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The 11 Most Bizarre Foreclosure Stories Of 2011

The 11 Most Bizarre Foreclosure Stories Of 2011


HuffPO-

The housing collapse and subsequent foreclosure crisis has claimed the homes of millions of Americans. But that tragedy may only be matched by the absurdity of some of its tales.

As of February, lenders had foreclosed on 2.7 million homes out of the 42.2 million mortgages borrowers took out between 2004 and 2008, according to a recent report by the Center for Responsible Lending. Though many of the foreclosures have been routine, the sheer volume has resulted in some glaring errors and bizarre evictions.

One Florida couple was threatened with foreclosure for making a payment too early. In Texas, a man faced foreclosure on a home that was destroyed by Hurricane Ike years ago, while in Massachusetts, Bank of America threatened to seize a home if it didn’t receive an outstanding mortgage payment worth $0.00.

But there is some indication that these ridiculous stories are indicative of a systematic pattern of wrongdoing on the part of the lenders. Massachusetts Attorney General Martha Coakley announced a lawsuit, earlier this week, against five of the biggest mortgage lenders, JPMorgan Chase, Bank of America, Wells Fargo, Citbank and Ally Financial Inc., alleging the lenders used fraudulent paper work to foreclose on “hundreds if not thousands” of Massachusetts homes, BusinessWeek reports.

[HUFFINGTONPOST]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Desert Underwater: Robo-Signing Problems on Foreclosure Documents

Desert Underwater: Robo-Signing Problems on Foreclosure Documents


As Always, thank you to MERS for giving this power to sign away any document for any lender at any notice to get the JOB DONE no matter how much fraud is involved!

 

LAS VEGAS — The nation’s largest banks stopped foreclosures last fall following allegations their employees cut corners while processing paperwork. A short time later — with promises to halt the illegal practices — foreclosures resumed.

The I-Team has learned “robo-signing” remains what some officials call an epidemic in Nevada. Robo-signing refers to a variety of practices. Among them: employees who sign foreclosure documents they haven’t read, employees who use fake signatures to process documents, or employees who fail to follow notary rules.

[8NEWS NOW]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Las Vegas City Council sets hearing on foreclosure proposal, Bankers may face jail?

Las Vegas City Council sets hearing on foreclosure proposal, Bankers may face jail?


Ok, so what. So they won’t go to jail for Massive Fraud… I think we’ll take whatever comes their way.

I guess not mowing is much more serious crime…YAWN ~

LVRJ-

A proposal that could put bankers behind bars for failing to maintain foreclosed homes in Las Vegas will likely advance, albeit with some changes to the wording.

The City Council recommending committee on Tuesday voted to hold another hearing Nov. 15 on the measure, proposed by Ward 6 Councilman Steve Ross, which would make it a misdemeanor offense for lenders to allow distressed houses to fall into disrepair.

The delay will give banking, real estate and other special interest groups more …

[LVRJ]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Contact 13 investigates Bank of America customer’s frustrations with short sales

Contact 13 investigates Bank of America customer’s frustrations with short sales


Nothing has changed…

“And they’re trying to keep folks from walking away” Listen to this interview and his answers…Like he makes any sense…blame the fax system for lost documents and negotiators…and welcome EQUATOR.

THE TRUTH is while they were developing this “EQUATION” you were put on the burner. Simple as 123.

Who trusts loading up very personal information into a system to where it ends up?? eg: social security numbers?

Posted: Jul 01, 2010 4:32 PM EDT Updated: Jul 02, 2010 5:14 AM EDT

Las Vegas, NV (KTNV) – Weeks after our Contact 13 investigation into Bank of America we have uncovered a new wave of problems hitting Valley homeowners.

“It’s just frustrating and I don’t think they’re doing anything,” says homeowner Todd Lanquist.

“And when they would get rude with me I’d say, look, put yourself in my shoes. I said don’t think for one minute because you’re on the other end of the phone that it can’t happen to you,” adds homeowner Sherry Eggler. “I want it over with! And I want us to be left alone and get on with our lives.”

Todd and Sherry are both Bank of America homeowners who’ve tried to short sell their homes.

For Todd, “It’s probably the most stressful thing that I’ve dealt with in my lifetime.”

A short sale is when your home is worth less than the remaining value of your mortgage. It’s what you do to avoid foreclosure when even a loan modification won’t keep you in your home.

“Short sales are probably 70% of the listings out there right now,” explains realtor James Allen.

And with Bank of America holding one in three Nevada mortgages, the servicing giant is at the center of a firestorm of criticism over the short sale process.

We read some of your e-mails to Bank of America’s senior vice president in charge of short sales.

“And this person says “Bank of America acts with reckless abandon and extraordinary incompetence when it comes to short sales.” What do you say to that customer,” asked Contact 13 Chief Investigator Darcy Spears.

“I would refute that to the degree that we’re very proud of the work that our team does on behalf of Bank of America and our customers and ultimately the investors,” answered Bank of America’s Matt Vernon. “Certainly there have been some challenges in the past. But with that said, we’re very focused on an efficient process.”

Sherry Eggler says the process is anything but efficient. She and her husband, Freddie, moved here from Georgia to build the home they intended to retire in. But when the economy tanked and their retirement savings went with it, they knew they’d have to give up their dream.

“It hurt. It hurt,” says Sherry, trying hard to hold back tears.

When the loan modification Bank of America offered wouldn’t save them enough money, Sherry says the bank advised a short sale.

But all that did, she says, was put their lives on hold.

“The realtor would call and say, oh Sherry, they need copies of your W-2s again, they need bank copies again, they need this again. I must have done that 10 times and finally I said you know what? No more!”

So what is the root of the problem?

“There’s too many hands in the pot,” says Sherry. “Too many chefs in the kitchen.”

Bogging down the process for so long that she says they lost a buyer willing to pay the set price.

“They must have waited three-four months, five months, and they kept assigning new negotiators. And that is so stupid because they shot their own self in the foot.”

And through it all, there was the constant threat of foreclosure.

“They keep telling me, making threats that our house is gonna be sold on the court doorstep.”

We took her concerns to Bank of America.

“There is a mountain of frustration among our Las Vegas viewing population with what’s going on with B of A short sales,” Spears told Matt Vernon.

And when we asked why there are so many hands in the cookie jar, he said there were too many homes in the short sale process.

“And because of that growth in the business, it often required multiple hand-offs. We recognize that that’s not beneficial to the transaction and are committed to limiting those hand-offs so there is continuity throughout the process.”

All of it too late for Sherry Eggler.

“One time I think I did say that well, if this keeps up I think we just need to get an attorney.”

That’s what Todd Lanquist did after he says the bank’s foot-dragging cost him several potential buyers.

“It’s my fear. Losing my house.”

He says he’s having to sue for the right to sell.

“And that’s just absurd. Absolutely absurd. If it’s a fair sale at a fair price, the bank should be held to it,” says Matthew Callister, Todd’s lawyer.

Realtor James Allen calls B of A the worst of corporate America coming to the surface.

“It’s a red flag. Some agents will not write an offer on a B of A short sale, which is basically hurting us all across the board.”

“And if they don’t learn from this,” Sherry says, “then I don’t know what it would take. They just have some serious, serious inside issues.”

“In no way shape or form are we in that optimal state, but we have vastly improved and we expect to continue to improve,” Vernon says.

We’ll be watching to see if Bank of America does improve. Remember, if you have a problem with a short sale, loan modification or any housing-related matter, Bank of America has opened two resource centers: one in Las Vegas and one in Henderson.

Bank of America resource centers
Henderson resource center
2285 Corporate Circle Suite 100
Call 1 – 877 – 345 – 6416

Las Vegas resource center
6900 Westcliff
Second floor
Appointments:
10 am – 7pm M – F
10am – 2pm Sat
Here is what you need to bring to the appointment:
-Copy of most recently filed tax return for each borrower.
– Copy of two most recent pay stubs covering 30 days or documentation of other income (e.g., Social Security, Disability, Unemployment, public assistance).
– Copy of most recent profit/loss statement (if self-employed).
– Alimony, child support or separation maintenance supporting documentation.
– For rental income, most recent two years’ filed federal tax returns, including schedule E.
– Copy of homeowner’s insurance bill and most recent property tax bill (if not paid through Bank of America).

We should also note that Bank of America says they completed 10,000 short sales nationwide in the month of June the most in their history.

They remind homeowners that the short sale process is primarily investor driven and Bank of America approves a short sale subject to investor approval.

Source: C13 News Las Vegas

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bank of america, foreclosure, foreclosures, short sale, STOP FORECLOSURE FRAUDComments (2)

Wells Fargo forecloses during Modification Negotiations

Wells Fargo forecloses during Modification Negotiations


Jun. 29, 2010
Copyright © Las Vegas Review-Journal

Homeowner gets foreclosure reprieve

Company barred from evicting tenant while case is pending

By JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL

Tyree Brown, the homeowner who complained that Wells Fargo Bank blindsided him with a foreclosure during loan modification negotiations, has won the first round in court.

District Court Judge Douglas Smith signed a preliminary injunction Wednesday, temporarily preventing the buyer from evicting Brown, his two sons and his fiancée from their northwest Las Vegas home.

JFS Management Group, which made the winning bid on the home at a February foreclosure sale, won’t be allowed to take over the house at 1840 Spring Summit Lane and “flip it” for a profit while the case is pending.

Brown and the buyer must negotiate a monthly payment amount or Smith will set the payment amount for them.

The case is unusual because Brown comes from a prominent family. His father, Joe Brown, president of law firm Jones Vargas, sat on the state community board at Wells Fargo Bank and was friends with Wells Fargo’s regional President Kirk Clausen.

Continue reading ….here


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Posted in Eviction, foreclosure, mortgage modification, wells fargoComments (1)


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