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In the News
New Oregon Law Goes Into Effect Early August
 

Governor John Kitzhaber has recently signed into law Senate Bill 558A to help Oregonians avoid foreclosure and remain in their homes. Like the previous foreclosure mediation program that went into effect last July, the new law will ensure homeowners receive counseling services before the bank completes the foreclosure process.

   
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For the month of April Nevada is 1st in foreclosure rate
 

LAS VEGAS (AP) — Nevada's foreclosure rate has topped the nation for a second month, following a brief hiatus from the state's five-year reign as foreclosure king.

   
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Cook County Foreclosure auctions rise
 

Almost 3,000 residential properties in Cook County were scheduled for foreclosure auctions in April, a level not seen since August 2010.

   
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Foreclosure Crisis Still Has Its Grip on Millions
 

Five years after the mortgage meltdown sparked a wave of home foreclosures, millions of Americans are still in housing "limbo," battling to save their homes despite government programs meant to help them.
Courtney Scott is one of them. Having fended off three foreclosure attempts by her lender, she said she was hopeful that a recent national review of troubled loans ordered by bank regulators would help resolve her long-running effort to modify the loan on her modest suburban Atlanta home.

   
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Paper work is not being filed right
 

DENVER (MarketWatch) — America’s mortgage foreclosure crisis is at least five years old, and two of the nation’s largest banks apparently still can’t handle all the paperwork.
New York Attorney General Eric Schneiderman on Monday threatened to sue Wells Fargo & Co. WFC -.00%   and Bank of America Corp. BAC +0.70%  for violating terms of the national mortgage settlement reached last year with the nation’s five largest mortgage banks.

   
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New York Says, BofA, Wells Fargo Violated Foreclosure Accord,
 

Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) violated terms of a nationwide settlement reached last year over banks’ residential mortgage foreclosure practices, New York Attorney General Eric Schneiderman said.

   
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US Home Foreclosures are Comparable to the Great Depression.  How Many People Have Lost Their Homes?
 

The San Francisco Chronicle notes that it is difficult to keep track of foreclosure rates now … let alone during the Great Depression:

   
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Florida Leads Nation in Real Estate Forclosures
 

According to real estate data-supplier RealtyTrac, U.S. foreclosure starts increased 2 percent from February to March, the second straight monthly increase following three consecutive monthly decreases.

   
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Borrowers soon to receive foreclosure settlement for 3.6 billion
  Were you going through the foreclosure process in 2009 or 2010? Well, even if you didn't end up losing your home, you might have some money coming to you.
   
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Illinois Ranks Third Nationwide in Foreclosures
  First-quarter foreclosure activity in Illinois declined 2 percent from the previous quarter and was down 4.5 percent from a year earlier, but the state continued to have one of the nation's highest foreclosure rates.
   
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Freddie Mac Says Short Sale Process Cut in Half
  Short sales are getting much shorter, Freddie Mac says. The mortgage giant launched a Freddie Mac Standard Short Sale program on Nov. 1 that sought to speed up the short sale process and make it easier and more transparent.
   
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Fannie and Freddie Report, Short Sales hit all time high
  Short sales reached a record number in the third quarter of 2012 for Fannie Mae and Freddie Mac-backed loans, according to the Federal Housing Finance Agency, the mortgage giants’ regulator.
   
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Why Short Sales are Good for our Economy and How the Fiscal Cliff Resolution Helped Keep Them Alive
  A little-publicized aspect of the Fiscal Cliff resolution reached at the beginning of this year was an extension of the Mortgage Debt Relief Act of 2007. Without that extension, it is possible that most short sales would have come to a screeching halt as homeowners would suddenly be facing huge tax liabilities if their mortgage debt was forgiven, which could likely have resulted in many more properties going through the full mortgage foreclosure process. This article will explain how this extension benefits Community Associations, although those benefits may come to an end in 2014.
   
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Banks are forced by the government to help distressed homeowners
  BANKS will be forced to up the number of deals they do with distressed homeowners who cannot pay their mortgages, under new rules.

The Government is set to force banks to work with mortgage borrowers who find themselves in genuine distress.

   
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Settlement Helping Homeowners
  Americans are starting to feel a sense of hope about our economy for the first time in half a decade -- and a big reason is the rebound in the housing market. It certainly hasn't always been this way. It was only a few years ago when we learned that many of the same financial institutions responsible for causing the housing crisis -- through predatory loans and exploding adjustable rate mortgages (ARMs) -- were actually making it worse by foreclosing on homeowners without verifying paperwork, losing documents, and failing to provide even the most basic assistance that might have helped families save their homes.
   
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Receive Cash When you Short Sale - Banks spur short sales with cash incentives
  Residential short sales bumped up to their highest level since April 2009 in the Puget Sound area in the third quarter, as banks were more willing to allow underwater homeowners to sell their homes for less than the amount owed. Some lenders even resorted to offering struggling homeowners cash incentives to sell.
   
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