Banks Take Longer To Sell Foreclosed Homes

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A neighborhood’s chances of recovering quickly from the hung-over U.S. housing market depend not only on how many foreclosed homes it has but also, it seems, on which banks own the properties.

Bank of America, for instance, takes almost two months longer on average to sell a foreclosed property than EverBank Financial does, according to new, nationwide data from the research company RealtyTrac Inc. Read the full story.

Just Another Reason Not To Use So-Called “Consultants” For Loan Modifications

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Clifton man is found guilty of using his foreclosure remediation company to defraud vulnerable homeowners

A Clifton man who used his consulting business to prey on homeowners facing foreclosure in six states faces up to 95 years in prison after being found guilty of conspiracy to commit mail and wire fraud, U.S. Attorney Preet Bharara said Thursday.

Andrew Bartok, 66, who operated a foreclosure remediation company, Revelations Consulting, with offices in Clifton and North Bergen, was also found guilty of conspiracy to commit bankruptcy fraud, conspiracy to commit witness tampering, and making false statements to United State Bankruptcy Judge Cecelia Morris.

The company solicited homeowners facing foreclosure in New Jersey, New York, Connecticut, Pennsylvania, Georgia and Florida. Bartok promised that, in exchange for fees paid to his company, they would be able to stay in their homes and later repurchase the properties at foreclosure auctions, authorities said. Read the entire story

NY’s Attorney General Sue Chase

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The New York attorney general’s office has hit JPMorgan Chase & Co. with a civil lawsuit, alleging that investment bank Bear Stearns — prior to its collapse and subsequent sale to JPMorgan in 2008 — perpetrated massive fraud in deals involving billions in residential mortgage-backed securities. Read more.

To Rent What You Owned

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For homeowners who have been buffeted about by the foreclosure process, the suggestion that they willingly hand their deed to the lender and rent the home instead may only add insult to injury. Read more.

I wrote a blog post this past March about the Bank of America rental program. I was interviewed by Law 360 for that story. Read more.

Help for the Underemployed

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Here is an interesting article in today’s NY Times for homeowners who are looking to cut monthly costs: Help for the Underemployed.