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Analysis: Lenders Aggressively Going after Money Lost in Foreclosures

But once the housing boom had gone bust and most of these loans had lost their initial low mortgage payments, many of these unwitting homeowners were forced to sell or face foreclosure. And because multiple foreclosures took place in these areas, a large drop in home prices exacerbated an already bad situation.

Bankruptcy and foreclosure are tough financial decisions that can significantly affect a consumer’s credit score and overall fiscal health. But veterans and active duty military members, it’s important to know that a bankruptcy or foreclosure doesn’t mean you have to forget purchasing a home with your VA entitlement.

Home equity stays the property of a homeowner even in the event of a mortgage default and foreclosure on the home. But the foreclosure process can eat away at the equity. The following five points explain what home equity is, what happens to it during foreclosure and options to protect.

Roughly 10 million homes have been foreclosed on since the housing bubble burst.. Foreclosures also dropped as lenders became more willing to modify mortgages for. When the home goes to auction and no one bids enough to cover the. The bank is losing money every day the house sits there.

But details of what went wrong have been hard to come by.. The 41-year-old father recounted how the foreclosure upended his kids' lives, who moved to Florida after. and then litigates the resulting customer grievances aggressively.. mediation even if they cash the checks that Wells sends to them.

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45 thoughts on " lenders aggressively pursue short sale and Foreclosure Deficiencies " Worried June 21, 2010 at 5:55 pm. So what happens in CA when a home is bought with an 80/20, the value goes down by 50%, the owner walks, the first mortgage holder forecloses and the second holder gets nothing?

Eliminating the right to redeem protects the value of collateral because however unlikely it is that a debtor will exercise the right to redeem, the threat of redemption lowers the market value of the collateral.16 The increasing phenomena of strategic default may prompt lenders to rethink their foreclosure strategies.

Depending upon the state, the bank may be able to come after you for money following the foreclosure. Foreclosures A foreclosure permits the bank to take possession of the home.