Annual fees that range from $ 200 to $ 5,000 per pre-foreclosed or abandoned property will now have to be paid twice a year. The Town of Babylon is putting more financial pressure on banks that own properties in pre-foreclosure by changing its mortgage-in-default registry fees from annual to biannual payments. Foreclosure News
Growing numbers of small subprime auto lenders are closing or shutting down after loan losses and slim margins spur banks and private equity owners to cut off funding. Summit Financial Corp., a Plantation, Florida-based subprime car finance company, filed for bankruptcy late last month after lenders including Bank of America Corp. said it had misreported […]
In my August post , I discussed two cases. In the Failla case, the Eleventh Circuit affirmed the District Court's opinion that “once the debtor decides to 'surrender' secured property [w]hile the debtor need not physically deliver the property to the secured party, the debtor is precluded from taking any action which would interfere with […]
The Senate is poised to pass a bill this week that would weaken the government's ability to enforce fair-lending requirements, making it easier for community banks to hide discrimination The sweeping bill rolls back banking rules passed after the 2008 financial crisis, including a little-known part of the Dodd-Frank Act that required banks and credit […]
The financial crisis of 2008 and the subsequent wave of mortgage foreclosures brought to light certain lenders' practices of “Robo-Signing.” Robo-Signing was a term coined to refer to bank employees' alleged practice of “robotically” signing mortgage loan documents without reviewing them. Foreclosure News
A new program — expected to be announced on Thursday by Airbnb, mortgage giant Fannie Mae and three big lenders — will allow anyone who has rented out property on Airbnb for a year or longer to count some or all of that money as income. Refinancing can be a way for a homeowner to […]
Falling commodity prices and sliding farmland values over the past three years are pushing some farmers into troubling financial territory. It's tough to think about the future when you're worried about making mortgage payments or paying off equipment, but Kansas State University Economist Duane Hund is urging farmers to be proactive in taking stock of […]
In re Sunnyslope Hous. Ltd. P'ship, 859 F.3d 637 , as amended , is a noteworthy case for secured lenders. Foreclosure News
The undisputed hit of the conference so far in Denver? The MBA's mPower event on Saturday. Yes, it eliminated “a Saturday off” for over 300 women, but the “MBA Promoting Opportunities for Women to Extend their Reach” has been heralded as a success. Foreclosure News
The costs of the recent hurricanes that struck in August and September are coming home to roost. The first two in the recent rolling series are, in fact are largely blamed for the first job loss in 80 months, a 33,000 deficit in September. Foreclosure News