Modification | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "modification"

Ben Hallman: Home Loans Can Walk, Your Mortgage Nightmare Explained

Ben Hallman: Home Loans Can Walk, Your Mortgage Nightmare Explained


HuffPO-

We may question the need for 17 brands of dishwashing detergent, but giving consumers choices is an excellent check against many types of harmful behavior of companies that make and sell products.

Sell pet food that kills cats and dogs, manufacture a pickup truck with an exploding gas tank, or even try to spin off your popular DVD-by-mail business, and customers will flee.

“This is the classic market response,” said Katherine Porter, a consumer law professor at the University of California. “Consumers vote with their feet.”

But when it comes to buying a home, these market forces are largely neutralized. That’s because debt also has feet. These days home loans, especially loans in default or otherwise in distress, get traded around more often than a mid-career relief pitcher. The lender that makes the loan may sell it to an investor, like Fannie Mae and Freddie Mac, or another bank. Sometimes the original lender gets bought out by another bank and the loan is transferred.

For homeowners who remain current on their payments and can avoid financial distress, it rarely matters who owns or services their home loan. But when times get tough, that changes.

[HUFFINGTON POST]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Once again, Judges step up to the plate when prosecutors fail

Once again, Judges step up to the plate when prosecutors fail


I wouldn’t necessarily call it fail but rather prosecutors turning a blind eye on their buddies. They also didn’t fail because they never attempted to investigate.

Cynthia Kouril-

A while back, the Chief Judge in the State of New York issued an order that was a commonsense approach to robo-signing. He ordered each lawyer representing a foreclosing bank to submit an affidavit about their own investigation of their own case and the reliability of the documents they were presenting to the court. He ordered that no case could proceed until this affidavit, which would make the lawyer liable for sanctions and perjury if falsely issued, was filed with the court.

It was a great idea, though bank lawyers have resisted doing it and lower court judges have, self destructively in my opinion, been lax about enforcing it. Had they been strict in enforcement their clogged docket would be much emptier, I assure you.

[FIRE DOG LAKE]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Wells Fargo’s Servicer-Driven Foreclosure: Is Stumpf’s Company Vicious and Incompetent or Vicious and Greedy?

Wells Fargo’s Servicer-Driven Foreclosure: Is Stumpf’s Company Vicious and Incompetent or Vicious and Greedy?


Abigail Field-

Well DOERs, John Stumpf, CEO of Wells Fargo, is a schmuck.

CEO Stumpf knew (because DOERs told him) that the only reason grandma Patricia Martin faced foreclosure was because a Wells Fargo employee–Stumpf’s employee–lied to her daughter about late fees, and then rejected her for the loan modification it told her to apply for. Why did Wells reject Grandma Martin’s modification application? Well, given the facts, I see two possibilities. Stumpf’s company is incredibly incompetent or deadly sin-level greedy. Either way Stumpf’s Wells Fargo is vicious.

Vicious, Yes. Also Incompetent and/or Greedy...

[Reality Check]

image: stcloudst

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



Posted in STOP FORECLOSURE FRAUDComments (1)

New York Courts to Intensify Efforts to Prevent Foreclosures – NYT

New York Courts to Intensify Efforts to Prevent Foreclosures – NYT


Good for you NY!

NYT-

New York State’s courts, frustrated by delays in thousands of foreclosure cases, are planning to speed them along in a new program that would give judges added control and require banks to send officials who have the power to alter loans to keep people in their homes.

“There will be no more excuses, no more delays,” the state’s chief judge, Jonathan Lippman, said in announcing the plan last week. “Real negotiations will take place.”

[NEW YORK TIMES]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

US Treasury: New HAMP Mortgage Modification Program Includes GSE Principal Reductions

US Treasury: New HAMP Mortgage Modification Program Includes GSE Principal Reductions


I posted the quoted text below back on Nov ’10… I wonder who exactly signs off for MERS, if this is so?

The standard modification agreement
is between the Borrower and
the Lender. The agreement amends
and supplements (1) the Mortgage,
Deed of Trust or Deed to Secure
Debt (Security Instrument) and (2)
the Note bearing the same date as,
and secured by, the Security
Instrument. Prior to MERS, the
standard agreement worked
because the Lender was the mortgagee
of record and could modify
the mortgage and also had the
authority to modify the Note.

However, if MERS is the mortgagee
of record, the Lender can’t
modify the mortgage without the
“mortgagee’s” consent.

MNINEWS-

The Obama Administration Friday announced it is expanding its flagship mortgage modification program and will now encourage lenders to reduce the principal loan balance for Fannie Mae and Freddie Mac loans.

The announcement comes just three days after President Obama said he would do more to support the struggling housing market and two days after Federal Reserve Chairman Ben Bernanke said housing is holding back the economic recovery.

Assistant Secretary for Financial Stability Timothy Massad in a blog post Friday outlined the changes to HAMP — including extending the end-date by one year and refocusing on principal reductions.

Massad said Treasury notified the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, that they will pay principal reduction incentives to the GSEs if they allow servicers to forgive principal — if done in conjunction with a HAMP modification.

Massad also said Treasury will triple the incentives for HAMP principal reduction modifications by paying from 18 to 63 cents on the dollar, depending on how much the loan-to-value ratio is reduced.

[MNINEWS]

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



Posted in STOP FORECLOSURE FRAUDComments (1)

Arizona v. Countrywide Financial Corp. CV2010-033580, Arizona Superior Court, Maricopa County

Arizona v. Countrywide Financial Corp. CV2010-033580, Arizona Superior Court, Maricopa County


IN THE SUPERIOR COURT OF THE STATE OF ARIZONA
IN AND FOR THE COUNTY OF MARICOPA

STATE OF ARIZONA, ex rel. THOMAS C.
HORNE, Attorney General,
Plaintiff,

vs.

COUNTRYWIDE FINANCIAL
CORPORATION, et al.,
Defendants.

[ipaper docId=79536678 access_key=key-230tup2numiwbhfeybli height=600 width=600 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Housing in the New Millennium: A Home Without Equity is Just a Rental with Debt – JOSHUA ROSNER

Housing in the New Millennium: A Home Without Equity is Just a Rental with Debt – JOSHUA ROSNER


Housing in the New Millennium: A Home Without Equity is Just a Rental with Debt

Joshua Rosner
Graham Fisher & Co.

June 29, 2001

Abstract:     
This report assesses the prospects of the U.S. housing/mortgage sector over the next several years. Based on our analysis, we believe there are elements in place for the housing sector to continue to experience growth well above GDP. However, we believe there are risks that can materially distort the growth prospects of the sector. Specifically, it appears that a large portion of the housing sector’s growth in the 1990’s came from the easing of the credit underwriting process. Such easing includes:

* The drastic reduction of minimum down payment levels from 20% to 0%
* A focused effort to target the “low income” borrower
* The reduction in private mortgage insurance requirements on high loan to value mortgages
* The increasing use of software to streamline the origination process and modify/recast delinquent loans in order to keep them classified as “current”
* Changes in the appraisal process which has led to widespread overappraisal/over-valuation problems

If these trends remain in place, it is likely that the home purchase boom of the past decade will continue unabated. Despite the increasingly more difficult economic environment, it may be possible for lenders to further ease credit standards and more fully exploit less penetrated markets. Recently targeted populations that have historically been denied homeownership opportunities have offered the mortgage industry novel hurdles to overcome. Industry participants in combination with eased regulatory standards and the support of the GSEs (Government Sponsored Enterprises) have overcome many of them.

If there is an economic disruption that causes a marked rise in unemployment, the negative impact on the housing market could be quite large. These impacts come in several forms. They include a reduction in the demand for homeownership, a decline in real estate prices and increased foreclosure expenses.

These impacts would be exacerbated by the increasing debt burden of the U.S. consumer and the reduction of home equity available in the home. Although we have yet to see any materially negative consequences of the relaxation of credit standards, we believe the risk of credit relaxation and leverage can’t be ignored. Importantly, a relatively new method of loan forgiveness can temporarily alter the perception of credit health in the housing sector. In an effort to keep homeowners in the home and reduce foreclosure expenses, holders of mortgage assets are currently recasting or modifying troubled loans. Such policy initiatives may for a time distort the relevancy of delinquency and foreclosure statistics. However, a protracted housing slowdown could eventually cause modifications to become uneconomic and, thus, credit quality statistics would likely become relevant once again. The virtuous circle of increasing homeownership due to greater leverage has the potential to become a vicious cycle of lower home prices due to an accelerating rate of foreclosures.

Presented: 2002 Mid-Year Meeting American Real Estate and Urban Economics Association National Association of Home Builders Washington, DC May 28-29, 2002.

[ipaper docId=77849340 access_key=key-a7jp2xnwsvk0bxa0r7r height=600 width=600 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Future of foreclosures in N.J. hinges on state Supreme Court decision | US Bank N.A. v. Guillaume

Future of foreclosures in N.J. hinges on state Supreme Court decision | US Bank N.A. v. Guillaume


I disagree with the judge’s motion words below and see video below as to why even attorney’s have a difficult time.

“I have a lot of problems with saying that all that’s going, with all this evidence of [c]ourt process for over a year, to just rely on trying to negotiate something with the bank was like sticking your head in the sand.

This wasn’t going to go away and they
didn’t get any assurance from the bank that
they were succeeding in their negotiation
efforts or that an answer to the complaint
was not required. I mean they just focused
on one path. And they ignored the
negotiation path and they ignored the
litigation side of things. You can’t do
that.

And I have to say that . . . Mrs.
Guillaume was being so aggressive and so
persistent in trying to negotiate and going
to all these different places to get help,
but the one place she wasn’t going was a
member of the bar, a lawyer which is usually
what you do when you get [c]ourt papers.

Or if you absolutely can’t afford a
lawyer and that’s the case of many
foreclosures, a very heavy self-represented
area of the law to at least contact the
[c]ourt yourself and you send in some
rudimentary answer. And it doesn’t have to
be fancy. I mean you write a letter to the
foreclosure unit, they’ll stamp contested on
it.

Because I’ve seen so many of them long
hand. But nothing was done. And I don’t
regard that as excusable neglect. So that
prong is lacking.”  

(emphasis added).

Simply wrong, one does NOT understand how frustrating it is to even try to get anyone from the “bank” on the phone, attempting a modification as we have read time and time again were nothing but DISASTROUS and GOING ABSOLUTELY NO PLACE!

[Please watch Michigan Atty Vanessa Fluker and you’ll understand why].

Lets not forget, this reversal that goes to the heart of this from out of New Jersey: BANK OF NEW YORK vs. LAKS | NJ Appeals Court Reversal “A notice of intention is deficient…if it does not provide the name and address of the lender”

NJ.COM-

In the nearly five months since the state Supreme Court effectively allowed six of the country’s biggest banks to begin filing foreclosures again, attorneys and court officials have been expecting a flood of new filings to hit the courts.

Except it hasn’t happened. Foreclosure filings are down 83 percent as of October this year, compared with the same time period last year, according to court figures, and there are at least 100,000 cases either pending in the system or waiting to be submitted.

Attorneys involved in the work in New Jersey point to at least one reason for the significant delay: a court case that has reached the state Supreme Court, with oral arguments on Wednesday.

The case, US Bank National Association v. Guillaume, is important because the court …

[NJ.COM]

[ipaper docId=74692087 access_key=key-1xrvd0kemha1r7mycu2h height=600 width=600 /]

 

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



Posted in STOP FORECLOSURE FRAUDComments (3)

DAN RATHER: Avoiding the Auction Block – RALI Series Exposed, Goldman Sachs, Aurora, UBS, CitiGroup

DAN RATHER: Avoiding the Auction Block – RALI Series Exposed, Goldman Sachs, Aurora, UBS, CitiGroup


HuffPO-

No other state has experienced the dizzying heights of the housing boom or the depths of the subsequent bust quite like California. Today, four metro areas in the Golden State have the highest foreclosure rates in the country, eclipsing — for the first time — even Las Vegas, Nevada. In last night’s look at the housing crisis that continues to cripple this country, we traveled to southern California and met Lise Johnson, a mother of four who’s been in the same home for 12 years and is desperate to stay put.

[HUFFINGTON POST]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

BofA’s Nasty Foreclosure Machine Up Close and Personal

BofA’s Nasty Foreclosure Machine Up Close and Personal


Abigail C. Field-

 

Bank of America has treated Dr. Ira Neighbors with an elaborate, bureaucratic cruelty that would make Kafka proud. Neighbors’s story exposes just how blatantly BofA lies when it tells homeowners “we’re here to help”. After you read his story I dare you to think BofA is acting in good faith during the mortgage modification process.

Dr. Neighbors successfully completed a trial modification with BofA, but then it refused to make it permanent. BofA invited him to try again, and Neighbors did, successfully completing his second trial. This time Neighbors hired an attorney to help sway BofA into making the trial permanent, and his lawyer succeeded. BofA sent Neighbors a package of papers to sign.

Enter Kafka …

[REALITY CHECK]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Bank of America admits error in foreclosure case

Bank of America admits error in foreclosure case


Kudos to St. Pete Times for getting this story out!

NEW PORT RICHEY — It looks like Sharon and James Bullington might be able to stay in their home — for now at least.

The retired couple faced foreclosure after paying a January mortgage payment one week early in December to Bank of America. The following month, the bank rejected their payment because it was made electronically without a signature.

[ST. PETE TIMES]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

Pasco, Florida couple fear losing home to foreclosure for paying mortgage too early

Pasco, Florida couple fear losing home to foreclosure for paying mortgage too early


St. Pete Times-

Seventy-year-old Sharon Bullington may lose her home because she paid her mortgage a week early.

That may not make much sense to the thousands of homeowners who are behind on their mortgages in Florida. But it seems it does to Bank of America, which has filed to foreclose on Bullington and her husband, James, 78, who is terminally ill.

“It’s like death to me,” Sharon Bullington said, her voice quivering on the phone Friday. “My husband is bedridden. It’s almost more than I can bear.”

[ST. PETE TIMES]

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



Posted in STOP FORECLOSURE FRAUDComments (1)

APNewsBreak: Lawyers Accused Of Scam In Bank Suits

APNewsBreak: Lawyers Accused Of Scam In Bank Suits


NPR-

California prosecutors filed a major lawsuit against several lawyers and call center operators for allegedly running a nationwide scam to dupe desperate homeowners into paying thousands of dollars to join dubious lawsuits against some of the country’s largest banks.

 

The complaint to be unsealed Thursday in Los Angeles County Superior Court accuses prominent foreclosure attorneys Philip Kramer and Mitchell Stein and at least 17 other individuals and businesses of luring borrowers into a scheme that falsely promised a cut of future settlements.

The lawsuit portrays the defendants as the most recent in the chain of mortgage-related scammers who helped fuel the housing bubble and have cashed in on its collapse. The defendants previously worked in the fraud-ridden loan modification industry.

 

Borrowers were lured into the scheme with claims that courts have found most mortgage lenders to have practiced predatory lending or approved inappropriate loans, and that the homeowners’ own banks meet the criteria for having perpetrated such “violations,” the complaint says.

 

“Defendants use deceptive advertising and telemarketing to recruit consumers to join these lawsuits,” according to the complaint filed by prosecutors.

 

California Attorney General Kamala Harris was set to announce the case Thursday, a day after state bar investigators and state Department of Justice agents served defendants with copies of the complaint at nine locations in Los Angeles and Orange counties.

[NPR]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

THEY ONCE WERE LENDERS – Understanding government’s failure to stop bankers OR scammers from destroying homeowners.

THEY ONCE WERE LENDERS – Understanding government’s failure to stop bankers OR scammers from destroying homeowners.


via Mandelman Matters-

Preface…

Sit down and relax… you’re going to need a comfortable chair.  But, I promise you… it’ll be worth it.

In the fall of 2008, news stories about “scammers” taking advantage of homeowners at risk of foreclosure started appearing frequently in the media.  I remember watching a prime-time national news magazine type program, I think it was 20/20, that was airing a story that featured a sleazy looking middle-age man in Denver, hurriedly walking from a small, strip mall store front to his car, his hand covering his face, as a reporter tried to ask him questions that he obviously did not plan to answer.

The story involved a company that had charged a handful of homeowners several thousand dollars up front to help them negotiate with their banks to get their mortgages modified.  The core issue being raised by the show’s host was that the homeowners had been victims of a scam because, as a couple of the homeowners interviewed were saying, their loans had not yet been modified.

I remember wondering, to begin with, how in the world such a story had become the subject of a national news magazine television program.  I mean, “Three homeowners get ripped off by small business in Denver,” is not usually the sort of event that makes national headlines.  The implication being made was that this case was emblematic of a more widespread problem, but nothing further was offered in the way of proof… no statistics, no additional facts… just statements about how homeowners should NEVER pay anyone up front to help them negotiate with their bank over a loan modification because they were “scammers.”


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



Posted in STOP FORECLOSURE FRAUDComments (4)

PASSED Washington State HB 1362: Protecting and assisting homeowners from unnecessary foreclosures

PASSED Washington State HB 1362: Protecting and assisting homeowners from unnecessary foreclosures


Homeowners will now have 30 days from the time that they get an initial letter from their lenders to respond and ask for a period of time called “meet and confer.” If they do, they’ll get 60 days to talk with their lender and counselors before the lender can issue a notice of default, followed by a notice of trustee sale.

read more here

History of Bill

as of Thursday, April 14, 2011 1:16 PM

Sponsors: Representatives Orwall, Hope, Rolfes, Moeller, Liias, Probst, Green, Darneille, Frockt, Kirby, Miloscia, Roberts, Hunt, Dickerson, Upthegrove, Fitzgibbon, Kagi, Eddy, Hasegawa, Pettigrew, Ormsby, Sells, Kenney, Cody, Hudgins, Lytton, Moscoso, Ryu, Appleton, Reykdal, Van De Wege, Carlyle, Dunshee, Santos, McCoy, Tharinger, Haigh, Goodman, Jinkins, Jacks, Takko, Sullivan, Blake, Seaquist, Billig, Stanford, Ladenburg, Finn, Pedersen
Companion Bill: SB 5275
2011 REGULAR SESSION
Jan 19 First reading, referred to Judiciary. (View Original Bill)
Jan 26 Public hearing in the House Committee on Judiciary at 8:00 AM. (Committee Materials)
Feb 3 Executive session scheduled, but no action was taken in the House Committee on Judiciary at 10:00 AM. (Committee Materials)
Feb 17 Executive action taken in the House Committee on Judiciary at 10:00 AM. (Committee Materials)
JUDI – Executive action taken by committee.
JUDI – Majority; 1st substitute bill be substituted, do pass. (View 1st Substitute) (Majority Report)
Referred to Ways & Means.
Feb 23 Public hearing in the House Committee on Ways & Means at 1:30 PM. (Committee Materials)
Feb 25 Executive action taken in the House Committee on Ways & Means at 1:30 PM. (Committee Materials)
WAYS – Executive action taken by committee.
WAYS – Majority; 2nd substitute bill be substituted, do pass. (View 2nd Substitute) (Majority Report)
Minority; do not pass. (Minority Report)
Passed to Rules Committee for second reading.
Mar 1 Placed on second reading by Rules Committee.
Mar 2 2nd substitute bill substituted (WAYS 11). (View 2nd Substitute)
Rules suspended. Placed on Third Reading.
Third reading, passed; yeas, 83; nays, 13; absent, 0; excused, 2. (View Roll Calls)
IN THE SENATE
Mar 4 First reading, referred to Financial Institutions, Housing & Insurance.
Mar 16 Public hearing, executive action taken in the Senate Committee on Financial Institutions, and Housing & Insurance at 1:30 PM.
Mar 17 FIHI – Majority; do pass with amendment(s). (Majority Report)
Passed to Rules Committee for second reading.
Mar 18 Placed on second reading by Rules Committee.
Mar 29 Committee amendment adopted with no other amendments.
Rules suspended. Placed on Third Reading.
Third reading, passed; yeas, 36; nays, 11; absent, 2; excused, 0. (View Roll Calls)
IN THE HOUSE
Apr 1 House concurred in Senate amendments.
Passed final passage; yeas, 78; nays, 15; absent, 0; excused, 4. (View Roll Calls)
Apr 6 Speaker signed.
IN THE SENATE
Apr 7 President signed.
OTHER THAN LEGISLATIVE ACTION
Apr 8 Delivered to Governor. (View Bill as Passed Legislature)

[ipaper docId=53051356 access_key=key-7sp3tnsasywl2wbz44m height=600 width=600 /]

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



Posted in STOP FORECLOSURE FRAUDComments (0)

WaPO | Government settlement with financial industry over foreclosure practices draws near

WaPO | Government settlement with financial industry over foreclosure practices draws near


By Brady Dennis
Washington Post Staff Writer
Thursday, February 24, 2011; 12:18 AM

State and federal officials, who have been negotiating with financial firms over how to address widespread abuses in foreclosure practices, are moving closer to a settlement that could force banks to reduce the principal on mortgages for some borrowers who owe more than their homes are worth.

An official familiar with discussions between the government and the financial industry said the settlement also could require that banks increase their efforts to modify mortgages for distressed borrowers and pay penalties that could be used as restitution for homeowners who have wrongfully faced foreclosure.

“State attorneys general are working closely with a number of federal agencies on a potential settlement,” Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller (D), who is leading a 50-state investigation of the foreclosure mess, said in an interview Wednesday. He added, “We haven’t finalized anything, and we’re still working on some very complicated issues.”

Continue reading … Washington Post

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



Posted in STOP FORECLOSURE FRAUDComments (4)

[NYSC] JUDGE DISMISSES FORECLOSURE, ORDERS WELLS & FREDDIE TO MODIFY LOAN: Wells Fargo v. Meyers

[NYSC] JUDGE DISMISSES FORECLOSURE, ORDERS WELLS & FREDDIE TO MODIFY LOAN: Wells Fargo v. Meyers


Wells Fargo Bank, N.A. SUCCESSOR BY MERGER TO
WELLS FARGO HOME MORTGAGE INC., Plaintiff,

against

Paul Meyers, MICHELA MEYERS, DAIMLER CHRYSLER
FINANCIAL SERVICES AMERICAS LLC, FORD MOTOR
CREDIT COMPANY, JP MORGAN CHASE BANK, NA
LVNV FUNDING LLC, NEW YORK STATE DEPARTMENT
OF TAXATION AND FINANCE TOWN SUPERVISOR OF
THE TOWN OF BABYLON, and JOHN DOE, Defendants.

Steven J. Baum P.C.
Attorneys for Plaintiff
900 Merchants Concourse
Westbury, New York 11590

Diana Lozada Ruiz
Attorney for Defendants
PO Box 604
Mineola, New York 11501
Patrick A. Sweeney, J.

EXCERPTS:

Meyers testified that the defendants were not in default but were struggling to pay the mortgage. She claimed that several representatives of the plaintiff told her that she could not apply for a modification until she
was three months late with payments.
According to Meyers, she was told to default on the mortgage in order to apply for a modification. Meyers testified that she followed this advice, made a down payment and faxed over a hardship letter along with financial documentation. Meyers claimed that the plaintiff kept losing the documents and that she had to re-fax the information numerous times.

<SNIP>

In addition, the plaintiff has provided conflicting information regarding its denial of the
modification. Less than one month after the initial denial, the defendants received another
letter indicating that the plaintiff could not adjust the terms of the mortgage because the
investor on the mortgage declined the requested modification. Within a week, the defendants
were sent additional letters advising them of mortgage options and again directing them to
apply to the Home Affordable Modification Program. This is inconsistent as the plaintiff
takes the position that it cannot modify the loan without the approval of Freddie Mac but
offered no evidence as to whether the initial modification was approved by Freddie Mac
before it was sent to the defendants. Freddie Mac is not a party to this action and is not the
party seeking to foreclose the mortgage. The plaintiff has failed to demonstrate any good
faith basis for refusing to honor the terms of the trial modification or offering another similar
proposal. The defendants complied with the all the requirements of the trial modification
and have appeared at all the conferences in this action. The defendant Paul Meyers is
gainfully employed and the defendants are trying to avoid losing their home. Under these
circumstances, the Court finds that the plaintiff has acted in bad faith. In view of the Court’s
broad equitable powers, the Court finds that the appropriate remedy is to compel specific
performance of the original modification agreement proposed by the plaintiff and accepted
by the defendants (see e.g. EMC Mortgage Co v Gross, 289 AD2d 438 [2d Dept 2001]).

Accordingly, it is

ORDERED that the plaintiff is directed to execute a final modification based upon the
terms of the original modification proposal, and it is further

ORDERED that the complaint to foreclose the mortgage is dismissed.

Read order below…

[ipaper docId=45744707 access_key=key-18vnftqsmu8sx1384r56 height=600 width=600 /]

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



Posted in STOP FORECLOSURE FRAUDComments (4)

COMPLAINT: ARIZONA AG TERRY GODDARD SUES BANK OF AMERICA, COUNTRYWIDE

COMPLAINT: ARIZONA AG TERRY GODDARD SUES BANK OF AMERICA, COUNTRYWIDE


Office of Attorney General Terry Goddard

AZ State Seal

Terry Goddard Charges Bank of America with Mortgage Fraud

(Phoenix, Ariz – Dec. 17, 2010) Attorney General Terry Goddard announced that his Office today filed a lawsuit against Bank of America Corporation and its affiliated companies (“Bank of America”) alleging violations of the Arizona Consumer Fraud Act and violations of the consent judgment entered in March 2009 between Arizona and the Countrywide companies owned by Bank of America.

The lawsuit, filed in Maricopa County Superior Court, was triggered by hundreds of consumer complaints and follows a year-long investigation into Bank of America’s residential mortgage servicing practices, particularly its loan modification and foreclosure practices.

Read full complaint below…

[ipaper docId=45604584 access_key=key-ydn6gpou4kvx35ty1m1 height=600 width=600 /]

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



Posted in STOP FORECLOSURE FRAUDComments (2)

OREGON Dist. Court “HAMP DOES NOT PROVIDE RIGHT OF ACTION” Vida v. OneWest

OREGON Dist. Court “HAMP DOES NOT PROVIDE RIGHT OF ACTION” Vida v. OneWest


ANITA A. VIDA, Plaintiff,
v.
ONEWEST BANK, F.S.B., a Delaware corporation formerly known as IndyMac Federal Bank, F.S.B., and FEDERAL NATIONAL MORTGAGE ASSOCIATION, a Government Chartered Association formerly known as Fannie Mae, Defendants.

Civ. No. 10-987-AC.

United States District Court, D. Oregon, Portland Division.

December 13, 2010.

OPINION AND ORDER

JOHN V. ACOSTA, Magistrate Judge.

Introduction

Plaintiff Anita A. Vida (“Vida”) alleges claims for breach of contract and fraud, and seeks declaratory judgment cancelling the trust deed and reinstating her mortgage. Defendants OneWest Bank, FSB (“OneWest”) and Federal National Mortgage Association (“FNMA”) (collectively “Defendants”) move for dismissal of all claims. Defendants argue that Vida has failed to state a claim for relief on the following grounds: (1) Vida may not state a breach of contract claim arising under the Home Affordable Mortgage Program (“HAMP”) because it does not authorize a private right of action; (2) Vida has not pleaded her fraud claim with sufficient particularity; and (3) Vida’s allegation that she did not receive adequate notice of the foreclosure action is preempted by state law. Defendants assert generally that Vida has otherwise failed to state claims of breach of contract and fraud.

Continue Below…

[ipaper docId=45599505 access_key=key-1wlzqj1iaow9p5y7yp11 height=600 width=600 /]

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



Posted in STOP FORECLOSURE FRAUDComments (2)

Oops! BofA Sends Loan-Mod Letter in Error to WSJ Reporter

Oops! BofA Sends Loan-Mod Letter in Error to WSJ Reporter


December 17, 2010, 11:29 AM ET

By Nick Timiraos

Bank of America helpfully sent out a letter last week informing a Brooklyn homeowner that the bank didn’t have all the documents needed to finalize a loan modification application.

“Our records indicate that we are still missing some of the required documents, or some of the documents were sent to us with missing or incorrect information,” said the form letter dated Dec. 6.

But there was one problem: the letter was addressed to the couple that sold the Brooklyn apartment in 1998. It arrived in the mailbox of a Wall Street Journal reporter who bought that apartment and has never had a mortgage on it.

It’s no secret that banks’ paperwork problems have plagued the Obama administration’s Home Affordable Modification Program, or HAMP, and the letter offers a glimmer into potential miscues. Borrowers frequently tell of sending and resending paperwork three or four times, while banks often say that modifications aren’t being completed because borrowers aren’t filing all the necessary documentation.

Bank of America says this letter was sent in error after a loan modification negotiator entered in the wrong nine-digit loan number and that the incident appears to have been “very isolated.” “It was simply someone going into a template [who] punched in the wrong number,” said a bank spokeswoman. “Obviously, we’re very sorry for the confusion.”

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



Posted in STOP FORECLOSURE FRAUDComments Off on Oops! BofA Sends Loan-Mod Letter in Error to WSJ Reporter

HUMPTY DUMPTY AND THE FORECLOSURE CRISIS: LESSONS FROM THE LACKLUSTER FIRST YEAR OF THE HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)

HUMPTY DUMPTY AND THE FORECLOSURE CRISIS: LESSONS FROM THE LACKLUSTER FIRST YEAR OF THE HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)


by Jean Braucher

This Article examines in detail the disappointing first year of the Obama Administration’s foreclosure mitigation effort, the Home Affordable Modification Program (HAMP), including its premises, mechanics, slow start, and ultimately modest results. The Administration committed $75 billion to try to help three to four million struggling homeowners avoid foreclosure and reduce the spillover effects of the foreclosure crisis on the economy as a whole. After a year of operations, ending in March 2010, only about 230,000 borrowers had entered into permanent HAMP modifications, and even these were not necessarily truly permanent. Government agencies predicted a redefault rate of 40% or more because HAMP borrowers were typically left owing more on their homes than their value and with high and difficult-to-sustain debt burdens overall. HAMP is a compelling illustration that prevention is easier than cure; the challenges of getting relief to millions in a short period of time proved daunting. A partial front-end regulatory fix was adopted, applicable to future subprime home loans, but if policymakers and regulators are ever tempted again to ease up constraints on high-risk financial products such as subprime mortgages, they should remember the cautionary tale of HAMP.

Click on image below


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



Posted in STOP FORECLOSURE FRAUDComments (2)

[NYSC] Judge Orders JPMorgan Chase “TO SHOW CAUSE”: JPMORGAN CHASE v. SCISSURA

[NYSC] Judge Orders JPMorgan Chase “TO SHOW CAUSE”: JPMORGAN CHASE v. SCISSURA


JP Morgan Chase Bank, N.A.,

-against-

Carlo Scissura

Excerpt:

why an Order should not be granted directing plaintiff:

(a) to comply with this Court’s Order dated September 8, 2010;

(b) to immediately file a Stipulation of Discontinuance;

(c) to immediately file a consent to vacate the lis pendens lien
filed against 8024 13‘h Avenue, Brooklyn, New York and
defendants Carlo Scissura a/k/a Carlo A. Scissura and/or
Sinagra Management, Inc.;

(d) to issue the final loan modification documents;

(e) imposing sanctions against the plaintiff, pursuant to 22
NYCRR 130-1.1; and

(9 whatever and further relief the Court may deem just and
proper.

Continue below…

[ipaper docId=44777286 access_key=key-2md6k0qxgs7y9g1kshze height=600 width=600 /]

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



Posted in STOP FORECLOSURE FRAUDComments (1)

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives

Please Support Me!

All Of These Are Troll Comments