austinforchange-com

© GDS Infographics

Bank of America has announced that it will triple the number of mortgage help centers that it operates assist troubled homeowners. The company plans to increase the number of centers nationwide to 40 from 12 by early summer, with most of the new centers being added in markets that were especially hard hit by the housing market crash.

Bank of America said that they are seeing some signs of improvement, including slowing mortgage delinquencies, but that many homeowners continue to struggle with their payments. Loan professionals who have been trained to counsel customers will staff the help centers, and they will provide assistance with the entire loan-modification process, or assist with other foreclosure prevention solutions if a modification is not possible. Seven of the new centers will be opened in distressed areas of California, including locations in Modesto and Bakersfield.

© Graham_Ginsberg

FL real estate in Flagler County is a poster child for the Florida boom and bust. The county was once the fastest growing county in the US, fueled by a runaway real estate bubble due to a large increase of home foreclosures on the market. Now the county has the highest unemployment rate in Florida and continues to endure tough economic times along with the rest of the state. The European Village in Palm Coast is a perfect example of how things have changed.

The development was intended to be an upscale condo and business development, but units that were once selling for $300,000 each are now in foreclosure and being rented out as low-income rentals for $500 per month. Other units have been sold for one-fifth of the asking price that they fetched just a few years ago. For example, one property at European Village that was originally selling for $148,000 has been reduced to $89,000, and has yet to find a buyer.

© Nufkin

A new state law in Tennessee is making it easier for banks to foreclose on homeowners in the state. This bill illustrates the power of the big banking lobby, as state legislators went against the welfare of the people in voting to pass the legislation. Due to widespread and well-documented misconduct and mortgage fraud on the part of lenders, a majority of states require banks o file court action and get approval from a judge in order to legally begin a foreclosure proceeding.

Tennessee is one of only five states that allow banks to foreclose without any judicial oversight, which makes it cheaper and easier for banks to foreclose on property owners here then in any other state. If the new bill becomes law, banks will be able to begin foreclosure proceedings against home owners whose cases are still under review for improper lending practices.