The Indian outsourcers say they won't be giving final approval for banks to foreclose on loans.
The lender can foreclose on the property, and then go sue the borrower for the deficiency.
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During that time, the average length of time it takes to foreclose on a home has skyrocketed.
The munificent donor to many good causes was ready to foreclose on a loan to his son.
The pledge comes just three days after a 53-year-old woman committed suicide as authorities were preparing to foreclose on her home.
He helped protect a woman from losing her electricity and from a mortgage company that was threatening to foreclose on her home.
Lawyers around the country are ginning up suits based on the second theory against banks that are trying to foreclose on defaulted borrowers.
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They contain, among other things, controversial proposals to speed up bankruptcy proceedings and make it easier for creditors to foreclose on bad debtors' assets.
The firm plans to foreclose on some of the homes backing the loans and do workouts on others, possibly selling the loans for a profit.
Lenders of all stripes clearly prefer to foreclose on delinquent borrowers.
The banks, he says, hesitate to foreclose on loans and mortgages because most of the farmers he knows are just as badly in the red.
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"It is cheaper for the industry to have somebody become current on their mortgage payment than to have somebody go in a foreclose on this property, " he says.
As the government tried to foreclose on them, they noticed that the delinquency rate was skyrocketing among the other farmers and ranchers on their reservation, and on others across the country.
On Sunday Morgenson was back at the robo signing issue with Lender Processing Services, which tried to foreclose on a home whose owners were up to date on their payments.
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"The lenders do not want these houses back, and they're going to work as hard as they can to make sure they don't have to foreclose on these properties, " he says.
It's like there's no hope you're ever going to pay back the mortgage, but they don't want to foreclose on you because otherwise the house sits there and falls to pieces.
After Jones failed to pay real estate taxes on his Little Rock house for three years, Arkansas sent him a letter by certified mail to tell him it would foreclose on it.
The decision makes its clear that, at least in the state of Massachusetts, a bank or lender that wants to foreclose on a home must own the mortgage in order to do so.
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These days, for instance, lenders are less likely to foreclose on defaulting borrowers: in America, less than a quarter of loans 90 days late or more are in foreclosure, compared with three-quarters in the late 1990s, points out Charles Calomiris, of Columbia University.
Despite an overhaul of the bankruptcy laws in 1998, it is still awesomely difficult to foreclose on debts: the definition of bankruptcy turns on net worth, as opposed to cash flow, and the process is slowed down by a two-track system that separates forced restructurings from forced liquidations.
Antidumping duties on magnesium, polyvinyl chloride, and hot-rolled steel, for example, enable petitioning U.S. companies that often dominate domestic supply of raw materials to foreclose alternative sources and then thrust higher prices on their U.S. customers.
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Mr. MARKS: Sit on these mortgages, and then they'll foreclose and throw the homeowners out of their homes.
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