Real Estate News Blog October Archive

Subprime Bailout Backlas

By Art C Ryter at 10/12/07 02:00

Highlights the rising backlash against any form of bailout being proposed to help people avoid foreclosure. The subprime mortgage mess has unleashed a lot of support for homeowners who might lose their home due to rising interest rates. But people who were playing it safe and did not get into the market were/are hoping that prices will come down to reasonable levels. If there is a bailout or some other way to help people avoid foreclosure, maybe through refinancing, many prospective buyers are not going to be happy.

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Boom, Bust in Area Beset by Foreclosures

Relates numerous tales of disappointment and deception in the failed housing market in Phoenix, Arizona. Many speculators and legitimate home buyers from California and Nevada descended on Phoenix to buy new home construction that was rising in price thousands of dollars a week. Now, there are hundreds of vacant homes, many foreclosed on with no relief from refinancing or better terms in sight.

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Mortgage Servicing Errors Leave Homeowners Hanging

Discusses how homeowners have been put in compromising positions due to the mortgage lender practice of selling the original loans to other financial institutions. Some people in Atlanta, Georgia, and in Florida have almost lost their homes to foreclosures to the state because their tax bills were not paid by the mortgage lender from the house's escrow account. There has been little help, outside of hiring a lawyer, for homeowners trapped trying to avoid a foreclosure that is no fault of their own. This is especially difficult with so many lending and servicing businesses going bust due to their poor lending practices that have led to increased foreclosures.

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