In a commercial hawking reverse mortgages, the TV actor doesn't tell people how they could get into trouble with the product, a special kind of loan that allows borrowers aged 62 and older to convert a portion of their home's equity into cash. While some say reverse mortgages are useful because they allow the elderly […]
ABA Journal Daily News
Inside Courtroom 676 in Philadelphia City Hall, a group of volunteer housing counselors gather around a table every Thursday morning and afternoon. Together with pro bono attorneys, they try to help homeowners stave off foreclosure through Philadelphia's Residential Mortgage Foreclosure Diversion program. Foreclosure News
Michael Froehlich was getting so sick of seeing the “We Buy Houses” signs desecrating his West Philadelphia neighborhood, he decided to offer a bounty for them – $ 1 for every one dropped off at his house, up to $ 200. “Everyone who came by said they already do this anyway,” Froehlich, 42, said Monday. […]
ABA Journal Daily News
For more than a dozen years, Wells Fargo discriminated against African-Americans and Latinos by intentionally pushing them into higher-cost mortgages, according to a lawsuit filed by the city of Philadelphia. Wells Fargo's “longstanding” discriminatory practices in Philadelphia caused foreclosures to increase and resulted in the loss of vital tax revenue, the lawsuit argues. Foreclosure News
While the bursting of the housing bubble caused widespread pain, many homeowners have since recovered from the bust as house values in many U.S. metropolitan areas now stand close to or even above their pre-bust peaks. But one group in particular has not been able to share in the recovery: low-income homeowners who owned properties […]
Seven Philadelphia-area zip codes – five in the city, Ardmore and Upper Darby – are among the top 30 nationally for profitable home flipping, says RealtyTrac, the Irvine, Calif., foreclosure search engine. RealtyTrac analyzed single family homes and condos flipped in 2015 in more than 15,000 zip codes nationwide and identified the top 30 so-called […]