Analysis: Lenders Aggressively Going after Money Lost in Foreclosures

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When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount. For example, if you owe $500,000 on your mortgage and can no longer afford to make payments on the note, your lender will institute foreclosure proceedings against you and will eventually sell your home at a public sale.

Closer to 90 days, the lenders get aggressive since they want to liquidate the.. about them, they ran my credit report, analyzed the credit score, and determined. Once the bank has the property as an REO it is going to try and sell the. up some of the money they've lost on short-sales in pre-foreclosure).

 · In Georgia, for example, a borrower can watch his home go up for auction on the courthouse steps after just 40 days in foreclosure, leaving relatively little chance to question fees that his lender has levied. A recent analysis of 1,733 foreclosures across the country by Katherine M. Porter, associate professor of law at the University of Iowa, showed that questionable fees were added to.

 · "We project that of all loans that were made to families in Minneapolis-St. Paul in the year 2006, 20.2 percent of those loans will be lost to foreclosure," said Eric Stein, senior vice president.

 · Foreclosure chart of the day. By Felix Salmon. July 29, 2009.. but aggressively preempted state laws that sought to rein in some of the worst subprime lending. Then, after the mortgages started to go bad, lenders advised that the damage would be easily contained. As the global economy lies battered today with credit markets flagging, any new.

"Thousands have lost. is aggressive in its pursuit of – and foreclosures on – borrowers. Since 2015, Finance of America and a predecessor firm have filed 500 foreclosures in federal court. José.

Therefore, the lender had not gone beyond its traditional role as a mere lender of money. Although the lender had not gone exceeded its traditional role , the court still went on to evaluate whether a duty of care might exist based on the six factors identified in Biakanja v.

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