Completed foreclosures in California dropped 31.5 percent from December to January, according to a report Wednesday in the San Francisco Business Times.
14,351 foreclosures were completed in January, compared with 20,952 in December. The state still had more foreclosures than any other state, however.
California also ranks second in pre-foreclosure filings, which dropped to 33,008 in January [...]
Posts from ‘February, 2009’
Foreclosures in California Drop 31.5%
Lenders Stop Foreclosures
JPMorgan Chase & Co. and Citigroup Inc. are halting foreclosures for owner occupied homes. Fannie Mae and Freddie Mac had done much the same thing at the end of last year, but lifted their moratorium in early January. JPMorgan and Citigroup may be the first privately owned companies to stop foreclosing until the administration has [...]
Moratorium on foreclosures, and then…..
One arm of the government’s bank regulators has called for the thrifts to halt foreclosures. Meanwhile, yesterday Treasury and HUD talked with the banking industry in search of ways to stem the cascade of foreclosures.
The thing that was striking was the uniformity of support for the idea that we can no longer rely on a [...]
Bankruptcy attorneys push mortgage modification on the Hill
Saving homes from foreclosure via the mortgage modification bill was the theme of the National Association of Consumer Bankruptcy Attorneys as they visited legislators on its annual lobby day February 11. Members visited their representatives about bankruptcy issues impacting constituents.
Matt Mason, NACBA board member, pointed out that some 160 homes a day went to foreclosure [...]
Stimulus bill cares for new homebuyers, ignores existing homeowners
The report on the Senate version of the stimulus bill is that it includes incentives and credits for new home buyers, but nothing that directly helps prevent foreclosures of existing homeowners.
Until we stop the slide of home prices, greased by foreclosures, new buyers will be hesitant to jump into the housing market. Buy now without [...]
The Stimulus Package, Without A Fix For Foreclosures, Is Edging Closer To Passage.
CNN reported this morning that the Senate worked on a Saturday to reach a compromise on President Obama’s stimulus package. As originally written the package contained a foreclosure fix: letting bankruptcy judges modify mortgages. Today’s package lives on without any help at all for a family about to lose their home.
But, if the stimulus package does [...]
1 in 7 homes in Santa Clara County is ‘underwater’
Not only are 14% of homes in Santa Clara County worth less than the debt on the property, 27% of houses purchased in the last five years are underwater according to the San Jose Mercury.
In my practice I’m seeing a substantial number of long time homeowners who have refinanced loans that are either now larger [...]
Read the bankruptcy mortgage modification amendments
We have incorporated the provisions of HR 200 into the text of the affected sections of the Bankruptcy Code on our sister site, www.savehomewithbankruptcy.com.
You can see exactly how each section will read if the bill is enacted as it was reported from Committee.
The unanswered question is how long do we have to wait for enactment?
Judicial modification could succeed where voluntary modification fails
The New York Times editorial cried “Shame” on the administration for taking the bankruptcy mortgage amendment out of the stimulus package now in the Senate.
It is unfair to ask taxpayers to pay for foreclosure relief without enacting a bankruptcy fix, which costs them nothing.
Amen.