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Posts Tagged ‘Foreclosures’

Well, it looks like the rough economy is hitting T-Boz from 90’s R&B group TLC.   Mediatakeout.com is reporting that her house is being foreclosed…

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Celeb Foreclosure

I wonder if mega hip hop producer Scott Storch will get to take advantage of the recent housing bill?  Looks like his $10 million dollar crib is headed to foreclosure.  Let me guess, he is blaming it on an adjustable rate mortgage.  Better yet, it is the mortgage broker’s fault. 

http://www.rushprnews.com/2008/07/25/scott-storchs-10-million-mansion-facing-foreclosure/

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I knew it wouldn’t be long before some bottom feeding lawyers started filing lawsuits against mortgage lenders. Here in Chicago, we have some ambulance chaser advertising all over the airways looking for people who are on the brink of foreclosure to file a lawsuit against the lender. The City of Cleveland, OH has decided to take it a step further and has filed a class action lawsuit against 21 major lenders – pretty much a who’s who of mortgage banking. Bank of America, Wells Fargo, Chase, and any other bank they figure has some deep pockets.

In case, you haven’t figured it out. Cleveland is pretty high up on the list of a foreclosures. There were some 7000 foreclosures in the city in 2007. That is a lot of foreclosures for a fairly small city. The Mayor is essentially blaming the lenders for leaving the city in a mass of foreclosures and Katrina like neighborhoods of boarded up crack houses. On the surface, this sounds like a typical left leaning, tug at your heart strings issue. The big bad greedy banks sucking the equity out of poor old Cleveland.

But let’s put our emotions aside and really examine why Cleveland is fast becoming the foreclosure capital. The last time I checked, no one was running to move to Cleveland. Some folks might even call Cleveland a hell hole. The city is in the heart of the Midwest and quite frankly is getting the smelly end of the stick when it comes to dying manufacturing economy that is in the toilet. The bottomline is that it is hard to pay your mortgage when you don’t have a job! Of course, instead of the Mayor figuring out how to spur the Cleveland economy and bring employment back to the city, it is a lot easier to blame the lenders. Does he really think lenders want to foreclosure on some outhouse in a Cleveland ghetto worth $100,000 with a $125,000 mortgage on it? I didn’t think so.

Let us not forget the same people crying about the big bad lenders were slamming them and filing lawsuits years ago because they wouldn’t lend to poor people. Now that poor people can’t pay their mortgages, they are crying and filing lawsuits that the big bad lenders shouldn’t have lent them money. Good lord.

Here is the article.

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CrainsCrain’s has a great interactive foreclosure map.  Check it out to see the foreclosures in your area by zip code.

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