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Newsvine button Reveals How Individuals With A Home In Foreclosure …

Go Fight Foreclosure System 2.0 today announced how individuals with a home in foreclosure can avoid foreclosures. Citing that the well being of family unity is in danger of never recovering because of the foreclosure crisis. Revealing the Go Fight Foreclosure System 2.0 is an alternative when loan modifications are denied and foreclosure is imminent.

The recent passing of Florida foreclosure reform bill titled House Bill 87 which is designed to speed up the foreclosure process. This bill must still be approved by the state Senate before the 60 day session comes to a close and is approaching soon.

Kyle Ransom, creator of the Go Fight Foreclosure System 2.0 fears that if House Bill 87 passes the state Senate families in Florida will be hit hard. He has launched a campaign on and hopes this will help stop the bill from passing the Senate.

“I truly hope that House Bill 87 does not pass because speeding up foreclosures in the state of Florida will hurt families with children the most. As a former mortgage broker I do believe that housing recovery is important. However, the American families need a bailout now and speeding up foreclosures in the top state for foreclosures is a huge mistake,” stated Kyle Ransom.

According to Ransom, lenders still lack the proper documentations needed to foreclose on homeowners. He says that if more homeowners learned how-to detect wrongful foreclosures they could force their lenders into foreclosure settlements. Continuing Ransom says that many homeowners using the Go Fight Foreclosure System 2.0 have been able to get lenders to reduce principal balances and even void foreclosure sales.

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Goldman Sachs, Morgan Stanley to send foreclosure settlement checks

The two Wall Street giants are the last of 13 mortgage servicers to begin making the payments to borrowers whose homes were in foreclosure proceedings in 2009 and 2010.

The servicers, which also included Bank of America Corp., Wells Fargo Co. and JPMorgan Chase Co., agreed to pay $3.6 billion to more than 4.2 million borrowers in a settlement reached in January.

QUIZ: How much do you know about mortgages?

The other servicers began making payments on April 12. Goldman Sachs and Morgan Stanley settled about a week later than the other banks, so they were on a different track to begin making payments.

Checks will range from $300 to more than $125,000 for troubled borrowers whose mortgages were serviced by Litton Loan Servicing, a former subsidiary of Goldman Sachs, and Saxon Mortgage Services, a former subsidiary of Morgan Stanley, the Fed said Monday.

As with the other servicers, the payments will be made by mid-July.

Borrowers who were eligible for payments already have received notification postcards from Rust Consulting Inc., the company handling the payments, the Fed said.

Most borrowers will get a check in the mail from Rust with the payment. But some borrowers might get a letter asking for additional information before the payment can be processed.

The Fed said this month that some of the payment checks had bounced, but the problem had been corrected.

As of Friday, about 1.2 million checks with a value of about $1.2 billion had been cashed or deposited in homeowners’ accounts.

Borrowers with questions about the settlement payments can call Rust at (888) 952-9105.


Consumer spending and personal income climb in March

March pending home sales hit highest level in nearly 3 years

Federal refi program for underwater homeowners hits its stride

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Missouri legislation would abolish foreclosure mediation in the city and county

A bill to abolish mandatory foreclosure mediation in St. Louis and St. Louis County is nearing passage in the Missouri Legislature, to the chagrin of housing advocates.

The bill would kill a system in which homeowners can demand a final, face-to-face meeting with the lender and a mediator before their house is taken in foreclosure.

The bill caught foreclosure counselors by surprise.

“It kind of sneaked its way through the Legislature and only caught our eye last week,” said Karen Wallensak, director of Catholic Charities community services.

The bill, sponsored by Majority Leader John Diehl, R-Town and Country, passed the House by a 130 to 24 vote on April 4. A Senate committee approved it, and it is now awaiting a full Senate vote. The bill would forbid local governments from regulating real estate loans.

St. Louis and St. Louis County mediation rules give homeowners a final chance to persuade bankers to reduce monthly mortgage payments, rather than take the house. The mediation requirements have been blocked temporarily by the courts pending a legal challenge from bankers.

The banking industry tries to work out modifications, reducing payments when possible, but many homeowners don’t have enough income. Bankers say mediation simply adds costs and delays inevitable foreclosures.

Troubled homeowners can’t afford to maintain their property, which hurts the neighborhood, said Harry Gallagher, president of the Mortgage Bankers Association of Missouri. Stretching out the process also hurts the homeowner, he said. “For their own sakes, it’s better to get this behind them and move on,” Gallagher said.

But Helen Rattler thinks mediation saved her Jennings house. She was one of the first to ask for mediation, before courts blocked the program.

Rattler said she fell behind on her mortgage after losing her job. She found work again, but took a pay cut. She couldn’t catch up with the missed payments and penalties.

She said she called her lender to explain the problem, and was surprised to get a foreclosure notice. She went to Beyond Housing, which counsels troubled homeowners, and asked for mediation. The counselors helped her prepare a budget, and put together records proving her income.

“In the meeting, there were lawyers for the bank, the mediator and representative from Beyond Housing,” she recalled. “They lowered my payment on a three-month trial basis. I couldn’t be late or miss a payment. I just made my fourth payment today,” she said.

The County Council and city aldermen passed mediation ordinances amid tales of chaos in the mortgage servicing business as foreclosures mounted. Homeowners behind on payments complained of paperwork lost at mortgage servicers, long delays and contradictory decisions as they sought payment reductions, mainly over the phone.

The city and county ordinances let homeowners demand a face-to-face meeting if the bank is in town, a telephone conference if it’s not. A professional mediator tries to work out a solution.

Banks pay $350 for the mediation. The mediator can’t stop a foreclosure. But banks face $1,000 fines under the county ordinance if they refuse to mediate, or if the mediator says the bankers acted in bad faith. The fine in the city is $500.

Beyond Housing says 950 foreclosure cases were filed between the time the county ordinance took effect in 2012 and when the court blocked it. Of those, 274 homeowners demanded mediation. Forty mediations were held and all but three produced an agreement, according to Beyond Housing.

Mediation is good for lenders, because they lose less in a modification than in a foreclosure, argues Beyond Housing CEO Chris Krehmeyer. Foreclosed homes routinely sell for 30 percent less than comparable houses, and banks also pay legal and maintenance fees for homes they take.

“Even if you save one in 20 families, financially you’re still ahead,” Krehmeyer said. “We’ve got people losing houses that they shouldn’t.”

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Foreclosure building plan would offer Chicago renters $12000 to move

But unlike last year’s plan, the current proposal goes further than mandating additional notifications to renters and extended rental periods.

After a rental building goes through foreclosure and is sold at auction, tenants with a lease would have to be offered $12,000 per rental unit to move or a one-year lease at a cost of no more than 102 percent of the prior 12-month period’s annual rent.

Most foreclosed properties are repossessed by lenders, but any entity that buys a foreclosed rental building at a judicial sale would have to follow the ordinance. The rules would not apply to someone who buys a building in a private transaction after the auction.

The ordinance would cover all rental properties in Chicago, including single-family homes, a condominium unit that functions as a rental or a multifamily building.

“It’s really a good ordinance because it gives the banks an opportunity to keep buildings occupied until they sell them,” said Ald. Richard Mell, 33rd, the sponsor of the ordinance. “It gives the banks another opportunity to keep the neighborhood in much better shape.”

The proposal is expected to generate opposition from the real estate industry, which fears it will cause investors to lose their appetite for properties in a hot rental market, and from banks, which will have to choose between paying fees to vacate buildings or become landlords.

There also is concern that banks will either walk away from properties in foreclosure so they don’t have to legally take possession of buildings, creating so-called zombie foreclosures, or that once the buildings do become bank-owned, they will be sold at below-market values to quickly absolve banks of their responsibilities under the law.

Last year, 1,970 multifamily buildings went through the foreclosure process in Chicago, and 90 percent of them became bank owned, according to the Institute of Housing Studies at DePaul University.

“This compromise ordinance ensures that tenants maintain their rights if their building is foreclosed,” said Kathleen Strand, a spokesman for the mayor. “Under current law, renters do not have long-term security and receive no assistance with the costs associated with relocation once their building enters foreclosure. Mayor Emanuel’s support for this ordinance is one piece of this administration’s efforts to mitigate the effects of the foreclosure crisis and vacant buildings on the economy and public safety.”

Other cities, including Los Angeles and San Francisco, have passed laws that offer as much as $18,000 and $15,000, respectively, to displaced tenants of foreclosed buildings. A group of 16 public policy and neighborhood groups originally proposed $14,000 of relocation assistance.

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‘American Idol’ Winner Fantasia Barrino Loses $1 Million Mansion

LOS ANGELES (Reuters) – Actress Catherine Zeta-Jones has sought help again for bipolar disorder, in what her publicist called a “pro-active” move to take care of her health. It’s the second-known trip to a healthcare facility for the British actress since 2011, when news first broke that she suffers from bipolar II disorder – a milder form of the illness that is marked by sharp mood swings and erratic behavior. “Catherine has pro-actively checked into a healthcare facility,” publicist Cece Yorke said on Monday. …

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Stop Foreclosure Tips Now Offered Online by PLB Investment Group – PRWeb

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Stop Foreclosure FL

A complete overview of the new services are provided on the company website apart from the new foreclosure tips that are offered.

Tampa, Florida (PRWEB) April 29, 2013

The process of foreclosure is one part of the home ownership process that some people face. States like Florida with high foreclosure rates have many homeowners searching for alternative ways to stop the process of potentially losing a home. The PLB Investment Group has now published its stop foreclosure tips online. These tips are offered to homeowners to provide alternatives when other options have been exhausted. These tips can be found online at

The traditional method of obtaining a mortgage during a home purchase is the route that many men and women take. The financial support that this method provides is designed to help homeowners through the payment process over an extended period of time.

The foreclosure laws in many states are similar although the process to stop a foreclosure from happening can differ. The new tips published online are one set of alternatives that are now provided as a resource for Tampa, FL area homeowners.

The PLB Investment Group is staffed by real estate experts who work closely with homeowners and buyers to provide resources apart from realtor services. The company services were recently updated to include more ways to help buyers and sellers with real estate transactions. A complete overview of the new services are provided on the company website apart from the new foreclosure tips that are offered.

The company contact form is now live and can be used to receive an immediate response. This new contact method is offered an easier way to make contact with a company specialist instead of calling in advance for assistance that could require research before a response is provided.

About PLB Investment Group

The PLB Investment Group is owned and operated by real estate experts who work closely with homeowners in the Tampa, FL area. These experts provide the company services to help buyers and homeowners with alternative real estate transactions. The company website serves as a main point of contact and information with the company specialists available. The PLB Investment Group purchases homes in any condition to help homeowners, land owners and buyers trying to avoid realtor or real estate agent assistance. This company frequently updates its services to ensure that alternatives exist for those with limited resources.

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Rock County foreclosure filings fall to lowest point in years




— Rock County is following a national trend that those in the real estate industry say has been a long time in the making.

Foreclosure filings are falling, and they’re doing so in a big way.

The Rock County Clerk of Courts office received 168 foreclosure filings in the first three months of this year. That’s a 62 percent decrease from the number of foreclosure notices filed in the first quarter of last year.

For a better perspective, consider that 189 notices were filed in March 2012 alone. Nearly that many were filed the previous month.

It was the fewest first-quarter foreclosure filings since the first three months of 2005, when the clerk’s office received 153 foreclosure filings.

“I think we’re finally starting to see the end of it,� said Colleen Nelson, president of the Rock-Green Realtors Association and a real estate agent at FirstWeber Realtors in Janesville.

Nelson, of course, was referring to an economic crisis that forced a massive run-up in the number of distressed properties in Rock County.

The vast majority sold for pennies on the dollar, which had a negative effect on the prices paid for non-distressed homes.

Sellers were hesitant to list their houses, instead waiting for a more stable, competitive market.

Daren Blomquist is a vice president at RealtyTrac, a leading online marketplace for foreclosure properties and real estate data.

He said that what’s happening in Rock County is happening throughout Wisconsin and, for the most part, across the United States.

“There are exceptions around the country, but in general we are no longer seeing increasing trends in national foreclosures,� Blomquist said. “It’s certainly on the downswing in Wisconsin, and these distressed properties are being cleared out of the system.�

RealtyTrac recently issued a report that shows that March foreclosure filings—default notices, scheduled auctions and bank repossessions—were down 1 percent from February and down 23 percent from March 2012.

The decrease helped drop first-quarter foreclosure numbers to the lowest level since the second quarter of 2007, he said.

“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off,� Blomquist said, noting that Rockford, Ill., is still in the top 10 for national foreclosure rates.

Nelson said she and other local Realtors hope the trend continues. Foreclosure, she said, is often a process that takes time to work itself through the local market.

In the meantime, she said, local real estate agents continue to suffer from too few non-distressed homes being put up for sale.

In Rock County, first-quarter listings were at their lowest level in 11 years, according to the South Central Wisconsin Multiple Listing Service. In fact, they’re 40 percent below the high-water mark established in the first quarter of 2007.

“Sales are starting to improve, but listings are still low, real low,� Nelson said. “We’re trying to get more listings because the good ones are selling just as fast as they come onto the market.�

Nelson has spoken with several potential home sellers who stayed out of the market for the last few years because of distressed prices.

“Now they are a little more aggressive in putting their house on the market and then either downsizing or upgrading,� she said, noting that spring is typically the busiest time of the year for listing homes.

According to the listing service, 325 homes were sold in Rock County in the first three months of the year. That’s 8 percent fewer than the first quarter of 2012.

In what is perhaps a reflection of fewer distressed properties on the market, the average price for the quarter was $106,408, an 8 percent increase over the average price paid in the first three months of 2012.

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Faster foreclosures bill clears House in 87-26 vote

Supporters said the bill would help return Florida’s real estate market back to
normalcy after six years of problems.

number one in foreclosures,” Rep. Charles
R-Jacksonville. “And that’s not a distinction we wish to have.”

The bill states that homeowners
who lose their home in a fraudulent foreclosure cannot get it back if another
party bought the property from the bank. The “show cause” provision would allow
condom associations to speed up the foreclosure process on homeowners who have
not paid their condo dues.

Opponents pointed to the “show
cause” proposal as a potential assault on the due process rights of homeowners.

Passidomo defended the bill was a
consumer-friendly attempt to clean up the foreclosure process, which has been
plagued by fraud and delays.

The bill would also restrict banks’
ability to go after homeowners for additional debts after a foreclosure—cutting
down the statute of limitations from five years to one year. The proposal makes
banks prove they have the necessary documents before they file a foreclosure.

According to RealtyTrac,
Florida ranks as the top state in the nation
for foreclosures and seven of the top 10 cities in the U.S. are in Florida.

Part of the reason for the high foreclosure rate
is the lengthy judicial foreclosure process in Florida, where banks must go to court to
repossess a delinquent property.

Florida’s average foreclosure process takes 853 days, ranking only
behind New York and New Jersey. The national average is 414

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Federal foreclosure settlement a disappointment

New London – After going through “19 months of hell,” Christine Denoia had hoped for a large payment from a $9.3 billion federal compensation fund that penalized some of the nation’s largest financial institutions for abusive tactics such as wrongful evictions.

Instead, when the 51-year-old city resident received her check in the mail from the Independent Foreclosure Review last week, she found her share of the money was $500 – not even enough to retain an attorney to pursue a lawsuit against her lender, Bank of America.

“Every month, I had the anxiety of ‘Am I going to be thrown out of my home?’” Denoia said. “This is a joke.”

Denoia was one of more than 4 million people scheduled to receive a share of $3.6 billion in initial cash payments set up after federal banking regulators and more than a dozen mortgage servicers, including Chase, Citibank, Morgan Stanley, Wachovia and Washington Mutual, came to an agreement over abusive foreclosure tactics.

Bank of America, one of the banks included in the agreement, noted in an email to The Day that payments were set by U.S. regulators, not the financial institutions.

“Borrowers who received proper consideration for foreclosure alternatives, were not foreclosed upon and experienced little or no financial harm receive minimum payments under the government’s framework,” spokesman Richard G. Simon said.

Payments for abuses that occurred in 2009 and 2010 were to range from $300 to a maximum of $125,000, according to the agreement finalized in January. The larger amounts would go to those forced from their homes despite being current on mortgage payments, as well as to an estimated 1,100 active duty military personnel who were evicted despite a federal law prohibiting this practice.

Some of the first checks to go out this month bounced, according to a report at The Federal Reserve acknowledged consumers had problems cashing their checks at first but assured that the problems had been corrected.

“Funds are available to cash all checks,” the Fed said in a statement issued shortly after the bounced-check problems occurred.

Criticism of the foreclosure review surfaced during a Congressional hearing earlier this month at which Democratic politicians questioned the cozy relationships between regulators and banks.

“People want to know that their regulators are watching out for the American public – not for the banks,” U.S. Sen. Elizabeth Warren, D-Mass., said during the hearing.

In addition to $3.6 billion in direct cash compensation, the fund contains another $5.7 billion intended to help prevent future foreclosures by increasing the number of mortgage modifications and even forgiving portions of loans.

The Independent Foreclosure Review proceedings are not to be confused with a separate $25 billion Mortgage Foreclosure Servicing Settlement that state Attorney General George Jepsen announced in February 2011. The settlement with five large loan servicing companies will help compensate up to 7,500 Connecticut borrowers who lost their homes to foreclosure from 2008 to 2011, and the first checks are expected to go out next month.

Jepsen spokeswoman Susan Kinsman said state residents are expected to receive an average of about $1,500 from the servicing settlement – three times what New London resident Denoia got from the foreclosure review process. Denoia said she never knew about or applied for funds from the servicing settlement.

Denoia, who has been on disability for the past six years and also gets child support, acknowledged that she received principal reduction approval from Bank of America in August that knocked nearly $20,000 off her mortgage. This came after she had filed a complaint with the Consumer Financial Protection Bureau.

Denoia complained to regulators about what she felt were Bank of America’s unfair tactics from the start, claiming that she was told her loan would carry an interest rate of about 6.5 percent only to learn later that it had been set at slightly more than 7 percent. What’s more, taxes were not included in her mortgage payment, though she thought they would be. This meant she had to come up with another $350 every month for her housing expenses.

“I did as best as I could for a while,” she said, while trying to cover the monthly housing costs of $1,650, “then I asked for help.”

A series of setbacks

Having not received the requested loan modification, in October 2008 Denoia stopped paying on her $181,000 mortgage and sent complaints first to the state Department of Banking, then to U.S. Sen. Christopher Dodd, D-Conn., and Attorney General Richard Blumenthal. Finally, she had her case transferred to the federal Office of Comptroller of the Currency.

The OCC sent Denoia a letter backing Bank of America. She said she had provided documentation that showed some of the bank’s inconsistencies and inaccuracies, including confusing Denoia’s Freeman Street home with the address of a house she had earlier hoped to purchase in Waterford. All of the errors, she said, could be proved through court documents.

In June 2009, Bank of America filed for foreclosure. But a few months later, the bank offered her what she called a trial modification that lowered her payments to $814 a month – about $400 less than her initial mortgage with only 2 percent interest – if she made three consecutive monthly payments on time.

She made the payments, she said, and then was told by a Bank of America representative not to send any further checks until paperwork for the permanent modification arrived. The paperwork never came, and the bank later claimed that it didn’t offer the permanent modification because it stopped receiving payments, according to documents provided by Denoia.

Bank spokesman Simon last week said that what Denoia considered a trial modification was really a “short-term forbearance plan” that offered temporary relief from high payments. This, however, is contradicted by a letter that Bank of America sent to Denoia in April 2010 that referred to the “three month trial modification” that began in September 2009.

Simon went on to point out that the financial institution worked through a mediator for a long period of time and three years later offered a trial modification that became permanent last February. Denoia said she has been current with her mortgage ever since.

“Her modified loan included the lowest interest rate (2 percent for the first five years, capped at 3.875 percent, the market rate at the time of the modification), the longest term (40 years), and interest-free forbearance of a substantial amount of principal, resulting in the lowest monthly payment possible under the modification guidelines for her loan,” Simon said.

Denoia, who acknowledged the bank’s agreement to waive nearly $20,000 in charges she racked up while withholding payments on her loan, has a different take on the permanent modification. She points out that the second modification came with payments nearly $200 above what she previously had been paying.

“‘You had a chance to do the right thing after I made the first three payments,’” Denoia said she told the bank’s representatives. “I was so furious.”

Friends thought she was wasting her time, but in 2010, Denoia wrote to President Barack Obama. A couple of weeks later, she received a letter from the Council of Inspectors General on Financial Oversight at the U. S. Department of the Treasury saying that she could join in the foreclosure-review process.

“I’m thinking this is my magic bullet,” she said.

Instead, she ended up receiving $500, with no information about how the review process reached that number and no way to appeal.

“I was just devastated,” she said. “I cried all night. … For me, it was more of an insult than anything else.”

Denoia nevertheless cashed her check while making her feelings known to Bank of America officers at the Waterford branch. She said they asked her what it would take to satisfy her.

“My home,” she replied, meaning the bank should turn over the deed to her.

Asked for a second choice, Denoia said she didn’t back down. “My home and punitive damages,” she said.

As with every step of the process, Denoia left the bank without a final resolution.

Bank of America, however, said the Denoia case illustrates its commitment to avoiding foreclosure.

“She … now has a fresh start with the most affordable payment available through the modification process,” spokesman Simon said.

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February foreclosure rates in Huntsville metro area see slight increase

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HUNTSVILLE, Alabama – Home foreclosures were down in February 2013 over the same time period in 2012, according to a national report.

The CoreLogic National Foreclosure Report said today that foreclosure rates were at .90 percent in the Huntsville metro market, which includes Limestone County.

That’s down from 1.12 percent in February 2012, a drop of .22 percent.

However, foreclosures are up slightly for their highest mark in five months. Foreclosures in Huntsville dipped as low as .84 percent in December 2012. The .90 percentage is the highest since the same percentage in October 2012.

Foreclosures in the Huntsville metro market are also far below the national average of 2.85 percent in February 2013.

The mortgage delinquency rate also declined in February. According to CoreLogic data, 3.60 percent of mortgage loans were 90 days or more delinquent compared to 3.92 percent for the same period last year, a drop of 0.32 percentage points.

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