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Closing in on the Fight Against Foreclosures
The Federal Government, after reducing the interest rate at a historic rate, is now trying another method to bolster the sagging economy. Earlier this week, Federal Reserve Chairman Ben Bernanke endorsed a need for the government to intervene directly to reduce the amount of foreclosures continuing to sweep the nation’s housing market.
His plan is to call upon lenders to allow deep cuts on loan repayments or for the government to slow the pace of the foreclosures.
NJ Woman Bakes Her Way Out of Foreclosure
Mortgage apple cakes are the tastiest thing on the menu for one New Jersey homeowner. Angela Logan must make a $2,559.54 payment on July 26 if she wants to keep her home of 20 years out of foreclosure, and because of a successful bake sale it looks like she'll meet the deadline.
Logan cooked up the idea to sell apple cakes for $40 each in order to pay her mortgage, and as of Tuesday, she had more than 500 orders, including one from Hong Kong.
How Money Are You: Famous Home Foreclosures
Millions of home foreclosures have resulted from Americans biting off bigger mortgages than they could chew, and even celebrities made money mistakes that led them to the brink of losing their homes to the bank. Some of them weren't able to turn things around and did in fact lose their homes. Do you know which celebrities have found themselves in the middle of a foreclosure mess?
Should This Extreme Home Makeover Family Be Forgiven?
This is one Extreme Makeover: Home Edition story that may leave you with a bout of frustration rather than a waterfall of tears. Some of the 1,800 volunteers that worked night and day to build the Harper family's new four-bedroom home in 2005 are reeling with aggravation after learning the family's home will be auctioned due to foreclosure.
The donated materials used to build the home are valued at about $450,000, and the construction company donated an additional $250,000 for a home-maintenance fund and scholarships for the family's three kids.
News Flash: California Foreclosures Jump 261 Percent
Last quarter's real estate reports are in and the results aren't pretty. They revealed the number of foreclosures in California compared to the same time period last year rose 261 percent (no, that's not a typo). Such a dramatic situation comes with a scarily simple story: Buyers got into the housing market during the boom, usually financing their purchases with more than one loan, and have rather swiftly been crushed by the bust.
Do You Know Anyone Whose Home Has Been Foreclosed?
The number of foreclosures in California may have jumped 261 percent in the second quarter of this year, but it's certainly not the only state whose residents are suffering from the loss of their homes. RosaDilia had this to say about her brush with the issue:
I really feel for the people who are losing their homes. A good friend of mine just lost his home in FL despite his efforts in avoiding foreclosure.
Gone Are the Days of the McMansion?
US home foreclosures are still occurring at record rates. July's foreclosures were up seven percent from June and 32 percent from a year earlier — one in every 355 households with a loan got a foreclosure filing. The jump can be partly attributed to the rising unemployment rate as people lack wages to pay their mortgages.
Front Page: Foreclosures Grow by 70%, US Hands Province to Iraqis, Pirate Attacks Up 75%
- Foreclosures Grow by 70%: The number of homes in a state of foreclosure grew 70 percent in the third quarter of this year, compared with the same time last year. Almost 766,000 homes received at least one foreclosure related notice between July and September. By the end of the year it's thought there will be a million bank-owned properties for sale, or a third of all houses on the market.
- US Hands Province to Iraqis: Iraqis have been given control of security of the province of Babil by the US military.
Drinks on the House For Those in Foreclosure
Bars usually don't have much to worry about during a tough economy, but some are reaching out to their communities with the friendly gesture of a free drink. Padre's Modern Mexican in Phoenix, AZ, isn't fresh in offering recession happy hours, but it's the first to give out a complimentary beverage to anyone who brings in a foreclosure notice.
Nobody has claimed their foreclosure drink yet but Padre's has other plans in the works to attract Phoenix's penny pinchers.
Should Celebrities Rescue Homeowners Facing Foreclosure?
Shaquille O'Neal's in-box has a couple thousand emails from homeowners across the country facing foreclosure in the near future. Word that a plan is in the works leaked out last week when Shaq visited Orlando City Hall to discuss a way for the basketball giant to help people stay in their homes.
The rough idea is that Shaq would buy the mortgages of people whose homes are in foreclosure, and then give the homeowner a new mortgage with more manageable terms.
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