Posts Comments

You are here: Home / Archives for i am facing foreclosure

Frustrated Owner Bulldozes Home Ahead Of Foreclosure

February 19, 2010 By Leave a Comment

From WLWT- Cincinnati

MOSCOW, Ohio —

Like many people, Terry Hoskins has had troubles with his bank. But his solution to foreclosure might be unique.

Hoskins said he’s been in a struggle with , over his Clermont County home for nearly a decade, a struggle that was coming to an end as the bank began foreclosure proceedings on his $350,000 home.

“When I see I owe $160,000 on a home valued at $350,000, and someone decides they want to take it – no, I wasn’t going to stand for that, so I took it down,” Hoskins said.

Hoskins said the Internal Revenue Service placed liens on his carpet store and commercial property on state Route 125 after his brother, a one-time business partner, sued him.

The bank claimed his home as collateral, Hoskins said, and went after both his residential and commercial properties.

“The average homeowner that can’t afford an attorney or can fight as long as we have, they don’t stand a chance,” he said.

Hoskins said he’d gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure.

Read more here: http://www.wlwt.com/news/22600154/detail.html

Share
Filed Under: Mortgage Fraud News Tagged With: , , , , ,

The Year in Foreclosures

February 15, 2010 By Leave a Comment

New York times Editorial

Last week offered some sobering news on the housing market: Even with broad government support for housing, data from the National Association of Realtors showed that the median price of single-family homes continued to decline in 2009. RealtyTrac, an online marketer of foreclosed properties, said foreclosure filings rose by 15 percent in January compared with a year ago.

Foreclosure is generally a long process, with multiple filings as delinquent borrowers fall ever further behind. What is most ominous about the latest RealtyTrac numbers is that nearly 88,000 people had their homes repossessed in January, a 31 percent increase from a year ago. The big jump indicates that many foreclosures that were in process in 2009 are now beginning to move to repossession and, eventually, auction. With more than four million homes in that pipeline, the foreclosure crisis shows no sign of abating.

Worse, as The Times’s Peter Goodman recently reported, the Obama administration’s antiforeclosure plan (which pays cash incentives to mortgage companies that lower monthly payments for troubled borrowers) may be doing more harm than good for some borrowers.

Read more here: http://www.nytimes.com/2010/02/15/opinion/15mon2.html

Share
Filed Under: Mortgage Information Tagged With: , , , , , ,

FL Justice Rule: Lenders Must Verify They Are The Owner Of The Note

February 15, 2010 By Leave a Comment

By BILL KACZOR, Associated Press

Lenders will be required to pick up the tab for investigating and verifying ownership and then try mediation before foreclosing Florida home mortgages under new rules approved Thursday by the Florida Supreme Court.

The rules are designed to help Florida’s judicial system better cope with a flood of foreclosures. They follow a December administrative order by Chief Justice Peggy telling local judges to adopt a uniform mediation program.

Florida has the nation’s fourth-highest foreclosure rate. Almost 400,000 cases were filed in Florida’s courts last year.

The rules and corresponding legal forms were proposed by a pair of Florida Bar panels.

“They found that many cases were being filed by plaintiffs that didn’t’ own the mortgages any more,” said Miami lawyer Mark Romance, who chairs the Civil Procedures Rules Committee.

Romance said other cases were being filed against people who no longer owned the homes.

“I don’t think there was any ill will or intent to harm someone,” Romance said.

The investigate-and-verify rule should help prevent those kinds of errors and give judges greater authority to sanction lenders who do make false allegations, the justices wrote.

“It’s just going to be another hoop to jump through,” said Anthony DiMarco, executive vice president for public Affairs for the Florida Bankers Association, which opposed that provision. “It’s making us find a document we’re already supposed to find.”

Read more here: http://abcnews.go.com/Business/wireStory?id=9816642

Share
Filed Under: Mortgage Law Tagged With: , , , , ,

Palm Beach Judge Says You Can Now Strip Your House When Facing Foreclosure

January 10, 2010 By Leave a Comment

 Eliot Kleinberg, Palm Beach Post

A judge today ruled prosecutors can’t prove eight men committed a crime when they stripped a million-dollar Loxahatchee Groves home under foreclosure.

The ruling could well lead prosecutors to drop charges against the eight, unless new evidence comes to light.

The decision focuses a spotlight on a growing problem: it’s taking a year on average for lenders to seize foreclosed homes through a formal sale, giving angry or desperate owners plenty of time to cart away goods and fixtures.

Or have someone do it for them.

“There is a problem with the system that’s going to plague our system for a long time,” Palm Beach County Circuit Judge Ted S. Booras said.

A Palm Beach County Sheriff’s report says a person had met a deputy Wednesday night at the home at 14094 43rd Road North. It’s valued at $1.1 million.

After the man showed the deputy a foreclosure document, the deputy found the eight men, seven of them from Broward County, removing major appliances, cabinets, and even toilets and tiles and copper wire.

Andrew H. Carr, 47, of Davie, told the deputy the men were in the house with the permission of a man named Gary Coulton, who was in Jamaica.

(Read More)

Share
Filed Under: Mortgage Law Tagged With: , , , ,