Q: The Servicer (the bank) has filed suit to foreclose on our property but just before trial, sold the alleged Note to a third party, and then 30 days later bought is back. What is the effect of this on their suit?
A: We have a few of these including one in Yamhill county. We have contacted the attorneys on the other side and asked them if they intend to represent the new note holder and if they plan to substitute the new note holder in as plaintiff in the case. If the note has been sold back to the original plaintiff in the case and they have possession of the note endorsed in blank or endorsed to them specifically I don't see that the sale did anything for you one way or the other.
Q: I fought my foreclosure for 6 years. I never did a loan mod or filed for bankruptcy during that time. My case was just recently dismissed without prejudice but the statute of limitations has expired. How do I go abut clearing up the title and mortgage.
A:I agree with the other counsel. Quiet Title is a very special remedy and it is not treated lightly by the courts because, particularly in your case, of the gravity of the result to the parties. See the link below to some explanation of the process, and carefully chose an attorney that you feel comfortable with and who makes sense.
Q: They applied it to the principal instead of deducting it.We are all aware of the fraud and foreclosures that have initiated class action suits nation wide and believe we fit into all of them but cannot find anyone who can help us do that.Could you please refer us to someone who can help us before it becomes to late?
A:People lost their home from scrupulous lender and fraudsters . yes there are many action and maybe you fit the profile but you really need a lawyer to review your documents and guide you in this issue Immediate action is a must .
Q: A real estate agent sent us a letter stating, 'Because you lease is not 'FVM' Full Market Value for the area, the Saving Tenants From Protection Act will not help you. She also has been regularly contacting the real estate agent managing the property and told her, 'The bank will get them out one way or another...they have an army of lawyers.'
A:It is impossible to say anything definitive without knowing more, but it sounds like you are being lied to,a no it also sounds like the banks realtor is engaging in unauthorized practice of law. The Protecting Tenants at Foreclosure Act requires that the rental be "arms length".
Q: I have heard that once the sale is complete, that we have 90 days to leave. Is that true in all cases? I am not sure we are considered "bona fide" tenants as we have not been paying rent for the last year (at the homeowner and their attorneys request) though we do have a lease that "requires" payment of rent, as the law states.
A:You are not protected by the Protecting Tenants in Foreclosure Act unless you have a bona fide lease that is not expired and you have been paying rent. Once the sale is complete the court will issue a title to the new owners after 10 days and they will also obtain a writ of possession to remove you (if you were named in the foreclosure suit).
Q: My lender filed a foreclosure complaint early in 2011 and it was dismissed later in the year. At that time, I had 3 outstanding unpaid judgments that appeared in the title search results. The judgments were paid in Oct 2012. The NJ judiciary site has shown all 3 as closed since Jan 2013. Lender refiled foreclosure complaint in Sept 2013 and shows these same 3 debts as open judgments.
A:Title reports and searches are typically dated. It's in the interest of the lender to have a current title report and name all junior lien holders. Only be naming the junior lien holders (in the foreclosure) can their liens be removed.
Q: I received a lis Pendens/ Summons in Sept.2012. I filed a motion to dismiss on time in Oct 2012. The Plaintiff filed a motion for default in June 2013. The notice of default was not entered July 2013 because everything was filed on time. How long does the plaintiff have....
A: The rules of procedure require that the Plaintiff file something - anything - at least once every 12 months. If there is no record activity for a period of 10 months, the court could send the Plaintiff a notice indicating that it intends to dismiss the case unless a filing is made within 60 days.
Q: I purchased a home through a first-mortgage's foreclosure auction, and I was the highest bidder. The home has a HOA, and am I aware of FS that indicates a third party purchaser is jointly liable for ALL ASSESSMENTS becoming due before acquisition of title (in addition to future, obviously), however I read the HOA documents more closely, and it appears there are clauses that might suggest otherwise, that might take precedence.
A: That is interesting and unusual language, and it creates an interesting issue, amid tension between the statute and the declaration. My gut is that the declaration will control, however this is an issue that requires research. You should retain the services of a knowledgeable attorney.
According to documents filed in this case, Youngheim participated in a large-scale mortgage fraud scheme designed to unjustly enrich himself and his business partner Loveless (among others) to the detriment of neighboring homeowners in Gary, Indiana, and taxpayers generally. Individuals who were recruited to buy most of the houses sold in the scheme were first-time home buyers with little practical experience in the field of real estate and with limited to no familiarity with the Gary, Indiana real estate market.
According to the indictment and plea agreement, Harrell operated a scheme in which he off ered , in exchange for a fee from a homeowner facing foreclosure , to postpone foreclosure proceedings on the homeowner’s property. Harrell accomplished this by instructing homeowner clients to deed fractional interests in th eir properties to other individu als whom Harrell would pay to file bankruptcy petitions in U.S. Bankruptcy Court. Once the bankruptcy petitions were filed, Harrell would notify creditors — which included multiple TARP banks — seeking to foreclose on his clients’ properties , th at the propert ies were part of an active bankruptcy proceeding .
‘The bottom line is that the notice of substitution of Plaintiff in judicial states, or notice of substitution of Trustee in non-judicial states should be the first line of battle. Neither one of them is valid and in both cases you have a stranger to the transaction being allowed to name itself as creditor, name its own controlled entity or subsidiary as trustee, and then ignore the realities of the money paid to the real creditor. They are claiming damages from the borrower — all for a debt that in the ordinary course of things has already been paid several times over. But it is true that it wasn’t paid to THEM because THEY were never and are not now the creditor fulfilling the definition of a creditor who could bid at the foreclosure auction. It is not that the borrower doesn’t owe money when he borrows it, it is that he doesn’t owe it to any of the people who are claiming it. And that is what gives rise to liability of law firms to borrowers.” Neil F Garfield
Massachusetts homeowners facing foreclosure will see enhanced protections under regulations filed by the state Division of Banks that prevent national and state lenders from foreclosing on a property if an application for a loan modification is in process. “This is another step in the right direction to further strengthen protections provided to Massachusetts borrowers and homeowners,” Consumer Affairs and Business Regulation Undersecretary Barbara Anthony said in a news release.
But for the Justice Department to truly start fresh, and fulfill their mission of stopping corporate fraud and preventing it from occurring again, they will have to compel JPMorgan to admit full liability for deliberately selling rotten mortgage securities. And here, federal agencies have revealed themselves as more interested in extracting public relations value by getting banks to admit something resembling wrongdoing, rather than forcing them to confess more widespread transgressions which would increase their legal exposure. Though agencies like the Securities and Exchange Commission (SEC) have announced “get-tough” procedures on extracting admissions of wrongdoings in financial fraud settlements, in practice they serve as nothing more than insincere apologies.
The Justice Department plans to use its tentative $13 billion settlement with JPMorgan Chase as a blueprint for reaching similar deals with other banks in probes related to bad mortgages and the 2008 financial crisis, a law enforcement official familiar with the negotiations said Monday. If such an effort is successful, it could usher in an era of high-priced settlements throughout the banking industry.
Earlier this year, Kevin Singh almost lost his house. "The bank did not help, was not helping at all," Singh told VOR. "I sent them everything, sent them all the income I'm making, [to show that] I can afford the house. But they did not do anything –they tried to foreclose on me." Singh is a self-employed housepainter living in Sacramento, California. He is an immigrant from India who has lived in the United States for 20 years. He was a victim of the housing bubble's collapse and the questionable mortgage products and practices that helped cause it. "The business started going down when the economy went down, I was not able to afford my payments," he said.
A dozen U.S. Senators have asked the Consumer Financial Protection Bureau and the U.S. Justice Department to look into residential tax lien sale and foreclosure practices that they say are unfairly––and potentially illegally––causing seniors, veterans and the disabled to lose their homes. In a letter to the the CFPB and the Justice Department, the senators cited a Washington Post series detailing how in Washington, D.C., third-party investors sometimes purchase tax liens at auctions then try to rake in profits by charging property owners exorbitant processing, legal and other fees that can significantly increase the amount owed by a property owner, sometimes buy multiples of 30 to 40 times. For some property owners, the fees are too much to bear and they are forced to vacate.
The Office of Vermont Attorney General William H Sorrell has filed suit against Bank of America for violating Vermont’s foreclosure mediation statute and Consumer Protection Act in foreclosure actions brought by the Bank against local homeowners. According to the complaint filed in Washington Superior Court in Montpelier, Bank of America, based in Charlotte, North Carolina, (a) failed or refused to comply with mediation settlements in Vermont state court foreclosure actions to which it previously agreed; (b) billed foreclosure defendants (the homeowners) for more money than their mediation settlements provided; and (c) sent mailings to homeowners containing misrepresentations, including misrepresentations about the amount of money due the Bank and the status of the foreclosure action.
Lillian Marquez, 38, and Michael Keatts, 56, both of Stockton, California, were arrested in their homes for a mortgage fraud scheme. A federal grand jury indictment charged them with conspiring to commit mortgage fraud and with nine counts of mail fraud. The indictment was unsealed upon their arrests. According to the indictment, from February 2006 through at least August 2012, Marquez and Keatts operated Colonial Home and Business Services, Stockton, California. Both defendants were licensed real estate agents who assisted clients in purchasing and selling homes.
After reviewing three years of personal financial disclosures, the Center found judges who authored opinions favoring companies in which they owned stock. The Center found judges who ruled on cases even when family members were receiving income from one of the parties. And it found judges who accepted lavish gifts — like a $50,000 trip from a lawyer.