It looks like we witness a new era in foreclosures: the era of lenders foreclosing on banks. This is based on a situation that happened recently in Sacramento: Intra-Pacific Commercial Inc foreclosed on a property in South Sacramento from Westamerica Bank. Westamerica Bank became the owner of the land through a series of events, including [...]
Foreclosure can be the result of irresponsible money handling or the result of a financial crisis. A recent report published by TransUnion shows that many homeowners who defaulted on their mortgages during the years of the economic breakdown subsequently proved to be responsible consumers. “Certain consumers who defaulted on a mortgage in the recent recession [...]
A Marin County company, developer of a Petaluma apartment project, defaulted on its $11.5 million loan and now is fighting Sonoma Valley Bank in court to prevent the foreclosure on six apartment buildings used as collateral. Bijan Madjlessi filed a lawsuit in federal court this month that seeks to avoid foreclosure of the Petaluma buildings [...]
It is no secret that the ongoing housing crisis throughout the nation, especially California is the reason behind plummeting home sales. A lot of additional reasons put together are adduced for the crisis-ridden conditions of the markets – weak economy to thinning household income to unemployment – and the list goes on and on. California [...]
A group of homeowners from San Jose filed a class-action lawsuit against Aurora Loan Services LLC alleging the mortgage company made them pay thousands of dollars each to have troubled mortgages reviewed by the company. Aurora promised them loan modifications, but the homeowners woke up with their properties foreclosed with little or no notice. The [...]
San Francisco has the name and fame behind it as the number one town in California State, ever since the period of Gold Rush, centuries back. Migration of people – not only from other parts of the country – but people from other countries like China as well, was the order for many years in [...]
In the 9-county SF Bay Area housing market, the number of new foreclosure filings is coming down consecutively for the last few months. Different interpretations are being offered by market analysts, as to the direction the foreclosure trend is heading, as far as SF Bay Area is concerned. The latest foreclosure activity report, pertaining to [...]
It is reported that a new legislation in California in the offing, would extend protections for distressed home owners caught under foreclosure – even if they had refinanced the original mortgage. The State Senate approved the new law in June and it was passed by a State Assembly Committee last Tuesday. The final voting is [...]
The incentive for home buyers – first time buyers and repeat buyers – by way of tax credit has expired on 30th April. The federal government tried hard by the foreclosure mitigation programs one by one, to help the housing market recover. The success or failure of these programs has been a point for debate, [...]
