Analysis: Lenders Aggressively Going after Money Lost in Foreclosures

A computer analysis by The Denver Post found that high-interest, or subprime, home loans and home foreclosures both occur mainly in neighborhoods with large numbers of minority residents. Citywide, blacks are 3 times as likely as whites to borrow from subprime lenders – mortgage companies that generally charge higher rates and may impose extra fees and penalties.

 · MCLEAN: ANOTHER 2012 florida lost NOTE CASE McLean v. JPMorgan Chase Bank also began with a Lost Note count. The copy of the mortgage attached to the complaint identified the lender as american brokers conduit. After McLean filed an Answer and Affirmative Defenses and two Motions to Dismiss, Chase filed the alleged original note and mortgage.

 · In ZIP codes where most residents make less than $40,000, the analysis found reverse mortgage foreclosure rates were six times higher in black neighborhoods than in white ones. The foreclosure disparity resembles a more familiar scenario from the late 2000s, when subprime lenders targeted specific neighborhoods with risky loans doomed to fail, according to the nation’s lead reverse.

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While it’s common to hear about money issues and foreclosure, few realize the tax consequences of such a process. A foreclosure brings about a property title transfer and subsequent tax assessment. Most property owners do not realize that by losing their home to foreclosure, there are likely going to be tax implications.

This is when your mortgage lender tries to recoup any losses they incurred after selling your home in a foreclosure auction. In some states, lenders have the ability to hire debt collectors to go after your remaining debt, court fees and attorney’s fees, plus any interest that has accumulated.

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Are Older Generations Really Not Selling Their Homes? As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in? Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives! Bottom Line