Real Estate Auction Angels Launches in Southern CA
Specialty Company Provides "Plan B" for Short Sales San Diego, CA - Real Estate Auction Angels, which specializes in creating backup ...
Scheduled home auctions hit 9-month high in Nov.
LOS ANGELES (AP) — Fewer U.S. homes entered the foreclosure process or were taken back by banks in November, reflecting a seasonal pullback in foreclosure activity by lenders and mortgage servicers.
But for some homeowners already behind on their mortgage payments, the end-of-year slowdown isn't likely to provide much of a reprieve.
The number of homes in foreclosure and scheduled to be auctioned hit a nine-month high last month, foreclosure listing firm RealtyTrac Inc. said Thursday.
The surge came about because of a spike three months earlier in homes entering the foreclosure process for the first time. And unless those borrowers find a way to get current on their mortgage payments, many of those homes will likely be sold at auction or end up being taken back by the lender.
"Despite a seasonal slowdown similar to what we've seen each of the past four years, November's numbers suggest a new set of incoming foreclosure waves," said RealtyTrac CEO James Saccacio.
5 Indicted for Bid Rigging at Foreclosure Auctions - Mortgage Fraud ...
, And co‑conspirators agreed to suppress and restrain competition by rigging bids to obtain selected properties offered at public auctions in San Joaquin County. The conspirators also devised a scheme to fraudulently acquire title to selected properties sold at the public auctions and to divert money to co-conspirators that would have gone to the beneficiaries.
The indictment alleges that the conspiracy lasted from at least September 2008 until at least October 2009.
According to the court documents, after the conspirators’ designated bidder bought a property at a public auction, they would hold a second, private auction, at which each participating conspirator would bid the amount above the public auction price he or she was willing to pay. The conspirator who bid the highest amount at the end of the private auction won the property. The difference between the price at the public auction and that at the second auction was the group’s illicit profit, and it was divided among the conspirators in payoffs.
...
