Even in predominantly white areas, black homeowners are more likely to face a foreclosure than their white neighbors, according to research at The University of Alabama.
Social Sciences
Feb 07, 2019
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4
Places with more diversity in types of housing are more stable and can weather a housing crisis better, say University of Illinois researchers.
Social Sciences
Nov 07, 2018
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3
In times of economic difficulties, having to pay a child through college could be a major reason for a family to lose their home. This is according to two US researchers, Jacob Faber of New York University and Peter Rich ...
Social Sciences
Aug 07, 2018
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3
Community-based service professionals think that helping clients navigate a financial crisis—such as foreclosure—is a good idea.
Social Sciences
Apr 18, 2018
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3
Contrary to popular belief, foreclosed properties do not always lead to unkempt lawns. University of Illinois researchers used remote sensing technology to observe rapid change in U.S. urban settings, specifically homes in ...
Environment
Jun 08, 2015
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23
Some 9 million American families lost their homes to foreclosure during the late 2000s housing bust, driving many to economic ruin and in search of new residences.
Social Sciences
May 06, 2015
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20
The causes of the foreclosure crisis seem obvious: Buyers purchased homes they couldn't afford, lured in part by lenders pushing subprime mortgages. Real estate values escalated, and when the bubble burst, buyers were left ...
Economics & Business
Mar 29, 2013
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0
California neighborhoods reeling from record foreclosures also experienced lower levels of voter turnout in the 2008 presidential election, according to researchers at the University of California, Riverside.
Social Sciences
Aug 23, 2012
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0
The housing foreclosure crisis has been blamed for widespread economic and social problems in the United States, including reduced property values, depressed consumer spending and a decline in government services. Some observers ...
Social Sciences
Aug 17, 2012
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0
(AP) -- A criminal investigation into mortgage swindlers who lured their victims with deceptive online ads is widening.
Internet
Nov 21, 2011
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0
Foreclosure is the legal process by which a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).[clarification needed] Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that (s)he can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.
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