As of today, May 26, thousands of Detroit properties will slip soundlessly from private to government ownership through a little-known aspect of the tax foreclosure process known as "reversion."
On Mother's Day, I said goodbye to my dog. She didn't die. No, she's still alive and perky at almost eleven years old, but I gave her to my ex-husband.
The case for the widespread use of housing counseling in America's residential housing marketplace is both simple and straightforward.
It breaks my heart to lose the house and not walk away from it as we had originally planned, but no matter what I must forge ahead and show my daughter what it means to make lemonade out of lemons and make that lemonade a bit sweeter.
As part of the spring cleaning of your money house, let your mantra be, "I'm going to stop making everybody else rich, and start living a rich and sustainable life here and now!" Below are 10 ways to put more dough in your wallet.
How ridiculous would it be if you made all your mortgage payments in full and on time for years and your mortgage lender foreclosed on you anyway?...
Many who look to understand the incredible wealth gap are quickly lost in the exclusive language of finance. When it comes to the inner workings of financial institutions, the rise and fall of markets, the tangled web of international debt, or even just our own personal finances, most of us are lost. In short, we are financially illiterate.
People consider filing bankruptcy when the alternative has become worse. Figuring out if you are at that point though can be difficult. One misconception that makes people hesitate to file bankruptcy is the impact on their credit.
Even with the recent years' increases in home values, employment and economic stability, a large number of homeowners still face the loss of their homes in the near future.
We need to focus on keeping families in their homes, providing children stability, and restoring trust and respect between families and banks, law enforcement, and our government. "Hands Up. Don't Foreclose."
I was walking down a street in one of Seattle's toniest neighborhoods with my 25-year-old daughter and another young woman. We were part of Seattle/King County's One Night Count of the homeless, a massive effort to document the number of "unsheltered" persons on a random winter night.
There are still a million foreclosures and bank-owned properties, with 8.1 million people who are currently underwater on their homes.
You know the statistic. We incarcerate a higher proportion of the population than any other country does. Hundreds of thousands of young, now aging, men, are doing hard time for possession of small amounts of drugs. More and more people find themselves in jail because they got caught with bench warrants for their arrest for exorbitant fines they could not afford to pay. More than a century after debtors prisons were abolished, thousands are again behind bars because of debts. But one category of felon is free on the street. I refer, of course, to corporate criminals. Consider the case of a checkout clerk at Walmart who puts her hands in the till and walks off with a couple of hundred bucks of the company's money. That clerk could expect to face prosecution and jail. Now consider her boss, who cheats her of hundreds of dollars of pay by failing to accurately record the time she clocked in, or the overtime she worked.
In a town like Chicago, "choice" isn't a right, but a privilege based on income, class, and skin color.
Over the last decade, reverse mortgages have been aggressively pitched in TV ads as an easy way for seniors to cash in their home equity to pay for living expenses. However, for many, improper use of the product -- such as pulling all their cash out at one time -- has led to significant financial problems later, including foreclosure.
It's all about how millions of Americans who may have been thrown out of their homes, or at least forced to stress about the possibility, were denied access to information that might have revealed how widespread the foreclosure problem was.