The mortgage holder has initiated foreclosure proceedings against building owner Ricky E. Frazier, who leases the iconic downtown restaurant at 85-87 Public Square to the Dephtereos family. It's the first step in the foreclosure process, which can take many months or even years.
This past month, Washington was busy with rule changes and proposed legislation that underscores the ongoing debate over the origination and foreclosure of reverse mortgages. First, the U.S. Department of Housing and Urban Development reduced the maximum amount a reverse mortgage applicant can borrow. Foreclosure News
Charlotte's historic Excelsior Club, a touchstone for generations of African-Americans, faces an uncertain future after foreclosure proceedings began last week. The Beatties Ford Road landmark, which has hosted the likes of Nat King Cole, Louis Armstrong as well as a future president, has been closed since June. Foreclosure News
Tim Hall stands in front of his home in the Washington Heights neighborhood on Chicago's South Side last summer. He bought the home after it gutted and modernized through a Cook County Land Bank Authority program. Foreclosure News
APRIL 06: A foreclosure sign hangs on a fence in front of a foreclosed home on April 6, 2011 in Richmond, California. The California Housing Finance Agency is expanding its $ 2 billion foreclosure relief initiative that will now help those who refinanced or took out home equity lines of credit. Foreclosure News
There's a deep connection between the history of redlining on the East Side of Cleveland and the continuing decline of neighborhoods hollowed out by subprime lending and the mortgage foreclosure crisis of the 2000s. So said Terry Schwarz , director of Kent State University's Cleveland Urban Design Collaborative in her kickoff to a panel discussion…
There are many good reasons for the federal government to intervene in the economy, but diverting resources from less affluent first-time home buyers to seniors who already own homes would not be at the top of our list. Nevertheless, that is what the Federal Housing Administration's Home Equity Conversion Mortgage program – commonly known as…
