Tag Archives: foreclosure

Foreclosure Crisis Spawns a Wave of Rescue Scams

Posted on January 26, 2013 | 1 comment

Carolyn Murray was in trouble. The Bowie resident and information technology worker had lost her job as a result of the recession and was beginning to fall behind on her mortgage payments.

Around mid-2011, Murray, now 64, attended a seminar claiming to be sponsored by the Department of Housing and Urban Development. There she was given the name of an out-of-state law firm that might be able to help her.

“I hadn’t understood that a lawyer would be involved,” she says, “but they said, ‘This person will help you get a modification.’ ”

It seemed legitimate: Working through a lawyer sounded official, and Murray’s online research turned up a number of strong ratings for the firm. So she saved and borrowed the $4,000 required for the fee and turned it over to the company, which promised to act as a liaison between her and the bank.

Disclaimer: for information and entertainment purposes only

1 Comment

Posted in Mortgage Information

Tagged foreclosure, scams

Risks, Rewards of Buying Foreclosures

Posted on July 6, 2012 | Leave a comment

It’s hard to look at the rock-bottom prices for foreclosures and short sales in the Chicago area and not feel you could get a great deal.

Contact the appraisers at www.scappraisals.com for foreclosure value questions.

After all, homes that are going for 50 percent off might seem like a once-in-a-lifetime opportunity. But buying troubled properties is a frustrating, time-consuming process, filled with hassles and potential risks.

“You buy a short sale or foreclosure as is. No warranties. That can be a problem,” said Steve Hovany, a housing analyst and president of Strategy Planning Associates in Schaumburg.

“Foreclosed properties often are handyman’s specials. Many of them have been vacant for months or years and require major repairs. Not only that, but some previous owners may not have been nice to the house that ruined their life.”

Sara Benson of Chicago-based Benson Stanley Realty, added: “Some angry owners with foreclosed homes put concrete down drains. The house may be literally destroyed. The buyer may get just a shell and the land.”

Disclaimer: for information and entertainment purposes only

Bank Officials Cited in Churn of Foreclosures

Posted on March 16, 2012 | Leave a comment

Managers at major banks ignored widespread errors in the foreclosure process, in some cases instructing employees to adopt make-believe titles and speed documents through the system despite internal objections, according to a wide-ranging review by federal investigators.

The banks have largely focused the blame for mistakes on low-level employees, attributing many of the problems to the surge in the volume of foreclosures after the housing market collapsed and the economy weakened in 2008.

But the report concludes that managers were aware of the problems and did nothing to correct them. The shortcuts were directed by managers in some cases, according to the report, which is by the inspector general of the Department of Housing and Urban Development.

Disclaimer: for information and entertainment purposes only

Tag Archives: foreclosure

Foreclosure Crisis Spawns a Wave of Rescue Scams

Risks, Rewards of Buying Foreclosures

Bank Officials Cited in Churn of Foreclosures

Follow Blog