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Previous Foreclosure News

NOTE: For up-to-date foreclosure news, visit DSNews, Foreclosure Business News, and other similar websites. See previous foreclosure business news postings below:

Seven Million U.S. Mortgages Past Due or in Foreclosure: LPS

Takeaways from the above article:

"There are 7,018,000 mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure, according to new data from Lender Processing Services (LPS). Of the more than 7 million home loans in the country currently going unpaid, 2,055,000 have already commenced foreclosure proceedings. LPS reports that 4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus days delinquent bucket." ...

Judge Throws Out Case Against Countrywide

Takeaways from the above article:

"A New York judge threw out a case against Countrywide Financial by investors who wanted the company to buy back mortgages that it had reduced payments for. Investors claimed it is unfair for them to have to absorb the cost of modified loans, and that Countrywide was required under contract to buy back any mortgages that it modified. But the judge, Supreme Court Justice Barbara R. Kapnick, said that Greenwich Financial Services, LLC and QED, LLC did not comply with a procedural rule ..."

Wells, Citi, and PHH Maintain Foreclosure Procedures Are Sound

Takeaways from the above article:

"Most every servicer has volunteered or been ordered by regulators to examine their own foreclosure procedures for potential deficiencies, but there are several major names (Wells Fargo, Citigroup, and PHH Mortgage) that are standing by initial claims that their foreclosure affidavits are legitimate." ...

"Wells Fargo said Tuesday that it has begun taking a closer look at pending foreclosures, but the bank maintains confidence that its servicing practices are in compliance with applicable laws and regulations." ...... "



For more up-to-date foreclosure news, visit DSNews, Foreclosure Business News, and other similar websites. Continued success with your foreclosure cleanup business.

NOTE: Throughout the web and in real estate industry literature/publications, you may see the names mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger companies.

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Article by Cassandra Black, Author of How to Start a Foreclosure Cleanup Business and several foreclosure cleanup industry Guides, Reports and Forms. Sign up as a Premium Newsletter Subscriber. You will periodically receive foreclosure clean-up job leads and consultative advice to help you grow your foreclosure cleanup business!

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