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The Drever Gets Bridge Loan, Narrowly Escapes Foreclosure – D …

The developer behind the 1401 Elm building in downtown has a new bridge loan to be thankful for this Thanksgiving season.

After defaulting on a previous $55 million loan and having the project posted for foreclosure last week, Drever Capital Management has secured a $66.7 million loan from Starwood Property Trust. The project, now called The Drever, has escaped foreclosure and will no longer be sold at auction on Dec. 5.

By definition, a bridge loan is a short-term fix for the redevelopment of the 52-story skyscraper that is being turned into a mixed-use project. Drever Capital did not respond to questions about long-term financing for the project, and did not share the term length of this Starwood loan.

“We’re eager to move forward with the remainder of the project’s permanent financing,” says Drever Capital asset manager Jerry Tonn, in a statement. 

A statement from the developer also said the project has qualified for $95 million in historic tax credits. The Drever still plans to be completed in 2019.

 

Article source: https://www.dmagazine.com/commercial-real-estate/2017/11/the-drever-gets-bridge-loan-narrowly-escapes-foreclosure/

NOTICE OF MORTGAGE FORECLOSURE SALE – Smith

NOTICE IS HEREBY GIVEN: That default has occurred in the conditions of the following described mortgage:

DATE OF MORTGAGE: June 18, 2004

ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE: $148,000.00

MORTGAGOR(S): Jeremy C. Smith and Lori J. Smith, husband and wife

MORTGAGEE: Wells Fargo Bank, N.A.

DATE AND PLACE OF FILING: Recorded on June 29, 2004 as Document Number A000383534 in the Office of the County Recorder of Carlton County, Minnesota.

ASSIGNMENTS OF MORTGAGE: Assigned to: U.S. Bank National Association, as Trustee for Bear Stearns ARM Trust, Mortgage Pass-Through Certificates, Series 2004-11 by assignment recorded on April 23, 2012 as Document Number A000443204 in the Office of the County Recorder of Carlton County, Minnesota.

LEGAL DESCRIPTION OF PROPERTY: Lot 1, Block 8, 1958 Rearrangement of Johnson`s Addition to the City of Cloquet, Carlton County, Minnesota.

STREET ADDRESS OF PROPERTY: 304 BLAINE AVENUE, CLOQUET, MN 55720-1202

COUNTY IN WHICH PROPERTY IS LOCATED: Carlton County, Minnesota.

THE AMOUNT CLAIMED TO BE DUE ON THE MORTGAGE ON THE DATE OF THE NOTICE: $107,831.31

TRANSACTION AGENT: None

NAME OF MORTGAGE ORIGINATOR: Wells Fargo Bank, N.A.

RESIDENTIAL SERVICER: Wells Fargo Bank, N.A.

TAX PARCEL IDENTIFICATION NUMBER: 06-175-1380

TRANSACTION AGENT’S MORTGAGE IDENTIFICATION NUMBER: None

THAT no action or proceeding has been instituted at law to recover the debt then remaining secured by such mortgage, or any part thereof, or, if the action or proceeding has been instituted, that the same has been discontinued, or that an execution upon the judgment rendered therein has been returned unsatisfied, in whole or in part.

PURSUANT, to the power of sale contained in said mortgage, the above described property will be sold by the Sheriff of said county as follows:

DATE AND TIME OF SALE: January 16, 2018 at 10:00 AM.

PLACE OF SALE: Carlton County Sheriff’s Office, 317 Walnut Avenue, Carlton, Minnesota.

to pay the debt then secured by said mortgage and taxes, if any actually paid by the mortgagee, on the premises and the costs and disbursements allowed by law. The time allowed by law for redemption by said mortgagor(s), their personal representatives or assigns is six (6) months from the date of sale.

TIME AND DATE TO VACATE PROPERTY: Unless said mortgage is reinstated or the property redeemed, or unless the time for redemption is reduced by judicial order, you must vacate the premises by 11:59 p.m. on July 16, 2018.

THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE MORTGAGOR’S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES, SECTION 582.032, DETERMINING, AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL DWELLING OF LESS THAN FIVE UNITS, ARE NOT PROPERTY USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED.

MORTGAGOR(S) RELEASED FROM FINANCIAL OBLIGATION ON MORTGAGE: None

Dated: November 16, 2017

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR BEAR STEARNS ARM TRUST, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-11

Mortgagee

THE ACADEMY LAW GROUP, P.A.

By: /s/

Rebecca F. Schiller, Esq.

N. Kibongni Fondungallah, Esq.

Samuel R. Coleman, Esq.

*Corbin C. Smith, Esq.*

Attorneys for Mortgagee

The Academy Professional Building

25 Dale Street North

St. Paul, MN 55102

(651) 209-9760

(17-1172-FC01)

THIS IS A COMMUNICATION FROM A DEBT COLLECTOR.

Article source: http://www.pinejournal.com/community/legal-notices/4360420-notice-mortgage-foreclosure-sale-smith

Judge rips Colorado AG’s case against foreclosure giant as “groundless and frivolous,” orders state to pay attorneys …

The Colorado attorney general’s office was so haphazard and reckless in its failed pursuit to prove former foreclosure king Larry Castle and his law firm had defrauded thousands of consumers that a judge has ordered it to pay his attorneys’ tab – an amount that easily could toll into the millions of dollars.

Denver District Judge Morris Hoffman on Tuesday said Attorney General Cynthia Coffman “was wrong to bring and pursue most of this case” against Castle, his former law firm, The Castle Law Group, and two other associated businesses caught up in the investigation. He said the civil lawsuit the state filed was “substantially groundless and substantially frivolous” enough to merit the award of the defendants’ attorneys’ fees.

“The evidence, or lack of evidence, at trial was nothing short of breathtaking, especially compared to the investigative build-up and the serious and pervasive allegations in the complaint,” Hoffman wrote in a far-ranging, 20-page opinion. “The case (the state) put on wasn’t even a sick relative of the robust allegations they made. … Their 40-page, 217-paragraph complaint reads more like a press release than a complaint.”

Foreclosure lawyer Larry Castle in 2011.

Coffman’s office did not comment on Hoffman’s ruling, saying the state is still pursuing appeals.

“I’m gratified that my clients had an opportunity to testify, to tell what happened and how it happened and let a judge make the decision,” said Larry Pozner, Castle’s attorney. “They always said they would … answer any question and that should be good enough, and it was.”

A hearing to determine the amount the state must pay is to be held in February. It could reach into the millions of dollars since it includes several attorneys – some of them high-dollar counsel – over several years.

“It appears that all (of the) defendants made a substantial amount of money providing their services, and have since gone out of business and lost a substantial part, if not all, of their investments,” Hoffman wrote.

The AG’s office was so intent on taking the case to trial – a process that took five years from the beginning of its investigation under former AG John Suthers to the first day of trial – it turned down a $698,000 settlement offer Castle made just before testimony began. A $200,000 settlement offer from Absolute Posting Process Services, one of the other two businesses named in the lawsuit, also was rejected, Hoffman’s opinion notes.

Hoffman in April ruled against the state following a three-week trial, saying it had not proved its case that Castle and his law-partner wife, Caren, headed a money-hungry outfit that for years preyed on a foreclosure system gone wild.

Though AG attorneys proved the Castles failed to tell federal mortgage insurers Fannie Mae and Freddie Mac about their indirect financial interest in a summons-posting company — a win that netted a $119,500 penalty — they lost on other allegations.

Hoffman called the government’s case amateurish, despite the “massive undertaking” of a two-year investigation that culled through more than 95,000 Colorado foreclosures, more than a million pages of documents and dozens of depositions.

Despite “the feeble trial they put on, and despite the minimal results they achieved, I do not believe (the state) acted in bad faith,” Hoffman wrote. “These were gross errors of judgment, not vindictiveness.”

Hoffman said the state blindly pressed on probably because the lawyers “subjectively thought this was a righteous case; they probably still do.”

“Being blinded by whatever blinded them – regulatory hubris, confirmation bias, group-think, ideology, guilt-by-association or even just cockeyed optimism – is not the same as bad faith,” Hoffman wrote.

He said a remark by the state’s lead lawyer on the case, Assistant Attorney General Erik Neusch, proved the state’s recklessness. Neusch once told Castle that Absolute owner Kathleen Benton was not “good-looking enough or educated enough” to be working without Castle’s help, according to Hoffman.

“Although this one heat-of-battle comment by Mr. Neusch was immature and unnecessary, I am not convinced it is the tip of a nefarious motivational iceberg,” Hoffman wrote. “The Attorney General was wrong to bring and pursue most of this case, but I am not convinced her assistants’ poor judgment masks an evil intent.”

The trial’s outcome was unexpected in light of a $10 million settlement state prosecutors made in July 2014 with Castle’s biggest competitor, Aronowitz Mecklenburg, who they sued at the same time for similar alleged infractions. The Aronowitz firm closed and later agreed to pay about $2.5 million more to affected homeowners who sued in a separate class-action case.

It also ran against several other settlements the AG’s office made with six other foreclosure law firms, though not as pricey, with each accused of padding billings and profiteering from a foreclosure system that logged unprecedented volume.

The crux of the state’s case hinged on a theory that Castle intentionally manipulated and beefed-up the side costs associated with foreclosures, from the posting of notices about court hearings at homeowners’ doors, to the real estate title work and insurance needed to complete the process. Because the firm handled thousands of foreclosures a month at the height of the nation’s foreclosure calamity, the Castles made millions of extra dollars that state prosecutors claimed were unjustly earned.

The state sued the Castles, their firm, Absolute Posting, its owners Benton and Ryan O’Connell, Colorado American Title and RE Real Estate Records and Research.

The Castle Law Group represented up to 100 mortgage clients, but their biggest were Bank of America, Chase and Wells Fargo.

Hoffman tore at how the state presented its case, from parading “a series of largely inexperienced, unsophisticated” witnesses to prove a flawed argument, to not offering “a single witness from any of the allegedly deceived industries.”

And rather than have an accountant bolster kick-back allegations that Hoffman said the state “may well have been able to prove,” the AG lawyers instead “were busy talking about million-dollar houses, condos in Costa Rica, and prices some government officials in their wisdom think were just too high,” he wrote.

“This may have been perfect PR, but it was lousy litigation,” Hoffman wrote.

Article source: http://www.denverpost.com/2017/11/22/larry-castle-foreclosure-lawsuit-verdict/

An Affordable Housing Movement Is Rising From the Wreckage of the Foreclosure Crisis – Truth

In late September, activists staged actions in 45 cities to draw attention to predatory rent practices and vast cuts to Housing and Urban Development funding. “Renters Week of Action” was partially inspired by a report put out by the Right to the City Alliance (RTC) highlighting solutions to the problems tenants now face after the foreclosure crisis.

“The majority of all renters pay an unaffordable rent,” Darnell Johnson of RTC told In These Times. “Eviction, rising rents and gentrification are racial, gender and economic violence harming our people.”

The coordinated actions stem from a long history. The rent control movement gained momentum during the late 1970s and early 1980s, spreading beyond New York City and taking hold in California. In 1978, California voters approved Proposition 13, which lowered property taxes throughout the state.

Many believed that the savings would mean lower home prices and rents. But almost 40 years later, California is a symbol of the era’s failed optimism. The median California house costs 2.5 times more than the median national house, and rents are some of the highest in the nation. Cities throughout the country have now experienced decades of gentrification from a real estate industry consistently looking for ways to subvert the few remaining housing protections that exist for tenants.    

Over the last few years, housing activism has boomed — a trend that transcends the issue of rent control through its focus on halting gentrification and protecting low-income people of color from displacement. This work is even more important in the era of Trump, as the GOP is actively pushing a tax plan to benefit the richest members of US society. House Republicans just passed a tax plan that will cut corporate rates down to 20 percent while increasing taxes for households that make between $10,000 and $30,000 a year.

The movement has taken hold throughout the country, and it’s recently chalked up a number of important victories. After activists staged a hunger strike in San Jose, lawmakers approved some of the strongest renter protections in the nation. Seattle’s city council was pushed to end housing discrimination against formerly incarcerated individuals. Earlier this year, New York became the first city to guarantee attorneys for low-income renters facing eviction.

One group with a track record of effective strategy is the Minneapolis-based Inquilinxs Unidxs Por Justicia. Organizer Roberto de la Riva told In These Times that the group has a direct-action approach to combating his city’s housing crisis. The racial breakdown of housing in Minneapolis is stark: Most people of color rent, while most people white people own homes. He spoke of Latino residents being fined hundreds of dollars by landlords for opening their windows during the winter — and being forced to pay their rent via money order.

“As an organization that works with directly-affected tenants in the most affordable housing in Minneapolis, we see first-hand the amount of power that landlords hold over tenants,” said de la Riva. “They can intimidate freely without anyone holding them accountable and use the system for their business model. Because of the lack of effective organizing and renter protections like rent control, and just cause protection against eviction, landlords get free reign in the city.”  

“When we organize with tenants against their landlords,” he added, “we are able to break down fear and isolation, equalize power relations and move tenants to defend their rights to negotiate with the landlord on renters’ terms.”

One of the most effective ways Inquilinxs Unidxs Por Justicia has fought for tenants is through the acquisition of pro-bono attorneys to fight for renters in court. This method has led to a major rent return lawsuit, charging two Minneapolis landlords with hiding their ownership of properties from the city and purposely suppressing the costs of repairs for financial gain. If successful, the lawsuit could financially benefit thousands of Minnesota residents. “It could be the largest case in terms of damages and rent refunds in US history,” housing attorney Larry McDonough told The Star Tribune. “I could not find a single class action around the country that had this kind of price tag on it.”

De la Riva said tenants and activists are up against powerful, moneyed interests in Minneapolis.

According to advocates, this trend extends nationwide, “Entire communities and cultures are being erased by aggressive development,” Johnson underscored. “We’re occupying their offices, taking back our communities and escalating. Because this isn’t a game. We’re fighting for our lives, our communities and our futures.”

In Boston, 2016 saw an uptick in resistance to predatory rent practices, with activists fighting for “Just Cause Eviction” rules that would prevent landlords from evicting tenants for improper reasons. Through organizing, communities advanced the Jim Brooks Community Stabilization Act, a piece of legislation that has already cleared Boston’s city council and will now make its way to the state legislature. If passed, the act would require landlords with more than six units to provide a reason for evicting a tenant — and mandate that they report the eviction to the city. The city would then be required to notify the tenant of their rights as a renter.     

Ten miles outside of downtown Boston is the city of Lynn, where an organization of local residents is fighting back against unjust evictions and foreclosures. Lynn United for Change’s Isaac Simon Hodes told In These Times that unaffordable rent is a massive problem in the city, and the group is committed to working with homeowners.

“We bring together homeowners facing foreclosure and tenants facing eviction because all of these battles are part of the broader struggle to defend the human right to housing,” said Hodes, “Whether it’s big banks that are foreclosing or corporate landlords that are causing displacement, we’ll only be able to challenge the damage they’re doing to our communities by building a strong and broad movement for housing justice.”

Last year, Lynn Mayor Judith Flanagan Kennedy declared that the city already had enough affordable housing but needed more rich residents for economic expansion. “Lynn has more than its share of affordable housing right now,” said Kennedy. “We have exceeded the goal, and one of the things that Lynn needs to succeed in is its long-term economic development is to have people with disposable income in the mix of the housing that we offer.”

During “Renters Week of Action,” Lynn United for Change members occupied a development site demanding that affordable housing be included in a new set of waterfront apartments. “We do not oppose development,” reads the petition that activists passed out during the event on September 26. “We want to see our city grow and improve. But new development will only be good for the people of our city if it takes our needs and concerns into account and does not push out current residents.”

Article source: http://www.truth-out.org/news/item/42677-an-affordable-housing-movement-is-rising-from-the-wreckage-of-the-foreclosure-crisis

Foreclosure executed by Haddock

MORTGAGE FORECLOSURE SALE

Default having been made in the payment of the indebtedness secured by that certain mortgage executed by Rick G. Haddock and Angie Nelson Haddock, married, originally in favor of

Wachovia Bank, National Association, on the 3rd day of April, 2006, said mortgage recorded in the Office of the Judge of Probate of Lee County, Alabama, in Book 3331 Page 225; the

undersigned Wells Fargo Bank, N.A. successor by merger to Wachovia Bank, N.A., as Mortgagee/Transferee, under and by virtue of the power of sale contained in said mortgage, will sell

at public outcry to the highest bidder for cash, in front of the main entrance of the Courthouse at Opelika, Lee County, Alabama, on January 11, 2018, during the legal hours of sale, all of its

right, title, and interest in and to the following described real estate, situated in Lee County, Alabama, to-wit:

Lot No. 2 of Tamplin-Richards Subdivision, according to and as shown by map or plat of said subdivision which is recorded in Plat Book 33, Page 40, in the Probate Office of Lee County,

Alabama.

The same being a resubdivision of Tamplin Farms as recorded in Plat Book 17, at Page 118 which redesignated subject property fro Lot 16 to Lot 2.

Property street address for informational purposes: 2037 Kirkland Dr, Auburn, AL 36830

THIS PROPERTY WILL BE SOLD ON AN “AS IS, WHERE IS” BASIS, SUBJECT TO ANY EASEMENTS, ENCUMBRANCES, AND EXCEPTIONS REFLECTED IN THE MORTGAGE AND

THOSE CONTAINED IN THE RECORDS OF THE OFFICE OF THE JUDGE OF PROBATE OF THE COUNTY WHERE THE ABOVE-DESCRIBED PROPERTY IS SITUATED. THIS

PROPERTY WILL BE SOLD WITHOUT WARRANTY OR RECOURSE, EXPRESSED OR IMPLIED AS TO TITLE, USE AND/OR ENJOYMENT AND WILL BE SOLD SUBJECT TO THE

RIGHT OF REDEMPTION OF ALL PARTIES ENTITLED THERETO.

Alabama law gives some persons who have an interest in property the right to redeem the property under certain circumstances. Programs may also exist that help persons avoid or delay

the foreclosure process. An attorney should be consulted to help you understand these rights and programs as a part of the foreclosure process.

This sale is made for the purpose of paying the indebtedness secured by said mortgage, as well as the expenses of foreclosure.

The successful bidder must tender a non-refundable deposit of Five Thousand Dollars ($5,000.00) in certified funds made payable to Sirote Permutt, P.C. at the time and place of the sale.

The balance of the purchase price must be paid in certified funds by noon the next business day at the Law Office of Sirote Permutt, P.C. at the address indicated below. Sirote Permutt,

P.C. reserves the right to award the bid to the next highest bidder should the highest bidder fail to timely tender the total amount due.

The Mortgagee/Transferee reserves the right to bid for and purchase the real estate and to credit its purchase price against the expenses of sale and the indebtedness secured by the real

estate.

This sale is subject to postponement or cancellation. Wells Fargo Bank, N.A. successor by merger to Wachovia Bank, N.A., Mortgagee/Transferee

Ginny Rutledge

SIROTE PERMUTT, P.C.

P. O. Box 55727

Birmingham, AL 35255-5727

Attorney for Mortgagee/Transferee

www.sirote.com/foreclosures

424414

The Villager

November 23, November 30, December 7, 2017

Article source: http://www.auburnvillager.com/legals/foreclosure-executed-by-haddock/article_f96913cc-cefa-11e7-8a89-f38bae7cfeef.html

Foreclosure executed by Scott

NOTICE OF MORTGAGE FORECLOSURE

STATE OF ALABAMA

COUNTY OF LEE

DEFAULT having been made in the terms of that certain mortgage executed by Jessica S. Wall f/k/a Jessica Delana Scott to AuburnBank, which said mortgage is dated June 9, 2017, and

recorded in the Office of the Judge of Probate of Lee County, Alabama, in Mortgage Book 4311, at Page 44, and the said default continuing, and by virtue of the power of sale contained in

said mortgage, the following-described real property will be sold at public outcry for cash, to the highest bidder, in front of the Courthouse door of the Lee County Courthouse in Opelika,

Alabama, during the legal hours of sale on Tuesday, December 12, 2017, 2017, to-wit:

PARCEL F (Jessica Delana Scott): Commence at a 1-1/4-inch open-top pipe found at the southwest corner of Section 14, Township 20 North, Range 28 East, in Lee County, Alabama; thence

run South 89°29’12” East a distance of 323.14 feet to a 2-inch open-top pipe; thence run North 89°36’00” East a distance of 331.31 feet to a 1/2-inch rebar found at the point of beginning of the

parcel to be described herein. From said point of beginning, thence run North 00°45’01” East a distance of 338.03 feet to a set 5/8-inch rebar, thence run South 89°12’13” East a distance of

333.72 feet to a set 5/8-inch rebar; thence run South 00°47’47” West a distance of 339.50 feet to a found 1/2-inch rebar; thence run North 88°57’00” West a distance of 333.46 feet to the point of

beginning; containing 2.594 acres, more or less.

ALSO: A 60’ utility and egress and ingress easement running parallel to the East lot line of said property from Lee Road 270.

Said sale is to be made for the purpose of paying the mortgage debt and cost of foreclosure.

AuburnBank

BY: /s/

Jason A. Forbus, Attorney for AuburnBank

Adams White Oliver Short Forbus, LLP

P.O. Box 2069

Opelika, AL 36803-2069

The Villager

November 23, November 30, December 7, 2017

Article source: http://www.auburnvillager.com/legals/foreclosure-executed-by-scott/article_ec425a1e-cefa-11e7-82f2-1389b6fb1f52.html

A Look at the 2017 Foreclosure Market and the Future in 2018

MIAMI, Nov. 20, 2017 /PRNewswire/ — The following is an analysis on the 2017 foreclosure market and the future in 2018 from BankForeclosuresSale.com.


With 2017 coming to an end, real estate investors and homebuyers alike are taking a look back at the development of the foreclosure market over the past 10 months. They’re also turning their attention to the 2018 market, with a focus on market trends, recent changes in real estate law, and if the political landscape will have any impact.


“It’s important for real estate investors and homebuyers to have a clear understanding of the foreclosure market, as past data and current trends can have a big impact on future decisions,” said Simon Campbell, Foreclosure Specialist of Bankforeclosuressale.com. “Even when the market appears to be steady, one thing we’ve seen in the past is that things don’t always stay the same for long.

According to ATTOM Data Solutions, a provider of publicly recorded tax, deed, mortgage and foreclosure data, there were 424,800 foreclosure filings on United States properties during the first six months of 2017, signifying a decrease of 20 percent from the same period of 2016.

While the overall national trend was a decrease in foreclosure filings, some states and cities bucked the trend with an increase in activity. Here are some key data points provided by ATTOM:

  • Eight states, along with Washington, D.C., saw a year over year increase in foreclosures during the fix six months of the year.
  • Washington, D.C. experienced the largest increase, with foreclosure activity jumping 60 percent over the previous year.
  • Of the 217 metropolitan areas included in the report, 28 experienced an increase in foreclosures, with Oklahoma City leading the way at 22 percent.
  • New Jersey had the highest foreclosure rate during the first half of the year, with 0.99 percent of properties with a foreclosure.
  • The highest metro foreclosure rates belong to Atlantic City, New Jersey at 1.71 percent of properties, followed by Trenton, Philadelphia, Chicago and Pennsylvania.

Daren Blomquist, senior vice president with ATTOM Data Solutions, added the following in regards to the market in general:
“Although foreclosures are fading overall, there has been a notable an uptick in foreclosures completed by some non-bank entities — counter to the sharp downward foreclosure trend among big banks and government-backed loans.”

2018: A Big Year for the Real Estate Market
The Great Recession finally came to an end in 2009, after millions upon millions of Americans were forced into foreclosure.

According to Fannie Mae, the waiting period following a foreclosure is seven years, with the agency noting the following: “A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.”

With this seven-year period coming to an end for those who faced foreclosure toward the end of the Great Recession, there’s reason to believe that the real estate market could pick back up.

Campbell said, “There’s no way of knowing if these buyers will dip their toes into the homeowner pool once again, but the possibility is definitely there. This alone could have a big impact on the real estate market as a whole in the year to come.

To learn more about the foreclosure listings market or to search for foreclosed homes please visit Bankforeclosuressale.com online. 

Media Contact:
Simon Campbell
Email: scampbell@bankforeclosuressale.com

http://www.bankforeclosuressale.com

Related Links

Fannie Mae

ATTOM Data

View original content:http://www.prnewswire.com/news-releases/a-look-at-the-2017-foreclosure-market-and-the-future-in-2018-300559292.html

SOURCE BankForeclosuresSale.com

Related Links

http://www.bankforeclosuressale.com

Article source: https://www.prnewswire.com/news-releases/a-look-at-the-2017-foreclosure-market-and-the-future-in-2018-300559292.html

47 Lewis County Parcels Set for First Online Tax Foreclosure Sale in January

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Article source: http://www.chronline.com/news/lewis-county-parcels-set-for-first-online-tax-foreclosure-sale/article_e2ab21a4-ceee-11e7-850e-53b2e26a5471.html

7 Month High In Chicago Foreclosure Activity Probably A Good Thing

Thanks to RealtyTrac (part of Attom Data Solutions) we have updated October data for Chicago foreclosure activity which I have used to update my graph below. Although the data shows a spike in overall activity defaults, which are the key metric, didn’t really change much. Since defaults feed the foreclosure process this is a good thing. Out the back end of the pipeline we have bank repossessions and auctions. Auctions didn’t really change much either but bank repossessions almost doubled from last month.

As I’ve pointed out before it’s a good thing when foreclosures are concluded and the affected homes can be placed back into circulation so seeing bank repossessions spike is actually encouraging.

The ultimate measure of how well we are doing with respect to working through the foreclosure backlog is the shadow inventory number. I’ve been tracking Chicago’s shadow inventory since 2013 and we’ve made very nice progress. See the graph below. After a sizeable decline in September October only drifted down slightly. Nevertheless, the October numbers represent a new record low since I’ve been tracking this: 9625 units.

#Foreclosures #ChicagoForeclosures

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service discount real estate brokerage. If you want to keep up to date on the Chicago real estate market, get an insider’s view of the seamy underbelly of the real estate industry, or you just think he’s the next Kurt Vonnegut you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

 

Article source: http://www.chicagonow.com/getting-real/2017/11/7-month-high-in-chicago-foreclosure-activity-probably-a-good-thing/

Banks delayed foreclosures to influence discussion of Dodd-Frank, paper finds

In 2009-2010, the housing crisis was at its worst: an average of nearly 300,000 new foreclosures were started every month during those two years.

But those numbers should have been higher, according to a paper released in October.

Banks that serviced delinquent mortgages held off on starting foreclosure proceedings on loans located in the electoral districts of members of the House Financial Services Committee in order to influence Congressional action on the Dodd-Frank financial reform bill, researchers found.

The paper, The Politics of Foreclosure, was published by researchers from Georgetown University, Ohio State University, Rutgers University, and the Chicago Fed. The delays happened even though “there was no difference in delinquency rates between committee and non-committee districts,” the researchers noted.

Read: The housing crisis is mostly behind us. Here’s how we should manage the next one.

In a blog post, the researchers explained that the threat of onerous legislation was what prompted banks to delay the foreclosure.

“If they wanted to try to reshape and water down the Dodd-Frank Act, they would have to do so while the bill was being debated in Congress. One potential mechanism to do so would be through lowering the number of foreclosures initiated in the districts of Dodd-Frank committee members so that the committee members wouldn’t hear complaints from their constituents about the hardship of the mortgage crisis and would be more lenient during the debate on the bill.”

The authors concede that “this is an awfully complicated and cumbersome way to influence politicians.” Still, banks spend huge sums on lobbying efforts all the time, they noted.

The top 10 mortgage servicers, which include Bank of America

BAC, +0.51%

 , Citi

C, +0.93%

 , J.P. Morgan

JPM, +0.84%

  and Wells Fargo

WFC, -0.22%

 , spent $44 million collectively lobbying, and about $1 million on campaign contributions to committee members.

The researchers estimated the direct cost of delay to lenders to be about $30 million.

And delaying foreclosures could have other benefits. “These delays may help politicians who have a reputation for being sympathetic to the banks’ perspective to get reelected,” they wrote, and added, “the politicians themselves might pressure the banks for leniency on delinquent borrowers in their district.”

The fact that the delay tactics helped only targeted Congressional constituents is “novel,” the researchers wrote.

Read: The splintered campaign to end zombie foreclosures

Article source: http://www.marketwatch.com/story/banks-delayed-foreclosures-to-influence-discussion-of-dodd-frank-paper-finds-2017-11-17