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predatory lending: 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.
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predatory lending: Foreclosures Should Never Go Unchallenged - 08/19/10 12:32 PM
Foreclosures Should Never Go Unchallenged
Follow-up to:
"What happens when a lender can’t produce the original note?" (Posted on 08/17/2009)
Many mortgage lenders seeking to foreclose on homeowners (and the foreclosure attorneys representing them) are bringing forward foreclosure actions without the legal standing to do so. When a lender can’t produce the original note, allowing a foreclosure to proceed puts the homeowner at risk of owing that debt again to another party in the future. Why mortgage lenders (or the attorneys representing them) decide to bring forward such actions against homeowners without having the rights to do so … (1 comments)
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predatory lending: 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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predatory lending: What happens when a lender can’t produce the original note? - 08/17/09 06:24 PM
A growing number of homeowners around the country are using a foreclosure defense that may help them retain their homes. It’s called “Produce the Note” (as also being jointly advocated by Terry Smiljanich and The Consumer Warning Network) and we want you to know this is not a mere technicality that should be treated lightly by mortgage lenders or by the Courts. Everyone needs to understand the importance of this issue. When a lender can’t produce the original note, allowing a foreclosure to proceed puts the homeowner at risk of owing that debt again to another party in the future. Therefore, … (122 comments)
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predatory lending: Major Developments In Massachusetts Foreclosures (Follow Up) - 04/15/09 08:43 PM
Our office has been receiving many phone calls and e-mails regarding the recent legal decisions affecting foreclosures in Massachusetts.A brief recap: The Land Court of the Commonwealth of Massachusetts has recently issued a series of decisions that put into question the validity of a great number of foreclosure sales in Massachusetts. In the case of US Bank National Association v. Ibanez (Misc. Case No.384283) and two companion cases, Judge Long of the Land Court reviewed the practice of the foreclosing mortgagees to not record assignments of mortgage prior to the sale. The judge found that, where the foreclosing mortgagee did not … (2 comments)
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predatory lending: Major Developments In Massachusetts Foreclosures - 04/14/09 10:50 PM
The Land Court of the Commonwealth of Massachusetts has recently issued a series of decisions that put into question the validity of a great number of foreclosure sales in Massachusetts. In the case of US Bank National Association v. Ibanez (Misc. Case No.384283) and two companion cases, Judge Long of the Land Court reviewed the practice of the foreclosing mortgagees to not record assignments of mortgage prior to the sale. The judge found that, where the foreclosing mortgagee did not have in its possession an assignment of the mortgage dated prior to the date of publication of notices under M.G.L.c. 244, … (4 comments)
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predatory lending: Combating Predatory Lending - 02/18/09 11:48 PM
We need to continue the fight to correct the devastation left behind by predatory lenders. It is now our even greater responsibility to make certain it never happens again. Executives of financial institutions have amassed huge fortunes on the backs of hardworking American families. While living in their many luxurious homes, they have refused to restructure mortgages that would allow families to stay in their homes. The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has … (3 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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