halt | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "halt"

California asks for Fannie Mae, Freddie Mac foreclosure hiatus

California asks for Fannie Mae, Freddie Mac foreclosure hiatus


LA TIMES-

California’s attorney general has asked for a suspension of foreclosures on loans controlled by Fannie Mae and Freddie Mac.

Atty. Gen. Kamala D. Harris in a letter asked the regulator of the government-controlled mortgage titans to halt foreclosures in California until the agency has completed a “thorough, transparent analysis of whether principal reduction is in the best interests of struggling homeowners as well as taxpayers.”

It is not the first time that Harris has tangled with the giants — last year she sued the two mortgage giants after they refused to answer subpoenas regarding their mortgage and foreclosure practices. That case remains pending.

Harris has also called on Edward DeMarco, the head of the Federal Housing Finance Agency that regulates Fannie and Freddie, to step down, accusing him of not doing enough for borrowers.

[LA TIMES]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

After ruling halted N.J. foreclosures, experts fear deluge of filings

After ruling halted N.J. foreclosures, experts fear deluge of filings


NJ-

In the past six months, an eerie feeling has settled in the offices of housing counselors and attorneys who confront the foreclosure crisis head-on and help distressed homeowners in New Jersey. The phone hasn’t been ringing any less than it did at the height of the storm, but what is about to hit may be greater than anything the group has seen so far.

Foreclosure filings are down 86 percent so far this year from last, owing in part to a December crackdown by the state’s chief justice that effectively halted proceedings by the country’s biggest mortgage lenders and service companies, according to court data. But lenders are waiting to file an estimated 28,500 foreclosures, and another 55,000 mortgage loans are currently more than 90 days delinquent, according to LPS Applied Analytics, a real estate data firm that tracks mortgage performance. At the current rate, it would take 49 years for banks to clear the logjam of mortgage loans that are currently in the foreclosure process or are more than 90 days delinquent, LPS found.

Continue reading [NJ.com]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

HAWAII – Law’s delay halts foreclosures

HAWAII – Law’s delay halts foreclosures


Staradvertiser-

It will be several months until a key consumer-protection provision of Hawaii’s overhauled foreclosure law can be used. But there has been one immediate impact: a freeze on many new foreclosures and auctions of homes owned by occupants.

The new law, which took effect earlier this month, did not prescribe a foreclosure moratorium, but the law prohibits lenders from holding nonjudicial foreclosure auctions until borrowers have an opportunity to participate in a dispute resolution program.


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

READ | South Carolina Supreme Court Issues New Foreclosure Rules & Order, Halts Pending Foreclosures

READ | South Carolina Supreme Court Issues New Foreclosure Rules & Order, Halts Pending Foreclosures


Excerpt:

In all mortgage foreclosure actions pending on May 9,2011, before any merits hearing in the case, or if an order of foreclosure has been entered, before any foreclosure sale, the Mortgagee shall, through its attorney of record, file with the court and serve upon every Mortgagor a notice of the Mortgagots right to foreclosure intervention. All proceedings in the foreclosure action shall be stayed until completion of such foreclosure intervention.

No foreclosure hearing or foreclosure sale may be held in the foreclosure action until the Mortgagee’s attorney certifies the following:

Continue below…

[ipaper docId=54538968 access_key=key-fp3scs2ub28q7ondaw5 height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

Freddie Mac Tells Servicers NOT To Foreclose In MERS

Freddie Mac Tells Servicers NOT To Foreclose In MERS


Effective April 1, servicers managing Freddie Mac loans will no longer be allowed to foreclose on properties in the name of Mortgage Electronic Registration Systems (MERS).

Freddi Mac’s announcement  states

We have updated the Guide to eliminate the option for the foreclosure counsel or trustee to conduct a
foreclosure in the name of MERS. Effective for Mortgages registered with MERS that are referred to
foreclosure on or after April 1, 2011, Servicers must prepare an assignment of the Security Instrument
from MERS to the Servicer and instruct the foreclosure counsel or trustee to foreclose in the Servicer’s
name and take title in Freddie Mac’s name.

As required in Section 66.17, Foreclosing in the Servicer’s Name, Servicers must record the prepared
assignment where required by State law. State mandated recording fees are not reimbursable by Freddie
Mac, are not considered part of the Freddie Mac allowable attorney fees and must not be billed to the
Borrower.

Servicers should refer to updated Section 66.17 and Section 66.54, Vesting the Title and Avoiding
Transfer Taxes, for additional information.


[ipaper docId=51478894 access_key=key-uycf5vbb5ste8n2go4r height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

HSBC Suspends Foreclosure Actions

HSBC Suspends Foreclosure Actions


Bank made disclosure in annual SEC report

By Jonathan D. Epstein

Updated: March 1, 2011, 6:33 AM

HSBC Bank USA and HSBC Finance Corp. have stopped all home foreclosures until further notice and may face unspecified regulatory actions or fines, after regulators found “certain deficiencies” in servicing and foreclosure procedures, HSBC said in government filings Monday.

The disclosure by HSBC, buried deep within its annual financial report to the Securities and Exchange Commission, marks the first time HSBC has admitted to a foreclosure moratorium in the wake of a legal and paperwork crisis that swept the industry.

That’s a dramatic reversal from its stance just a few months ago, when it said publicly that it would not suspend home seizures because it didn’t feel its procedures were compromised by so-called “robo-signers” and faulty court affidavits.

“Robo-signing” refers to bank or law firm employees signing off on foreclosures without actually being familiar with the cases or reading paperwork.

Continue reading … BuffaloNews


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

MERS Tells Servicers to Stop Foreclosing in Their Name

MERS Tells Servicers to Stop Foreclosing in Their Name


excerpt:

MERS is providing the following guidance to all Members to strengthen business practices, and minimize reputation, legal and compliance risk to MERS and its Members. In recent months legal challenges have arisen regarding alleged inadequacies and improprieties in the foreclosure process including allegations of insufficient or incorrect supporting documentation and challenges to the legal capacity of parties’ right to foreclose. MERS is committed to reevaluate and strengthen its systems and procedures to protect against these types of legal challenges. Consistent with this approach we have enhanced the Corporate Resolution Management System (CRMS) and instituted related policies and procedures designed to strengthen MERS’ business practices and limit compliance risks. To comply with this guidance, MERS Members should implement the following practices, effective immediately.

continue below…

[ipaper docId=49212713 access_key=key-2126bz3ngo6l300m1bh8 height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (2)

Bloomberg | BofA Unit Ordered to Halt Foreclosures in Nevada

Bloomberg | BofA Unit Ordered to Halt Foreclosures in Nevada


[read order below]

By David McLaughlin – Jan 25, 2011 7:19 PM ET

A Bank of America Corp. unit, ReconTrust Co. N.A., was ordered by a Nevada judge to temporarily stop foreclosures in the state that aren’t approved by a court order.

Judge Robert W. Lane in Nye County, Nevada, issued a preliminary ruling that blocks ReconTrust from conducting nonjudicial foreclosures until he holds a hearing Feb. 28 on whether to make the ban permanent, according to a Jan. 20 order provided by the court. The injunction was sought in a Nevada homeowner’s lawsuit against Bank of America and ReconTrust.

Stopping the foreclosures is necessary to prevent the “irreparable injury” that would result from “unlawful” seizure of the plaintiff’s home by ReconTrust Co., the judge wrote. The ruling applies to any real estate or personal property in Nevada.

[ipaper docId=47571185 access_key=key-j4eoz7isozrvszwyw6k height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

California Congressman Wants More Action To Halt Foreclosures H.R. 363

California Congressman Wants More Action To Halt Foreclosures H.R. 363


Cardoza calls for more federal action to halt foreclosures

CBVT, WASHINGTON, D.C.
January 20, 2011 9:00pm

excerpts:

Dubbed the “Housing Opportunity and Mortgage Equity (HOME) Act,” H.R. 363 would allow as many as 30 million homeowners with mortgages backed by Fannie Mae or Freddie Mac to benefit from the current historically low market interest rates and refinance for up to 40 years at a fixed rate, Mr. Cardoza says.

[…]

“The HOME Act would provide a light at the end of the tunnel for the millions of homeowners struggling to make their monthly house payment,” says Mr. Cardoza.

Read H.R. 363 below

[ipaper docId=47318570 access_key=key-2ep2o4wasqb481gxtx6z height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

MORATORIUM BY 10/15?? Officials in 49 states launch foreclosure probe

MORATORIUM BY 10/15?? Officials in 49 states launch foreclosure probe


UPDATE: 49 ALL 50 State Attorney Generals…ALABAMA is signing up as well. CONFIRMED.

“What we have seen are not mere technicalities,” said Ohio Attorney General Richard Cordray. “This is about the private property rights of homeowners facing foreclosure and the integrity of our court system, which cannot enter judgments based on fraudulent evidence.”

Officials in 49 states launch foreclosure probe

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer 1 min ago
.

WASHINGTON – Officials in 49 states and the District of Columbia have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

The states’ attorneys general and bank regulators will examine whether mortgage company employees made false statements or prepared documents improperly.

Alabama was the only state not to join the investigation.

Attorneys general have taken the lead in responding to a nationwide scandal that’s called into question the accuracy and legitimacy of documents that lenders relied on to evict people from the homes. Employees of four large lenders have acknowledged in depositions that they signed off on foreclosure documents without reading them.

More than 2.5 million homes have been lost to foreclosure since the recession started in December 2007, according to RealtyTrac Inc. Another 3.3 million homes could be lost to foreclosure or distressed sale over the next four years, according to Moody’s Analytics.

The officials said they intend to use their investigation to fix these problems in the mortgage industry.

“This is not simply about a glitch in paperwork,” said Iowa Attorney General Tom Miller, who is leading the probe. “It’s also about some companies violating the law and many people losing their homes.”

Ally Financial Inc.’s GMAC Mortgage Unit, Bank of America and JPMorgan Chase & Co. already have halted questionable foreclosures. Other banks, including Citigroup Inc. and Wells Fargo & Co. have not stopped processing foreclosures, saying they did nothing wrong.

In a joint statement, the officials said they would look into evidence that legal documents were signed by mortgage company employees who “did not have personal knowledge of the facts asserted in the documents. They also said that many of those documents appear to have been signed without a notary public witnessing that signature, a violation of most state laws.

“What we have seen are not mere technicalities,” said Ohio Attorney General Richard Cordray. “This is about the private property rights of homeowners facing foreclosure and the integrity of our court system, which cannot enter judgments based on fraudulent evidence.”

[ipaper docId=39292005 access_key=key-1pf4qlp3c69v2nec9duy height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., STOP FORECLOSURE FRAUDComments (1)

Reid calls on lenders to halt foreclosures in all states

Reid calls on lenders to halt foreclosures in all states


Washington Post Staff Writers
Friday, October 8, 2010; 2:16 PM

Senate Majority Leader Harry Reid (D-Nev.) called on major lenders to halt foreclosures across the country Friday following Bank of America‘s announcement that it will suspend all such proceedings until a review of possible paperwork problems is completed.

Reid, who had sent a letter to major banks asking them to suspend foreclosures in Nevada, extended his concern to include all 50 states.

“I thank Bank of America for doing the right thing by suspending actions on foreclosures while this investigation runs its course,” he said. “I urge other major mortgage servicers to consider expanding the area where they have halted foreclosures to all 50 states as well.”

Reid is the latest Democratic leader to join a growing chorus of lawmakers and state attorneys general who have called for greater scrutiny of the foreclosure process and a nationwide moratorium. Homeowner advocates say that lenders have used dubious paperwork to expedite the eviction of homeowners who are behind on their payments.

Pressure on the banks continues to grow on Capitol Hill, where Sen. Christopher J. Dodd (D-Conn.) said Friday that the banking committee he chairs will hold hearings Nov. 16 to investigate the foreclosure paperwork morass.

CONTINUE READING…WASHINGTON POST

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in CONTROL FRAUD, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, MoratoriumComments (3)

BofA halts foreclosure sales in 50 states

BofA halts foreclosure sales in 50 states


By ALAN ZIBEL, Associated Press

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.

The move comes amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.

“We will stop foreclosure sales until our assessment has been satisfactorily completed,” company spokesman Dan Frahm said in a statement. “Our ongoing assessment shows the basis for our past foreclosure decisions is accurate.”

Concern is growing that mortgage lenders have been evicting homeowners using flawed court papers. State and federal officials have been ramping up pressure on the mortgage industry over worries about potential legal violations.

On Thursday, Senate Majority Leader Harry Reid, D-Nev., urged five large mortgage lenders to suspend foreclosures in Nevada until they have set up systems to make sure homeowners aren’t “improperly directed into foreclosure proceedings.” Nevada is not among the states where banks had suspended foreclosures.

Also Friday, PNC Financial Services Group Inc. said it is halting most foreclosures and evictions in 23 states for a month so it can review whether documents it submitted to courts complied with state laws. An official at the Pittsburgh-based bank confirmed the decision on Friday, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn’t been publicly announced.

Continue reading…ASSOCIATED PRESS

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, bank of america, CONTROL FRAUD, foreclosure, foreclosure fraud, foreclosure mills, foreclosuresComments (1)

BOMBSHELL – JUDGE ORDERS INJUNCTION STOPPING ALL FORECLOSURE PROCEEDINGS BY BANK OF AMERICA; RECONTRUST; HOME LOAN SERVICING; MERS ET AL

BOMBSHELL – JUDGE ORDERS INJUNCTION STOPPING ALL FORECLOSURE PROCEEDINGS BY BANK OF AMERICA; RECONTRUST; HOME LOAN SERVICING; MERS ET AL


Via: 4ClosureFraud

(St. George, UT) June 5, 2010 – A court order issued by Fifth District Court Judge James L. Shumate May 22, 2010 in St. George, Utah has stopped all foreclosure proceedings in the State of Utah by Bank of America Corporation, ;

Judge James L. Shumate

Recontrust Company, N.A; Home Loans Servicing, LP; Bank of America, FSB;www.envisionlawfirm.com. The Court Order if allowed to become permanent will force Bank of America and other mortgage companies with home loans in Utah to adhere to the Utah laws requiring lenders to register in the state and have offices where home owners can negotiate face-to-face with their lenders as the state lawmakers intended (Utah Code ‘ 57-1-21(1)(a)(i).). Telephone calls by KCSG News for comment to the law office of Bank of America counsel Sean D. Muntz and attorney Amir Shlesinger of Reed Smith, LLP, Los Angeles, CA and Richard Ensor, Esq. of Vantus Law Group, Salt Lake City, UT were not returned.

The lawsuit filed by John Christian Barlow, a former Weber State University student who graduated from Loyola University of Chicago and receive his law degree from one of the most distinguished private a law colleges in the nation, Willamette University founded in 1883 at Salem, Oregon has drawn the ire of the high brow B of A attorney and those on the case in the law firm of Reed Smith, LLP, the 15th largest law firm in the world.

Barlow said Bank of America claims because it’s a national chartered institution, state laws are trumped, or not applicable to the bank. That was before the case was brought before Judge Shumate who read the petition, supporting case history and the state statute asking for an injunctive relief hearing filed by Barlow. The Judge felt so strong about the case before him, he issued the preliminary injunction order without a hearing halting the foreclosure process. The attorney’s for Bank of America promptly filed to move the case to federal court to avoid having to deal with the Judge who is not unaccustomed to high profile cases and has a history of watching out for the “little people” and citizen’s rights.

The legal gamesmanship has begun with the case moved to federal court and Barlow’s motion filed to remand the case to Fifth District Court. Barlow said is only seems fair the Bank be required to play by the rules that every mortgage lender in Utah is required to adhere; Barlow said, “can you imagine the audacity of the Bank of America and other big mortgage lenders that took billions in bailout funds to help resolve the mortgage mess and the financial institutions now are profiting by kicking people out of them homes without due process under the law of the State of Utah.

Barlow said he believes his client’s rights to remedies were taken away from her by faceless lenders who continue to overwhelm home owners and the judicial system with motions and petitions as remedies instead of actually making a good-faith effort in face-to-face negotiations to help homeowners. “The law is clear in Utah,” said Barlow, “and Judge Shumate saw it clearly too. Mortgage lender are required by law to be registered and have offices in the State of Utah to do business, that is unless you’re the Bank of America or one of their subsidiary company’s who are above the law in Utah.”

Barlow said the Bank of America attorneys are working overtime filing motions to overwhelm him and the court. “They simply have no answer for violating the state statutes and they don’t want to incur the wrath of Judge Shumate because of the serious ramifications his finding could have on lenders in Utah and across the nation where Bank of America and other financial institutions, under the guise of a mortgage lender have trampled the rights of citizens,” he said.

“Bank of America took over the bankrupt Countrywide Home Loan portfolio June 3, 2009 in a stock deal that has over 1100 home owners in foreclosure in Utah this month alone, and the numbers keep growing,” Barlow said.

The second part of the motion, Barlow filed, claims that neither the lender, nor MERS*, nor Bank of America, nor any other Defendant, has any remaining interest in the mortgage Promissory Note. The note has been bundled with other notes and sold as mortgage-backed securities or otherwise assigned and split from the Trust Deed. When the note is split from the trust deed, “the note becomes, as a practical matter, unsecured.” Restatement (Third) of Property (Mortgages) § 5.4 cmt. a (1997). A person or entity only holding the trust deed suffers no default because only the Note holder is entitled to payment. Basically, “[t]he security is worthless in the hands of anyone except a person who has the right to enforce the obligation; it cannot be foreclosed or otherwise enforced.” Real Estate Finance Law (Fourth) § 5.27 (2002).

*MERS is a process that is designed to simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans. www.mersinc.org

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bank of america, foreclosure, foreclosure fraud, RecontrustComments (0)

MERS May NOT Foreclose for Fannie Mae effective 5/1/2010

MERS May NOT Foreclose for Fannie Mae effective 5/1/2010


Double Standard here now…but they can foreclose on us using the worthless assignments!

[UPDATE]

Freddie Mac Tells Servicers NOT To Foreclose In MERS 4/1/2011

________

MERS Tells Servicers to Stop Foreclosing in Their Name

[ipaper docId=29248253 access_key=key-2nz158afqy34iblgiqm0 height=600 width=600 /]

Source: b.daviesmd6605

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conflict of interest, conspiracy, fannie mae, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., scam, securitization, servicersComments (0)


GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives