Real Estate News – July 27, 2011

Brokers Expect REOs to Trigger More Legal Disputes (via REALTORMag):

Bank of America Corp., faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer (via

A northwestern Pennsylvania woman tried to smother her sleeping adult son before she set her house on fire with foreclosure documents and sliced her wrist with a razor, police said (via

Ocwen Financial Corp., a servicer of residential mortgages, launched a new loan modification program to reduce the principal on a mortgage for delinquent borrowers, but the borrowers must agree to let loan investors share in future appreciation of the home’s value when the market recovers (via REALTORMag):

The Illinois Attorney General’s office filed suit Wednesday against two Chicago firms that it alleges committed mortgage rescue fraud by charging 40 homeowners upfront fees for services that were not adequately, or ever, provided (via

The after-effects following a foreclosure to a borrower may not be as bad as once thought, according to a new paper by Fed economists. With the wave of foreclosures plaguing the nation, Fed economists sought to find out what happens to households following a foreclosure (via REALTORMag):

Zeal to halt mortgage fraud hampers housing recovery (via


Posted in Blog, Real Estate Law