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Behold!  Yet another letter from Bank of America, about my Bank of America serviced mortgage, arrived today; this time via next day Federal Express!
I know that Bank of America is headquartered in Charlotte, North Carolina and that people in the Carolinas are a bit slow.  I know they are still 20 years behind the times and still think they live in a little southern one road town. I must be missing something here or perhaps I have to slow down and bring myself down to their southern mouth breathing mentality.  But come on!  Give me a freaking break! My mortgage is as current as current can get!  I have never been late on a single payment.  In fact, there is more money in my Northern Trust checking account than most Bank of America employees make in a year! In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule.
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The Great Financial Crisis that started in 2007 is far from over, and it is about to heat up again with what could be a new mortgage meltdown.
To make matters worse, the number of homes that actually reached foreclosure auction (the end of the process) in March was 11% higher than in February. What is even more worrisome is that the number of bank repossessions, or REOS, increased by 49% between February and March 2015, RealtyTrac reported.
There was a little good news in the report; the rate of new foreclosures in first quarter 2015 was down 11% from fourth quarter 2014 and eight percent from first quarter 2014. That good news is offset by dramatic increases in the rate of new foreclosures in a number of states. The number of new foreclosures in Massachusetts in first quarter 2015 was 58% higher than in first quarter 2014. Lenders initiated eight percent more foreclosure starts in Illinois in the first three months of 2015 than they did a year earlier. These numbers reveal a disturbing reality that our leaders are ignoring: the financial crisis did not end in 2009.
The crisis is continuing because we no longer have a free market in residential real estate in the United States. One big effect of this is that unrealistic prices for which there is no real market demand are sustained.
This catastrophe could have been averted by setting up mechanisms to quickly liquidate foreclosed homes and get them back into the market. It would have also enabled investors to buy many of the properties and turn them into rentals.
Another positive result from a collapse in real estate values would be that average people would pay less for housing.
Unfortunately, this has not happened; RealtyTrac reported that it now takes around 620 days—nearly two years—to complete a foreclosure in the United States. The bombs are called HELOCs, or home equity lines of credit, and were offered to many homeowners 10 years ago. That bill is about to come due, and it could be the disruption that causes a new mortgage meltdown. Under the terms of many HELOCs, many homeowners could see their mortgage payments increase. This catastrophe occurred because many families used HELOCs to pay for things like food and gasoline during the financial crisis. Many homeowners will simply walk away from the houses when they get the higher HELOC bills, Los Angeles realtor Mark Hughes predicted in an MSN Money interview.
The effect will be hard to gauge because some areas of the economy, like the stock market, are healthy while others, like employment, are anemic. A wild card here is the Federal Reserve, which has been propping up real estate and mortgages with low interest rates.
My guess is that real estate will remain in crisis for the next few years while the rest of the economy experiences sluggish growth.
For a busy mom scrambling to buy Christmas presents on a tight budget, a payday loan may sound like a great idea this week—as a way to take advantage of low prices during Black Friday.

Visit lending websites, and you’ll see lots of stock imagery of smiling (mostly white) people who look prosperous and cheerful. Maybe, as payday loan ad copy often suggests, they had sudden car trouble and need $500 for repairs.
New research from The Pew Charitable Trusts’ Safe Small-Dollar Loans Research Project suggests America’s estimated 12 million payday loan customers are likely to be African-Americans without a college degree and earning less than $40,000 annually. Nearly 70 percent of those surveyed by Pew used their first payday loan to cover a recurring expense—utilities, credit card bills, rent.
Unlike other loans, payday loans must be repaid in full on the borrower’s next payday at annual interest rates of around 400 percent. If the borrower actually had enough spare money in that next paycheck to cover the loan, it wouldn’t be so bad. But if there isn't enough in their checking account on that next payday to fully pay back the loan, they’re hit with additional charges and perhaps overdraft charges from their bank. Payday loans “exceed most borrowers' ability to repay,” Horowitz says, because they take about one-third of the average borrower's paycheck—money already needed for the next round of rent and bills. Just as discriminatory mortgage lending is finally being tackled in the wake of so many foreclosures nationwide, some progress is being made on regulating the payday loan industry and educating consumers. This week, the Consumer Financial Protection Bureau took its first action against a major payday lender by ordering Cash America International to pay up to $14 million in refunds to consumers for robo-signing court documents and illegally overcharging customers. And Thursday, the FDIC finalized its guidance on bank payday loans, requiring banks to only offer these products to those consumers likely to be able to repay them. Horowitz says many payday loan customers are on board with those changes, even if it means they won’t be eligible for payday loans anymore. In states that enact strong legal protections against predatory lending, Pew found that payday loan usage drops—people don’t seek online payday loans from other states. Will the CFPB soon require that all payday lenders only lend to people who have a clear ability to repay their loan?
Returning to her home after a two-week vacation, a woman in Vinton, Ohio, was surprised to find that her key no longer fit the lock. After entering the house through a window, Katie Barnett discovered that all of the property inside the home had been removed.
Versace Mansion to Be Sold at Bankruptcy AuctionWhen she confronted bank officials, she says they conceded that an error had been made.
Barnett’s personal items were apparently donated to charity, sold or thrown out while she was away. Foreclosure statistics indicate that the real estate market is still extremely volatile and vulnerable to sudden disruptions. This was the first month with an increase in the number of foreclosures since September 2010, according to RealtyTrac. That indicates that large numbers of Americans still do not have enough money to keep their homes. The bank repossession rate hit a 17-month high and rose to a rate that was 25% higher than for March 2014. The number of repossessions in first quarter 2015 was seven percent higher than in fourth quarter 2014. That means fewer homes are entering foreclosure but more of the ones in it are being taken.
Those increases were reported in a number of states that have been touted as being in recovery. Instead, we are in the midst of a slow-moving financial crisis that appears to be heating up again. Whether your house is pretty or ugly, old or new, in good or poor condition, we’re here to help. Bad policy and government interference have so distorted the marketplace that it no longer functions.
This means perfectly good housing sits empty and deteriorates while average people go homeless because they cannot afford the price.

If real estate values fall, large numbers of properties will be underwater, a situation in which the amount of the mortgage exceeds the price the home can be sold for. That opportunity could have allowed a lot of average people to generate a lot of wealth for their families.
The situation is worse in some states; it takes 1,475 days to complete a foreclosure in New York State and 1,115 days to complete one in New Jersey.
Many more of the ticking time bombs left over from the 2005 real estate boom are about to go off.
A HELOC is essentially a second mortgage that lets a homeowner borrow against the value of the home. In some cases, they could double, which could force many of those properties into foreclosure.
It could quickly end the real estate recovery in some areas of the country like California, where there are 646,000 homes with HELOCs, most which (424,000) are on underwater residences, RealtyTrac found. One definite effect of this will be increased stock values as money flows out of real estate and into stocks. If the Fed raises interest rates this summer, that could be the event that crashes the real estate market.
We could also see some dramatic drops in property value in certain areas of the country as Americans realize that there has been no real estate recovery.
They'll have that extra $500 as soon as their next paycheck arrives, so they’re just borrowing it until then. Lenders usually request direct access to the borrower’s checking account to collect payment.
That $55 would be an affordable interest payment for most people, if they could pay their loan off slowly over time. More than 80 percent of those surveyed by Pew said if payday loans were unavailable to them, they would cut back on spending rather than borrow from some other source.
In states with tough regulations, less than half as many adults report payday loan usage of any kind in the past five years, compared with states with the least regulation.
The bank had intended to foreclose on the house across the street but its representatives were mislead by a GPS device. These statistics indicate that the foreclosure crisis has returned with a vengeance, folks. One example of this is the exorbitant price of real estate that is created by government underwriting of mortgages and the mortgage income tax deduction. Such collapses can be good; the collapse in oil prices stimulated economic growth by giving people more money to spend.
Even though people would lose their homes, they could probably find a comparable property at a lower price in a realistic real estate market. Many of the ones offered during the boom allowed people to pay just the interest and not the principal on the loan for the first 10 years of a 30-year mortgage.
A property that is seriously underwater is mortgaged for 125% of its current market value or more.
Another will be demands for radical solutions like government plans to keep people in their homes. The CFPB, a federal regulatory arm created in 2010 to protect Americans from faulty financial products, has also begun collecting complaints from consumers about payday lenders.
Seeing the empty home and uncut grass, they thought Barnett’s residence was the correct house.

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Comments to «Bank foreclosures wrong house glock»

  1. fghfg writes:
    Prior six months and an 11 percent decline over the first half last September, the state.
  2. Ameno writes:
    The end of the tunnel,??said Daren Blomquist, vice president at RealtyTrac study.
  3. VORON writes:
    County throughout North Carolina foreclosures in the.