foreclosure assistance: Another example of why homeowners should always challenge foreclosure! - 07/01/14 01:32 AM
Nothing that a "Lost Note Affidavit" can't fix, right? Wrong! Just another example of why homeowners should always challenge a foreclosure!
Check out this latest example discovered in Massachusetts:

foreclosure assistance: Massachusetts Foreclosure Defense Strategies - 06/25/14 04:50 AM
This entry is an update to my blog I posted in 2009 titled: "What happens when a lender can’t produce the original note?" This entry is intended to provide general information only.
Depending on your financial position, it might be very beneficial for you to pursue a case against your mortgage lender if your true goal is to keep your home. You should first seek out a company or an individual that specializes in forensic auditing. They will pick apart every step and aspect of your loan and mortgage, including verifying if you may have also been a victim of Predatory Lending … (0 comments)

foreclosure assistance: MARS Rules Are Now In Effect – Agents & Brokers Beware - 03/02/11 05:04 AM
Hello to all!
Our office has been receiving quite a few phone calls from agents and brokers with questions about the newly enacted Mortgage Assistance Relief Services Act (MARS) introduced by the FTC. As of December 29th, 2010 the FTC requires new disclosures to be made by anyone providing mortgage assistance services (which include loan modifications, short sales, or other foreclosure prevention services).
Section 322.2 DEFINITIONS (i) ‘‘Mortgage Assistance Relief Service'' means any service, plan, or program, offered or provided to the consumer in exchange for consideration that is represented, expressly or by implication, to assist or attempt to assist the … (1 comments)

foreclosure assistance: MERS Ruling is Major Victory for Homeowners Facing Foreclosure - 02/26/11 09:53 AM
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)

foreclosure assistance: Huge victory for homeowners facing foreclosure! - 01/11/11 03:20 AM
For the past several years we have been representing and educating homeowners about the importance of challenging a lender's right to foreclose. A recent Massachusetts Supreme Court's decision further supports these arguments and is a huge victory for Massachusetts homeowners (and potentially homeowners from across the country) facing foreclosure. Below is an article published in LawyersUSA that further explains this recent ruling.
All the Best,
Rick D. Misitano, Senior Paralegal
Law Offices of James M. Bosco_______________________________________________________ Mass. decision could wreak ‘havoc' on mortgage industry By Phillip Bantz Staff writer Published: January 10, 2011A recent decision from Massachusetts' highest court could impact … (5 comments)

foreclosure assistance: Mortgage Assistance Falling Off - Foreclosures On The Rise - 12/29/10 10:58 AM
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)

foreclosure assistance: Banks Holding Off On Foreclosures To Verify Legal Standing - 10/11/10 10:14 AM
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.

foreclosure assistance: ARE LOAN MODIFICATIONS DESIGNED TO FAIL? - 05/28/10 06:29 AM
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)

foreclosure assistance: How to prevent the bank from changing the locks on your listing this winter. - 09/10/09 12:03 PM
Another New England summer has come and gone and fall is once again upon us, which means colder weather in not so far away. For homeowners who are behind in making their mortgage payments or are possibly in foreclosure, it is important to know that this is also the time of year mortgage lenders hire property management companies to secure all properties they believe have been vacated or abandoned. Homeowners and real estate agents should be aware that if a home has been vacated or abandoned, there is a great likelihood that the lender will order a spot inspection to determine … (0 comments)

foreclosure assistance: Follow-Up to What happens when a lender can’t produce the original note? - 08/18/09 06:44 AM
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 … (3 comments)

foreclosure assistance: What happens when a lender can’t produce the original note? - 08/17/09 11:24 AM
*Please see the note on the bottom of this post for an updated comment.
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 … (156 comments)

foreclosure assistance: Massachusetts Land Court Ruling Update & The Importance Of Title Insurance - 08/17/09 09:49 AM
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)

foreclosure assistance: Major Developments In Massachusetts Foreclosures (Follow Up) - 04/15/09 01:43 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)

foreclosure assistance: Major Developments In Massachusetts Foreclosures - 04/14/09 03:50 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, … (0 comments)

foreclosure assistance: Short Sale Approval Letters Containing Unacceptable Conditions - 03/31/09 03:04 PM
!!Mortgage Reps, Title Agents, Real Estate Professionals, Homeowners & Buyers Take Notice!!
Please be advised that some lender's short sale approval letters contain provisions in which the lender now attempts to retain the right to invalidate a transaction for events which may have occurred at the loan’s inception or in our transaction. One letter provided the following condition: “If the property was acquired by any means of fraud [ABC Mortgage] reserves the right to pursue any and all actions available to offset its losses. If it is determined that Sellers and/or Buyers participated in any way to the fraud, this short … (7 comments)

foreclosure assistance: Foreclosure Rescue Schemes - 03/31/09 02:50 PM
As foreclosure proceedings have become more prevalent, more and more state's Attorney Generals have been putting new laws and regulations on the books to protect homeowners that may be facing foreclosure. As with other states across the country, the Massachusetts Attorney General’s Office has seen an increase in unfair and deceptive foreclosure rescue transactions in the Commonwealth of Massachusetts.These schemes are typically initiated when businesses or professionals claim to assist consumers who are facing foreclosure by offering replacement financing or "creative" transactions that, it is promised, will save the family home. The eventual transaction actually transfers title of the home from … (2 comments)

foreclosure assistance: Mortgage Forgiveness and Taxes - 03/14/09 04:15 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 … (2 comments)

foreclosure assistance: BEWARE OF THE "ARMS LENGTH" TRANSACTION AFFIDAVIT - 02/28/09 02:48 AM
Hello to all! I just wanted to send out a quick note to give a heads up on an issue that you should be aware of.
Be advised that HUD/FHA/VA, Fannie Mae, Freddie Mac & FDIC are now carefully auditing short-sale transactions going forward and are also looking at previous closed short-sale settlements that may have been considered non-arm's length transactions. Agents, brokers, sellers and buyers should be aware of the “Arms Length Transaction” affidavit that many lenders/investors are now requiring all parties to sign. This specific language could be included in the … (24 comments)

foreclosure assistance: Homeowner Affordability and Stability Plan Explained - 02/19/09 03:03 AM
Homeowner Affordability and Stability Plan
Well, here we go again with another round of legislation designed to help combat the foreclosure crises in America and put our economy back on track.  Our office has already been getting a decent volume of inquiries from clients with questions on just how this Homeowner Affordability and Stability Plan will help them. To be perfectly honest, we are not really sure at this point. However, we will be attending various legal forums in Washington, DC to better understand this newest initiative designed to help troubled homeowners and will be sharing this information with you sometime … (0 comments)

foreclosure assistance: Combating Predatory Lending - 02/18/09 03:48 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

Defender of Homeowners

Lowell, MA

More about me…

Law Offices of James M. Bosco & Associates

Address: Methuen Executive Park, 240 Pleasant Street, Methuen, MA, 01844

Office: (978) 687-8804

Mobile: (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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