CoreLogic Reports 32,000 Completed Foreclosures in December 2015

CoreLogic Reports 32,000 Completed Foreclosures in December 2015

National Foreclosure Inventory Down 23.8 Percent from December 2014

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, released today Home Foreclosuresits December 2015 National Foreclosure Report, which shows that the foreclosure inventory declined by 23.8 percent, and completed foreclosures declined by 22.6 percent compared with December 2014. The number of completed foreclosures nationwide decreased year over year from 41,000 in December 2014, to 32,000 in December 2015. The number of completed foreclosures in December 2015 was down 72.8 percent from the peak of 117,722 in September 2010.

The foreclosure inventory represents the number of homes at some stage of the foreclosure process, and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.1 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure. (more…)

South Carolina Man Sentenced to Prison in Rent-to-Own Mortgage Fraud Scheme

South Carolina Man Sentenced to Prison in Rent-to-Own Mortgage Fraud Scheme

(Source: USDOJ) Columbia, South Carolina—- United States Attorney Bill Nettles stated that Michael Yant, age 40, of Lexington, South rent toown scamCarolina, was sentenced today in federal court in Columbia, South Carolina, for Wire Fraud, a violation of 18 U.S.C. § 1343, in connection with a mortgage fraud scheme.  United States District Judge Joseph F. Anderson, Jr., of Columbia sentenced Yant to five months of incarceration, to be followed by five months home confinement.  Yant also was ordered to pay almost $270,000 in restitution to the U.S. Department of Housing and Urban Development.

Evidence presented at the change of plea hearing established that between November 2011 and December 2013, Yant and others committed mortgage fraud on approximately fifteen Federal Housing Administration (FHA) loans. Specifically, Yant engaged in a prohibited rent-to-own scheme.  Yant collected rent from future buyers and used those funds for the buyer’s down payment at closing. Further, Yant added buyers to other people’s credit accounts as authorized users to enhance the buyer’s credit scores. (more…)