Real Estate Information

Stockton and Las Vegas vie with each other for the first rank in foreclosure ratings. The situation in Stockton is grim. It has turned into a battleground between the police union and the city. Due to fund crunch the city is cutting down on numbers in the police force at a time when crime is on the rise.

Bank of America has been accused by New York judge that it has been repeatedly telling the courts and issuing statements about modifying loans but in reality it has done nothing. BofA claimed that since 2008 it has modified one million loans. Treasury has withdrawn incentive payment for loan modification to BofA.

The banks own so many houses that their inspectors are overwhelmed with work and often make mistakes. Squatters take full advantage of this; families living adjacent to these houses bear the brunt. Covington City has granted new building permits making sale of old ones more difficult.

The A.G. of California Harris held out till the last minute to join in the settlement talks but came out the winner with a larger share of the pie than previously calculated. California has been one of the worst hit by the foreclosure crisis. She was under pressure from all sides to join the pan America talks.

The lenders have woken up to the harsh reality that it makes better financial sense to allow the defaulting house owners to remain in the houses that to foreclose. This is greatly helping wilting neighbourhoods by sparing localities the blight or more vacant houses. Lenders are often paying house insurance while the occupants are paying for utilities.

The family of Arturo de los Santos comprises of his spouse and four children. They have once suffered eviction and been thrown out of their home. But lately with the help of Alliance of Californians for Community Empowerment teaming up with the Occupy activists of Riverside and Los Angeles they have reoccupied their house that has since then been lying vacant.

The independent audit under the aegis of assessor of San Francisco County has shown that not only were foreclosures frequently illegal but it was all pervasive. Being a non-judicial state the homeowners were most vulnerable without court protection. Laws and regulations were thrown to the winds. This is the first quantitative report on the loss caused by the crisis.

A massive fraud has been unearthed in California that has resulted in imprisonment and penalization. Two Zepedas brothers located properties in foreclosure and took over the title through forging a deed of quit-claim or by convincing the house owners to transfer their houses to them by making promises about help. Once they had taken over the title the brothers would fix up tenants.

A San Bernardino woman has for the time being managed to forestall foreclosures being initiated by Bank of America. Experts are not optimistic because in a non-judicial state like California cancelling foreclosure is difficult. On the other hand many homeowners like her have learnt to hurt the bank where it pinches – their errors.

Two Republican presidential candidates Mitt Romney and Newt Gingrich are flexing muscles at each other. Gingrich is charging Romney for links with Goldman Sachs that is ad lib foreclosing on houses across Florida; also Romney has shares with two firms, Countrywide and Washington Mutual the majority of whose loans sank into foreclosure. The allegations are only elaboration and misinterpretation of half-truths.