There are homeowners that, when faced with the prospect of a foreclosure, attempt to sell their home instead. If the home is underwater, as is the case in many areas in the US, especially in California, Nevada, Arizona and Florida, the proceeds from the sale will not be sufficient to pay off the loan and [...]
You might have heard about the Massachusetts High-Court case in which Wells Fargo and US Bancorp lost a foreclosure case. See Bloomberg story by Thom Weidlich dated 1/7/2011.
The ground for their loss was that they had transferred the mortgages to a securitized mortgage backed pool (as most banks do) but failed to do it properly [...]
Here is an interesting article sent to me by Liam Gillen from Orlando. It is from the Orlando Sentinel and is written by Mitch Stacy from Associated Press with a copyright to the Orlando Sentinel.
This is again a reminder of an issue that has been discussed a lot – that many banks have lost the [...]