Can an unpaid parking ticket cost you your home?

The answer is apparently yes. The Milwaukee Journal Sentinel covers the story of a local man who's unpaid $50 parking ticket from four years ago has led to his house being foreclosed by the city to cover the fine, now upped to $2,600 with late penalties.

Never Enough

Another day, another possible foreclosure. . .with a twist. Homeowners that were recipients of an "Extreme Home Makeover" in 2005 have fallen a little behind. Trouble is, the house should have had no mortgage. Beazer Homes sponsored the build and not only paid off the mortgage, but also gave the family $100,000 cash to pay bills. Turns out the homeowners took out a mortgage to start up a homebuilding company of their own.

My favorite quote from the article:

Harper told Channel 2 they invested the loan proceeds in a construction business and the business hasn’t been good. She didn’t say how much of the money is left.

“What’s going to happen is instead of keep paying my mortgage, I’m going to take my money and not pay my mortgage because I’m being harassed,” said Harper.

So much for this feel good story.

Housing Finances-Where did it all go so wrong?

Came across an interesting article in the Economist titled End of Illusions that delves into this very topic. It takes a closer look at Fannie and Freddie and the implications of government rescues.

10 Ways to Not Sell Your Home

Amusing little article on CNN discusses 10 things that will definitely prevent your home from selling. It's an interesting little article, but nothing earth shattering was mentioned.

For example: Don't leave dirty dishes out when you have potential buyers stopping over.

One Wild Ride - Fannie & Freddie

After a wild week, the Fed and Treasury Department came to the aid of embattered Fannie Mae and Freddie Mac (which despite media reaction, should not have been a shock). To calm the troubled masses, "Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in 'no danger of failing'." The following CNN article elaborates on Bernanke's announcement.

Back From Vacation!

Sorry for the absence, but I have been on vacation-hiking through Colorado mountains.

As my first post back, let's take a look at an article that I came across on Yahoo News discussing whether the US government needs to intervene in the housing market or if the market should be allowed to "correct" itself. Interesting little article

In Danger of Foreclosure? No Problem. . .Officer Shaq is on the Case!

Part time NBA star and part time police officer Shaquille O'Neal is volunteering his wisdom on fiscal responsibilty to teach homeowners how to stave off foreclosures and plans to get into real-estate development projects in Orlando.

Per this Orlando Sentinel article;

"I want to come in not to kick them out, but to work with them and save them so they can stay in their homes," O'Neal told the Orlando Sentinel during an impromptu stop Tuesday at Orlando City Hall.Attorney Mark NeJame, who arranged the visit along with longtime friend and Realtor Curtis Cooper, said the star center wants to buy the mortgages of homeowners who have slipped into foreclosure because of high interest rates. He would sell the homes back to those troubled buyers with more affordable terms, hoping to make a small profit.