Foreclosure Notes 3/31/13 – 4/3/13

Foreclosed ‘Zombie’ Homes Exceed 300,000 Properties (Huffington Post)

A national survey found 301,874 “zombie” properties dotting the U.S. landscape in which homeowners in foreclosure have moved out, leaving vacant property susceptible to vandalism and degradation…

Unsuspecting homeowners have had their wages garnished, their credit destroyed and their tax refunds seized. They’ve opened their mail to find bills for back taxes, graffiti-scrubbing services, demolition crews, trash removal, gutter repair, exterior cleaning and lawn clipping.

In some cities, people with zombie titles can be sentenced to probation, with the threat of jail if they don’t bring their houses into compliance.

Judge Rejects Much of Libor Lawsuit Against Banks (New York Times)

The world’s biggest banks won a major victory on Friday when a judge dismissed a “substantial portion” of the claims in private lawsuits accusing them of rigging global benchmark interest rates.

Thousands Support Widow In Fight For Home (Occupy Our Homes)

A Bridgeport, Alabama widow with advanced dementia is on the brink of losing her home. But a national grassroots group with local and regional ties, is fighting for 86-year-old Helen Horn.

Occupy Our Homes Atlanta contacted NewsChannel 9 about its planned protest in front of Citizens Tri-County Bank in Dunlap. And Horn’s children got in touch with Occupy Our Homes hoping for a resolution to this foreclosure…

During the protest, bank CEO Glenn Barker met the group on the sidewalk. Barker declined to delve into specifics, citing customer privacy. But he said this is a business matter and added his bank has been fair in the process.

Barker said, “I’ll accept these petitions. We’ve got 25,000 satisfied customers. What if all 25,000 satisfied customers come up with a petition like this, do you expect us to forgive all of them’s debt?”

Also see Occupy Our Homes.

Fannie Mae Rides The Wave Of U.S. Housing, Books Record Profit (Forbes)

The U.S. housing recovery is showing up all over the market these days. Hedge funds made a mint betting on subprime mortgages last year, residential construction companies have kept their months-long rally running in early 2013 and real estate-related companies are lining up to go public.

Tuesday brought the latest dose of good news: an upbeat earnings report from Fannie Mae.

Bank of America Gets Pad Locked After Homeowner Forecloses On It (

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff’s deputies foreclose on the bank…

Sheriff’s deputies, movers, and the Nyergers’ attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the teller’s drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.

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