Archive for the 'Foreclosure Crisis' Category

According to Minnesota Homeownership Center, there have been 66,000 homes foreclosed in Minnesota for the three previous years. Most of these foreclosures have actually resulted from equity strippers who cheated homeowners with scams or toxic mortgages. According to the findings of Minnesota Public Radio, there are only a few of these scammers who were given criminal charges. Even worse, only a small number have been labeled in civil suits.

Several citizens have shared their encounters with mortgage fraudsters, predatory lenders, and equity strippers. And until now, a lot of them have not yet achieved justice.

One of the scam cases was that of Becky Benson, who lost her court case. She has been victimized by an equity stripper. She agreed with signing her house to a man who made her rent it back from $300 to $900, thrice her original monthly payment. Benson hired a lawyer to reverse the deal and sue on her behalf, but she lost the case at the district court level, as well as the appeals court level.

Numerous public and private groups chase fraudsters. One of them is Atty. Mike Freemans officed in Hennepin County. He has already charged almost 25 companies and individuals and has won some cases like that of Donald Walthall and his Universal Mortgage, which is based in Brooklyn. Walthall has been found guilty of several mortgage frauds and he is to serve a minimum of six years in jail.

There are several private groups who help foreclose homeowners in getting their money or home back through the filing of civil suits. Some of those in the list are the Southern Minnesota Regional Legal Services, Housing Preservation Project, Minneapolis Legal Aid, Volunteer Lawyers Network, Centro Legal, and lots of cooperating lawyers.

The victims of mortgage frauds, predatory lending, and equity stripping who have lost money and even their homes deserve justice. But thanks to non-profit groups who helped them get back what they have lost, these homeowners have found justice.

Seach for Foreclosed Homes by Minnesota Top Cities:

• Minneapolis Foreclosed Homes
• Rochester Foreclosed Homes
• Saint Paul Foreclosed Homes

For most distressed homeowners, the fact that they are facing foreclosure is not enough reason for them to give up their right to vote in the upcoming presidential election.

In most counties, the members of the Democratic Party has been making sure that the voting right of these unfortunate individuals is still upheld. They are mostly worried that the Republicans might use the foreclosure listings as a reason for challenging the residency of these voters.

This fear comes from reports that the GOP is planning on challenging ballots based on foreclosure lists. The Republican Party has already denied such claims but there is still news that they are entertaining the idea to ask these troubled borrowers to vote provisionally.

According to election officials, there is actually no reason for troubled borrowers to be worried since it does not mean that the homeowners is no longer residing there legally. Even so, such tactics can cause some voters to think twice about voting for fear of being embarrassed. This situation will certainly affect voter turn-out and might even slow down the entire voting process.

The good news is that poll workers will be educated on laws regarding registration in order to respond to any challenges during Election Day.

As for the provisional vote, some states have a provision in their registration guideline that allows individuals to vote in their former precincts on the condition that they are still residing within the same congressional district and county. All they need to do to vote is to submit an affidavit.

For the Democrats, they consider these foreclosure related challenges a form of harassment. A team of Democratic attorneys is already getting ready to address these false challenges come Election Day.

Last month, the Obama campaign filed a lawsuit against the Michigan GOP in order to keep them from proceeding with the foreclosure related challenges.

Another reason why the problem in the housing industry worsened is the hundreds of thousands of homeowners who failed to address their mortgage problems properly. Some of these distressed homeowners decided to ignore the calls and letters sent by mortgage lenders when they started missing their mortgage payments. Unfortunately, this kind of reaction will only aggravate their stuation.

If only they knew that there are actually several options that they could have checked out to solve their mortgage problems, they might have enjoyed the chance to fight for their homes. If you recently found yourself in the same boat as these distressed homeowners, here are some of the possible solutions to your financial woes.

• Loan Modification – assuming that you are having difficulties with your mortgage payments because you could no longer afford them, you should probably speak with your lender about changing the terms of your existing loan. If the lender agrees, you will find yourself with a longer paying period, less monthly mortgage dues and if you are lucky, a fixed interest rate.
• Re-financing – if you are in a situation where your credit history has not been blemished by missed payments, you can always consider taking out a new loan – one which you can afford to pay and with generally better terms.
• Pre-foreclosure Sale – you will be surprised with the much buyer interest that homes in pre-foreclosure are generating. If you believe that you can no longer keep up with the payments and you have some equity left on the property, it will probably be wise to put your home in the market. Of course, you will have to make an effort to attract buyers, considering that you need to sell the property before the reinstatement period is up.
• Deed in Lieu of Foreclosure – this option is suitable for distressed properties whose market value is enough to satisfy the existing mortgage debt. You will definitely avoid a foreclosure entry in your credit report with this option but the agreement will still appear as a negative entry.

For homeowners who have been diligent in their mortgage payments and even their association bills, the foreclosure crisis may not be something you will be interested in. Sadly, the problems in the mortgage industry have no longer made these homeowners immune to the adverse effects.

Last month, news that Ed McMahon is facing foreclosure shocked the entire nation and showed how deep the foreclosure crisis really is.

In New York City, it is not only the troubled homeowners and lenders who are experiencing stress from the rising foreclosure rate. Even tenants are becoming innocent victims, getting forced out of their homes or receiving threats of eviction. To make matters worse, some of these renters are HIV positive.

It is certainly not the year for American families. With the foreclosure crisis still enduring, many families are finding themselves unable to make ends meet because of the soaring prices of basic commodities and generally-weak economy. Those who are unfortunate to leave their homes due to foreclosure are also left with the problem of what to do with their pets.

In the midst of the foreclosure crisis, teenagers are experiencing trouble at home especially when their parents are imposing measures that will allow them to pay their mortgage dues each month.

It seems that the tough times in the market are still not over. If you check out the data gathered from the month of July, it shows that foreclosure filings increased by 8 percent from the previous month and 55 percent from last year of the same period. There is actually one out of 464 homes in the United States which has entered some stage of foreclosure.

As abandoned properties continue to pepper the Florida neighborhoods, communities are having difficulties dealing with the many problems that this situation has brought including increased crimes, orphaned pets and of course, declining home prices. The latest concern is the increase in the mosquito population.