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Up to 40 state attorneys general are preparing to launch a joint investigation into the mortgage industry over the foreclosure-document mess. If the states have their way, mortgage companies will have to revamp the way they handle foreclosures, pay penalties for violations and expand help to homeowners on the verge of foreclosure. The top law… Continue Reading States set to unveil joint probe into foreclosures

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Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place. “I’m a 60-40 optimist,” he said at the time. Today, Case’s mood is far… Continue Reading Foreclosures: Freeze could undermine housing market

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Hundreds, if not thousands, of Colorado homeowners who are behind on their home mortgage payments will get a borrowers’ time-out, thanks to Bank of America’s decision to freeze all foreclosure cases in its portfolio. And if other banks follow Bank of America’s lead, many more Coloradans could get the same breather. Exactly how many isn’t… Continue Reading Foreclosures: A reprieve for some Colo. homeowners

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BofA halts foreclosure sales in 50 states

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Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed homes in all 50 states. The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that… Continue Reading BofA halts foreclosure sales in 50 states

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BofA delays foreclosures in 23 states

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Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. Bank of America isn’t able to estimate how many homeowners’ cases will be affected, Dan Frahm, a spokesman for the Charlotte, N.C.-based bank, said Friday. The move adds the… Continue Reading BofA delays foreclosures in 23 states

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The former Chase Bank building on the northwest corner of Pikes Peak Avenue and Tejon Street is in foreclosure. El Paso County Public Trustee Tom Mowle reported today that a notice of election of demand — the first step in the foreclosure process – had been filed against the property’s owners, NNN Pikes Peak &… Continue Reading Foreclosure initiated on former Chase bank building

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The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation’s toughest job markets. The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of… Continue Reading Obama administration to provide $3B in housing aid

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Colorado housing officials say the number of new foreclosure filings in the state has reached its lowest point in five quarters. The Colorado Department of Local Affairs’ Division of Housing said Thursday that there were 10,233 new filings in the second quarter. That’s down nearly 16 percent from the second quarter last year. It’s also… Continue Reading Colorado foreclosure filings down in 2nd quarter

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The number of new foreclosure filings in Colorado has reached its lowest point in more than a year, state housing officials said today. There were 10,233 new filings in the second quarter, the Colorado Department of Local Affairs’ Division of Housing said. That’s down nearly 15.7 percent from April-June 2009. It’s also down about 8… Continue Reading Colorado foreclosure filings down in 2nd quarter

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A Colorado Springs defense contractor whose firm lost a government job lost his million-dollar North End home to foreclosure last year. A real estate developer who borrowed on his Broadmoor home to finance new projects ended up in the same boat. And the owner of a Penhurst Park Estates home lost his income and his… Continue Reading High-end pain and suffering

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