Wednesday, August 31, 2011

US Foreclosure rate drops, Illinois foreclosures still in the top 10

US foreclosure filings dropped 35 percent last month, lowest in almost four years. But this does not mean that the real estate market has recovered. The foreclosure decline began when the attorney general started investigating a practice called " robo-signing, " in which bank's employees signed affidavits without any knowledge of the cases at hand. Therefore, bank put the foreclosures on hold, attempting to come up with new affidavits. However, as soon as these affidavits are available, it is possible that the foreclosure rates will go back up.

Tuesday, August 30, 2011

Countrywide refunds money

If you are one of the lucky few who had a mortgage with Countrywide Home Loans, Inc between January 1, 2005 and July 1, 2008, you will be happy to know that pursuant to a recent FTC settlement, you will be a receiving a check in the mail. Countrywide is mailing 450,177 refund checks worth almost $108 million dollars to homeowners who were allegedly overcharged certain illegal fees.