Walking Away From Your House Strategic default is the new concept in how homeowners are dealing with mortgages on homes that are underwater. A strategic default is simply when you stop paying your mortgages . Many homeowners are considering strategic defaults on their mortgages. It is estimated that over eleven million homes are now underwater … [Read more...]
Bank of America and Foreclosures
Bank of America is the largest bank in the United States. They have recently taken action to stop moving forward with foreclosures throughout the United States. Allegations have arisen with regard to how the bank is handling the foreclosure process. Bank of America is among many large financial institutions which also include Chase Manhattan and … [Read more...]
Home Foreclosures On Long Island
In the month of July, 2010, 800 homeowners in Nassau County had their homes foreclosed on (foreclosure is the start of a proceeding by a lender of financial institution to take the home back). In the same month, 170 homes were taken back by the lenders on Long Island. This is an increase of 86% from July of 2009. Although the Obama … [Read more...]
