short sales: 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:

short sales: Bankruptcy & Foreclosure: The Black Hole Of Secured Debt - 06/27/14 03:35 AM
Unfortunately, many homeowners who have been discharged in bankruptcy and have surrendered their property as part of that process are finding themselves trapped in the black hole of bankruptcy and secured debt. Here is a recent example our office has just dealt with:

Client owned a property in Massachusetts. The mortgage company filed for foreclosure and a foreclosure sale date was scheduled. She filed Chap. 7 prior to the foreclosure sale to stop the sale from going forward and subsequently had her Chapter 7 successfully discharged. She was under the impression she surrendered the house as part of … (3 comments)

short sales: Resources for Distressed Homeowners - 06/27/14 02:14 AM
You can always attempt to negotiate a loan modification or short-sale on your own. 

Banks (or “servicers”) may be willing to discuss modifying your mortgage loan to an affordable rate (based on your ability to pay, etc.) in order to avoid foreclosure. There are non-profit housing counselors available in most communities at no cost to you if you wish to try and modify your current mortgage loan and are facing foreclosure. These counselors have experience in dealing with lenders and servicers.  A list of Massachusetts foreclosure assistance resources by town is available on the Office of Consumer Affairs and … (0 comments)

short sales: 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)

short sales: Mortgage debt relief law extended through 2013 - 01/02/13 01:46 AM
Hello All:
Talk about taking it right down to the wire! Many of you will be very happy to know that lawmakers managed to extend the Mortgage Forgiveness Debt Relief Act as part of their 11th hour deal to avoid the fiscal cliff. The extension means homeowners will continue to be excused from paying taxes on certain forgiven mortgage debt through December 31, 2013. The law, established in 2007, was set to expire Dec. 31st. Without this extension, homeowners who completed short sales or mortgage modifications may have faced tax bills in the tens of thousands of dollars and, in … (0 comments)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: Loan Modifications = No Profits For Banks - 10/15/10 03:01 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)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: 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)

short sales: 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)

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)

short sales: Successful Short-Sales (Updated) - 02/17/09 01:48 PM
Dear Real Estate Professionals:Attached is our successful short-sales guideline that should help real estate agents facilitate pre-foreclosure short-sale transactions if they choose to facilitate these types of listings on their own. If you are a real estate agent or broker (particularly in the Commonwealth of Massachusetts) we highly caution you if you do decide to tread in these waters. Please keep in mind, Massachusetts is an "Attorney-Only" state as governed by MGL Chapter 221 Sections 46 & 46A. Although this law has recently been under much controversy and debate (specifically in relation to mortgage lenders, brokers and agents closing their own … (0 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

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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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