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Foreclosure

Why have bank foreclosures become such a huge problem, and how will these issues affect me?

As the real estate market crumbled in 2007 and 2008, millions of homeowners found themselves unable to pay their mortgages, causing a chain reaction that brought the financial system to the brink of collapse. When the economy stumbled, more homeowners fell behind on their mortgages, which worsened the downturn.

Faced with a crushing pile of foreclosures, banks cut corners on paperwork and documentation, hiring “robo-signers” to process foreclosures without verifying information on the loans. When homeowners’ attorneys challenged some foreclosure actions, it became clear that lenders did not always have proper title to the real estate they were foreclosing on. That news triggered consumer outrage and calls for investigations.

Most major banks announced a freeze on foreclosures in September, although Bank of America and Ally Financial subsequently resumed foreclosure proceedings. Meantime, attorneys general in all 50 states and the District of Columbia, as well as federal banking regulators, have launched investigations into mortgage companies’ foreclosure practices.

The foreclosure mess is having an impact on all corners of the market. If you’re in the process of buying a foreclosed home, the transaction might take longer than you’d hoped, and you’ll need to make sure the lender actually has clear title to the property. If you’re currently in foreclosure, you may get to stay in your house a few extra months, but you will probably still lose your home. Many housing experts say that slowing the foreclosure process will delay the real estate recovery — only once these properties are flushed through the system can the market determine the right prices. And because housing is such a significant part of the economy, putting off the housing sector’s recovery will probably slow the overall economic rebound as well.

Editor's Pick

  • Anatomy of a Fiasco

    After three years of terrible news about the housing market, you'd think it couldn't get much worse. But recently a whole new can of awful has opened up. Here's a recap of the events that led to the unfolding fiasco.

  • Who's Affected?

    How the foreclosure mess will hurt and help various groups, and why.

  • How You Could Be at Risk of Default Even if You Pay on Time

    Part of your monthly mortgage payment probably covers taxes and insurance. But if those costs increase without your realizing it, your lender could record you as being in default.

  • Why This Is Good for Mortgage-Paying Sellers

    If you've been paying your mortgage and have clear title to your home, it's going to look a lot more attractive than one that's in foreclosure.

  • How Banks Could Crash

    The country's biggest banks could face billions of dollars in losses as a result of the foreclosure mess, primarily from lawsuits from property owners and mortgage investors. And some predict even more dire consequences for the industry.

  • Are You in Loan Modification Hell? Join the Club

    Despite a government program designed to encourage banks to help out borrowers by changing the terms of loans, few homeowners have been able to get their banks to deal. Here are tips for getting through the process, plus stories from readers who've tried and, in a few instances, succeeded.

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  • Bookshelf: Titles to help homeowners, buyers

    Buying a home can be daunting. Selling in this market -- even tougher.With prices in many areas still sinking at an unpredictable pace, how can you know when a "buying opportunity" won't turn into buyer's remorse? Or know how to cut the price on your home by just the right amount to spark a...

    News items | Jul 1, 2011

  • Spain takes another step to clean up finances

    MADRID (AP) — The Spanish government is proposing to tie its spending to the overall health of the economy — yet another deficit-control measure designed to distance Spain from Europe's bailed-out countries.The move was announced by Deputy Prime Minister Alfredo Perez Rubalcaba after a...

    News items | Jul 1, 2011

  • Construction spending likely flat

    WASHINGTON — Builders probably began work in May on the same number of projects as they did in April, leaving the construction industry at levels far below what's considered healthy.Economists surveyed by FactSet expect construction spending was unchanged in May.In April, construction...

    News items | Jul 1, 2011

  • Colorado AG awards grant to help with foreclosures

    DENVER (AP) — Colorado Attorney General John Suthers has awarded the Colorado Foreclosure Hotline a $600,000 grant to help homeowners avoid foreclosure over the next two years.Suthers says the grant will be funded from the fines and penalties his office has recovered through settlements with...

    News items | Jun 30, 2011

  • States with highest and lowest foreclosure rates

    Home foreclosures continue to put pressure on the housing market. Here's a snapshot of which states have the highest and lowest foreclosure rates.U.S. foreclosure market data by state -- May 2011Source: RealtyTrac by The Associated Press

    News items | Jun 29, 2011

  • In distress: foreclosures, short sales at 31 pct.

    Distressed home sales have put a downward pressure on home prices and crippled the broader housing market. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting their homes on the market.Such sales comprised 31 percent of...

    News items | Jun 29, 2011

  • Contracts to buy homes rose sharply in May

    WASHINGTON (AP) — The number of people who signed contracts to buy homes rose sharply in May. But the influx of spring buyers wasn't enough to signal a rebound in the struggling housing market.The National Association of Realtors said Wednesday that its index of sales agreements for...

    News items | Jun 29, 2011

  • Time to buy a home? Now, says Barbara Corcoran

    “What you have here are the good old days that we were all talking about for 20 years,� says real estate magnate Barbara Corcoran. “You have cheap money, 4.5 percent for a fixed-rate mortgage, and you have prices that are 40% cheaper than they were before.� Corcoran told...

    Blog posts | Jun 27, 2011

  • Spring buying boosts home prices in 13 US cities

    WASHINGTON (AP) — Home prices in most major U.S. cities are rising for the first time in eight months, boosted by an annual wave of spring buying. Analysts cautioned that the increases may be temporary and don't signal a rebound for the depressed home market.Prices rose in 13 of the 20...

    News items | Jun 28, 2011

  • Legislators hope new laws slow Nevada foreclosures

    CARSON CITY, Nev. (AP) — As overgrown yellow lawns and unlit windows dot vast suburban neighborhoods in Nevada, legislators hope new laws they passed this session will make a dent in a foreclosure crisis that is still hitting this desert state the hardest.Measures to encourage short sales...

    News items | Jun 23, 2011

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