Foreclosure

Unlike most hearings on the Hill, last week's meeting of the Joint Economic Committee actually got more interesting the longer it went on. While the first half-hour featured Federal Reserve Chairman Ben Bernanke offering his modest, softly downbeat but not panicked predictions about how the unfolding subprime mess would affect the broader economy, the last hour provided an opportunity to hear committee members give their own, often eccentric, diagnoses and...

More than 100,000 Maryland children whose families got mortgages in the middle part of the last decade have lost their family home to foreclosure or were dangerously close to it as of last year, according to a new report . That's one out of every 11 children in the state, which ties Maryland for the sixth-highest share nationwide. The study, from the child-centered group First Focus in Washington, looked at the swath foreclosure has cut through families across the country.

LAS VEGAS -- In the foreclosure crisis of 2007, thousands of American families are losing their homes without ever missing a payment. They are renters in houses whose owners default on their mortgages - a large but little-noticed class of casualties. Some live in big apartments, others in houses owned by small investors who got in over their heads. There are no exact figures for how many renters have been evicted because of foreclosures, but a survey taken earlier this year by the Mortgage Bankers Association found that one in eight foreclosures was non-owner-occupied.

The home next door is an empty foreclosure, the former owner long gone. But when you look up the property online , it's still in the ex-owner's name. And when you check the online court docket , you can't even tell which company foreclosed because the listed plaintiffs are the attorneys at a local law firm that specializes in foreclosure cases. Whom do you call if the house is falling apart? A task force made up of financial industry players and homeowner advocates suggested a foreclosure registry -- specifying who purchased the home at auction, who is responsible for maintenance and the name, telephone number and address of both parties.

More than 50,000 Marylanders were behind on their mortgage payments at last count in September. Homeownership advocates fear that even more will be this year, with thousands of adjustable-rate mortgages scheduled for their first resets to higher payments. Worried that foreclosure could be in your future? You have places to turn for help. Contact your lender. Lenders are more open to working something out than they were even several months ago, whether that's freezing your interest rate or temporarily forgiving payments you missed.

Vicki Randles, saddled with debt from breast cancer treatment and in danger of losing her Middle River home, thought she had signed a contract for a loan to get herself back on track. Instead, she'd signed away her home. State regulators stepped in and managed what she thought would be impossible: They helped her get it back from the "foreclosure consultants" who had tricked her. Randles, 48, just received notice that her name is again on the deed after a yearlong ordeal. But many people in similar situations have not been so fortunate.

A federal government move to foreclose on a publicly subsidized townhouse complex with 232 units in Annapolis has left scores of low-income residents fearful of being displaced. Federal housing officials said last week that the property had fallen into serious disrepair and failed two consecutive annual inspections, which led to their move to withdraw federal mortgage insurance. The U.S. Department of Housing and Urban Development subsidizes rents at the complex, which is owned by a nonprofit corporation controlled by residents.

A Baltimore man pleaded guilty in federal court Friday to conspiracy to commit wire fraud because he and others secured mortgages for six homes in Upper Fells Point with fraudulent information, prosecutors announced. Kenneth Koehler, 42, and his co-conspirators caused losses of more than $1 million to mortgage lenders because all six homes they purchased subsequently went into foreclosure, according to a statement from the Maryland U.S. Attorney's Office. Four of the homes were on South Chapel Street, one home was in the 200 block of South Castle Street and another was in the 2200 block of Gough Street, according to Koehler's plea agreement.

A state task force is recommending a raft of changes to give Maryland homeowners a better shot at avoiding foreclosure and — when foreclosures do happen — to give neighborhoods a greater chance at recovering. The suggestions, presented Wednesday to a House committee, range from voluntary mediation before a foreclosure case is filed to tax incentives for homeowners who purchase a foreclosure. Some, including those two examples, would require legislation. But many of the recommendations are intended to be just that — recommendations.

The more you hear about foreclosures piling up, the more you may be tempted to buy one. There's a lot to consider if you do - but first things first: Finding them. A foreclosure becomes a foreclosure when the home goes to auction. Frequently, the buyer is the lender - that's what happens when there's no one else willing to bid at least as much as the lender wants. If you think there's a deal to be had, you can be that bidder. http://sdatcert3.resiusa.org/rp_rewrite. That site also lets you see how much other homes sold for recently on the streets you're interested in. Find Jamie's blog at baltimoresun.