The ForeclosureGate fallout continues in many states that were not even affected by the initial foreclosure moratoria back in October of 2010 as procedural issues continue to plague lenders[1]. A new report from Barclays Capital indicates that the length of the foreclosure process is going to climb all over the country thanks to the robo-signer scandal as the rate of foreclosure drops dramatically across the country. Currently, foreclosures are taking 57 percent longer in states that enforce a judicial foreclosure process and 47 percent in non-judicial foreclosure states. However, in …

John Rogers, a state representative in Alabama from Birmingham, thinks that the interest rates on Alabama property tax liens are outrageous, and he is making it one of his goals for 2011 to change the process[1]. Currently, Alabama charges a 12 percent interest rate on delinquent property taxes. If the government fails to collect the taxes, then ultimately the liens are sold at auction. During the auction, lien buyers can “overbid” on the liens, paying an excess of what the lien is worth. The new owner of the tax lien …

Banks and lenders repossessed more than 1 million homes in 2010, but more than 3 million homes actually entered foreclosure last year. As a result, 2011’s foreclosure numbers stand to be far worse than 2010’s as banks attempt to “catch up” on properties that have been delinquent far longer than would usually be permitted[1]. Lenders will be moving through a serious backlog as 2011 gets underway, and one in every 45 U.S. households will have received a foreclosure filing in 2010 that the homeowner will have to confront in 2011.
While …

You have probably read the stories of celebrities buying homes last year despite the recession and fear of a double-dip. It seemed like those with truly “big money” were invincible despite the nation’s real estate woes. Yet not all celebrities scored big in terms of real estate luck as some of them struck out and suffered losses just like everyone else. Some of them – like Latoya Jackson, Timothy Busfield, and hip-hop entrepreneur Damon Dash just to name a few – even faced foreclosure [1]. Below, we’ve listed some of …

While there are certainly reasons to believe that the economy is starting to pick up and that a double-dip recession is unlikely, many analysts are warning that this is no reason to heave a sigh of relief just yet. In fact, the foreclosure problem still proves to be so huge that even as the economy stabilizes, it still presents some serious problems that could stall a full economic recovery[1].
Florida-based Lender Processing Services (LPS) has released a report that analyzed the recent market indicating that unpaid mortgages currently off the record …

Celebrities have surely done their part in helping the economy, the real estate market in particular, by purchasing houses even during the slump. Some though, have done more than just exhibit their purchasing powers. Take Black Eyed Peas frontman will.i.am: he actually built is own mortgage relief program.
Talking with U.K. paper “The Sun”, will.i.am reveals all the information about ‘i.am.home,” a program through which the rock star buys homes that would otherwise be foreclosed on and gives them, debt free, to the homeowners. He says,” I rescue families who are …