// Foreclosure
Foreclosure
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NJ Woman Bakes Her Way Out of Foreclosure
Mortgage apple cakes are the tastiest thing on the menu for one New Jersey homeowner. Angela Logan must make a $2,559.54 payment on July 26 if she wants to keep her home of 20 years out of foreclosure, and because of a successful bake sale it looks like she'll meet the deadline.
Logan cooked up the idea to sell apple cakes for $40 each in order to pay her mortgage, and as of Tuesday, she had more than 500 orders, including one from Hong Kong.
How Money Are You: Famous Home Foreclosures
Millions of home foreclosures have resulted from Americans biting off bigger mortgages than they could chew, and even celebrities made money mistakes that led them to the brink of losing their homes to the bank. Some of them weren't able to turn things around and did in fact lose their homes. Do you know which celebrities have found themselves in the middle of a foreclosure mess?
Woman Buys Foreclosed Home For Distraught Owner
Many people are reluctant to give anything to strangers that isn't unwanted clothes or out of fashion furniture, but Marilyn Mock has gone above and beyond in dishing out Good Samaritan deeds. When Marilyn purchased a foreclosed home for the stranger who was watching her home being auctioned by the bank, she surprised everyone but her husband, who is used to hearing about his wife's giving tendencies. His response to the news?
Should This Extreme Home Makeover Family Be Forgiven?
This is one Extreme Makeover: Home Edition story that may leave you with a bout of frustration rather than a waterfall of tears. Some of the 1,800 volunteers that worked night and day to build the Harper family's new four-bedroom home in 2005 are reeling with aggravation after learning the family's home will be auctioned due to foreclosure.
The donated materials used to build the home are valued at about $450,000, and the construction company donated an additional $250,000 for a home-maintenance fund and scholarships for the family's three kids.
Do You Know Anyone Whose Home Has Been Foreclosed?
The number of foreclosures in California may have jumped 261 percent in the second quarter of this year, but it's certainly not the only state whose residents are suffering from the loss of their homes. RosaDilia had this to say about her brush with the issue:
I really feel for the people who are losing their homes. A good friend of mine just lost his home in FL despite his efforts in avoiding foreclosure.
News Flash: California Foreclosures Jump 261 Percent
Last quarter's real estate reports are in and the results aren't pretty. They revealed the number of foreclosures in California compared to the same time period last year rose 261 percent (no, that's not a typo). Such a dramatic situation comes with a scarily simple story: Buyers got into the housing market during the boom, usually financing their purchases with more than one loan, and have rather swiftly been crushed by the bust.
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Gone Are the Days of the McMansion?
US home foreclosures are still occurring at record rates. July's foreclosures were up seven percent from June and 32 percent from a year earlier — one in every 355 households with a loan got a foreclosure filing. The jump can be partly attributed to the rising unemployment rate as people lack wages to pay their mortgages.
Drinks on the House For Those in Foreclosure
Bars usually don't have much to worry about during a tough economy, but some are reaching out to their communities with the friendly gesture of a free drink. Padre's Modern Mexican in Phoenix, AZ, isn't fresh in offering recession happy hours, but it's the first to give out a complimentary beverage to anyone who brings in a foreclosure notice.
Nobody has claimed their foreclosure drink yet but Padre's has other plans in the works to attract Phoenix's penny pinchers.
Should Celebrities Rescue Homeowners Facing Foreclosure?
Shaquille O'Neal's in-box has a couple thousand emails from homeowners across the country facing foreclosure in the near future. Word that a plan is in the works leaked out last week when Shaq visited Orlando City Hall to discuss a way for the basketball giant to help people stay in their homes.
The rough idea is that Shaq would buy the mortgages of people whose homes are in foreclosure, and then give the homeowner a new mortgage with more manageable terms.
News Flash: 1 Million Homes in Foreclosure Is a Record
The number of homes facing foreclosure in the US continues to climb and is currently over the 1 million mark, which is significant because it's the highest rate ever recorded. One million homes comes out to about 2.5 percent of the loans serviced by members of the Mortgage Bankers Association. Other cheery figures from the MBA's first quarter report: 3 million home loans (6.4 percent) have missed at least one payment, while 737,000 are at least three months past due but not in foreclosure just yet.
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