robo signer: Another Victory for Home Owners Against Foreclosing Lenders!
- 07/23/11 09:31 AM
Chalk another victory up for home owners fighting back against lenders. The Maine Supreme Court overturned a Summary Judgment in favor of a servicing agent against the home owners. In the case of Kondaur Capital Corp. vs Hankins, the trial court had granted summary judgment in favor of the lender agent, but the Maine Supreme Court overturned the ruling.
This is an example though of several things. First, this does NOT mean that the Hankins will still prevail. The matter theoretically still must be heard in court. The Summary Judgment was overturned which means that everyone must start over. Procedurally, … (4 comments)
robo signer: Federal Government Initiates Forclosure Review Process
- 07/04/11 10:48 AM
The federal government has taken some action regarding the foreclosure crisis. The government has decreed that all servicers under the supervision of the Office of the Comptroller of the Currency (OCC) must conduct self-assessments to examine foreclosure management practices no later than September of this year. This is an attempt to help clean up the industry. Upon completion of the assessment, the lenders must identify and “take immediate corrective action” to address weaknesses in the process. The OCC has issued this mandate in response to what regulators have called a “pattern of misconduct and negligence related to deficit practices in residential … (12 comments)
robo signer: Federal Government Meddling in Robo Signer Fiasco
- 06/21/11 02:34 PM
For something completely different, it appears that the federal government is over stepping its boundaries again. Representatives of the House have drafted a letter requesting copies of “any and all” communications between Elizabeth Warren and any state attorneys general since September 2010. The group is concerned that Warren has gone “far beyond the mere offering of advice” and that she may be unduly influencing the demands of the Attorney Generals in their negotiations with banks toward a settlement to resolve the robo-signer debacle. She is the White House adviser setting up the Consumer Financial Protection Bureau. In one email that has … (5 comments)
robo signer: Relief for Home Owners Seeking Loan Modification of Foreclosure Relief is Delayed...
- 06/18/11 09:47 PM
There was a settlement in various matters between the real estate industry lenders and the federal government. The lenders were to provide an action plan for handling loan modifications and foreclosures. The plan was due this week, However, the lenders received a 30-day extension for submitting their plans. The extension was the result of a decision made by the federal justice department. Mortgage servicers were supposed to submit their plans for dealing with contacting struggling home owners, handling loan modifications in good faith and adjusting other problematic aspects of the foreclosure process. However, the Office of the Comptroller of Currency (OCC) … (3 comments)
robo signer: GREAT News for Real Estate Investors
- 04/14/11 06:00 PM
As reported by the Los Angeles Times, and others, those servicers involved in the robo-signing settlement may now be forced to permit modifications, principle reduction settlements, and short sales. While the terms of this proposed settlement are still being negotiated, the impact of the settlement could have some positive effects for both short sale sellers and purchasers of short sales. As a result of the settlement, it would seem that banks would have to be significantly more flexible with respect to their determinations of value. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> As it stands right now, it is often … (3 comments)
The Florida law firm Ben-Ezra & Katz is refusing to return thousands of original promissory notes, mortgages and other documents that “evidence and secure” $400 million worth of JPMorgan loans. The law firm, which is firmly situated at the heart of the robo-signer scandal, was terminated by JPMorgan in early March. The firm is refusing to hand over documentation on foreclosures that were handled by the firm, thereby preventing JPMorgan from reviewing files, continuing with foreclosure processes and determining if their representatives were, in fact, in the wrong in a foreclosure probe that stems from the robo-signer fiasco … (3 comments)
robo signer: Lender Lawsuits on the RISE!!!
- 03/24/11 09:18 AM
There have been widely publicized reports of variuos lawsuits against lenders and most have valid, legitimate claims. There was Robo signer, MERS, and numerous actions in state in federal courts. The statistics are alarming and I believe that this is only the beginning. During the fourth quarter of 2010 mortgage servicers faced a 42 percent rise in lawsuits over the preceding months. Interestingly, however, these suits were not, for the most part, related to unwinding foreclosures due to robo-signed affidavits, but instead dealt with failures in the loan modification process. Additionally, many mortgage servicers faced lawsuits from investors thanks to problems … (0 comments)
robo signer: Settlement Proposal in Robo Signer Debacle
- 03/10/11 12:16 AM
Martha Coakley, state Attorney General for Massachusetts, has high hopes for a settlement with banks to resolve the robo-signer fiasco and other foreclosure-related procedural flaws once and for all. Coakley describes her team’s goal “all along is to stop this flow of unnecessary foreclosures and clear up titles”. She believes that $25 billion could go a long way toward solving the crisis. Last week, the AGs presented lenders with a proposal that would require them to streamline mortgage modification processes, cut principals and pay up – to the tune of $20 billion. Now, though, in the face of lender opposition to … (2 comments)
robo signer: Foreclosure statistics can be Misleading
- 01/13/11 05:35 PM
Today the final totals for foreclosures were released and there were over ONE MILLION foreclosures filed in 2010. What is even more alarming is that it is anticipated that there will be a higher number in 2011. It is also frightening to realize that I have noticed a trend in the banking industry - they are delaying filing foreclosures and are waiting longer an dlonger to foreclose!!! Therefore, there is even more homes in default than the foreclosure statistics indicate. There are legitimate reasons for lender delay in filing foreclosure - allocation of resources, foreclosure defenses such as the "robo signer" … (4 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
Chalk another victory up for home owners fighting back against lenders. The Maine Supreme Court overturned a Summary Judgment in favor of a servicing agent against the home owners. In the case of Kondaur Capital Corp. vs Hankins, the trial court had granted summary judgment in favor of the lender agent, but the Maine Supreme Court overturned the ruling.
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