Foreclosure Recap – Week #56
Today’s first foreclosure story is on the rapper Jay Z. It seems that Mr. Z, who’s real name is Shawn Carter. Back in the year 2008 he and a partner began a project to be known as the J Hotel in New York City and today a scant two years later the project is sitting in financial ruin with lawsuits pending and no one getting anywhere on it. The project is stalled and not getting built and the lender is looking for repayment and foreclosing to get that satisfaction. The net ending is that the lender settled on a deed in lieu of payment but Jay Z ended up carrying a lot of the costs, which multiplied well into the high six-figure mark and possibly into seven figures before it is all said and done. Jay Z is claiming that these costs were enlarged due to the company dragging things out and e is none to happy about it. There should be more lawsuits coming.
Sacramento California is one of many cities in the state of California that is in severe trouble when it comes to the foreclosure market. IF it is up to councilman Ray Tretheway he is going to do his best to attack that issue. He is going to make the jobless rate and the foreclosures a paramount plan of action this year to do what he can to help alleviate the stress and problems that are being faced by the members of his portion of the state. Obviously the interest has been sparked by the fact that he is running for re-election in June of this year so it will be interesting to see if after the election he is as gung ho o continue on with the plans and promises.
If you thought that the presidential plan for loan modification has made things all nice and easy to get your payments reduced, then perhaps you need to read this article about a family in Charlotte North Carolina who have been fighting with the Bank of America for over a year to get the loan they have modified to something that they an afford. It is a very enlightening article that shows the trials and tribulations that a family can go through in the quest to get payments lowered. They actually considered several pay up front firms to try and get the job done. But they then found out that those pay first things are illegal in the state of North Carolina so they are doing what they can to do things by the books. They were not overly financially stretched out but circumstances worsened. They tried to sell and could not and now they are over the one-year mark.
As more and more people opt to file for a foreclosure or choose to let the underwater property they are buying fall into the pit of foreclosure in lieu of making the payments and living up to the obligations that they had set forth upon, many of them forget to think about the long reaching effects that a foreclosure will have on the credit worthiness and ability to get things done in the future once the economy recovers from the issue that it has been going through over the past several years. While by law the foreclosure is removed from your credit report as being out of date information, it is something that you might have to have manually removed after that time by contacting the three major credit-reporting agencies. And during those seven years everything from obtaining any kind of credit to finding a better job could well be in jeopardy for you. For this reason it is best to avoid this avenue if at all possible.
This is an article that everyone would benefit from reviewing. It tells you how to save on your mortgage payment and how to shave money off what you have to pay. It is all about getting foreclosure counseling and what you can expect to get from it in the end. The government actually stared a federally sponsored program back in 2007 when the crisis was becoming a fast reality and yet to this day not many people know about it or how to take advantage of the things that it offers. One piece of information that should get you interested enough to review the story is that the only legitimate cost that you can be charged by anyone who is offering to help you with a foreclosure problem, is the $40 fee to pull your credit report.
The Salem News published an article that originally ran in the Los Angeles Times where they strongly suggest that President Obama should totally stop home foreclosures. For those of you that already know the numbers, bear with us here. The rest of should know that since the start of the governments Home Affordable Modification Program also known as HAMP. At least 31,000 homeowners have been able to get their mortgages modified to something that is more affordable for them. On the other hand there are literally millions out there that are still struggling and swimming the red tape to try and make that a reality for them. The story invokes some rather straight forward and to the point criticisms of the way the government and the Obama camp is failing miserably at fulfilling the campaign promises that it made to cure the problems and turn the economic crisis around.
How would you like it if you were well off enough to pay cash for a home and pay it off in full back in the year 2005? Probably would have felt pretty good and today you would be happier than most because you would know that you were sitting a piece of paid off real estate while the rest of the country was sweating about making those mortgage payments on the underwater property that they own. Well that is exactly the case for a Florida family except that this dreamlike situation turned into a nightmare recently when the Bank of America foreclosed on the home that they owned free and clear recently. They bought the home as a place to retire in the future and when the Bank Of America foreclosed, the bank went in and removed all of the property from within the home; they changed the locks on the doors. The sad part is that the address was wrong and the house that was supposed to be in the foreclosure process was across the street and ten houses down the block. The couple had to drive from Massachusetts all the way to Florida to fight for a home that they owned free and clear.
Looking Foreclosures?
ForeclosureListings.com has a comprehensive, searchable database of foreclosures in California, Florida, Texas, Michigan and all US States. Try to search foreclosures by state today!
Related posts:
