JP Morgan Chase is currently “investigating” how a homeowner was declared dead by their bank. Florida homeowner Wrenella Pierre has filed a lawsuit against Chase Bank, alleging that her credit has been destroyed her credit after the bank declared her deceased.
via agentgenius .
NEW YORK CNNMoney — Just as the housing market began to collapse near the end of 2007, a real estate agent in Bridgeport, Conn. asked Regions Bank if it would accept a $102,375 bid on a home that was underwater on its mortgage.
via CNN MONEY
Last fall, New Jersey-based Loan Value Group launched a new business model, offering lenders and mortgage investors a way to keep their current, but underwater, borrowers current through cash incentives.
via bubbleinfo.com.
Where is the boom that inevitably follows a deep bust, such as we experienced in 2008 and 2009?
But there is no mystery. What other result would you expect from the financial ruin of the once-great American middle class?
The bailout, by the numbers, clearly did work. Not only did it forestall a worldwide financial meltdown, but a Fortune analysis shows that U.S. taxpayers are also coming out ahead on it — by at least $40 billion, and possibly by as much as $100 billion eventually. This is our count for the entire bailout, not just the 3 percent represented by the massively unpopular Troubled Assets Relief Program. Yes, that’s right — TARP is only 3 percent of the bailout, even though it gets 97 percent of the attention.
Dane County foreclosures rose for the first time in six months in June, increasing by 7 percent compared to a year ago.
via Property Trax
JP Morgan Chase has settled a class action suit for violating the nearly 70 year old Servicemembers’ Civil Relief ActSCRA which states that even when legal and in states that don’t require it, only a judge can authorize a foreclosure and only after a hearing where military members are represented
via agentgenius.
[Also applies to evictions]
We’re living that nightmare right now. Real estate data firm CoreLogic reports that nearly a fifth of us owe more on our homes than they’re actually worth. For those who figured that there wasn’t a problem using a house as collateral to take out second mortgages and home equity loans, that figure bumps up to a spooky 38% of us underwater.
via (LEN).
