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News

Are Zombie Foreclosures Killing

the Neighborhood?

The Walking Dead, which airs on cable TV channel AMC, gets killer ratings and focuses on the survival of man among Zombies. Unfortunately, zombie foreclosures aren’t viewed as favorably. Zombie foreclosures occur when the homeowner moves out after foreclosure begins, but then the foreclosure is cancelled for some reason, the sale doesn’t happen, or the title is never transferred to the new owner. As a result, the title stays in the original homeowner’s name. The house ultimately becomes vacated and left unattended, which can wreak havoc on a neighborhood;  and it could take years for the lender to proceed and complete the foreclosure process if at all. This leaves the neighbor next door with an eyesore to deal with. Worse yet, it may be a safety issue as some of these properties become havens for drug dealers and squatters. From FoxBusiness.com

After brief decline, foreclosures

up again in Greater Boston

The housing crisis of a few years ago is in the rearview mirror, but its aftershocks continue to plague many Greater Boston residents still dealing with foreclosures. Foreclosure orders in the state in the first five months of 2015 increased by nearly 60 percent compared with the same period last year, according to a recent report from a Boston-based real estate tracking company, the Warren Group. In that same period, the number of foreclosures statewide increased by 18 percent compared with 2014. In the month of May alone, foreclosures were 82 percent higher than they were in May of last year. This marks the first time since 2012 that foreclosures trended upward in the first five months of the year, the data show. From BostonGlobe.com

GSEs Prevented 121,000

Foreclosures in First Half of 2015

Fannie Mae and Freddie Mac have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015, according to the GSEs' Q2 2015 results released this week. About 68,000 of those foreclosure preventions were completed by Fannie Mae, with Freddie Mac helping about 53,000 homeowners avoid foreclosure for the first six months of the year. Year-to-date in 2015 through June 30, Fannie Mae totaled 68,122 single-family total loan workouts, approximately 34,000 of which came during the second quarter. According to Fannie Mae, 56,337 of those workouts were home retention strategies (nearly 53,000 loan modifications and 3,400 repayment plans/forbearances completed), according to Fannie Mae's Q2 earnings report released Thursday. "Fannie Mae views foreclosure as a last resort," Fannie Mae's report said. "For homeowners and communities in need, the company offers alternatives to foreclosure. In dealing with homeowners in distress, the company first seeks home retention solutions, which enable borrowers to stay in their homes, before turning to foreclosure alternatives." Non-retention solutions, including short sales and deeds-in-lieu of foreclosure, totaled 11,785 for Fannie Mae year-to-date through the end of June. From DSNews.com Foreclosures moving quickly through courts Q: I have been unable to make my mortgage payments for the last four months. I figured I had more time before I had to worry about the lender coming after me. But to my great surprise, I was just served with a foreclosure lawsuit. This was much faster than I expected. Should I be concerned? — Chester A: Yes. You need to take this lawsuit seriously if you want to save your home. A lot has changed in the way the courts have been dealing with foreclosure lawsuits over the past year. Previously, lenders and the courts were inundated with cases, which resulted in foreclosures dragging on for years. But as time went on, the backlog diminished. Now cases often are measured in months, not years. From Chieftain.com
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Yatch Club

News

Are Zombie Foreclosures Killing

the Neighborhood?

The Walking Dead, which airs on cable TV channel AMC, gets killer ratings and focuses on the survival of man among Zombies. Unfortunately, zombie foreclosures aren’t viewed as favorably. Zombie foreclosures occur when the homeowner moves out after foreclosure begins, but then the foreclosure is cancelled for some reason, the sale doesn’t happen, or the title is never transferred to the new owner. As a result, the title stays in the original homeowner’s name. The house ultimately becomes vacated and left unattended, which can wreak havoc on a neighborhood;  and it could take years for the lender to proceed and complete the foreclosure process if at all. This leaves the neighbor next door with an eyesore to deal with. Worse yet, it may be a safety issue as some of these properties become havens for drug dealers and squatters. From FoxBusiness.com

After brief decline,

foreclosures up again in

Greater Boston

The housing crisis of a few years ago is in the rearview mirror, but its aftershocks continue to plague many Greater Boston residents still dealing with foreclosures. Foreclosure orders in the state in the first five months of 2015 increased by nearly 60 percent compared with the same period last year, according to a recent report from a Boston-based real estate tracking company, the Warren Group. In that same period, the number of foreclosures statewide increased by 18 percent compared with 2014. In the month of May alone, foreclosures were 82 percent higher than they were in May of last year. This marks the first time since 2012 that foreclosures trended upward in the first five months of the year, the data show. From BostonGlobe.com

GSEs Prevented 121,000

Foreclosures in First Half of

2015

Fannie Mae and Freddie Mac have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015, according to the GSEs' Q2 2015 results released this week. About 68,000 of those foreclosure preventions were completed by Fannie Mae, with Freddie Mac helping about 53,000 homeowners avoid foreclosure for the first six months of the year. Year-to-date in 2015 through June 30, Fannie Mae totaled 68,122 single-family total loan workouts, approximately 34,000 of which came during the second quarter. According to Fannie Mae, 56,337 of those workouts were home retention strategies (nearly 53,000 loan modifications and 3,400 repayment plans/forbearances completed), according to Fannie Mae's Q2 earnings report released Thursday. "Fannie Mae views foreclosure as a last resort," Fannie Mae's report said. "For homeowners and communities in need, the company offers alternatives to foreclosure. In dealing with homeowners in distress, the company first seeks home retention solutions, which enable borrowers to stay in their homes, before turning to foreclosure alternatives." Non-retention solutions, including short sales and deeds-in-lieu of foreclosure, totaled 11,785 for Fannie Mae year-to-date through the end of June. From DSNews.com Foreclosures moving quickly through courts Q: I have been unable to make my mortgage payments for the last four months. I figured I had more time before I had to worry about the lender coming after me. But to my great surprise, I was just served with a foreclosure lawsuit. This was much faster than I expected. Should I be concerned? — Chester A: Yes. You need to take this lawsuit seriously if you want to save your home. A lot has changed in the way the courts have been dealing with foreclosure lawsuits over the past year. Previously, lenders and the courts were inundated with cases, which resulted in foreclosures dragging on for years. But as time went on, the backlog diminished. Now cases often are measured in months, not years. From Chieftain.com