Recent Foreclosure News Articles

Not surprisingly, as the housing market has slowed down, and interest rates on Adjustable Rate Mortgages have soared, homeowners are facing foreclosure in record numbers. News stories covering the foreclosure situation are also appearing even more frequently than ever before, with new articles being posted online every few minutes, it seems. Some of the articles are only full of statistics with no relevant content to homeowners, but there are many useful, well-written articles that attempt to help foreclosure victims stop foreclosure and avoid potential foreclosure scams.

An article by The Patriot Ledger details some of the important statistics that we are seeing from experts in the foreclosure industry. While the article focuses on Massachusetts in particular, the numbers are comparable throughout the country: "Lenders filed about 18,900 petitions to foreclose on properties in Massachusetts last year, up from nearly 11,200 in 2005, The Warren Group reported yesterday. The number of foreclosure auctions that were advertised in the state also rose significantly, climbing 46 percent to about 6,700 from about 4,600." Typically, the article supports the view that mortgage brokers who sell homeowners loans they can not afford are mainly to blame. This isn't a view shared by ForeclosureFish.com, as we believe all parties involved must share the blame for these situations, including the homeowners. However, the rising foreclosure numbers are disturbing, especially because they are expected to keep rising for the forseeable future.

This also means that more predators and criminals are joining the business of taking advantage of homeowners, stealing thousands of dollars from their victims, and even leaving them homeless. An article from The Online Ledger exposes a few of these scams. A homeowner that they interview unknowingly signed their home over to a company in exchange for $1,700. This foreclosure scam is becoming more popular as are two other methods that perpetrators use to defraud homeowners: loss mitigation scams with "consultants charging high fees to help homeowners out of trouble but never delivering the promised services," and a private investment plan where "a homeowner knowingly signs over their home and agrees to buy it back over time, but the terms of the agreement make it nearly impossible for the homeowner to succeed." Homeowners, it seems, could benefit from as much education on the foreclosure process as they can get, in order to be able to recognize the red flags of most foreclosure scam operators.

A useful reference guide/FAQ is available online from the Daily Bulletin, that addresses common questions that most homeowners have when facing foreclosure. Although not as comprehensive as our free foreclosure e-book, the tips listed in the article provide a good starting point for foreclosure victims. The article even addresses the issue of foreclosure scams: "To the unscrupulous, you're as tempting a target as someone bleeding in an area where sharks are swimming. All sorts of scam artists may contact you, whether they're pretending to be 'buyers' offering to help you or phony credit counseling agencies who will charge you hundreds of dollars to do things you could do for yourself." Always remember: get all of your contracts and paperwork in writing from your lender, their attorneys, or any third party companies you choose to work with, and have them reviewed by competent legal counsel before signing any agreement.

For more information on how to stop foreclosure, please consider signing up for a free copy of our foreclosure e-book. Several thousand readers have accessed the book and have learned enough about the foreclosure process to be able to save their homes on their own. Working out a solution to foreclosure yourself is always the best insurance against being taken advantage of by a scam.