Posts Tagged ‘foreclosure’

Consumerist commemorates the fall of Ameriquest, one of the scummiest subprime lenders with this apropos graphic:

Also from the Consumerist article:
Ameriquest, the lender the epitomized everything that was f*cked up about the subprime mortgage meltdown, is dead.
The lender stopped taking loan applications Aug 1st and its assets (including $45 billion of loans) were sold to Citigroup [...]

The Federal Reserve has a list of resources for consumers facing foreclosure.
Consumers in this situation may also want to check out Don’t Borrow Trouble and Acorn, two organizations that can help.
[via CL&P Blog]

Homeowners in foreclosure who end up in my office are rarely surprised by their predicament. Most expected it for some time, but did nothing. This is a horrible mistake. If something happens and you know you will not be able to make your mortgage payments, you do have options. But if you don’t take action [...]

It is more than obvious that there are a lot of people out there who cannot afford the houses they live in. If you are in the market, though, how do you know whether you can afford to buy? If you already own a house, how do you know whether you should consider selling the [...]

I was a first-hour guest on the CTX Home & Wealth Show this morning. Sue, Alex, and I talked about foreclosures, including looking out for equity strippers and dishonest mortgage brokers, and about using conciliation court. It was a fun experience, and I hope to be invited back to follow up with other consumer topics. [...]

I was listening to MPR this morning–that’s Minnesota Public Radio for you non-Minnesotans–when Cathy Wurzer made the above comment. I laughed out lout and spilled my tea.
Banks are surprised that their loose lending and nonexistent oversight of brokers has led to a high default rate? I mean, who would have thought that if you don’t [...]

Link to video.
This investigative piece by KSTP talks about the extent of the foreclosure problem in Minneapolis. And with every foreclosure comes dozens of letters from hopeful equity strippers. In fact, many of those houses are probably in foreclosure because of predatory refinances, fraudulent assessments, and overstated income by unscrupulous mortgage brokers.
There are two parts [...]

Equity stripping is a type of predatory lending brought on by the housing “boom.” As housing prices skyrocket, many homeowners don’t realize they are living in a goldmine. At the same time, property taxes are skyrocketing, forcing many homeowners into default. Those living on fixed incomes are particularly vulnerable.
This combination means unscrupulous individuals have a [...]