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Shocking Mortgage News From Around The Web
Homeowners Buyback Their Own Properties And Wipe Out
All Taxes And Liens
January 3, 2012

There is a big problem in Detroit. Many homeowners who lost their homes to foreclosure are
buying back said homes at foreclosure auction. They are paying pennies on the dollar. In the
process, they are also wiping the slate clean. No Liens! No Taxes! How is this possible? There
is a big loophole.

Read the full story from "The Detroit News".
http://www.detroitnews.com/article/20120103/METRO01/201030368/Homeowners-buy-back-own-propert
y-dodge-taxes
Delinquent Borrowers Facing Foreclosure Can Stay In Their
Homes For Years If They Are Willing To Fight
January 3, 2012

If you are facing foreclosure time is your friend if you are willing to fight your lender. In New York
delinquent borrowers are staying in their homes for up to two years, and avoiding foreclosure.

Nationwide the average time it takes to foreclose on a homeowner has risen to 674 days from
253 days according to LPS Applied Analytics. Nearly 40% of homeowners in default have not
paid their mortgage in over 2 years.

Some of the tactics homeowners are using to prolong the foreclosure process is asking the
bank to provide the original mortgage documents, waiting to file paperwork right up until the
deadline, and even declaring bankruptcy.

Read the full story from "CNN Money".
http://money.cnn.com/2011/12/28/real_estate/foreclosure/index.htm
Man Almost Loses Home To Foreclosure Because He Was
80  Cents Short
January 4, 2012

Tom Mudie felt like he had won the lottery when he learned that his loan modification was
approved by the Bank of America. Tom was on the brink of foreclosure when he got the good
news. His monthly payment was now $615.82, an amount that was very manageable.

Follow the terms of the modification, Tom tried to make a payment. He decided to use the
telephone payment system. This system is very common with most lenders. However, Tom had
a problem. Instead of punching 8 he punched 0. In other words Tom paid $615.02 which made
him 80 cents short.

According to the computer, Tom violated the term of the modification contract, and therefore he
was kicked out of the program. The bottomline, Tom was back to square one, he was facing
foreclosure and was about to lose his home again.

Fortunately, Bank of America realized that there was a computer glitch, and they informed Tom
that everything will be fixed. He will not lose his home.

Read the full story from "Tampa Bay Online".
http://www2.tbo.com/business/business/2012/jan/04/typo-involving-80-cents-nearly-cost-man-hi
s-home-ar-343362/?referer=http://www.fark.com/&shorturl=http://tbo.ly/wJzMcn