Alaska Real Estate Fraud

February 20, 2009
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The economic downturn being experienced in the United States today has placed a lot of pressure on illegal schemes in a variety of industry. Take for example the biggest real estate loan fraud in Alaska which may not even see the courtroom after a plea agreement has been inked between the prosecutors and the defendants consisting of seven individuals and one company. One defendant had a change of my last week and withdrew his agreement. All are facing charges of fraud and conspiracy.

The case, which was scheduled for trial this week, may never even reach trial after the plea agreement was reached 14 months after the defendants were indicted in…

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Filed Under: Economy Crisis, Foreclosures, Real Estate Fraud

Obama’s $75M Mortgage Relief Plan Dubbed Ambitious

February 19, 2009
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The $75 million mortgage relief plan announced by President Barack Obama in Arizona Wednesday has been criticized as too ambitious. The place chosen for the announcement is symbolic considering that it is the hardest hit by the housing problem. The plan aims to help 9 million Americans who are facing foreclosure proceedings. The federal government has stepped in the foreclosure problem considering that it has led to other factors making the recession more unbearable.

Obama said everyone will be paying a price for the mortgage crisis but a steeper price will have to be paid if they crisis is not curbed and is allowed to deepen. He said the crisis, which…

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Filed Under: Foreclosures

Obama Administration To Halt Foreclosures

February 18, 2009
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Finally, President Barack Obama is stepping into the frontline to bring home the message that his federal administration is serious about staving off the wave of foreclosure.

Obama’s announcement of his administration’s plan to stop foreclosures surely brings a big boost to the housing industry of the United States, Such a move sparks hope for American households who need something to hold on to at this time when foreclosures is the rule rather than the exception.

The mechanism to prevent further foreclosure forms part of the economic stimulus package that the Obama administration is coming up with to save the national economy from crashing and at the same time save people who are heavily suffering…

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Filed Under: Foreclosures

NYC Firms Halt Foreclosures

February 17, 2009
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Citigroup Incorporated and JPMorgan Chase & Company have decided to halt foreclosures pending the Obama administration’s housing rescue plan. This was confirmed by JPMorgan chief executive Jamie Dimon who said the loans of owner-occupied homes will not be the subject of foreclosure until March 6. Dimon already informed House Financial Services Committee Representative Barney Frank so you can expect Congress to move fast on their foreclosure solutions. Frank has earlier asked companies to implement foreclosure moratoriums.

Citigroup on the other hand said only first mortgage home loans being used as the customer’s principal residence will be included in the foreclosure moratorium. It will also include all loans where the company and…

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Filed Under: Economy Crisis, Foreclosures

White House To Buy At-Risk Loans To Stop Foreclosures

February 16, 2009
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Is the White House’s decision to buy at risk loans, especially homes, and refinance them to prevent occurrence of a great wave of foreclosures that might sent millions of Americans homeless a wise move?

Some sectors believe it is good that the federal government has taken a bolder step forward to save homes instead of just pressing lending industry to grant homeowners more affordable payment terms.

But how would this be implemented? With the $50 billion already approved for the foreclosure bailout, the government will buy mortgaged houses at a discounted price.  Homeowners would no longer have to leave their houses they have known to be their homes, because the government will come up with a…

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Filed Under: Economy Crisis, Foreclosures, Real Estate Crisis

Rise In Foreclosure Lead To Rise In Squatters

February 16, 2009
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The homeless have found a comfortable place to stay in, away from the structured shelters—the foreclosed homes. That’s an inevitable consequence triggered by real property meltdown which, we all know, have thrown out homeowners from their homes.

This situation is most obviously seen in Cleveland where foreclosed houses outnumbered the homeless. Brian Davis, board member of the National Coalition for the Homeless bared the latest census of homeless saying there are 4,000 homeless in Cleveland who could be seen on streets at any given night while there are about 15,000 foreclosed homes in the area.

This makes one wonder if number of homeless people would eventually drop with the rise of vacant houses which have become very inviting…

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Filed Under: Economy Crisis, Foreclosures

Communities Fazed by “Horror” Vacant Houses Due To Foreclosure

February 16, 2009
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Foreclosed homes are indeed a bane to the society not only because the abandoned homes can literally turn into a ghost town. But more than that, drug addicts and other criminal elements loitering and occupying the vacant units in the neighborhood are more horrific in addition to gigantic rodents feasting on mounting garbage dumped on unattended lots.

What Syracuse United Neighbors in Syracuse, NY is doing is worth emulating.  What they are doing is a big sacrifice but concerned members consider it well worth it considering there able to cleansed the neighborhood of threats to their lives, health and properties

SUN members and officials have obtained permission to demolish empty houses and as…

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Filed Under: Foreclosures

Banks, Lenders Oppose Bankruptcy Legislation

February 12, 2009
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The cramdown legislation being fasttracked in Congress may cut back on the number of foreclosures in the country but the controversial proposal is already being opposed by bankers and lenders.  The bill allows bankruptcy courts to dictate the lender as to the total amount owed by the homeowner to the lender to prevent a foreclosure.  For example, you owe your lender $300,000 but the bank can tell your lender that since the property is only worth P$150,000 then that’s all you owe and need to pay to avoid foreclosure.

Once it becomes a law, the cramdown legislation will empower the courts to cram down or cut the interest rates as well…

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Filed Under: Economy Crisis, Foreclosures

Industry Players Urged To Team Up To Avoid Foreclosures

February 12, 2009
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Crisis is a time of uniting forces to survive.  People can be effective alone but they can become efficient when working as a team.

The challenge for industry players is to ride out the property bubble burst which has sent mortgage into a meltdown with defaults running high because property owners could no longer afford to pay due to soaring interest rates.

Then why not create a team to fight foreclosures, save the property for the owners and at the same time rake in monetary opportunities out of the service?  Your team might someday be honored for saving the American dream of home ownership while also saving professional careers.

You can group together professionals who have…

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Filed Under: Foreclosures
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