Posts tagged as:

foreclosure

Job loss now reflected in foreclosure numbers

One lawyer calls it “Chapter 2″ of the housing crisis: Increasingly, home foreclosures are the result of job loss, not subprime borrowers’ getting slammed by resetting variable-rate mortgages or payments they’d have had trouble making even in a healthy economy.

And, experts said, solutions such as refinancing, stretching out loan terms and reducing interest rates are [...]

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Can the Federal Government really provide HOPE FOR HOMEOWNERS?

by Nathan Fransen Esq.

By Nathan Fransen Esq.
Early on in the foreclosure fiasco we are now knee deep in, the Federal government announced a program that was billed as a proactive measure that would provide needed relief to some 400,000 homeowners. The program basically propped up the Federal Housing Authority by insuring loans that otherwise were not insured or [...]

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Good Housing Bill, But No Bankruptcy Help for You!

Homeowners get more housing help from Washington, but no mortgage bankruptcy assistance. No bankrupcty help for you, to the back of the line!
The U.S. House of Representatives on Tuesday approved the final revisions to yet another housing bill that will offer more incentives for lenders to promote more refinance and loan workout options for more struggling homeowners. [...]

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Can all homeowners get free foreclosure help?

There has been a great deal of negative press regarding paid foreclosure assistance and in particular, loan modifications.
The media has taken the loan modification ball and they are sounding the TV trumpets, mis-informing consumers by the millions, “DON’T PAY FOR LOAN MODIFICATION ASSISTANCE!” “If anyone asks for money to help you avoid foreclosure , run!”
Personally, I [...]

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Cramdown Safe Harbor Protection for Servicers Under Attack

By Moe Bedard
It seems that Main Street isn’t the only important party angered by safe harbor clauses in the pending cramdown bill, mortgage investors are agitated as well. While Main Street looks at safe harbor clauses as an appeasement to banks to allow cramdowns under extreme circumstances, mortgage investors are also asking themselves…”Hey, wait a [...]

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An Unbalanced Equation

By Moe Bedard
Major banks except Citi have formally cut off all negotiations with the Senate in an effort to limit even further the scope of the cramdown bill. Senators from both sides of the isle have given up hope on further developments as well. Bloomberg’s report on the cramdown bill today seems like the last [...]

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A Political Slight of Hand

By Moe Bedard
While the cramdown bill dies, providing evidence of our representative’s willingness to sell us out, some may say that our representatives have already passed legislation to help Main Street like the foreclosure bill and the Hope for Homeowners plan. Whereas it may seem like these two programs are designed to help us, upon [...]

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Homeowners Says, ” Insiders in the government are on the take for favors to the mega-banks!”

This is an actual comment left on my blog yesterday.
I am having a fascinating experience suing the major banks for:
1) racketeering in the creation and servicing of my mortgage;
2) decreasing my property value
3) diminishing my income
I took on my own industry in the 1960’s for the practice of REDLINING, and have done it again for [...]

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Wall Street Stranglehold on the Senate

By Moe Bedard
Goodbye cramdown bill, hello reality! It seems like the cramdown bill might get shot down soon. The most depressing aspect of this isn’t that the cramdown bill will potentially be shot down, or at best, passed with multiple restrictions protecting Wall Street, but that our representatives are all but laying down to the [...]

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FORECLOSURE CONSULTANT ACT GETS TOUGHER!

By Nathan Fransen, Esq.
The Foreclosure Consultant Act (California Civil Code Section 2945 et. al.) is being amended effective July 1, 2009 and the changes will affect many people now in the loan modification industry. First, lets define what a “foreclosure consultant” is:
California Civil Code Section 2945.1
(a) “Foreclosure consultant” means any person who makes any solicitation, [...]

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Foreclosure Scams Proliferate: New Standards Near?

By Moe Bedard
Yet another Attorney General has gone public about foreclosure consultants in his state. Missouri Attorney General Chris Koster is fed up with scams perpetrated by foreclosure consultants and mortgage brokers in his state. Koster seems enraged, suing firms from California to Ohio for misleading lending practices and misleading foreclosure relief services. In [...]

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Commercial Foreclosure Explosion Lurking Around the Corner?

By Moe Bedard
A great number of experts have placed the blame on the foreclosure crisis in America on the problems associated with mortgage backed securities. When the real estate markets decline, purchasers of these securities disappear and when foreclosures escalate, losses in mortgage backed securities run deep. This is a cycle that is difficult to [...]

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The Invisible Hand of the Rental Marketplace Improves Conditions for Renters with Bad Credit

By Moe Bedard
When faced with foreclosure, many families have two crises to contend with: losing their home and the effects of tarnished credit. Tarnished credit seriously damages a renter’s prospects in the rental marketplace with some families unable to secure rent due to bad credit or having to pay exorbitant deposits to secure a home [...]

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Missouri Attorney General Sues Anaheim, CA. Loan Modification Firm, US Foreclosure Relief

Jefferson City, Mo. – Attorney General Chris Koster today filed suit against a California company that defrauded Missourians looking for help avoiding mortgage foreclosure. Koster said the company, US Foreclosure Relief, took money from victims but did not provide any help.
“Unfortunately, these tough economic times have brought out opportunists who prey on people at some [...]

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91-year-old Ohio woman who shot herself after foreclosure dies

AKRON, Ohio — Addie Polk’s solitude was shattered six months ago, when she shot herself in the chest as she was about to be evicted from her foreclosed home in Akron.
“She was a very private person,” said Mary Dennis, Polk’s only living sibling. “She would not have wanted people looking into her life.”
Polk, however, became [...]

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Home Loan Resolution Reality Check

The word is out! If you just pick up the phone and call your mortgage servicer, they will take care of you and help you out of the foreclosure process holding your hand all along the way. These mortgage servicers are on your side and want to save your home.
You can trust them, right? WRONG!
To [...]

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Foreclosure Moratorium’s Announced in Anticipation of Government Backed Loan Modification Programs

Will the new Administration finally use stimulus money to directly benefit Americans in foreclosure? While details are not yet available, signs of an impending government intervention in foreclosure prevention are giving major lenders great pause.
Lawmakers in a congressional hearing earlier this week asked the executives of some of the nation’s largest banks to institute a [...]

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Judge Rejects Countrywide Settlement

A federal bankruptcy judge has rejected a settlement involving the Countrywide Financial Corporation, the mortgage lender, saying he was not convinced that it was fair to nearly 300 borrowers who claimed to have been hurt by the company’s abusive practices.
The settlement called for Countrywide, acquired by Bank of America last month, to pay $325,000 to [...]

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HALT Task Force Publishes Progress Report on Subprime Mortgage Crisis

NEW YORK, NY (05/11/2008; 1102)(readMedia)– Superintendent of Banks, Richard H. Neiman, today delivered a report to update Governor David A. Paterson on the progress made by the Governor’s Task Force to Halt Abusive Lending Transactions (HALT). The HALT Task Force is an interagency task force established in March 2007 to address the mortgage crisis and [...]

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Foreclosure crisis hits hard in black communities

The mortgage-foreclosure crisis cuts across all races and incomes, but it has an even more profound impact on the black community, where homeownership is lower and home equity serves as the main source of wealth in black families.
Subprime lending has been a mechanism for African-Americans to become homeowners. This was one way for African-Americans to [...]

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Countrywide Sells Home for $1

CNBC
Psst, looking for a cheap place to live? Just how cheap can you buy a home for in some of America’s biggest cities?

Check out Countrywide’s [CFC 5.798 0.018 (+0.31%) ] cnbc_quoteComponent_init_getData(”CFC”,”WSODQ_COMPONENT_CFC_ID0EUE15839609″,”WSODQ”,”true”,”ID0EUE15839609″,”off”,”false”); website of homes they have for sale: http://www.countrywide.com/purchase/f_reo.asp
On that site, you can find homes as low as:
–$1 [...]

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Renters can’t escape housing foreclosure crisis

On a chilly night after work last November, Christopher and Jenell Chow relaxed, watching the evening news while their children scampered around their rented two-story stucco home. Someone knocked at the door.
An officer was standing on the doorstep, eviction papers in hand. That’s when the Chows learned that the North Las Vegas home they’d rented [...]

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The Fed’s Krozner Wants Loan Modifications Streamlined

Federal Reserve Board Governor Randall Kroszner said on Monday, ” With the continuing high rates of foreclosure and the high costs associated with foreclosures, it is in the interest of lenders, investors, and borrowers to develop prudent loan modification programs to help borrowers on a larger scale and at sustainable levels.
Efforts to streamline or standardize [...]

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FHA to Handle Foreclosure Crisis

It looks like the brunt of the foreclosure problems in our country will rest on the shoulder of the Federal Housing Administration - FHA.
All the key players in the housing and mortgage crisis plus the democratic presidential candidates have all agreed that there will be no new agency created to deal with the national foreclosure crisis.
House financial [...]

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A Big Week on the Foreclosure Front With Congress

Proposals include easing bankruptcy rules, shielding banks from lawsuits and providing government assistance to homeowners facing foreclosure.

Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, has proposed the creation of a federal corporation, funded with as much as $20 billion, to buy distressed mortgages and help struggling homeowners refinance into affordable loans.
The federal Office [...]

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Mortgaging the future – Foreclosure plans highlight key difference between Obama, Clinton

Clinton has a stunningly simple solution, as stated in one of her TV ads: “freeze foreclosures” for 90 days and “freeze rates on adjustable mortgages.” Those are a perfect answer, assuming this is the question: How can the government reward irresponsibility, discourage mortgage lending and increasing the cost of financing a home?
After all, it’s easy [...]

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Get FREE Help in the Inland Empire, CA. with Your Loan Modification or Foreclosure

The Loan Safe Advocacy Group in association with the Law Offices of Marshall E. Rosesnbach and the media is proud to announce that we are now offering for a limited time FREE help to 10 lucky homeowners that are facing mortgage issues or foreclosure in the Inland Empire of California.
The only catch is that in [...]

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Foreclosure Hall of Shame – Clark County Nevada & Riverside California

Clark County, Nevada and Riverside, California are leading the pack of counties in the country with the most foreclosures per zip code. This foreclosure contest will not put these counties in the hall of fame. But rather the “Foreclosure Hall of Shame.”
CNNMoney had just came out with the “Foreclosures: 100 worst hit zip codes” and I [...]

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Foreclosure Prevention and Neighborhood Preservation – Secretary for Domestic Finance Robert K. Steel Testimony

January 31, 2008 US Treasury Press Room
HP-792Washington -Chairman Dodd, Ranking Member Shelby, Members of the Committee, good morning, I very much appreciate the opportunity to appear before you today to present the Treasury Department’s perspective on “Foreclosure Prevention and Neighborhood Preservation.” These are important and challenging issues; addressing them will require collaborative work on all [...]

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Lenders sued for rushing through foreclosure process

Minneapolis Legal Aid attorney Amber Hawkins said in nearly half the cases the entity identified as the agent in the foreclosure was a Virginia-based company called MERS, Mortgage Electronic Registration System, Incorporated.
MERS, Hawkins said, did not hold the mortgages on the foreclosed homes.
MERS was created by the country’s largest mortgage lenders including Chase, Citigroup, Countrywide, [...]

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Hillary Calls For Quick Action To Stop The Foreclosure Of The American Dream

Outlines Visions For Tackling America’s Immediate And Long-Term Economic Challenges
Just days before the State of the Union Address, Hillary Clinton urged the current administration to take immediate action to jumpstart the ailing economy. She outlined the solutions that can be taken now to fix the mortgage crisis and get more money in the pockets of [...]

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Emotionally foreclosure is a terrible experience for people

By JacMac – Single Mother & Homeowner From New York
Emotionally foreclosure is a terrible experience for people. There will be divorces, people will lose jobs, et cetera purely because of the emotional stress they’ll be under. Depression is a serious possibility for most. Depression is a clinical disorder. People cannot function when they’re depressed. Loss [...]

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In 99 percent of the residential foreclosure cases, plaintiffs are asking the court to accept a promissory note copy as the original because it is presumed lost

If car dealers can keep track of titles, banks can track promissory notes, Joseph Lents says.
Somebody has been trying to foreclose on Joseph Lents’ Boca Raton home for five years. So far, they have been unsuccessful because he has legally fought them every step of the way.
The original lender, or the assignee, seems unable to [...]

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Richard Davet – Can someone please help me locate Mr. Davet in Ohio?

I had wrote a story a few days back about a homeowner in Ohio that fought his foreclosure for 11 years. His name is Mr. Richard Davet. The story was titled Ohio Homeowner Fights Foreclosure and Lives Payment Free for 11 Years.
Basic info on Mr. Davet;
After spending much of the year living at the homes [...]

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Judge: Mediate foreclosures

The Cincinnati Enquirer reported
BATAVIA – A judge plans to launch a mediation program to reduce the number of foreclosures on houses in Clermont County.
Even residents who own their homes outright or don’t have trouble making mortgage payments have a stake in resolving the escalating problem, said Judge Robert P. Ringland of Common Pleas Court.
Because of [...]

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Foreclosure Warfare – “It is troubling that the plaintiff has filed this case before it had any interest in it”

By Moe Bedard & Aaron Krowne
“It is troubling that the plaintiff has filed this case before it had any interest in it,” Hamilton County Common Pleas Judge Steven E. Martin said in a letter to Wells Fargo’s lawyer.
The judge said the foreclosure lawsuit was filed before Wells Fargo owned the mortgage – thus, the suit [...]

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Maryland Court Of Appeals is asked to decide a case that experts say could have a widespread impact on how some foreclosures in the state are handled.

The Maryland Court Of Appeals is has been asked to decide on a case that experts say could have a widespread impact on how some foreclosures in that state are handled.
A Howard County man, Atta Poku, claims his house was stolen from him.
I couldn’t believe my eyes when I read this article and why this homeowner thought [...]

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Countrywide Named in Foreclosure Probe

Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that;
Countrywide [...]

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