Tag Archives: Ally

The foreclosure crisis isn’t over, but a new trend in real estate sales could be the light at the end of the tunnel for many borrowers and lenders. Short sales, which occur when homeowners sell their homes for less than what they still owe, outpaced foreclosures for the first time ever in January, according to a new report from Lender Processing Services, Inc. Another report by RealtyTrac estimates that short sales rose 33 percent between January 2011 and January 2012. …

Contrary to some recent rosy predictions of a recovering housing market, thousands of homeowners are still underwater on their mortgages and lawyers who represent homeowners say the next wave of foreclosures is looming. Companies that track foreclosures have already seen a rise since the beginning of the year. Lawyers working in the trenches with distressed homeowners see no let up. “We’re constantly deluged by calls,” said Patrick Dunlevy, a Los Angeles attorney with the country’s largest pro bono law firm …