From the category archives:

Mortgage Servicers

Homeowners say OneWest Bank would rather foreclose than offer loan modifications

by Moe Bedard

ELK GROVE, CA – A couple facing foreclosure from OneWest Bank has joined the growing number of homeowners, attorneys and real estate professionals who believe the bank would rather foreclose than modify a loan.

0 comments Read the full article →

Carrington Capital’s Bruce Rose Out Lawyered by Wilbur Ross of AHMSI

by Moe Bedard

Rose has been claiming that he has special rights to direct American Mortgage Home Servicing as to how it can modify loans and sell off foreclosed homes. Carrington’s motive was spelled out in an investigative feature story at HousingWire last May, which basically said the fund was trying to siphon off cash flow from the [...]

0 comments Read the full article →

You Don’t Own My Mortgage: Homeowner Fights Bank and Wins

by Moe Bedard

The flood of home foreclosures across the country — three million expected in 2010 compared to 2.8 million last year — is creating some interesting courtroom dramas.

In Florida earlier this month, a judge dismissed a move by CitiMortgage to kick a family out of its home — without the homeowner even asking her to.

0 comments Read the full article →

Mortgage Servicers Requesting Illegal Kickbacks on Short Sales

by Moe Bedard

But here’s what’s not legal and what’s apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say “on the side,” I mean in cash, off the HUD [...]

0 comments Read the full article →

Indiana Couple Seeks Class Action Against GMAC For Failed Loan Modifications

by Moe Bedard

A lawsuit filed Monday seeks class-action status for borrowers who sought loan modifications from GMAC but were denied the modifications without being given a written reason for the denial. The suit seeks an injunction against GMAC as well as attorney fees and damages from the economically bruised lender.
Chicago lawyer Daniel Edelman filed the lawsuit on [...]

0 comments Read the full article →

Homeowners Plead for Help from Abusive Mortgage Servicing

by Moe Bedard

Loan servicers act as middlemen between borrowers making mortgage payments and investors who own their loans.  It’s the loan servicing company that is responsible for  managing the loan. Though they play a crucial role in the subprime mortgage mess, they continue to have virtually no oversight. The mortgage servicing industry is currently unregulated, equating to [...]

0 comments Read the full article →

Don’t Trust Those Mortgage Servicers

by Moe Bedard

What we’re seeing here is the mortgage equivalent of credit-card sweatboxes: servicers who make sure to drain homeowners’ savings before they foreclose, since they know that they won’t chase homeowners after foreclosure, even in recourse states. By holding out the promise of a modification tomorrow, they make sure to squeeze every ounce of blood out [...]

1 comment Read the full article →

Are Judges “Players” in the Government Sponsored Enterprise Business Model?

by Moe Bedard

By Richard Davet: In response to the WSJ article titled “Foreclosure Challenges Raise Questions About Judicial Role”
At the heart of some of the court rulings is what became a common practice among mortgage companies: filing a foreclosure claim without showing proof that they actually own the mortgage and have the right to foreclose. This occurs [...]

0 comments Read the full article →

Litton Loan Services Nightmare

by Moe Bedard

Submitted by a Homeowner: Well guys I am fighting back and fighting angry.
If you guys have not done so if you have your account on line I strongly urge each and everyone of you to print and keep all documents. I have the BBB involved Texas, as well as the attorney general Iowa Senator Harkins office [...]

8 comments Read the full article →

CITI Stops Foreclosures During the Holidays

by Moe Bedard

WASHINGTON — Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.
The New York-based bank said Thursday the suspension will run from

0 comments Read the full article →

Banks Say Homeowners Can’t Get Paperwork Together

by Moe Bedard

Executives at Chase and Bank of America say they are struggling to get homeowners to complete the necessary paperwork for the Obama administration’s Making Home Affordable Loan Modification Plan. These banks are claiming that only a small percentage of homeowners have completed the process.

1 comment Read the full article →

Name and Shame: White House to Name Ruthless Mortgage Servicers

by Moe Bedard

The US Treasury is planning to announce a new program Monday intended to place pressure on uncooperative mortgage lenders to offer more loan modifications for struggling homeowners. The name of the new mortgage strategy to stem the foreclosure crisis by the White House will be called “name-and-shame.”
For over year, the Obama administration’s Making Home Affordable [...]

0 comments Read the full article →

Indymac Bank F.S.B. v Yano-Horoski: Judge Grants Homeowners a Huge Victory

by Moe Bedard

Indymac Bank F.S.B. v Yano-Horoski
2009 NY Slip Op 52333(U)
Decided on November 19, 2009
Supreme Court, Suffolk County
Spinner, J.
2005-17926
Steven J. Baum P.C.
Attorney for Plaintiff
P.O. Box 1291
Buffalo, New York 14240
Diana Yano-Horoski
Defendant Pro Se
8 Oakland Street
East Patchogue, New York 11772-5767
Jeffrey Arlen Spinner, J.
This is an action wherein the Plaintiff claims foreclosure of a mortgage dated August 4, 2004 in [...]

6 comments Read the full article →

Citi Mortgage Calls For Principle Reductions

by Moe Bedard

NEW YORK (Dow Jones)–As unemployment rises, more borrowers need principal forgiveness on their mortgages, not just restructured loans, Citigroup Inc.’s (C) mortgage chief said.
The comments by Sanjiv Das, president and chief executive of Citigroup unit CitiMortgage Inc., came as Citigroup issued its latest quarterly report on its own mortgage modification efforts. Citigroup said it helped [...]

0 comments Read the full article →

Fannie Mae Deed for Lease: Rental Policy FAQ’s

by Moe Bedard

Deed for Lease™ (D4L) – Frequently Asked Questions
Q1.What are the terms of the lease?
Fannie Mae will offer lease terms of up to 12 months at market rates.
Q2. How are investor properties with tenants handled?
Once the servicer determines that a borrower is eligible for deed-for-lease consideration, the servicer will discuss the possibility of a D4L with [...]

0 comments Read the full article →

Chase Bank Accidentally Sells Couple’s Home

by Moe Bedard

He and his wife, Yanthy, found out about the foreclosure when the new owner posted a notice on their door Nov. 4.
“I get this notice that says you have five days to vacate the property,” he said. “So I called the number (on the notice) and I say, ‘Who are you?’ and they say, ‘We’re [...]

2 comments Read the full article →

Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. leaders in loan modifications

by Moe Bedard

Nov. 10 (Bloomberg) — Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. lead the pack of U.S. banks modifying home loans to troubled borrowers under the Obama administration’s main foreclosure prevention plan, the Treasury Department said.
Citigroup, the third-largest U.S. bank by assets, began 88,968 trial modifications, or 40 percent of its eligible mortgages, under [...]

0 comments Read the full article →

4 New York Homeowners Sue Aurora Loan Services

by Moe Bedard

NEW YORK — Four New York City homeowners have filed a lawsuit charging they were denied access to a federal home-refinancing program.
The plaintiffs are homeowners in Brooklyn and Queens who have mortgages serviced by Aurora Loan Services.
They are charging that Aurora denied them access to the Obama administration’s Home Affordable Modification Program without valid reasons.
That [...]

7 comments Read the full article →

Short Sale Delays Prolonging Housing Recovery

by Moe Bedard

Home equity lenders faced with losses from the U.S. property slump are holding out for more money in distressed sales, slowing transactions needed to support a recovery, real estate agents and analysts say.
These secondary lenders are gaining power in negotiating payments from “short sales,” a growing part of the market where homes are sold for [...]

0 comments Read the full article →

← Previous Entries