Quote Of The Day
“A lot of them can't hold out much longer.” - Bob Schwartz, who runs the brokerforyou.com Web site, referring to debt-laden homeowners who have been waiting for the market to improve before selling their homes. (Sign on San Diego, Aug. 3rd)
Suit Blames Loan Servicer For Pending Foreclosure. “A Boston-area couple who are in foreclosure, despite their herculean attempts to prevent it, have filed a lawsuit against Washington Mutual (NYSE:WM), one of the nation's largest mortgage servicing firms. In the suit, filed in Suffolk Superior Court, Lori and Mark Pestana of Westford allege the loan servicer was unresponsive to their repeated phone calls and to their applications to negotiate an arrangement that would have allowed them keep their house out of foreclosure. The suit is seeking class-action status on behalf of thousands of Washington Mutual borrowers in
Auction of Nearly 700 Florida Foreclosures Allow Buyers to Grab Deals on Homes. “Hudson & Marshall, the country's most experienced foreclosure auction firm, will auction nearly 700 bank-owned homes in cities throughout Florida on August 12th -17th. Nearly 100 homes will be auctioned in
LA Foreclosures Spread To Malibu, Santa Monica. “PropertyShark.com: New foreclosures more than tripled in
Fairfax Board Finalizes Details Of Foreclosure Plan. Virginia: “The Fairfax County Board of Supervisors… purchase of foreclosed homes is the most controversial part of its three-pronged plan to deal with the foreclosure crisis. The county will also spend up to $10 million over the next two years to help first-time homebuyers purchase foreclosed homes… The homes bought by the county must be in such bad condition that they negatively affect the surrounding neighborhood. The county will fix up the homes and help first-time homebuyers move into the houses with special financing. Nearly $3M in affordable housing funds are being diverted to cover the plan.” (NBC4, Aug. 4th)
Milwaukee Mayor Steps In On Foreclosure. “Milwaukee Mayor Tom Barrett said Monday he plans to help a man who lost his house due to foreclosure for failing to pay a $50 city parking ticket. Peter Tubic, 62, got the ticket for failing to have a license plate on a van he had parked in his driveway in 2004, and ignored a number of follow up notices over the year. It finally led to the city foreclosing on Tubic's house last week after the fine amounted to $2,645 over the years.” (
Foreclosure Filings Continue At Record Pace. “
Embattled Lithonia Mayor Also Faces Foreclosure. “
In Mortgage Crisis, Look For The Signs Of Recovery. “In Q2, 4,807
Extreme Makeover Home Saved From Foreclosure. “The dream home built by the TV show "Extreme Makeover: Home Edition" and Beazer Homes for the Harper family of
Report: Distressed RE Nears 20 Percent of Nationwide Sales. “Radar Logic Inc.: Motivated sales made up 18.9% of all home sales transactions in 25 key metropolitan statistical areas during May… that total compares to 5.1% of transactions just one year ago. Distressed sales jumped 18.1% between April and May alone in hard-hit
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