foreclosure

Economy
4:30 am
Thu March 21, 2013

Home Values Rising, But Homeowners Still A Long Way From Flush

(via Flickr/Images_Of_Money)

So, another week, and yet more news the U.S. housing market is slowly returning to normal.

Numbers released on Tuesday by the Commerce Department show that builders broke ground on homes last month at a seasonally adjusted annual rate of 917,000. That's up from 910,000 in January. And it's the second-fastest pace since June 2008, behind December's rate of 982,000.

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Foreclosure
11:28 am
Sun March 17, 2013

Illinois Increasing Mortgage Assistance Funds

(via Flickr/taberandrew)

Illinois homeowners facing foreclosure may soon be eligible for up to $35,000 in mortgage assistance.

Gov. Pat Quinn announced that beginning April 1 the Illinois Housing Development Authority is increasing the amount eligible households may receive from the Illinois Hardest Hit program. Currently homeowners may receive $25,000.

Quinn's office says the increase will help an additional 500 families keep their homes.

The program is funded through the U.S. Department of the Treasury. Quinn says it has helped more than 7,000 homeowners avoid foreclosure since 2011.

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Foreclosure mediation
4:46 pm
Tue March 5, 2013

Judge Halts St. Louis Foreclosure Mediation Ordinance

(via Flickr/taberandrew)

Updated at 4:52 p.m. to correct judge's name.

A judge in St. Louis city has halted enforcement of the city's new foreclosure mediation ordinance.

Robert Dierker issued the temporary restraining order today, which prohibits any city officials from enforcing the ordinance. Dierker does take care to note that voluntary participation in mediation is still allowed.  A hearing on a preliminary injunction is scheduled for March 20.

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Board of Aldermen
4:55 pm
Fri February 8, 2013

The Ins And Outs Of A Hectic Day At City Hall

The Board of Aldermen chambers.
Rachel Lippmann/St. Louis Public Radio

The St. Louis Board of Aldermen met today for the last time ahead of the mayoral and aldermanic elections in March and April. Here's what came out (and didn't) of a hectic day at City Hall:

Foreclosure mediation

Aldermen sent Mayor Francis Slay a measure that would require lenders to offer homeowners foreclosure mediation. The homeowners do not have to accept, and there's no requirement to reach an agreement.

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Foreclosure Mediation
11:04 pm
Wed November 14, 2012

Judge Rules St. Louis County Can Move Forward With Foreclosure Mediation Ordinance

Credit (via Flickr/taberandrew)

Late Wednesday afternoon Associate Circuit Judge Brenda Stith Loftin ruled that St. Louis County does have the authority to enforce a new ordinance that requires banks offer mediation to homeowners on the edge of foreclosure.

St. Louis County Counselor Pat Reddington said their central argument before the court was that they were not trying to regulate banks.

“We’re trying to protect our residents,' Reddington said.  "We argued, and the court found, that was in the kind of police power the county has.”  

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Foreclosure Mediation
2:23 pm
Sun October 21, 2012

Slay: Battle Over Foreclosure Mediation In The County Not A Deterrent To Similar Law

(via Flickr/taberandrew)

A restraining order that prevents St. Louis County from enforcing a new law that would require banks to offer mediation to homeowners facing foreclosure continues this week.

St. Louis County and bankers are in the midst of a legal battle over whether or not the county has the authority to enforce the ordinance.

No matter what happens in the court case, St. Louis City Mayor Francis Slay says the city should continue to push ahead with a similar law.

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Foreclosure Mediation
6:04 am
Tue October 16, 2012

The Battle Over Foreclosure Mediation In St. Louis County

(via Flickr/taberandrew)

Casandra Sheperd is about to be evicted from her home in north St. Louis County.

On a recent afternoon, the soft spoken woman with an easy smile is standing in a room with 20 years’ worth of possessions stacked to the ceiling.

“Every box is hard, you know, because everything has a memory,” Sheperd says. “You know, you pack, you stack, you cry, but you keep moving."

Sheperd lost her job at an insurance company a couple of years ago and started getting behind on her mortgage payments.

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Foreclosure Mediation
10:10 pm
Tue October 9, 2012

St. Louis County Council Amends Foreclosure Mediation Plan

(via Flickr/taberandrew)

The St. Louis County Council approved additional changes to an ordinance that requires lenders to offer mediation to homeowners on the edge of foreclosure.

The tweaks to the ordinance include removing the right for homeowners to sue lenders after they’ve gone through mediation, and they come in the shadow of an ongoing legal battle with lenders over whether the county even has the authority to enforce the ordinance.

Councilwoman Hazel Erby first introduced the mediation plan and is confident in the county’s case.  

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Foreclosure Mediation
9:29 pm
Tue September 25, 2012

Bankers Take Legal Action To Block Foreclosure Mediation Ordinance In St. Louis County

(via Flickr/taberandrew)

The Missouri Bankers Association has filed a lawsuit against St. Louis County over a new ordinance that requires lenders to offer mediation to homeowners facing foreclosure.

The trade group’s president, Max Cook, said they plan to argue that it has a laundry list of legal problems. 

“Not the least of which is statute that says when it comes to banking laws, and rules, and regulation, no entity, be it a county, a city, what have you, can pass an ordinance or a rule more restrictive than that of the state of Missouri,” Cook said.

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Foreclosure Mediation
5:13 pm
Wed September 12, 2012

Lenders challenge foreclosure legislation in St. Louis City

(via Flickr/taberandrew)

A new ordinance could offer struggling St. Louis City homeowners an option to help avoid foreclosure.

The program would extend a loan mediation process to any homeowner who requests it from their bank, just like the one passed two weeks ago in St. Louis County. Ignoring this request would cost a lender a $500 fine.

But, banks claim the laws violate state statutes prohibiting government intervention into the foreclosure process.  They say it would mean fewer loans and increased costs.

St. Louis Mayor Francis Slay disagrees.

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