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Their Mortgage Was Paid, but HOA Threatened Foreclosure
Foreclosure Notice Didn't Come
From Bank. Their HOA Sent It
in case you missed it

Foreclosure Notice Didn't Come From Bank. Their HOA Sent It

In Colorado, HOAs can foreclose on homeowners who fall behind on monthly fees

(Newser) - "At first it was denial, like, 'Oh, that’s just a threat. They can’t take away your home.' And then, as things progressed, [we realized], 'Yes, they can take away your home.'" The "they" in this case wasn't the Colorado townhouse-owner'...

Ben Carson Thought Housing Term Was Cookie Name

He misheard 'REO' as 'Oreo'

(Newser) - Acronyms relating to his job apparently aren't Housing and Urban Development Secretary Ben Carson's strong suit. When asked about the common term REO during a testy House Financial Services Committee hearing Tuesday, a confused Carson thought Democratic Rep. Katie Porter was talking about Oreo cookies, the Washington Post...

For $110K, Own a 'Unique Piece of Chicago History'

That would be the former home of gangster Al Capone

(Newser) - A "unique piece of Chicago history" is for sale, and as long as the buyer is handy (or knows someone who is), it could be a steal. Before he lived in luxury in Miami , Al Capone hunkered down with his mother, sister, and wife in a two-apartment brownstone in...

Hundreds Lost Their Homes Thanks to Computer Glitch

Wells Fargo said a mistake contributed to hundreds of foreclosures

(Newser) - Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications, per the AP. The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were...

10 States With Highest Foreclosure Rates

New Jersey is worst

(Newser) - As home prices have risen in the years following the Great Recession, the number of homes in foreclosure has dropped steeply. But those changes aren't happening equally across all states. In 2016, one in 142 homes was foreclosed countrywide. But at the state level, the foreclosure rate ranged from...

Flint to 8K Residents: Pay Water Bill or Lose Your Home

It's been three years since Flint residents have had safe water

(Newser) - Just after the three-year anniversary passed marking the beginning of the water crisis in Flint, Michigan (where it’s still not recommended to drink from an unfiltered tap ), residents protesting their water bills have been told to pay up or ship out. NBC25 News reports that after first posting...

$5M Picnic Basket May Soon Be Available at a Bargain

Ohio county seeking foreclosure to pay off $700K bill

(Newser) - Know anyone so fond of picnics they'd want to take up residence in a building shaped like a picnic basket? With $700,000, they might get the opportunity. After nine months on the real estate market, the "Big Basket" office building in Newark, Ohio, seems destined for a...

Foreclosed Mall Sold for $100
Foreclosed Mall Sold for $100

Foreclosed Mall Sold for $100

Galleria at Pittsburgh Mills' previous owners owed $143M

(Newser) - A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for just $100. Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning—and only bid—for the 1.1 million-square-foot Galleria at Pittsburgh Mills on...

Couple's Disappearance Stumps Connecticut Cops

They were in deep in debt, but family says there's no connection

(Newser) - A Connecticut couple in their mid-50s has been missing for two weeks now, and police are investigating whether their financial troubles—including $2.2 million in debt—may have something to do with it, reports CNN . Their families, however, aren't buying it. Police found the pickup belonging to Jeffrey...

Cops: Guy Tried to Burn House With Bowling Ball Bomb

Which is one way to foil bank from selling it

(Newser) - As the Sun-Sentinel puts it, "it's hard to stand out when it comes to crime in South Florida," but that's exactly what one 21-year-old Loxahatchee resident has allegedly done. Per the AP , Tyler Butler was arrested on charges of arson and using an explosive device after...

Banks Flout Laws Protecting Troops From Foreclosure

NYT: Mandatory arbitration clauses mean repos, foreclosures for service members

(Newser) - Deployed service members are supposed to be protected by federal laws from repossession and foreclosure. But thanks to mandatory arbitration —a clause in a contract's small print that waives one's right to court intervention—lenders are circumventing the rules, placing the homes and cars of US troops...

Man Finds Body Inside Foreclosed Home He Bought

Neighbors suspected former owner had died inside Cape Coral, Fla., house long ago

(Newser) - Overgrown grass, trash, and an interior that probably needs some TLC are things you'd expect to deal with when purchasing a foreclosed home; a dead body is not. But William Wilson stumbled upon all of these things when he entered his new Cape Coral, Fla., residence on Wednesday after...

Anonymous Bidder Wants to Buy 6K Detroit Properties

County to auction off dilapidated foreclosures to try to stem city blight

(Newser) - Someone in Detroit really wants the city's rundown residences—thousands of them. A mystery bidder has offered $3.2 million to scoop up a huge batch of foreclosures (many of them due to owed taxes) in an open auction held by Wayne County, Businessweek reports. The county, which is...

Woman Has Lived in House Rent-Free for 8 Years

 Woman Has Lived 
 in House Rent-Free 
 for 8 Years 
in case you missed it

Woman Has Lived in House Rent-Free for 8 Years

Loopholes have allowed Lisa Hardy to stay—but the house has just been sold

(Newser) - For eight years, Lisa Hardy has lived in a three-bedroom house in Indianapolis, paying her utilities, growing a garden, and raising her three children. The only thing that sets her apart from most other parents across America: She hasn't paid a cent in rent or mortgage payments. And the...

Feds, BofA Strike $17B Settlement

Justice announces largest deal it's ever reached

(Newser) - The Justice Department has announced a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis. The deal announced today calls for the bank, the second-largest in the US, to pay a $5 billion cash...

BofA, Feds Near Biggest Settlement in US History

Justice Dept. deal would cost bank $16B-$17B for foreclosure mess

(Newser) - Bank of America is headed toward the biggest settlement to arise from the 2008 financial crash, a deal with the Justice Department reportedly worth $16 billion to $17 billion over its role in the sale of mortgage-backed securities, a source directly familiar with the matter tells the AP . The tentative...

Got $1K? You Can Bid on Vacant Detroit Homes

City sets starting bids low in new revitalization project

(Newser) - Real-estate bargain hunters might want to check out Detroit's new plan to revitalize its neighborhoods. The city will put 15 vacant homes up for auction next month, with starting bids at just $1,000, reports the Detroit News . One house per day will be sold, and when this batch...

How Mummified Michigan Woman Went Unnoticed

Pia Farrenkopf died in her garage, had bills on autopay

(Newser) - Her name was Pia Farrenkopf. Authorities haven't confirmed it yet through dental records, but it's fairly certain that the mummified remains found in a garage in Pontiac, Mich., this week are Farrenkopf's. She would have been 49 today, but the best guess is that she died in...

Mummified Body Found at Foreclosed Detroit Home

Woman who owned house apparently died years ago inside vehicle in garage

(Newser) - The body of a woman whom neighbors say they last saw several years ago was found in an SUV parked in the garage of a foreclosed home northwest of Detroit. An employee of a property management company working for a bank that now owns the house stumbled upon the body...

Foreclosures Plummet to Pre-Crash Levels

Foreclosures fall to 6-year low, 32% drop from last November

(Newser) - The number of US homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years. While foreclosures remain a concern in select states, the trend is the latest sign that foreclosures are becoming less of a national factor...

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