While this blog doesn’t promote underhanded actions to prevent paying legal obligations, we think the story of one couples actions to stave off foreclosure is most interesting.

As the story goes, the couple was served with a foreclosure lawsuit. Rather than turn over the keys, the husband hit the law books. Flooding the courts with papers, the couple staved off foreclosure for 11 years, until this past January, when a county sheriff’s deputy evicted the couple and changed the locks. They didn’t make a mortgage payment the entire time.

The case is believed to be the longest residential foreclosure of its kind in the history of Cuyahoga County, which is at the epicenter of the foreclosure crisis currently enveloping Ohio and many other parts of the country. Foreclosure actions are generally routine, typically taking from a few months to a couple of years to get the borrower out of the home. (more…)

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This one-of-a-kind lakefront lot is truly unique within the Malone Bay community. It is one of the most desirable, if not the most desirable lot among the few remaining properties with waterfront access to W. Kerr Scott Lake.

Malone Bay features 18 lots at W. Kerr Scott Dam & Reservoir. 14 are Lakefront and meet private dock requirements. This is a gated community with Lots ranging from 2.3+- acres to 6.8+- acres On the Hwy 421 side of the lake just off South Minton Road, Wilkesboro, NC 28697

Main Channel Views.
300 feet of waterfront.
Dock with boat slip and 2 jet ski slips.

2.86 acres.

MLS Number: 51155
List Price: $359,000
Lot Size: 2.86 ac.
Apx Acreage: 2.86
Type: Waterfront
Area: Area 2
Suitable Use: Residential

Topography: Rolling
Utilities: Underground Utilities
Road Frontage: Private Road
Restrictions: yes
Water/Sewer: Public Water
Miscellaneous: 1-5 Acres
Location: Malone Way

click here for more information

search for : Malone Bay, W. Kerr Scott Lake, W. Kerr Scott Dam

In today’s depressed real estate market, reverse mortgages are helping people who are struggling to meet payments on high-interest-rate loans and keep their homes. The strategy is quickly gaining popularity among legal-aid attorneys and housing advocates around the country and calls for persuading lenders to take the cash generated by a reverse mortgage in lieu of foreclosing on older homeowners.

With a reverse mortgage, the bank makes payments to the homeowner instead of the homeowner making payments to a bank. The loan is repaid, with interest, when the borrower sells the house, moves out permanently or dies. It may be the best option for people who have built up equity in their home and would otherwise lose it. (more…)

Under a plan coordinated by the Federal Reserve Bank’s Boston branch, five banks have indicated a willingness to make available $125 million to refinance subprime mortgages in New England that are scheduled to reset at higher rates.

This novel plan is intended to attract borrowers who have loans typically made to people with weak credit but whose credit scores, home equities, and payment histories would probably qualify them for traditional mortgages.

Many of these probably could find refinancing on their own, Fed officials acknowledged, but they have been wary of seeking help because their loans may be troubled already. (more…)

search for : subprime mortgage

Much discussion has been made here, and on other financial sites, about the recent Fed plan to help subprime borrowers. That group of mortgage holders have loans are due to reset to higher interest rates next year. Left out of the mix are hundreds of thousands of borrowers with good credit who could face sharp increases in their payments.

That group are sitting on loans known as option adjustable-rate mortgages, or option ARMs. By definition, those loans give borrowers a choice about how much to pay back each month. If they choose to make only the minimum payment on a regular basis, their loan balance can actually rise. (more…)

Fraud is helping to explain why mortgage defaults and foreclosures are rocking financial institutions, Wall Street and the economy. The Federal Bureau of Investigation says the share of its white-collar agents and analysts devoted to prosecuting mortgage fraud has risen to 28%, up from 7% in 2003.

Suspicious Activity Reports, which many lenders are required to file with the Treasury Department’s Financial Crimes Enforcement Network when they suspect fraud, shot up nearly 700% between 2000 and 2006. In some neighborhoods, the fraud scheme itself may have artificially raised values. Another explanation is that the appraisal market is fiercely competitive. Experts say some appraisers may offer inflated values in exchange for their standard fee of several hundred dollars — a strategy that can win business without exposing an appraiser to charges of fraud.

search for : mortgage defaults, foreclosures

Unscrupulous sales agents are popping up in the booming reverse mortgage industry. As a result, where reports of deceptive and high-pressure sales tactics are worrying lawmakers and consumer advocates.

Reverse mortgages are designed for homeowners, age 62 and older, to borrow against their home equity. The money goes unpaid until the home is sold or the borrower dies or permanently moves out. The older the borrower and the greater the value of the home, the more money that can be borrowed.

Reverse mortgages, if used properly, can provide cash to help seniors live more comfortably. The Senate on Dec. 14 passed bipartisan legislation that removes the cap on the number of reverse mortgage loans that the Federal Housing Administration can insure. (more…)

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$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

President Bush has signed a bill into law that gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable income. While the measure is anticipated to reduce taxes of some strapped homeowners by $650 million, the cost to the government would be offset in part by limiting a tax break available on the sale of second homes. Steep prepayment penalties on adjustable rate mortgages have made it difficult for some to get out of their mortgages, and some overstretched homeowners can’t afford to refinance or sell their homes. (more…)

search for : tax break to homeowners, adjustable rate mortgage

We’ve all heard of the problems with low or no-down payment loans, subprime loans, resets and a plethora of less-than-desirable loan scenarios. So, will reverse mortgage loans become the next “subprime” debacle?

Reverse mortgages were meant to be the most conservative loan vehicle available to homeowners. You have to be at least 62 to get one, and the vast majority share the same closing costs and interest rates, regardless of lender. The market for reverse mortgages is expected to explode in the next two decades, as aging baby boomers seek to unlock trillions in home equity.

Reverses are not right for everyone, but officials say they’re especially ripe for abuse, because seniors can be misled easily. Federal regulators are finding that some borrowers who were sold a reverse mortgage and an annuity from the same salesman, generating huge fees and tying up the homeowners’ money. (more…)

search for : Reverse mortgage, aging baby boomers