Foreclosure

Why HSBC Hopes the World Does Not Put 2 and 2 Together

Written by Leatherneck on August 27, 2007 under Analysis, Archives, Economic Impact, Editorial, Foreclosure, Government Positions, International, Investors, Job Losses, Lenders, Opinion, Outside the U.S., Root Causes

Why did the subprime money pipeline shut down? And which bank was buying mortgages from brokers and lenders? HSBC of course. Subprime and second mortgages were to HSBC like Household International was to predatory lending – an easy ride to profits. Or so they thought. Second mortgages? Sorry, but HSBC has little or no security interest when a home goes to foreclosure.

Foreclosures up 93 percent in July

Written by Leatherneck on August 21, 2007 under Archives, Foreclosure

The number of Americans losing their homes rose sharply in July. There were 179,599 foreclosures in the month, 93% more than July last year. The figure was also 9% higher than that recorded in June. RealtyTrac, which tracks the information on foreclosures said Tuesday California, Florida, Ohio, Michigan, and Georgia accounted for more than half of the July cases.

Foreclosure Can Result in Big Tax Debt

Written by Leatherneck on August 20, 2007 under Archives, Foreclosure, Tax Debt

If you are a victim of foreclosure you might receive form 1099 from the Internal Revenue Service. In a recently commented case the homeowner lost his home to foreclosure. His mortgage company, Wells Fargo, bought the home at auction on the court house steps. Wells paid one dollar for the home. The former owner received a tax bill for the payoff, plus fees, minus one dollar.

Settlement Scams, FBI Both Explain Foreclosure Rescue Scams

Written by Timothy Blake on August 08, 2007 under Archives, Foreclosure, Mortgage Fraud

The FBI sees “foreclosure-rescue” scams as an emerging form of fraud that takes advantage of the growing number of homeowners in default. More states are enacting legislation to protect homeowners against such fraud. Another version of the ‘foreclosure avoidance’ scam can be see at the Settlement Scams website.

Personal Bankruptcy, Reaffirmation, ARM’s and Foreclosure

Written by Timothy Blake on August 02, 2007 under Adjustables (ARMs), Archives, Escrow, Foreclosure

Banks claim they do not want to foreclose because they lose money. I have permission to share this open letter from a person that did not reaffirm their adjustable rate mortgage after bankruptcy:

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