Refinancing a home should be a straightforward process. You get a new loan, pay off the old loan with the proceeds, and maybe pocket a few dollars in the process.
That is what nursing aide Imogene Hall had in mind when she needed to tap her home equity for $50,000 to help pay bills in between jobs. The home, which she had bought for $80,000, was now worth quite a bit more, so she decided to use the asset to help her get through some tough times in the bottom of the Great Recession. Continue reading
During the great recession, foreclosures became commonplace all across America. While any foreclosure is a horror story on its own, some people had worse than typical foreclosure experiences. Business Insider compiled a list of some of the worst mortgage horror stories from the recession. Here is a summary of what they found. Continue reading
Once again, your tax dollars at work. According to CNN Money, 1,295 prisoners, including 241 serving life sentences, bought homes and defrauded the government of $9.1 million in tax credits reserved for first-time homebuyers, according to a Treasury Department report released in June of 2010. The CNN Money article also goes on to say that “Treasury’s inspector general also found that thousands of people filed multiple claims or made claims outside the allotted time period. In all, more than $28 million was improperly doled out. Continue reading
A real estate agent in East Stroudsburg, PA was charged Friday with falsely reporting a property he owned as being mortgage-free, selling that property and then keeping the money from the sale for himself. I can’t believe he thought he could get away with it considering the staggering amount of paperwork and disclosures you have to sign when buying or selling a house. I can’t believe the title company didn’t pick this up. Continue reading