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The Unseen Victims of Foreclosure »

As more and more homes are foreclosed and families are forced from their homes, municipalities have been required to deal with the resulting problems.  Several large cities have filed suit against the lenders alleging that they fail to care for the now-empty properties.  Now towns of all sizes are finding a epidemic of [...]

It’s Confirmed, Foreclosures Are Up! »

Like the news media, statisticians are catching up to what we all have known for months: The number of new foreclosures filed in that last 12 months have increased nationally by at least 75%. In the State of Connecticut, that number is 100% meaning that new cases have doubled and in the inner cities, [...]

Is a Reverse Mortgage for You? »

In 2007, a reported 107,000 reverse mortgages were made in the United States with double that number predicted for 2008. As the housing market slows, the demand for reverse mortgages may dramatically increase. The term “reverse mortgage” sounds like it is the opposite of a regular mortgage in that the lender gives [...]

Inner Cities are Not to Blame for Sub-Prime Mess »

A recent editorial in a Connecticut newspaper blamed the sub-prime mess on the nation’s inner cities and their mayors who clamored for money to finance homes for low-income families. While it is true that lenders largely ignore the deteriorating inner cities, lending is always driven by profit, not social policies. If the two [...]

What To Do When Your Landlord is Foreclosed. »

As part of the sub-prime mortgage mess, renters are also losing their homes to foreclosure. The fact that a tenant has been paying rent on time every month will not preserve their right to stay in their home. As banks and other lenders begin to take title to foreclosed homes, they are seeking to [...]

Connecticut Takes Baby Step on SubPrime Mortgages »

Connecticut ’s Governor Rell announced the first product of her commission on the sub-prime mortgages. The commission recommended a special program for first-time homeowners with sub-prime mortgages. Under the program, low- and moderate-income consumers will receive special rates on a refinance of a sub-prime mortgage provided they are fully qualified. [...]