine company began publishing its monthly report in January 2005.
California home default cases plunge
California home default cases plunge
Posted on April 21, 2010
The California foreclosure crisis appears to be abating, new data show, as the federal government and big lenders step up efforts to keep troubled borrowers in their homes.
Mortgage default notices — the first step toward foreclosure — plunged 40.2% statewide in the first three months of the year compared with the same period in 2009, according to San Diego research firm MDA DataQuick.
LA NHS honors community leaders focused on helping families prevent foreclosure
LA NHS honors community leaders focused on helping families prevent foreclosure
Posted on April 14, 2010
LA Sentinel - During the March 17 Homecoming event, Los Angeles Neighborhood Housing Services, Inc. (LA NHS) awarded various community leaders with the “It Takes Teamwork” Award.
Legislature backs tax break for forgiven mortgage debt
Legislature backs tax break for forgiven mortgage debt
Posted on April 08, 2010
Thousands of Californians whose homes were foreclosed on or sold at a loss will likely get tax relief under a measure approved Thursday by the state Legislature.
The bill would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The law is expected to affect about 34,000 taxpayers.
Gov. Arnold Schwarzenegger is expected to sign the measure, which would also provide about $60 million in tax credits to green-energy companies.
‘Underwater’ borrowers could get relief under Obama plan
‘Underwater’ borrowers could get relief under Obama plan
Posted on March 31, 2010
The Obama administration unveiled new measures Friday aimed at getting lenders to reduce the principal balances on problem mortgages and to refinance “underwater” borrowers, who owe more than their homes are worth, into government-sponsored loans.
U.S. Plans Big Expansion in Effort to Aid Homeowners
U.S. Plans Big Expansion in Effort to Aid Homeowners
Posted on March 26, 2010
The Obama administration on Friday announced broad new initiatives to help troubled homeowners, potentially refinancing millions of them into fresh government-backed mortgages with lower payments.
