Foreclosure Victims Not Claiming Their Money?

 In the wake of the greatest foreclosure avalanche in American history, federal banking regulators settled with 14 major mortgage servicers over alleged foreclosure abuses. Part of the settlement included the opportunity for foreclosure victims to have their foreclosures reviewed for errors. If any errors were discovered, restitution could run from several hundred dollars to more than $100,000. To alert foreclosure victims, official letters were mailed to 4.1 million former homeowners. … [Read more...]

Are Short Sales on the Rise?

The latest statistics suggest that short sales are on the rise and foreclosures are on the decline. According to research from Moody's Investors Service, in August 2009, short sales accounted for 8% of bank distressed property sales. As of mid 2011, short sales have jumped to more than 25%. Meanwhile, the time it took for a borrower to go to foreclosure grew from an average 14 months in early 2009 to 24 months in mid 2011. Why are short sales on the rise and foreclosures on the … [Read more...]