Fannie Mae is bringing back its offer to help pay closing costs to move some foreclosed homes from its books into the hands of owner-occupants. Get the full story »
Inside these posts: Chicago foreclosures
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Illinois foreclosure numbers fall in February
A foreclosed home up for sale in Elgin in 2009. (Scott Olson/Getty Images)
The number of homes in foreclosure plummeted in both Illinois and the U.S. in February, but despite the slowing flow, many analysts believe the foreclosure pipeline has not turned off yet.
In Illinois, 5,568 homeowners received notices that their mortgages had fallen into default and foreclosure proceedings had been initiated, while 1,471 properties were scheduled to go to auction and another 2,553 homes were repossessed by lenders, RealtyTrac said Thursday.
Altogether, the 9,592 notices related to a foreclosure last month showed a decline of 27.13 from January and 44.59 percent from February 2010. Get the full story »
Illinois AG calls for more foreclosure transparency
An abandoned foreclosed house in Highland Park in 2009. (David Trotman-Wilkins/Chicago Tribune)
Mortgage servicers would not be able to put a home into foreclosure until they could detail specifically why all modification efforts failed, under legislation proposed Tuesday by Illinois Attorney General Lisa Madigan.
The bill, which would amend the Illinois Mortgage Foreclosure Act, also is intended to prevent the practice of cutting corners and rubber-stamping foreclosure files as accurate as they head toward judgment, a practice that has drawn headlines and spawned an ongoing investigation into lenders’ internal practices by the attorneys general of all 50 states. Get the full story »
Chicago sees sharp rise in foreclosure warnings
The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Chicago and Seattle — cities outside of the states that have shouldered the worst of the housing downturn — seeing a sharp increase in foreclosure warnings.
Illinois officials expose four mortgage companies
Illinois regulators have “outed” four mortgage servicers that it said did not respond to requests for information on their foreclosure procedures. Get the full story »
BofA foreclosure halt draws calls for more
U.S. lawmakers pushed for the country’s largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures. Get the full story »
Bank of America halts foreclosures in all 50 states
A Bank of America branch in Charlotte, N.C. (AP)
Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. due to mounting political pressure on large U.S. banks to examine foreclosure-documentation problems.
The nation’s largest bank by assets is the first financial institution to stop all foreclosure actions due to revelations that the banking industry had used “robo-signers” — people who sign hundreds of documents a day without reviewing their contents — when foreclosing on homes. Bank of America, J.P. Morgan Chase & Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court’s approval is required to foreclose on a home. Get the full story »
1 in 10 Illinois mortgage holders missed payments‎
Almost one in 10 of Illinois’ 1.7 million home mortgage loans were at least 30 days past due in the second quarter, a troubling sign that might spell more foreclosures in the future, according to new data released Thursday. Get the full story »
June 9, 2010 at 11:00 p.m.
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