foreclosure

Deal Reached in Foreclosure Mess

Posted on 01/7/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsAnother deal’s been reached related to the foreclosure mess. It seems that homeowners who were rushed to foreclosure improperly will get the biggest payout, up to $125,000, depending on the errors they encountered. The $8.5 billion deal, reached between 10 mortgage servicers and the Office of the Comptroller of the Currency (OCC) and the Federal Reserve, effectively ends a government-mandated program that examined banks’ foreclosure documents for abuses at the height of the housing crisis. You may remember it as the …

Thanks to Federal Reserve, Free Foreclosure Reviews Available to Some

Posted on 10/4/2012 by | Volunteering | Comments

Money & Savings  If your home was at any time in 2009 or 2010 involved in the foreclosure process, you may be eligible for compensation if mistakes were made by your lender or loan servicer.  A free Independent Foreclosure Review can determine whether you are eligible for compensation, but you must request it before Dec. 31, 2012. Home-loan borrowers whose primary residence was involved in the foreclosure process between January 1, 2009 and December 31, 2010 may request a free review.  A …

Hispanics over 50 are Among the Hardest Hit with Foreclosure Crisis

Posted on 07/27/2012 by | Washington D.C. | Comments

Home & Family | Money & SavingsThe pinnacle of the American Dream was becoming a homeowner. However, that dream went bust for many after the subprime bubble crumbled in 2008. At first, minorities and the middle class were the hardest hit by the market implosion; besides these folks, we had no data on how the depression affected the 50+ segment — well, not until now. AARP Public Policy Institute recently published a study called Nightmare on Main Street: Older Americans and the Mortgage. This is the …

Foreclosure Crisis Hits Older Americans

Posted on 07/19/2012 by | Money and Work | Comments

Bulletin Today | Home & Family | Money & SavingsIt’s astounding to read the new AARP report about how some 5 million people age 50-plus lost their homes to foreclosure or remain at risk for that terrible ordeal. Read AARP’s report “Nightmare on Main Street” In previous generations, people more often owned their homes outright when they finally settled into retirement. But in the last 20 years, a growing number of people are retiring with mortgage debt. Even people 75 and older, and living on a fixed income, are …

Can the Nation’s Foreclosure Capital Bounce Back?

Posted on 05/25/2012 by | Politics | Comments

Bulletin Today | PoliticsSusan Milligan is visiting six Election 2012 battleground states to talk with 50-plus voters for a report that will be published in the September issue of the AARP Bulletin. She posted this from Las Vegas. So maybe the unemployment rate here is still above 12 percent. So maybe the housing bubble burst like a nuclear explosion, taking down housing values and leaving legions of homeowners underwater on their mortgages. So what? This is Las Vegas, where most people still believe …

Next States to Vote Are Ground Zero of Housing Crisis

Posted on 01/24/2012 by | AARP Blog Author | Comments

PoliticsWelcome to the front lines of the housing crisis. Florida and three of the next states to vote in the GOP presidential contest are among the 10 worst foreclosure states in the nation. And there’s not much light at the end of the tunnel: The four states have the highest percentage of homeowners who owe more on their mortgages than their homes are worth. Nevada, which votes Feb. 4, had the worst foreclosure rate in the country in 2011, for …

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