September 2010The Huffington Post
William Alden First Posted: 09-29-10 05:41 PM | Updated: 09-29-10 06:18 PM
Even as August saw more Americans lose their homes to foreclosure than in any other month on record, there are growing concerns over the legality of many of those proceedings.
JPMorgan Chase has suspended legal proceedings on “certain” foreclosures, due to concerns about the validity of the foreclosure documents, a spokesman for the bank told CNBC Wednesday (hat tip to Zero Hedge).
The Chili Cook-Off is back in Old Town Roseville. Merchants and the Roseville Moose Lodge are joining together to create this annual event, benefitting Make-a-Wish Foundation of Sacramento in Historic Old Town Roseville. The cook-off features fifteen to twenty-five cookers who must make all preparations on-site within a limited time frame. The activities include live music, family fun, food vendors, and a beer garden in addition to the chili.
The Loyal Order of Moose is known as the “Family Fraternity” and they strive to have activities for all ages at their events. Be sure to mark your calendars and plan on coming to enjoy a great day in Historic Old Town for a great cause, 11:00-4:00 pm, Sunday, October 6.The Washington Post By Dina ElBoghdady and Dan Keating
Sunday, September 26, 2010; 4:03 AM
Its unsettling effects are playing out here in Manassas, along Brewer Creek Place, a modest, horseshoe-shaped street lined with 98 brick townhouses. Several years after the U.S. foreclosure crisis erupted, the U-Hauls are back.
The last time, banks seized nearly every fourth house on the street through foreclosure. This time, homeowners are going another route: a SHORT SALE.
“I love this house, but I just have to leave,” said Leanna Harris, 27, the owner of a corner unit that used to be the builder’s model, with a stone path in the yard and a gourmet kitchen. “I’m at peace with it now.”
The original owner bought the home for $400,714 in 2006; Harris and her husband, both bartenders, paid what seemed to be a bargain price, $289,000, in 2008. But they have fallen behind on their mortgage payments, in part because her husband was out of work. Now they have a $246,000 offer for the home, and the balance on their mortgage is more than that. They want to accept the offer. All they need is their bank’s okay.
That kind of deal is called a short sale, and it’s sweeping the country. In these deals, a lender allows a troubled borrower to sell a home for less than what’s owed on the mortgage.
Completed short sales have more than tripled since 2008, and 400,000 of these deals are projected to close this year, according to mortgage research firm CoreLogic. The giant mortgage financier Fannie Mae approved short sales on 36,534 home loans it owned in the first half of the year, nearly triple the number in 2007 and 2008 combined. Freddie Mac, its sister company, approved 22,117 in the first half of 2010, up from a mere 94 in the first half of 2007.
Investors, GREAT BUY! Where else can you live in Roseville for 75K? Close to Gallereia Mall, Highway 80, Trader Joes, Parks and more! Shared laundry space located at back of
unit. Selling As-Is.