FORECLOSURE » Prevent Foreclosures

The number of foreclosure filings dropped for the seventh straight month in April, according to a report released on Thursday by RealtyTrac. The company found that while filings fell a whopping 34 percent from a year prior, the housing market is not any closer to getting on the right track.

Banks Not Finished Filing or Repossessing

A new report from Zillow Inc. revealed on Sunday that the number of U.S. homeowners with underwater mortgages has increased to 28 percent. The increase occurred in the first quarter of 2011 as a result of the housing market experiencing massive drops in property values.

Home Prices Dropped 8.2 Percent

The mortgage industry has a lot going on this week, including a massive drop in foreclosures and reports of government disappointment with lenders. Despite reports that the foreclosure rate has plummeted, a large number of mortgage servicers are still being held responsible for the foreclosure crisis and the fact that, in time, foreclosures are expected to increase again.

U.S. Foreclosures Reach Lowest Level in 3 Years

Bank of America (BAC) has had a hard time fighting off bad press recently. After locking thousands of customers out of their accounts when Bank of America Online went down, BofA is now combating rumors that e-mails just leaked by hacker organization Anonymous are evidence of mortgage loan fraud.

Mortgage Loan Information Leaked in E-Mails

The number of foreclosure notices filed in February decreased a whopping 27 percent compared with a year earlier, which is the largest drop on record, according to RealtyTrac. The same report found that notices dropped 14 percent month over month. While these numbers are impressive, many say the decreases are not a sign of housing improvement and are instead side effects of the robo-signing issues of last year.

Foreclosures Filings Dropped But Were Still High

Photo: MoneyBlogNewz via Flickr

Patrick Rodgers is no doubt a hero to struggling homeowners across America facing foreclosure. He may be the only individual to turn the tables and begin foreclosure proceedings on a mortgage giant like Wells Fargo.

Underwater mortgages have surged to 27 percent in the United States after a disappointing drop in home prices, according to the latest quarterly real estate market survey released by Zillow.com. The report noted the number of people who owe more on mortgage loans than their homes are worth jumped 3.8 percent in one quarter.

Foreclosures and Lowered Home Prices to Blame

Homeowners in the Boston area, as well as around the country, will be able to receive assistance with avoiding foreclosure from the JPMorgan Chase & Co. The nationwide lender has opened what is known as the Chase Homeownership Center for troubled borrowers who are struggling to repay their mortgage loans. Providing loan modifications and other resources, it is helping many people keep their homes.

What is the Chase Homeownership Center?

Home values are dropping at an accelerated rate, according to a new quarterly survey conducted by the Wall Street Journal, which is leaving homeowners and sellers strapped with underwater mortgages and an inability to sell. According to the survey, prices declined in almost all of the 28 major metropolitan areas in the fourth quarter of 2010 when compared to a year prior.

Home Values Dropped In Most Metro Areas

The record number of foreclosures seen in 2010 has seriously affected cities that were deemed to be “safe,” according to RealtyTrac. A recent report released by the foreclosure listing firm found that activity is getting worse in unexpected areas as high unemployment and unpromising job prospects continue to force people out of their homes.

Safe Cities Now a Foreclosure Target