Homeowners

Friday, December 13th, 2013

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.

http://www.masslive.com/business-news/index.ssf/2013/10/massachusetts_en...

Friday, December 13th, 2013

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.

http://voiceofrussia.com/us/2013_10_18/America-s-Housing-Nightmare-Homeo...

Thursday, December 12th, 2013

A Treasure Valley woman bought a home in Nampa, only to find out later that she only owns half of it. She owns the front half of the property, while someone else owns the back half.  At age 76, Betty Galloway was looking to settle down in Nampa. She is retired and lives on Social Security. The widow and mother of five sold her home in Georgia, planning to use the money to buy a home here.

http://www.ktvb.com/news/Valley-woman-says-she-bought-half-a-house-22812...

Thursday, December 12th, 2013

Having a hard time with the mortgage? Take the advice of local activists: Stop paying and stay put. State bank regulators have your back.  The state Division of Banks has put its stamp on regulations designed to keep lenders from foreclosing a loan if the borrower has applied for a modification.  The regulations are part of a foreclosure prevention law signed by Gov. Deval Patrick last year. They complement rules requiring lenders to modify home loans if the cost of modification is less than the cost of foreclosure.

http://www.bizjournals.com/boston/news/2013/10/17/mortgage-borrowers-get...

Thursday, December 12th, 2013

Baltimore-based Civil Justice is offering free legal consultations for Marylanders who lost their home or are facing other foreclosure-related financial difficulties. The new program, “Foreclosure Recovery: On Track to Financial Health,” will focus on addressing harmful ripple effects of mortgage default, from municipal liens and debt collection to credit problems. The nonprofit Civil Justice hopes to reach 300 to 600 people.

http://www.baltimoresun.com/business/real-estate/wonk/bal-wonk-financial-consultations-offered-for-marylanders-buffeted-by-foreclosure-20131016,0,1785334.story

Wednesday, December 11th, 2013

Question: My husband and I were recently taken to court by our landlord, who was trying to evict us. The landlord alleged in the court papers that we hadn't paid our rent. When we went to court for our trial, we reached an agreement with the landlord's attorney to move out as part of a settlement of the case. We found another rental and moved out within a week, but now we are worried that this court case will still show up on our credit report. Will this case continue to haunt us?

http://www.latimes.com/business/realestate/la-fi-rentwatch-20131020,0,73...

Tuesday, December 10th, 2013

We, the homeowners of America claim the tortious actions of the Banks have created Unjust Enrichment, evident in the fact that their wealth and size has increased 40% since the Great Recession they caused. The basic purpose of restitution is to achieve fairness and prevent the unjust enrichment of a party.   In tort law, restitution applies to the measure of damages required to restore the plaintiff to the position he or she held prior to the commission of the tort.

https://www.change.org/petitions/elizabeth-warren-give-restitution-to-th...

Monday, December 9th, 2013

Home purchases by institutional buyers reached a record high in September and all-cash buyers accounted for almost half of sales as investors responded to rising demand from renters. Institutional purchases accounted for 14 percent of sales, according to a report today from RealtyTrac. That was the highest share since the real estate data firm began in 2011 to track transactions by that group, which it defines as buyers of 10 or more homes a year. All-cash sales rose to 49 percent from 40 percent in August and 30 percent a year earlier, a sign that rising mortgage rates since May have kept some people out of the market and that smaller investors are stepping up purchases.

http://www.bloomberg.com/news/2013-10-24/families-blocked-by-investors-f...

Monday, December 9th, 2013

Q:     I am in foreclosure and on the 8th the court is going to side with the bank. How long will I have before I have to be out of the house?

A:     How do you know the court will side with the bank on the 8th? Is there a default hearing scheduled that day? If so, you should consult a foreclosure attorney because you may still be able to file an answer and avoid judgment.

http://www.avvo.com/legal-answers/in-foreclosure-1437038.html

Monday, December 9th, 2013

Q:     I am trying to work out a Bank of America Co-op short sale, we are just submitting an Signed offer today, The bank is asking 206,400; the offer is for 190, the bank just did a drive by valuation, the house needs New AC, Stove, Dishwasher.

A:     You will get nowhere with an OCC Complaint. The OCC is hugely bureaucratic and far too friendly with the banks.
See a knowledgeable Chapter 13 attorney and file Chapter 13 requesting the LMM program.

http://www.avvo.com/legal-answers/hello--has-anybody-seen-any-success-in-stopping-a--1470272.html

Monday, December 9th, 2013

Q:     Hi. I have a question please. After the Final Judgment of Foreclosure is recorded, approximately how long do you have until the foreclosure auction in Central Florida? And then do you have to move out immediately after the house is sold? Thanks in advance.

A:     Typically on the day the judge enters the Final Judgment, he will also set a sale date. This sale date may be anywhere from 30 to 120 days after the final judgment is entered. Refer to your court docket for that specific date, or consult the attorney who handled your case.

http://www.avvo.com/legal-answers/how-long-until-foreclosure-auction--1452854.html

Monday, December 9th, 2013

Q:     No one bought my house at a foreclosure auction. Is it true that the property now legally belongs to the bank? What happens next - do they have the right to evict me upon notice? What happens if they want to conduct another foreclosure auction?

A:     Foreclosure auctions differ by state. But typically, a foreclosure auction is held by the bank or the bank's trustee on behalf of the bank to get higher bids from third parties on the home. If no bids are made, the home is sold back to the bank by default.

http://www.avvo.com/legal-answers/the-bank-conducted-a-foreclosure-auction-on-my-pro-1465441.html

Friday, December 6th, 2013

Just two days before Thanksgiving more than a dozen Statesville homeowners found out they'll have to wait another two months to find out if they'll lose their homes to foreclosure.   In August the families received a letter saying they'd have to pay $4.6 million or face foreclosure. The debt was for an unpaid construction loan from nearly 10 years ago.  "You maintain this property for five to six years and then this comes out of the woodwork that we could lose it all," said Lynn Zanotti.

http://www.wsoctv.com/news/news/local/statesville-homeowners-wait-2-mont...

Friday, December 6th, 2013

The banks, also including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM), were required to provide $18.9 billion of the aid to consumers in the form of refinancing, loan forgiveness or short sales, in which lenders agree to allow homes to be sold for less than the mortgages against them.

http://www.bloomberg.com/news/2013-10-16/banks-near-end-of-homeowner-rel...

Friday, December 6th, 2013

Robert Marcum knew he had a problem when he found out he was dead.  The tragic news arrived recently as he was trying to close a deal to buy property in Palm Springs. Marcum, 70, was informed that, according to his credit file, he'd passed away a couple of years ago.  "No one had told me," he said.  Looking more closely at his credit file, Glendale resident Marcum discovered that not only was he dead but that, when he was alive, he was apparently involved with a woman named Jean Thomson. Her name was all over his file.

http://www.latimes.com/business/la-fi-lazarus-20131015,0,1556561.column#...

Friday, December 6th, 2013

If you’re in the middle class and want to buy a home here’s a piece of advice: Move to Ohio (if you’re not already there).  Some 86% of homes in the Akron, Ohio area are within reach of middle-class buyers in the area, the highest share in the nation, according to a report from Trulia, the real estate listings site. The next two cities on the list, with 85% of homes affordable to middle class, are Dayton and Toledo, respectively.  For those of you in the coastal elite who are reading this post for the perverse pleasure of finding out just how unaffordable your city is, you might be surprised to hear that New York...

http://blogs.wsj.com/developments/2013/10/10/where-can-the-middle-class-...

Thursday, December 5th, 2013

Thousands of Spokane county homeowners, late on mortgage payments, property taxes or can't pay sewer liens, are facing foreclosure right now. If you're in this group there is some good news from SNAP.SNAP wants homeowners to know they're still offering to provide guidance and support to help homeowners get out of their financial crises. For people faced with this situation, it's not easy asking for help.  "Yeah it's very hard asking for help, especially when you're an ornery little cuss like me," Mary Butler.

http://www.kxly.com/news/spokane-news/snap-ready-to-provide-assistance-t...

Wednesday, December 4th, 2013

For most of their 38-year marriage, Ivor Rose and Rita Starr lived relatively modestly in Miami Beach, buying and renting commercial and residential properties there. Mr. Rose, 79, was a child of parents who lived through the Depression, and he embraced their thrifty values and their strong distaste for debt, said Ms. Starr, 63. The couple never borrowed money to buy the six warehouses and eight homes that, by 2006, had a value of around $15 million and made up the bulk of their assets.

http://www.nytimes.com/2013/12/01/business/a-trusting-couple-now-thrown-...

Monday, December 2nd, 2013

Then one day in 2007, without warning Burns received a letter from JPMorgan Chase notifying her that she was six months behind on her mortgage payments and that the bank was taking her house.  Burns said the bank was wrong; she was up to date on her payments. "I sent them a letter and the details of our payments to them, and they still foreclosed," she said.  An attorney who works for a housing non-profit helped Burns sue JPMorgan Chase. She won a $20,000 cash settlement. Still, she lost her home and her family had to move, as have more than 150,000 other Minnesotans.

http://minnesota.publicradio.org/display/web/2013/11/27/news/mortgage-se...

Monday, December 2nd, 2013

Q:     home went into forclosure, there is a judgement on me/home (not sure) filed in montgomery county pa. is there a way to have that removed? is there a time limit that it expires?

A:     It is a little unclear whether you are speaking about the judgment in the initial foreclosure action or a deficiency judgment. There are typically two possible judgments that the primary mortgage lender may obtain from a foreclosure action. The first judgment in the foreclosure action allows the lender to dispose of the property at a sheriff's sale.

http://www.avvo.com/legal-answers/remove-judgement-after-a-foreclosure--is-there-a-t-1474498.html

Thursday, November 28th, 2013

Thousands of metro-area residents are still living in their foreclosed homes, even after ownership has reverted to the bank.  In its first look at the phenomenon, foreclosure research firm RealtyTrac estimates that more than half of the 4,475 metro New York bank-owned properties are still occupied by the people who used to own them.

http://nypost.com/2013/10/05/thousands-of-nyc-residents-still-living-in-...

Monday, December 2nd, 2013

Q:     Our question: Taking such issue into consideration... Once we purchased the foreclosed house from the first lien holder, does the second lien holder take the position of the first lien? or do we take such position?...

A:     If the second lien holder was dismissed from the foreclosure action by the 1st, its lien was not extinguished. You are not a lienholder at all. However, that is something that should be capable of being remediated.

http://www.avvo.com/legal-answers/is-a-2nd-lien-holder-who-was-dismissed-without-pre-1464275.html

Monday, December 2nd, 2013

Q:     if the house is sold at auction and the eviction process is started, i know that my roommates have rights since they signed a month to month lease, they have 90 days to get out according to the foreclosure tenant act of 2009, what if i am also living in the house along with my roommates, can they just evict me and not the roommates?

A:     Yes - you too can be evicted. Your roommates if they have valid leases cannot be evicted - however the rent they are paying must be for fair market value and the law may infer that is for the entire property - so their rights at the rent they are paying could be in jeopardy.

http://www.avvo.com/legal-answers/i-am-in-foreclosure--my-property-is-set-for-sale-o-1470202.html

Monday, December 2nd, 2013

Q:     I recieved a forecluser letter from Habitat for Humanity in regards to be being in the rear 8mths. It was delivered by Sheriff. What process do I go through to get help

A:     If the Sheriff served you with papers you will be well advised to have an attorney review them. They are either foreclosure action that needs to be timely responded to in order to avoid defaulting and being removed from your residence, or depending on where your case is in the foreclosure process....

http://www.avvo.com/legal-answers/foreclosure-notice-from-habitat-for-humanity-1451468.html

Wednesday, November 27th, 2013

It’s a jarring situation: Your spouse dies, and you end up facing the possible loss of your home through foreclosure--just because you aren’t listed as a borrower on a reverse mortgage on your home. That’s what happened to Robert Bennett of Annapolis, Md., when his wife died in 2008. She was listed as the borrower on a reverse mortgage taken out on their home before her death -- but Mr. Bennett wasn’t. Rules administered by the U.S. Department of Housing and Urban Development allow banks to force surviving spouses who aren’t also listed as borrowers to pay off reverse mortgages, and to foreclose on the property if they can’t.

http://www.nytimes.com/2013/10/02/your-money/surviving-spouses-with-reverse-mortgages-win-case.html

Monday, November 25th, 2013

Q:    I just found out there was a foreclosure case against my parents home, they are unaware but there was a affidavit of Constructive service submitted to the court on 9/13/2013 but a notice of action was received on 9/18/2013 that says we have 30 days to answer from the date of Publication.

A:    F.S. 49.09 provides that your parents have to respond by filing and serving the response "within 30 days after the first publication of the notice". Service by publication in foreclosure requires that the notice be published twice and mailed to the defendant(s) by regular mail.

http://www.avvo.com/legal-answers/do-i-have-30-days-to-answer-after-publication-as-s-1428730.html

Thursday, November 28th, 2013

The new Know Before You Owe mortgage forms will replace existing federal disclosures, and the CFPB says they’ll help consumers better understand their options, comparison shop for the best mortgage deals, and avoid costly surprises at the closing table.  “Taking out a mortgage is one of the biggest financial decisions a consumer will ever make,” said CFPB Director Richard Cordray. “Today’s rule is an important step toward the consumer having greater control over the mortgage loan process.”

http://www.dsnews.com/articles/cfpb-finalizes-know-before-you-owe-mortga...

Monday, November 25th, 2013

Q:    The payments are behind because he took money out of the account to cover a payment, and between paying that month and half another month on top of attorneys fees and taking care of our boys on my own, I've fallen behind on the mortgage. He refused to do a modification and now we're facing foreclosure. He's truly getting a huge kick out of the possibility that I may be out on the street so he can take the kids.

A:    Yes, chapter 13 will stop the foreclosure. One party on the mortgage or on the title to the home can file chapter 13. My web site describes chapter 13 in more detail. You have up to 60 months under chapter 13 to repay the arrears due under the mortgage.

http://www.avvo.com/legal-answers/what-are-my-options-if-soon-to-be-ex-husband-doesn-1415070.html

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