foreclosures

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Couple's Disappearance Stumps Connecticut Cops

They were in deep in debt, but family says there's no connection

(Newser) - A Connecticut couple in their mid-50s has been missing for two weeks now, and police are investigating whether their financial troubles—including $2.2 million in debt—may have something to do with it, reports CNN . Their families, however, aren't buying it. Police found the pickup belonging to Jeffrey... More »

Cops: Guy Tried to Burn House With Bowling Ball Bomb

Which is one way to foil bank from selling it

(Newser) - As the Sun-Sentinel puts it, "it's hard to stand out when it comes to crime in South Florida," but that's exactly what one 21-year-old Loxahatchee resident has allegedly done. Per the AP , Tyler Butler was arrested on charges of arson and using an explosive device after... More »

Banks Flout Laws Protecting Troops From Foreclosure

NYT: Mandatory arbitration clauses mean repos, foreclosures for service members

(Newser) - Deployed service members are supposed to be protected by federal laws from repossession and foreclosure. But thanks to mandatory arbitration —a clause in a contract's small print that waives one's right to court intervention—lenders are circumventing the rules, placing the homes and cars of US troops... More »

Man Finds Body Inside Foreclosed Home He Bought

Neighbors suspected former owner had died inside Cape Coral, Fla., house long ago

(Newser) - Overgrown grass, trash, and an interior that probably needs some TLC are things you'd expect to deal with when purchasing a foreclosed home; a dead body is not. But William Wilson stumbled upon all of these things when he entered his new Cape Coral, Fla., residence on Wednesday after... More »

Anonymous Bidder Wants to Buy 6K Detroit Properties

County to auction off dilapidated foreclosures to try to stem city blight

(Newser) - Someone in Detroit really wants the city's rundown residences—thousands of them. A mystery bidder has offered $3.2 million to scoop up a huge batch of foreclosures (many of them due to owed taxes) in an open auction held by Wayne County, Businessweek reports. The county, which is... More »

Woman Has Lived in House Rent-Free for 8 Years

Loopholes have allowed Lisa Hardy to stay—but the house has just been sold

(Newser) - For eight years, Lisa Hardy has lived in a three-bedroom house in Indianapolis, paying her utilities, growing a garden, and raising her three children. The only thing that sets her apart from most other parents across America: She hasn't paid a cent in rent or mortgage payments. And the... More »

Feds, BofA Strike $17B Settlement

Justice announces largest deal it's ever reached

(Newser) - The Justice Department has announced a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis. The deal announced today calls for the bank, the second-largest in the US, to pay a $5 billion cash... More »

BofA, Feds Near Biggest Settlement in US History

Justice Dept. deal would cost bank $16B-$17B for foreclosure mess

(Newser) - Bank of America is headed toward the biggest settlement to arise from the 2008 financial crash, a deal with the Justice Department reportedly worth $16 billion to $17 billion over its role in the sale of mortgage-backed securities, a source directly familiar with the matter tells the AP . The tentative... More »

Got $1K? You Can Bid on Vacant Detroit Homes

City sets starting bids low in new revitalization project

(Newser) - Real-estate bargain hunters might want to check out Detroit's new plan to revitalize its neighborhoods. The city will put 15 vacant homes up for auction next month, with starting bids at just $1,000, reports the Detroit News . One house per day will be sold, and when this batch... More »

How Mummified Michigan Woman Went Unnoticed

Pia Farrenkopf died in her garage, had bills on autopay

(Newser) - Her name was Pia Farrenkopf. Authorities haven't confirmed it yet through dental records, but it's fairly certain that the mummified remains found in a garage in Pontiac, Mich., this week are Farrenkopf's. She would have been 49 today, but the best guess is that she died in... More »

Mummified Body Found at Foreclosed Detroit Home

Woman who owned house apparently died years ago inside vehicle in garage

(Newser) - The body of a woman whom neighbors say they last saw several years ago was found in an SUV parked in the garage of a foreclosed home northwest of Detroit. An employee of a property management company working for a bank that now owns the house stumbled upon the body... More »

Foreclosures Plummet to Pre-Crash Levels

Foreclosures fall to 6-year low, 32% drop from last November

(Newser) - The number of US homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years. While foreclosures remain a concern in select states, the trend is the latest sign that foreclosures are becoming less of a national factor... More »

How a Man Lost His Home Over a $134 Tax Bill

'Washington Post' investigates world of 'unscrupulous' tax-lien investors

(Newser) - If the math seems unbelievable, that's because it kind of is: A 76-year-old retired Marine lost the $197,000 Washington, DC, home he had paid for in full 20 years ago—and all of the equity he had in it—because of an unpaid $134 property tax bill. In... More »

Bank Takes Everything in Woman's House by Mistake

...And refuses to pay her back

(Newser) - Katie Barnett knows who broke into her house and stole almost everything she owns, but the police won't do a thing about it. That's because the thief is First National Bank, which "repossessed" her house in McArthur, Ohio, by mistake—they'd intended to get the one... More »

Staffers: Bank of America Gave Us Gift Cards for Lying

Lawsuit says company cheated homeowners

(Newser) - Bank of America told employees to lie to and cheat homeowners looking for help under the government's Home Affordable Modification Program , and rewarded those employees for kicking people out of their homes, staffers allege in sworn statements attached to a recently filed lawsuit. Here are some of the most... More »

Foreclosure Victims Get New Round of Botched Checks

Last month 's checks bounced, so maybe this is progress

(Newser) - The very same institutions that apparently couldn't foreclose on homes properly are having a run of it: Following regulators' $3.6 million settlement with 13 banks, the Federal Reserve told Goldman Sachs and Morgan Stanley to send affected borrowers $247 million, doled out in amounts between $300 and $125,... More »

Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of... More »

Feds to Banks: Double-Check Your Foreclosures for Errors

Independent review not working, so comptrollers go straight to banks

(Newser) - In the quest to right wrongful foreclosures, government regulators are turning to the last people on Earth one might expect—the unscrupulous lenders who did the foreclosing in the first place. An attempt to distribute billions of dollars in aid by independent consultants was shut down after it was found... More »

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a... More »

Widows Forced Into Foreclosure by Mortgage Rules

Fine print keeps them from taking over the house

(Newser) - The housing crisis may be ebbing, but a particularly vulnerable group is falling into foreclosure because of the fine print on mortgages, the New York Times reports. Widows are finding that they can't take over the mortgage—which is usually in their husband's name—without being up-to-date on... More »

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