by Ed on September 2, 2010
Wisconsin foreclosure rates are back on the rise. After two months in which Wisconsin foreclosure filings were lower than the same time a year ago, filings crept up 1.1% in August.
A preliminary count by Madison-based ForeclosureAlarm.com showed 2,511 filings in courts around the state last month, compared with 2,484 in August of 2009
The August filings jumped 13.7% from 2,208 in July of this year.
In Milwaukee County, foreclosure cases rose to 514 after two consecutive months with fewer than 500, court records show. In August of 2009, there were 558 in Milwaukee County.
In the seven-county southeastern Wisconsin region, foreclosure filings topped 1,000 for the first time since April, at 1,037. Foreclosure filings increased in Kenosha, Ozaukee, Racine, Walworth, Washington and Waukesha counties from August of last year.
When someone decides to “strategically default” on the mortgage and allow the mortgage company to foreclose on their home; I always counsel the client to stay in the home until the Sheriff’s Sale has been confirmed. The homeowner maintains all rights and obligations of the home until the deed is transferred to the new owner. The following story illustrates why I counsel my clients to stay in their home until the end.
An Ohio judge has ordered Fannie Mae to pay restitution to neighbors living near a foreclosed home after finding the mortgage giant guilty of housing code violations.
Judge Raymond Pianka of Cleveland’s Municipal Housing Court is holding a hearing on Thursday to determine whether neighbors suffered economic losses because of the home in disrepair, National Public Radio reports. He is also pursuing the same, “somewhat radical judicial tactic” in the case of a Utah company that owns a condemned home in the city, the story says.
Critics say court-ordered restitution in foreclosure cases could scare off much needed investors. The Cleveland Plain Dealer also criticized the idea in an editorial that said the judge “risks overstepping the bounds of impartiality.” Cleveland housing officials should instead use their “enforcement teeth” to “hold foreclosure carpetbaggers accountable,” the editorial says.
Lawyers for Fannie Mae say there is a question of whether it owned the property at the time of the code violations.
