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loan modification: MERS Ruling is Major Victory for Homeowners Facing Foreclosure - 02/26/11 05:53 PM
Hello!
It has never been our practice to take the "I told you so" attitude with our fellow colleagues and constituents. But (every now and then) acknowledging the fact that your true beliefs have been validated can be very refreshing. For years we have been educating homeowners about the importance of challenging their lender's right to foreclose. For years we have been arguing that MERS has been perpetrating foreclosure fraud all across the nation and has never had the right to foreclose on a homeowner. Below is the link to a recent U.S. Bankruptcy Court decision that definitively proves this issue … (3 comments)
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loan modification: Mortgage Assistance Falling Off - Foreclosures On The Rise - 12/29/10 06:58 PM
via
On Wednesday December 29, 2010, 3:56 pm EST
WASHINGTON (AP) -- Fewer troubled homeowners are receiving assistance with their mortgages as government efforts to prevent foreclosures are slowing.
About 470,000 homeowners received help on their mortgages in the July-September quarter, federal regulators say. That's a 17 percent drop from the previous quarter and a decline of 32 percent from the same period last year.
The pool of homeowners eligible to have their mortgages modified is declining, federal officials say, as banks have concluded many distressed borrowers can't be helped.
That is pushing up the number of foreclosed homes, which … (0 comments)
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loan modification: Loan Modifications = No Profits For Banks - 10/15/10 10:01 AM
Hi folks:
Check out the link below. This is a very good summary as to why banks would rather short-sale a property or foreclose altogether vs. trying to help people keep their homes by modifying their loans.
Many homeowners seeking to save their homes from foreclosure are intentionally being ignored and given constant runaround in order to enable the investor to acquire a family's home via foreclosure proceedings. This enables the investor to make even more profit from their actions with intentions of seeking surplus reimbursements by a variety of means (such as seeking bail out money, getting paid by (MI) … (1 comments)
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loan modification: Banks Holding Off On Foreclosures To Verify Legal Standing - 10/11/10 05:14 PM
In some states, lenders can foreclose quickly on delinquent homeowners. There are 23 states that use use a judicial process before a lender can take away someones home. These judicial states require the verification of documents including the need to verify and prove who actually owns the original promissory note. (Now... there is a novel idea). This is an issue we have been trying to educate homeowners on for the past several years. I know we have been sounding like a broken record, but in light of all the recent media coverage the past few weeks, you can hopefully see why.
… (4 comments)
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loan modification: ARE LOAN MODIFICATIONS DESIGNED TO FAIL? - 05/28/10 01:29 PM
During the past few weeks we have been inundated with calls and e-mails from homeowners who were accepted for a loan modification agreement only to find their mortgage company pulling the plug on their agreement months later and now are facing foreclosure.
Basically, the lender or servicer contacts the borrower (who is in default) offering to do a “loan mod” provided (a) the borrower submits certain paperwork, and (b) the borrower agrees to pay significant sums either toward the promised modification or in connection with a temporary forbearance while a more permanent modification is being processed. In reasonable reliance on … (0 comments)
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loan modification: Follow-Up to What happens when a lender can’t produce the original note? - 08/18/09 01:44 PM
Hello All:
Wow! I wish to thank all of the Active Rain members for their overwhelming response to me latest post! My office has been inundated with e-mails and phone calls regarding this information. We will continue to provide members of the Active Rain community information and guidance regarding the challenges and potential legal pitfalls that can occur in today’s real estate market by posting such information on this site.
However (unfortunately) we cannot give you legal advice. Should you have any additional questions or concerns on how this information may affect your particular set of circumstances, please consult with your … (1 comments)
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loan modification: Massachusetts Land Court Ruling Update & The Importance Of Title Insurance - 08/17/09 04:49 PM
Ibanez Land Court Ruling Update Our office has been inundated with questions concerning the recent Massachusetts Land Court’s decision that has the whole real estate conveyanceing world in a state of turmoil throughout the Commonwealth. These were mainly procedural issues that were not followed (or were improperly followed) during the foreclosure process. But, beyond the procedural issues, there are also the real issues of whether or not a foreclosing entity had the rights to foreclose in the first place (as I will cover in my next blog posting). Our office has received many phone calls and e-mails from real estate … (0 comments)
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loan modification: Mortgage Forgiveness and Taxes - 03/14/09 11:15 AM
Mortgage Forgiveness and TaxesTax season is once again upon us and I just wanted to address some questions and concerns for homeowners who may have had the need to short-sale their property.People who have lost their homes to foreclosure are often shocked at tax time to find that their mortgage debt is considered taxable income as an "Abandonment of Debt". The foreclosing lender will file Form 1099-A to the IRS, which could create a significant tax liability for the homeowner. However, this would not apply if the lender chooses to "forgive" the debt by filing Form 1099-C (Cancellation of Debt) to … (3 comments)
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loan modification: Hope for Homeowners Act of 2008 (Updated) - 02/17/09 09:56 PM
Hope for Homeowners Act of 2008Questions & AnswersQ: What exactly will the legislation do?A: This legislation was officially signed by President Bush and officially enacted on July 30, 2008. It will allow those who qualify to cancel their old mortgage loans and replace them with 30-year fixed-rate loans for up to 90 percent of the home's current fair market value. The FHA will insure a total of $300 billion of the loans over a three-year period.BUT: the decision allowing a homeowner to re-write their current mortgage(s) solely remains up to their lender(s), which would have to be willing to voluntarily take … (1 comments)
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Rick Misitano
Lowell,
MA
More about me…
Law Offices of James M. Bosco & Associates
Address: Methuen Executive Park, 240 Pleasant Street, Methuen, MA, 01844
Office Phone: (978) 687-8804
Cell Phone: (978) 944-0218
Email Me
This blog has been created to help real estate professionals in the Commonwealth of Massachusetts better understand Short-Sales and other Pre-
Foreclosure options available to their clients.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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