All Posts Tagged With: "foreclosures"
Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C) Penalties Likely to End “No Money Down” Programs
As banks face penalties for abuse mortgage practices and sketchy foreclosure practices, lenders begin looking for larger down payments for borrowers looking to buy houses. Penalties faced by the nations largest banks, Bank of America, Wells Fargo and Citigroup are expected to run into billions of dollars as a result of the banks automatically signing [...]
Wells Fargo, (NYSE: WFC) Bank Of America (NYSE: BAC) and Others Expecting Fines On Foreclosures
Two of the largest mortgage holder in the country both Wells Fargo & Co (NYSE: WFC) and Bank of America Corp (NYSE: BAC) are expecting that they will be faced with fines or some type of enforcement action as a result of investigations into their procedures pertaining to foreclosures. Both Bank Of America and Wells [...]
Bank of America (NYSE: BAC) Announces Military Homeowner Help
Bank of America (NYSE: BAC) made its announcement today that they will begin helping members of the military that are having difficulties meeting their mortgage obligations. The bank has created a new program specifically designed to meet the needs of struggling active duty soldiers. The program, as described, will be set up to allow the [...]
Bank Of America (NYSE: BAC) Planning To Appeal Nevada Judge’s Order Halting 8,900 Foreclosures In The State
Bank of America (NYSE: BAC) is fighting another battle, this time with the courts in the state of Nevada. A preliminary injunction was issued last week by a Nye County District Court Judge Robert Lane. The injunction blocks the bank from proceeding on any non-judicial type foreclosures in Nevada. This brought to a halt 8,900 [...]
Wells Fargo (NYSE: WFC), US Bancorp (NYSE: USB) Loses Big-Time Foreclosure Case in Massachusetts
Wells Fargo & Co (NYSE: WFC) along with US Bancorp (NYSE: USB) has lost a foreclosure case in the highest court of Massachusetts this week. The result will have an impact on the way lower state courts deal with banking regulations and real estate law. The state Supreme Judicial Court has upheld a judge’s decision [...]
Wells Fargo (NYSE: WFC) Foreclosure Paperwork Also Flawed
After insisting their foreclosure paper work was in order, Wells Fargo (NYSE: WFC)has been caught out after discovering mistakes in its documents. This is not the first company to acknowledge foreclosure paperwork mistakes, Bank of America admitted to numerous foreclosure paperwork mistakes last week. Like other lenders, Wells Fargo failed to set systems in place [...]
Citigroup (NYSE: C) Goes Outside HAMP to Offer Loan Modifications
Citigroup (NYSE: C) is still offering home loan modification to customers but are now adding more options to the pool. The options are outside the options available through the Make Home Affordable program. Citigroup mortgage customers are still facing foreclosures due to the inability to make monthly mortgage payments. This is largely due to the [...]
Bank of America (NYSE: BAC) Drops Mortgage Brokers
The fallout from indiscriminate lending is causing banks to be more conservative regarding mortgage lending policies. Research has shown that in house loans performed better than broker loans. This has led to the downsizing of wholesale operations in many banks. The Bank of America (NYSE: BAC) joins JP Morgan Chase and Citigroup, who have reviewed [...]
Home Loan Modification Cancelled for Some JP Morgan Chase (NYSE: JPM) Customers
As many families are still seeking assistance through the Make Home Affordable trial modification program, customers of JP Morgan Chase (NYSE: JPM) have been complaining about the unfair cancellation of their trial modifications. Homeowners who have been disqualified believe they had their modifications canceled because the lender isn’t interested in helping homeowners find more reasonable [...]
Bank of America (NYSE: BAC) Sued Over Foreclosure Work
Bank of America (NYSE: BAC) has been sued by Diversified Field Solutions based on allegations the bank failed to provide contracted work for their foreclosure properties. Bank of America contracted with DFS to handle foreclosure preservation measures on the bank’s properties in 14 states. DFS claims Bank of America never upheld their end of the [...]
US Home Tax Credit Deadline Extended
The United States Senate held a vote on Wednesday that will give homebuyers an additional three months to settle up on contracts so they can benefit from the Homebuyers Tax credit that has been an incredibly popular and instrumental incentive for bringing back a spark to the housing market. The amendment was presented by Democratic [...]
Citigroup (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM) Join the Obama Administration to Reduce Second Mortgage Balances
The Obama Administration has announced a plan last Friday that will finally begin reducing the amount troubled borrowers owe on their home mortgage loans. This plan will allow people who are underwater on their mortgages to get a new mortgage backed by the Federal Housing Administration. Loans backed by the government agency insure the loans [...]
Bank of America Hijacks Parrot, Forecloses Wrong House
Bank of America (NYSE: BAC) has a lot of explaining to do. According to a Pittsburgh, Pennsylvania woman, the bank took not only her home but also hung on to her parrot even after proof was offered Bank of America had the wrong house. The woman filed a lawsuit today against Bank of America. Bank [...]
Your Rights When Your Rental Is In Foreclosure
While homeowners and other players in the housing and mortgage industry have been covered in detail in the news during the recent financial crisis, one group of society that has been neglected is renters. Many have been forced to find somewhere else to live because their landlord’s property went into foreclosure. Evictions among renters wants [...]
Homeowner Affordability and Stability Plan and What It Could Mean for You
President Obama recently announced the details of the Homeowner Affordability and Stability Plan, also known as the Making Home Affordable Program, which will allow some homeowners the opportunity to refinance their mortgages using a streamlined process. Between 7-9 million americans may be able to refinance their mortgage at today’s lower rates. The plan will also [...]
Conservative Homeowners Are Not the Main Factor in Foreclosure Problems
While the estimated losses of first mortgages come in around $180 million, it is not the live-in homeowners that are causing the financial crisis in the market. It appears that the biggest losses actually originate from commercial real estate loans and investment property loan. Houses also “built on speculation” are also a part of the [...]
5 Things to Look for in a Realtor
With the real estate industry in a tizzy due to foreclosures and downsizing of family homes, it is more important that ever to make sure that you make the right choices when it comes to trusting the sale of your home through a realtor. There are several things to think about before signing a commitment [...]
E*Trade and Bank of America Get What’s Coming to Them for Offering Exotic Mortgages
For the last five years or so, many of the nation’s major banks and financial institutions have been originating all sorts of non-traditional mortgages such as interest only loans, adjustable rate mortgages, mortgages with balloons, fifty year mortgages, and a whole slew of other financial products that no consumer should ever buy. Unsurprisingly, many consumers [...]
I agree. If a local business is the one offering the sale price I will buy it from them. ...
We are retired and live on a grocery budget of $200 a month for 2 people in the Midwest. That ...