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Real Estate & Property Law

The Home Equity Theft Reporter

Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues.
By r morris

Post Frequency: 25.7/day

Last Entry: September 06, 2017 at 04:02:00

Florida Appeals Court Nabs Sneaky F'closing Lender's Attempt To Improperly Go After Foreclosed Property Owner's Personal Assets To Satisfy Unpaid Debt

Posted on October 10, 2010
According to a recent ruling by Florida's 3rd District Court of Appeal, an otherwise-successful foreclosing mortgage lender was nabbed in its attempt (probably through its legal counsel) to dupe an ostensibly snoozing trial judge into signing an improperly-worded proposed judgment by sneaking a few extra words into the judgment that enabled it, after a foreclosure sale had already taken place, to

Title Underwriter Heightens Level Of Scrutiny When Issuing Title Insurance On Property Foreclosed By Four Big Players

Posted on October 10, 2010
The Associated Press reports:Stewart Title Guaranty Co. is clamping down on sales of foreclosed homes that may be linked to flawed documentation. In an internal memo obtained by The Associated Press, Houston-based Stewart is issuing guidelines to its agents that make it difficult to write policies on property foreclosed upon by four banks whose processes are in question...

Indiana Couple Scores Bankruptcy Court Win In Robosigner Ruling; Judge Says F'closure Docs Were Signed By "Bogus" Employee Purporting To Work For MERS

Posted on October 10, 2010
In Mishawaka, Indiana, The Edmonton Journal reports:[Jason and Kristin Koontz ] surrendered one property to foreclosure but say they were still making payments for their house in Mishawaka, Ind. EverHome Mortgage Co. filed a claim on the three-bedroom ranch to ensure its rights in the bankruptcy proceedings...

Pro Se Oregon Homeowner Scores Temporary Injunction Halting Foreclosure; Judge To Review Evidence Of Alleged Irregularities By Lender, Loan Servicer

Posted on October 10, 2010
In Portland, Oregon, The Oregonnian reports:A women representing herself convinced a federal judge in Portland this week to halt Bank of America's foreclosure on her home while examining the issue of a controversial deed. U.S. District Judge Garr King on Wednesday enjoined Bank of America from foreclosing on Natache D...

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Pro Se Homeowner "Loses the Farm" In Attempt To Void Sale Leaseback-Type Foreclosure Rescue Deal

Posted on October 09, 2010
A recent ruling by the Idaho Supreme Court dealt defeat to a pro se homeowner-couple facing foreclosure of their farm in their attempt to unwind a foreclosure rescue, sale leaseback-type arrangement. According to the facts in the case, when entering into the arrangement with the operator:"they signed the warranty deed and contract for reconveyance under duress caused by those documents being

Wells Fargo Agrees To $67M In Loan Modifications For NJ Homeowners Saddled With Wachovia, Golden West, World Savings "Pick-A-Payment" Loans

Posted on October 09, 2010
From the Office of the New Jersey Attorney General:Attorney General Paula T. Dow announced [] that Wells Fargo Home Mortgage has agreed to provide New Jersey consumers with nearly $67 million in loan modifications and pay the state $3.98 million to resolve allegations that companies it acquired ? Wachovia Corporation, Golden West and World Savings -- deceptively marketed adjustable rate mortgage

California Appeals Court Fires Warning Shot At R/E Agents Failing To Disclose That Property Is So Greatly Encumbered That Short Sale Is Doomed To Fail

Posted on October 09, 2010
A recent ruling by a California appellate court hammered real estate agents for failing to disclose to a home purchaser that the property was so overencumbered with mortgages that their was little likelihood that a desired short sale transaction would successfully close at the agreed-upon purchase price...

Mortgage Investors Suit Claiming Citi Doomed Foreclosure Attempt By Failing To Deliver Note To Go To Trial

Posted on October 09, 2010
Reuters reports:CitiFinancial Mortgage must defend a lawsuit over problems with loan documents, a federal appeals court ruled, in a widening controversy over the quality of legal filings in U.S. foreclosure proceedings.***In the case decided by the 7th Circuit U...

Republican Sham To Embarrass Democrats???

Posted on October 09, 2010
In Washington, D.C., The Spoof reports:Bank of America announced today, that in what is being described as an "accounting oversight", foreclosure proceedings have been initiated on the White House, which could eventually force the eviction of the Obama family...

Foreclosure Mill-Owned Title Insurance Agency Refuses To Insure Firm's Own Work

Posted on October 08, 2010
In Deerfield Beach, Florida, The Palm Beach Post reports:The title insurance arm of one of the state's largest foreclosure law firms is refusing to cover properties foreclosed on by its own attorneys citing potential defects in court filings.New House Title, which is owned by the same people who run the Tampa-based Florida Default Law Group, sent notice to a Boca Raton real estate attorney

Davids J. Stern's Bogus Foreclosure Documents?: Let The Whistleblowing Begin

Posted on October 08, 2010
The Tampa Tribune reports:[N]ow, in a foreclosure industry bloated by the lingering effects of the housing crisis, a former employee in one of the firms under investigation describes in detail a secret system designed for speed at any cost.Attorneys and staff members forged signatures and changed dates, casually passed around notary stamps, and notarized stacks of blank documents to be filled in

South Florida Court Voids $180K+ Mortgage As Foot-Dragging Lender Walks Away From Unwanted Collateral; HOA Makes Off With Free & Clear Condo

Posted on October 08, 2010
In Pompano Beach, Florida, the South Florida Sun Sentinel reports:After winning a lawsuit against Wells Fargo that claimed the bank purposely delayed foreclosure proceedings on a condominium unit for more than a year, a Pompano Beach condo association has been awarded title to the unit without owing a dime on the original $184,400 mortgage...

Recent Foreclosure 'Freeze' Leaves Would-Be Homebuyer Homeless; Gets 90 Minutes Notice Of Deal Cancellation After Wiring $75K To Closing Agent

Posted on October 08, 2010
In Fort Lauderdale, Florida, The Palm Beach Post reports:Sales of bank-owned homes are being called off statewide, leaving buyers with uncertain contracts to purchase properties and, in some cases, scrambling to find places to live. [...] The move by three of the nation's largest lenders to pull back foreclosure operations in light of flawed court documents is causing an unexpected chain reaction

Another Would-Be Homebuyer Faces Homeless After Loan Servicers Pull Rug Out From Under Imminent Closings

Posted on October 08, 2010
In Ocala, Florida, The New York Times reports:Amanda Ducksworth was supposed to move in to her new home this week, a three-bedroom steal here in central Florida with a horse farm across the road. Instead, she is camped out with her 7-year-old son at her boss?s house...

Ohio AG Tags Ally/GMAC With Civil Suit; Cite 'Stephan' Testimony As Trigger For Probe Into Allegedly Bogus Affidavits Filed In State F'closure Actions

Posted on October 08, 2010
From the Office of the Ohio Attorney General:In a lawsuit filed [] against GMAC Mortgage, LLC and its parent, Ally Financial Inc., Ohio Attorney General Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits to mislead courts in hundreds of Ohio foreclosures...

Lender Abandons Foreclosure Action, Leaving Unwitting Property Owner Holding The Bag On Code Enforcement Violations & Facing Criminal Charges

Posted on October 08, 2010
In Atlanta, Georgia, WGCL-TV reports:Marcus Kyzer could receive thousands of dollars in fines or even jail time for failing to maintain two rental properties in Southwest Atlanta. "I have no options at this point," said Kyzer. "The mortgage companies have written the debt off, but they don't want the properties on their books so they've written the debt off and left the titles in my name...

Cops Accept "The Bank Sent Me!" Defense In Home Break-In Probe Targeting "Trash-Out" Agent; Say No Crime Was 'Intended' - "It's A Civil Matter!"

Posted on October 08, 2010
Sarasota Herald Tribune columnist Tom Lyons writes:The oldest trick in the book when cops want to avoid investigating a complaint is to simply insist it is a civil matter. Sometimes I can?t blame police for saying that. [...] Sometimes that phrase probably does save all involved a lot of useless trouble...

JPMorgan Chase Behind Recent 'Break-In' Of Orlando-Area Home Owned, Occupied By Delinquent Borrower

Posted on October 08, 2010
In Orange County, Florida, The Raw Story reports:In yet another sign that the foreclosure crisis in the US may be getting out of hand, a Florida woman has gone to the press about having her home broken into -- by an agent of her mortgage bank.Nancy Jacobini of Orange County, Florida, says she was three months behind on her mortgage payments, but not in foreclosure, when she heard an intruder

BofA Slams Brakes On Foreclosures In All 50 States; PNC To Do Same In 23 States

Posted on October 08, 2010
The Washington Post reports:Bank of America Corp., the nation's largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents. A week earlier, the company had said it would only stop such sales in the 23 states where foreclosures must be approved by a judge...

DeKalb Cops, Feds Raid Suspected Loan Modification Scam Operation; Walk Off With Four Car Loads Of Records, Dozens Of Computers

Posted on October 07, 2010
In DeKalb County, Georgia, WGCL-TV reports:DeKalb police executed a search warrant at Matrix Capital Resources Tuesday. They are sorting out the details of the sale pitch that lured in hundreds of unsuspecting mortgage clients. Police hope the evidence will seal their case against Fred Lee, who they said is the mastermind behind Matrix Capital...

Fla. F'closure Mill Wins Round 1 In State AG's Dubious Document Probe; Is Appeal Next, Or Will AG Give Up & Throw In The Towel? (Everyone's Watching!)

Posted on October 07, 2010
In West Palm Beach, Florida, The Palm Beach Post reports:Florida's attorney general has no authority to investigate or discipline one of the state's large foreclosure law firms, a Palm Beach County judge ruled Monday.The five-page ruling from Circuit Judge Jack S...

Wells Fargo Stands Pat On Mass-Produced Foreclosure Document Scandal; Insist Robosigned Affidavits Are Accurate

Posted on October 07, 2010
Bloomberg News reports:Wells Fargo & Co. is standing by the accuracy of foreclosure filings and won?t follow competitors in delaying seizures, after an employee testified he signed documents for proceedings without personally reviewing records. The bank said yesterday it doesn?t plan to halt repossessions because its ?procedures and daily auditing demonstrate that our foreclosure affidavits are

Ohio Secretary Of State Warns Against Mortgage Industry Gambit To Minimize Problems With Bogus Notarizations

Posted on October 07, 2010
In a recent interview with American Public Media, Ohio Secretary of State Jennifer Brunner made this observation on an apparent mortgage industry response to the recent brouhaha involving bogus notarizations(1) and foreclosure robosigners:And what's very interesting is that on Sept...

Obama To Nix Notary Bill

Posted on October 07, 2010
The Washington Post reports:Amid growing furor over the legitimacy of foreclosure proceedings, White House officials said Thursday that President Obama will not sign a two-page bill passed by lawmakers without public debate after critics said the legislation could loosen standards for foreclosure documents...

Obama Administration Aware Of Mortgage Industry Attempt To Sneak Through Proposed Law Affecting Document Notarizations

Posted on October 07, 2010
The Huffington Post reports:White House is taking a careful look at legislation recently passed by Congress with little notice that would require courts to recognize notarizations from out-of-state, which some consumer advocates say would make it more difficult to fight bogus foreclosures by banks...

Stall Foreclosures As Long As Possible, Say Junior Mortgage Bond Investors As Loan Servicers Keep Coughing Up The Cash, Absorbing Up The Pain

Posted on October 06, 2010
A recent story in The Wall Street Journal noted the effect the foreclosure suspensions in connection with the recent robosigner brouhaha may have on cash flow for the holders of junior mortgage bonds:While it is unclear whether the delays will have a deep impact on the market for bonds, the changes are already creating some unexpected outcomes, say investors...

LI Judge "Extends Invite" To RoboSigning Duo To Appear At F'closure Settlement Meeting While Hammering Lender's Lawyer In Failed 'Bamboozle' Attempt

Posted on October 06, 2010
In Riverhead, New York, a recent ruling in a foreclosure action presided over by Suffolk County Supreme Court Justice Peter H. Mayer merits a quick note here.In his ruling denying, without prejudice, a motion for an Order of Reference,(1) Justice Mayer sounds like someone who believes he may have just nabbed a couple of multiple corporate hat-wearing robosigners, along with the attorney

Jurist, Media Reporter Give Their Views On Foreclosure Robo-Signers

Posted on October 06, 2010
Democracy Now! recently did an on-camera interview with Kings County (Brooklyn), New York Supreme Court Justice Arthur Schack and Mother Jones magazine reporter Andy Kroll for their views on the recent foreclosure brouhaha getting major coverage from media outlets around the country...

Citigroup, Ally/GMAC, MERS Face Civil Racketeering Class Action Filed On Behalf Of Kentucky Homeowners Facing Foreclosure

Posted on October 06, 2010
Bloomberg News reports:Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans. The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that

Florida Judge Sticks Standing-Lacking Lender With $30K Tab For Homeowner's Legal Bill After Booting Case

Posted on October 05, 2010
In Loxahatchee, Florida, The Wall Street Journal reports:Israel Machado's foreclosure started out as a routine affair. In the summer of 2008, as the economy began to soften, Mr. Machado's pool-cleaning business suffered and like millions of other Americans, he fell behind on his $400,000 mortgage...

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