More than a Million Homes in Foreclosure in Latest Report – June 5, 2008
NEW YORK (CNNMoney.com) — More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.The Mortgage Bankers Association’s first quarter report showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That’s up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007.
More than a million homes in foreclosure in latest report – Jun. 5, 2008
Tags: foreclosure
Proposed NY Senate Bill Would Enforce Upkeeping of Foreclosed Homes
Kerri Panchuk
| 06.03.08 New York State Senator Jeff Klein is one of several lawmakers
supporting New York State Senate Bill 7028, a piece of legislation that
would require the “winning party” in a foreclosure action to ensure a
home is cared for properly, especially if a local neighborhood
homeowners’ association requires that specific maintenance measures
occur.Senate Bill 7028 specifically says, “Where a final judgment for
the holder of a mortgage has been rendered in an action to recover any
part of the mortgaged debt, it shall be the duty of the prevailing
party to enter into control and possession of the foreclosed property
and to maintain it in a safe and habitable condition until said
premises are sold.”
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