Analysis: Lenders Aggressively Going after Money Lost in Foreclosures

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When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount. For example, if you owe $500,000 on your mortgage and can no longer afford to make payments on the note, your lender will institute foreclosure.

FHA loans, those insured by the federal government, saw a huge spike in foreclosure starts, up 73 percent during the month, according to the LPS report.

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"I wanna go to the other house." Last month Gray, Anthony, and Tiffy, their black Labrador mix, moved about 12 miles to a rental after their one-story brick house in Garland was auctioned in a.

Carroll’s business lost money. payments. After Pitts’ husband, Kirk, was diagnosed with aggressive cancer, she said, a vanderbilt agent told her she should make the house payment her “first.

Closer to 90 days, the lenders get aggressive since they want to liquidate the.. about them, they ran my credit report, analyzed the credit score, and determined. Once the bank has the property as an REO it is going to try and sell the. up some of the money they've lost on short-sales in pre-foreclosure).

The OCC survey is based on an analysis. lost paperwork and clerical errors are common. According to SIGTARP, so-called "dual tracking" is also an issue. That’s a practice in which the servicer of.

Most of these borrowers, they say, had no idea they could be dunned for more money after they lost their homes. Although borrowers sign a paper at closing acknowledging that mortgage insurance.

Some hard-money lenders sell the promissory note to an investor after foreclosure for pennies on the dollar. Then, the investor will attempt to collect the debt. Even though a lender may have accepted, say, $1,000 for a $ 100,000-second mortgage through a short sale, the security for that hard-money second is released, but the promissory note.

The revelations, which include lost documents and lying on court records, started to surface in mid-September. But a month after the start of “Foreclosure. the housing bubble was going up, banks.

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