REO | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "REO"

DECEPTION | Agents advised to keep ‘bank-owned’ quiet

DECEPTION | Agents advised to keep ‘bank-owned’ quiet


Deceptive Practices Lives On: Your agent best tell you this is an REO/Foreclosure or he is in big doo doo. They owe you honesty. Sue their asses big time if you are being deceived.

Just because they are told to do this, the agent must disclose to you any facts.

Palm Beach Post-

Looking to buy a home, but not sure you want one that fell into foreclosure?

Good luck finding out before you tour the property.

It’s a little-known fact that Wells Fargo Bank’s Premier Asset Services division, which sells bank-owned homes, instructs agents who sell these houses to list the owner as “Owner of Record,” and not Wells Fargo. Premier Asset Services also sells homes owned by other banks.

The Multiple Listing Service, which is used by real estate agents to list properties, includes a category for bank-owned property. But here again, agents are told by many banks not to disclose the fact that the property is, in fact, owned by a bank.

A number of agents who sell bank-owned properties privately say most banks have the same requirement. They say banks want their homes to be considered equally with non-distressed homes.

[PALM BEACH POST]

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



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David J. Stern Sued by DJSP Enterprises and PI Bill Warner While Stern Buys 150 “Five Guys Burger and Fries Franchise’s,” Foreclosure King takes on Burger King.

David J. Stern Sued by DJSP Enterprises and PI Bill Warner While Stern Buys 150 “Five Guys Burger and Fries Franchise’s,” Foreclosure King takes on Burger King.


Oh my, look what we have here…big mistake because I don’t think this is going very far….his franchises that is.

Bill Warner Private Investigator-

My source in Fort Lauderdale tells me that attorney David J. Stern has rolled over his $Millions in foreclosure home profits and the cash he got up front from the DJSP Entreprises Inc. FKA Chardan 2008 China Acquisition Corp deal into at least 150 Five Guys Burger and Fries Franchise’s, will that be fries with your meal sir?

It appears that David J. Stern is buying ”Five Guys Burger and Fries Franchise’s” in bulk, Stern is trying to acquire 500 Burger Joints NATIONWIDE

[BILL WARNER]

image: Bill Warner

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



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Michael Olenick: 9.8 Million Shadow Inventory Says Housing Market is a Long Way From the Bottom

Michael Olenick: 9.8 Million Shadow Inventory Says Housing Market is a Long Way From the Bottom


The Real Estate business is doomed for a very, very, very long time.

Banks lending today fully aware that tomorrow the loan is 5,10-50% underwater is a crime in itself.

Naked Capitalism-

“Shadow inventory,” the number of homes that are either in foreclosure or are likely to end up in foreclosure, creates substantial but hidden pressure on housing prices and potential losses to banks and investors. This is a critical figure for policymakers and financial services industry executives, since if the number is manageable, that means waiting for the market to digest the overhang might not be such a terrible option. But if shadow inventory is large, housing prices have a good bit further to go before they hit bottom, which has dire consequences for communities, homeowners, and the broader economy.

Yet estimates of shadow inventory, and even the definition of what constitutes shadow inventory property, vary widely. For example, the Wall Street Journal published a Nov. 11, 2011 article, “How Many Homes Are In Trouble?” where values varied from 1.6 million (CoreLogic), to “about 3 million” (Barclays Capital), to 4 million (LPS Applied Analytic), to 4.3 million (Capital Economics), to LPS Applied Analytics, to between 8.2 million and 10.3 million (Laurie Goodman, Amherst Securities).

Why do these numbers vary so much? Even though CoreLogic is generally considered to have one of the best databases of loans, its estimates of loan performance and odds of default are based on credit scores, which is a badly lagging indicator. Laurie Goodman is seen by many as having the most carefully though out model, even though industry insiders are keen to attack her bearsish-looking forecast.

[NAKED CAPITALISM]

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David Stern Investors Admit Foreclosure Documents Were Forged

David Stern Investors Admit Foreclosure Documents Were Forged


Folks, please tweet, forward, whatever. This is a huge story that deserves to be given major coverage in MSM. Local judges need to be aware that they are being handed forged documents.

FDL-

In 2010, the Law Offices of David J. Stern spun off the robo signing document mill part of his business into a separate, publicly traded company.

Stern pocketed some $60 million from that deal. The investors got the company and all its documents, internal procedures and everything you would need in order to find out what really happened within the Stern document mill.

A little after 8 AM EST today, a filing went up on the SEC’s Edgar database. It’s a Complaint in lawsuit, dated yesterday.

[FIRE DOG LAKE]

[ipaper docId=77175540 access_key=key-167l9gbhw0d6noa9m8tu height=600 width=600 /]

 

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Mortgage Fraud:  Law Offices of David J. Stern, ProVest, PTA

Mortgage Fraud: Law Offices of David J. Stern, ProVest, PTA


Mortgage Fraud

Law Offices of David J. Stern
ProVest
PTA

Action Date: January 4, 2012
Location: FT. Lauderdale, FL

In the lawsuit filed by DJSP Enterprises against David J. Stern and the Law Offices of David J. Stern, there are also allegations involving ProVest, the process server used by Stern and most of the other major foreclosure mills hired by Lender Processing Services in over 20 states.

The allegations regarding ProVest are found in paragraphs 36-38:

36. Prior to the Transaction, the Seller Defendants also knowingly and systematically inflated their process of service costs to the Court. Specifically, Seller Defendants engineered a fraudulent scheme whereby they directed their process servicing work to a process servicing company called ProVest. The Seller Defendants caused each file to generate four or five separate fees for service of process regardless of whether service of process on multiple defendants was necessary or appropriate and regardless of whether service of process for multiple defendants could be achieved at the same address.

37. In exchange for receiving these inflated service of process fees, ProVest, in turn, routinely referred back to PTA servicing requests for “skip tracing” to locate defendants for whom ProVest purportedly did not have accurate street address information to effect service of process. ProVest “hired” and paid fees to PTA for “skip tracing” services despite the fact that ProVest had the ability and resources to perform “skip tracing” itself and routinely did so itself.

38. The Seller Defendants’ arrangement with ProVest amounted to a kickback scheme. DS Law padded and inflated its process servicing costs which were billed to its clients and added to the court costs assessed to foreclosure defendants. In exchange for feeding this work to ProVest, PTA earned manufactured “skip tracing” fees which inflated PTA’s revenues and profits and which represented another way in which the Seller Defendants artificially inflated the revenues of the Target Business prior to the Transaction.

 

 

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Mortgage Fraud:  DJSP Enterprises, INC vs. Law Offices of David J. Stern

Mortgage Fraud: DJSP Enterprises, INC vs. Law Offices of David J. Stern


Mortgage Fraud

DJSP Enterprises
Law Offices of David J. Stern

Action Date: January 4, 2012
Location: FT. Lauderdale, FL

DJSP Enterprises, the publicly-traded company that was supposed to make millions for investors from the foreclosure services it provided to The Law Offices of David Stern (“the Stern Firm”), sued David J. Stern and the Law Offices of David Stern.

Stern Law mortgage foreclosure caseload rose from 15,000 in 2006 to 70,400 in 2009.

In 2009, Stern Law handled 20% of all foreclosures in Florida.

Stern Law’s clients included all 10 of the top 10, and 17 of the top 20 mortgage servicers in the U.S. including Fannie, Freddie, Citibank, BOA, Goldman Sachs, GMAC and Wells Fargo.

The non-legal, back room servicers related to foreclosures included REO services: property inspection, valuation, eviction, broker assignment – these were performed by DJSP Enterprises – the sole client was Stern Law.

Here are Paragraphs 29 -35:

29. The Seller Defendants fraudulently induced Plaintiffs DAL and DJSP into entering into the Transaction by fraudulently and artificially inflating the Target Business’ actual revenues, by intentionally failing to disclose that the Target Business and DS Law were not, in fact, operating in accordance with all applicable laws, and by concealing that DS Law was in jeopardy of losing its largest clients due to DS Law’s unlawful conduct. Indeed, before entering into the Transaction, the Seller Defendants knew that DS Law and the Target Business had been systematically falsifying and/or back-dating pertinent legal documents, submitting such documents to the courts, routinely misplacing and losing original key documents, filing foreclosures with inaccurate and/or incomplete documents, prosecuting foreclosure cases without obtaining proper service of process, and were in jeopardy of losing the Seller Defendants’ largest foreclosure clients due to such conduct.

30. By cutting corners in the foreclosure process without following the rule of law, the Defendants artificially reduced the expenses of the Target Business which falsely inflated the profitability of the Target Business.

31. To summarize, the Seller Defendants failed to disclose to DJSP and DAL that DS Law and the Target Business were systematically operating in an unlawful manner. In addition, the Seller Defendants failed to disclose to DJSP and DAL that the Target Business’ reported revenues were not accurate, inflated, and improperly calculated and that the expenses of the business were also distorted due to the systematic practices designed to “shorten” the legal process. The Seller Defendants falsely led DAL and DJSP to believe that they were acquiring a long-term profitable business that operated in accordance with all applicable laws to induce DAL and DJSP to enter into the Transaction.

33. Prior to the Transaction, the Seller Defendants were at all times well aware that DS Law and the Target Business were intentionally perpetuating a fraud on the courts by, inter alia, systematically filing forged documents, forging signatures on such documents, fraudulently backdating documents, improperly notarizing and witnessing documents, fabricating documents, signing affidavits without reviewing or verifying the information contained therein, prosecuting foreclosure cases without obtaining proper service of process, and filing foreclosures with inaccurate and/or incomplete documents.

34. Indeed, the Seller Defendants directed employees of DS Law and the Target Business to purposefully overlook glaring inaccuracies in foreclosure pleadings and to essentially rubber stamp computer generated documents without reviewing or verifying the accuracy of the documents. New attorneys at DS Law were not only encouraged, but were even ordered to sign legal filings and pleadings without reading them. As a result, false and inaccurate documents were routinely executed and filed with the courts in an effort to hasten foreclosure proceedings and illegally obtain final judgments of foreclosure for the Seller Defendants’ clients.

35. The Seller Defendants even incentivized these unscrupulous and unlawful practices by giving their employees bonuses and extravagant gifts for churning out the highest number of foreclosure cases in the least amount of time. The Seller Defendants encouraged contests between DS Law attorneys to see who could jam a foreclosure case through the courts the fastest.

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Palm Beach County Home Prices After the Crash – Fraud Digest

Palm Beach County Home Prices After the Crash – Fraud Digest


By Lynn E. Szymoniak, Ed., Fraud Digest

The crash of the housing market has left families with an insurmountable debt problem. Palm Beach County, Florida, is one of the counties hardest hit by falling home prices.

In many cases, the Palm Beach County homes are now selling for less than 50% of the home prices in 2005-2006. Even when families are willing to forfeit their homes to their lenders, they still face significant deficiency judgments – the difference between the total amount owed and the amount “recovered” by the bank by a resale.

Bankruptcy is the only way to escape a deficiency judgment, but a bankruptcy will disqualify a family from eligibility for another mortgage. With fewer eligible borrowers, and an increasing number of homes being sold by the lenders, the price of homes continues to plummet and even more homeowners find themselves owing more than the current value of their home.

This cycle will only be ended by principal reductions by banks, for families willing to stay in their homes. More foreclosures will exacerbate this problem and prevent any real widespread economic recovery.

To prevent further deterioration of neighborhood home values, banks must demolish abandoned, moldy homes that have been gutted of plumbing, wiring and appliances. Banks must also limit their home sales in any one neighborhood so that prices may stabilize.

Fannie, Freddie, securitization, predatory lending, and extreme profiteering destroyed economic hope for the majority of Americans.

It is time for the banks to implement a policy of principal reductions to fair market value, with low-rate, fixed rate mortgages, and responsible home sales.

The following Palm Beach County homes were listed for sale in November, 2011. The price in 2005-2006 is listed after the current price.

12935 North 57th Road, The Acreage, West Palm Beach
11/11 Sale Price: $150,000
Sold for $335,000 on 4/20/2005

312 Putnam Ranch Road, West Palm Beach
11/11 Sale Price: $150,000
Sold for $360,000 on 4/22/2005

1135 Imperial Lake Road, West Palm Beach
11/11 Sale Price: $99,900
Sold for $270,000 on 7/31/2006

142 Rowley Drive, West Palm Beach
11/11 Sale Price: $99,000
Sold for $250,000 on 6/15/2006

4818 Poseidon Place, Hypoluxo West, Lake Worth
11/11 Sale Price: $150,000
Sold for $240,000 on 8/30/2005

5436 Gene Circle, Summit Run, West Palm Beach
11/11 Sale Price: $95,000
Sold for $250,000 on 8/24/2005

5254 West Canal Circle, Lake Worth
11/11 Sale Price: $94,900
Sold for $252,000 on 6/2/2005

400 Superior Place, West Palm Beach
11/11 Sale Price: $95,000
Sold for $205,000 on 2/14/2005

3706 Shoma Drive, West Palm Beach
11/11 Sale Price: $95,000
Sold for $269,000 on 4/28/2006

952 32nd Street, West Palm Beach
11/11 Sale Price: $95,000
Sold for $340,000 on 5/27/2005

6263 Blue Baneberry Lane, Buttonwood West, Greenacres
11/11 Sale Price: $99,999
Sold for $160,000 on 7/20/2004

10735 LaStrada, Ibis, Palm Beach Gardens
11/11 Sale Price: $299,900
Sold for $473,207 on 8/18/2006

6315 Bischoff Road, West Palm Beach
11/11 Sale Price: $98,500
Sold for $235,000 on 11/17/2006

313 North Ware Drive, West Palm Beach
11/11 Sale Price: $99,900
Sold for $209,000 on 6/21/2006

1005 SW 17th Street, Boynton Beach
11/11 Sale Price: $99,000
Sold for $172,500 on 6/30/2006

2859 Kentucky Street, West Palm Beach
11/11 Sale Price: $99,000
Sold for $179,000 on 7/20/2005

1701 Village Blvd., West Palm Beach
9/11 Sale Price: $53,000
Sold for $188,900 on 3/28/2005

8679 Falcon Green Drive, Palm Beach Gardens
11/11 Sale Price: $299,000
Sold for $550,000 on 7/24/2006

2912 South Olive Avenue, West Palm Beach
11/11 Sale Price: $299,000
Sold for $520,000 on 10/19/2005

10241 Orchard Reserve Drive, #1D, Ibis, Palm Beach Gardens
11/11 Sale Price: $299,000
Sold for $478,577 on 7/29/2005

616 Westwood Road, West Palm Beach
11/11 Sale Price: $299,000
Sold for $449,000 on 5/18/2005

There are many more examples of home with significantly reduced
value. Most of these homes have been on the market for over six
months. In November, 2011, there were 659 homes listed for sale in
Palm Beach County for less than $75,000, and nearly 2,000 homes for
sale for less than $500,000.

It is time to find ways to keep families in their homes.

[ipaper docId=73274531 access_key=key-1ie9piclczemun0s0mdb height=600 width=600 /]

 

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



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California attorney general’s office subpoenas Fannie, Freddie

California attorney general’s office subpoenas Fannie, Freddie


Information is sought on the mortgage giants’ roles as landlords who own thousands of foreclosed properties in California. Also sought are details of their mortgage-servicing and home-repossession practices, a source says.

LA Times-


Investigators with the California attorney general’s office have subpoenaed information from mortgage titans Fannie Mae and Freddie Mac as part of a wide-ranging inquiry into lending and foreclosure practices in the state.

The subpoenas ask the government-controlled finance companies to answer a series of questions about their activities in California, including their roles as landlords who own thousands of foreclosed properties. The attorney general’s office is also seeking details of Fannie and Freddie’s mortgage-servicing and home-repossession practices, according to a person familiar with the matter.

In addition, investigators want to learn more about the companies’ purchases and sponsorship of securities holding “toxic mortgages” in the Golden State, said the person, who was not authorized to speak on the matter and requested anonymity.

[LA TIMES]

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FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties

FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties


For Immediate Release
August 10, 2011

FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties
Range of Ideas Sought, Including Transition to Rental

Washington, DC — The Federal Housing Finance Agency (FHFA), in consultation with the U.S. Department of the Treasury and Department of Housing and Urban Development (HUD), has announced a Request For Information (RFI), seeking input on new options for selling single-family real estate owned (REO) properties held by Fannie Mae and Freddie Mac (the Enterprises), and the Federal Housing Administration (FHA).

The RFI’s objective is to help address current and future REO inventory. It will explore alternatives for maximizing value to taxpayers and increasing private investment in the housing market, including approaches that support rental and affordable housing needs.

“While the Enterprises will continue to market individual REO properties for sale, FHFA and the Enterprises seek input on possible pooling of REO properties in situations where such pooling, combined with private management, may reduce Enterprise credit losses and help stabilize neighborhoods and home values,” said FHFA Acting Director Edward J. DeMarco. “Partnerships involving Enterprise properties may reduce taxpayer losses and meet the Enterprises’ responsibility to bring stability and liquidity to housing markets. We seek input on these important questions.”

“As we continue moving forward on housing finance reform, it’s critical that we support the process of repair and recovery in the housing market,” said Treasury Secretary Tim Geithner. “Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets, and support neighborhood and home price stability.”

“Millions of families nationwide have seen their home values impacted as their neighbors’ homes fall into foreclosure or become abandoned,” said HUD Secretary Shaun Donovan. “At the same time, with half of all renters spending more than a third of their income on housing and a quarter spending more than half, we have to find and promote new ways to alleviate the strain on the affordable rental market. Taking steps to encourage private investment in REO properties and transition them into productive use will help stabilize neighborhoods and home values at a critical time for our economy.”

The RFI calls for approaches that achieve the following objectives:

  • reduce the REO portfolios of the Enterprises and FHA in a cost-effective manner;
  • reduce average loan loss severities to the Enterprises and FHA relative to individual distressed property sales;
  • address property repair and rehabilitation needs;
  • respond to economic and real estate conditions in specific geographies;
  • assist in neighborhood and home price stabilization efforts; and
  • suggest analytic approaches to determine the appropriate disposition strategy for individual properties, whether sale, rental, or, in certain instances, demolition.
  • FHFA, Treasury and HUD anticipate respondents may best address these objectives through REO to rental structures, but respondents are encouraged to propose strategies they believe best accomplish the RFI’s objectives. Proposed strategies, transactions, and venture structures may also include:
  • programs for previous homeowners to rent properties or for current renters to become owners (“lease-to-own”);
  • strategies through which REO assets could be used to support markets with a strong demand for rental units and a substantial volume of REO;
  • a mechanism for private owners of REO inventory to eventually participate in the transactions; and
  • support for affordable housing.

Link to RFI

###

Media Contacts:
FHFA Corinne Russell (202) 414-6921
HUD Tiffany Thomas Smith (202) 708-0980
TSY Matt Anderson (202) 622-0631

[ipaper docId=62014106 access_key=key-2h6ea3cu95obae1mmh6r height=600 width=600 /]

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



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Obama administration to solicit bids to rent out foreclosed properties held by Fannie, Freddie, FHA

Obama administration to solicit bids to rent out foreclosed properties held by Fannie, Freddie, FHA


Mark my words this is yet another DISASTER waiting to happen. Taxpayers will be on the hook for this … wait and see if this plays out.

Anything to slow the process down to see what profits can be diverted to the mega rich! After all Fannie Mae Sells Homes For $200 To Investors, Driving Property Values WAY Down, so who cares anyway.

WSJ-

The Obama administration will announce plans Wednesday to seek investors’ ideas for turning thousands of foreclosed properties owned by government-backed entities into rental homes, according to administration officials.

The move is intended to put a floor under declining home prices by creating a way to deal with hundreds of thousands of potential foreclosures in coming years.

Mortgage giants Fannie Mae and Freddie Mac sold a record 100,000 homes during the second quarter. Together with the Federal Housing Administration, the entities owned about 250,000 homes at the end of June, or around half of all unsold, repossessed properties. Another 830,000 homes …

[WALL STREET JOURNAL]

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



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Fannie Mae Sells Homes For $200 To Investors, Driving Property Values WAY Down

Fannie Mae Sells Homes For $200 To Investors, Driving Property Values WAY Down


Now, why didn’t they sell them back to the families at these prices?

Jacksonville.com

On March 8, a San Diego company purchased a group of foreclosed Jacksonville homes from government-backed Fannie Mae, getting two for $200 each and another three for $1,000, $2,500 and $3,500.

Last fall, Dallas-based Harbour Portfolio VI purchased at least six foreclosed Jacksonville houses, also all on the same day. The price for two was as low as $2,400. One of the six, at 3046 Columbus Ave. on Jacksonville’s Northside, which sold for $14,700, stood vacant and wide open March 30. The knob on its front door had been jimmied off.

 

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



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Fannie Responds to Hawaii’s New Foreclosure Law – Says… WE’RE OUT!

Fannie Responds to Hawaii’s New Foreclosure Law – Says… WE’RE OUT!


Mandelman

If you’ve been following the goings on in Hawaii as related to SB 651, the state’s new foreclosure law that requires servicers foreclosing non-judicially to produce chain of title documents, including assignments and endorsements prior to scheduling mandatory dispute resolution in front of a mediator, here’s a piece of news you’ll want to hear.

And, even if you haven’t been following the situation pertaining to foreclosures in Hawaii, but you’ve often wondered what the banks would do if they were forced to prove they actually own a home, or represent a trust that holds the actual note, BEFORE foreclosing… you’ll want to hear this too.


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



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Maitland, FL wants cops in foreclosed homes

Maitland, FL wants cops in foreclosed homes


Excellent idea!

WPObserver

What if Maitland’s government bought some of the city’s foreclosed homes and rented them to its police, firefighters and other city staffers?

The idea was floated on Monday night by Councilman Ivan Valdes, who said a program like that would work to improve property values, lower crime rates and make the city an affordable place to live for those who work there.

“I see no reason as to why the city can’t turn a bunch of positives together and make a 4 to 5 percent return on the money and provide value to the residents of the community,” Valdes said.

Continue reading [OBSERVER]

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Home Ownership Rate Drops to 1998 Level

Home Ownership Rate Drops to 1998 Level


Recovery? What recovery.

Imagine all the shadow foreclosures, inventory…


Wall Street Journal-

The housing market’s woes continue forcing people into rentals, further depressing the home ownership rate in a nation that now has fewer homeowners than were created during the housing boom.

In the first quarter, 66.5% of Americans owned homes, down from 67.2% a year earlier, the Census Bureau reported. The rate last hit this level in 1998.

During the boom, when easy credit made mortgages available with less regard for income or ability to pay, the ownership rate surged to a record 69.2% in 2004?s second and fourth quarters and stayed near that level until the recession deepened.

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



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The bank took my house and killed my children

The bank took my house and killed my children


On June 24, PACT, CCISCO and the PICO National Network hosted a U.S. Treasury Hearing with 500 community members to urge Policy Director Laurie Maggiano: Treasury must do more to hold banks accountable for modifying loans to keep families in their homes. Tax payers bailed out the big banks, and now they need to be a part of stopping preventable foreclosures and rebuilding the economy.

Treasury is responsible for implementing President Obama’s Home Affordable Modification Program (HAMP) that promised to help 3-4 million homeowners avoid foreclosure. Fewer than 10% of these homeowners have received permanent loan modifications. We are working to change that!

Treasury Policy Director Laurie Maggiano agreed to:
• Make the program more inclusive of homeowners in need of loan modifications.
• Get back to PACT in writing within 30 days after taking all the stories, research, and demands for change back to Treasury Secretary Timothy Geithner.

CAN YOU FEEL the ANGER? ….I DID!

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



Posted in hamp, Mortgage Foreclosure Fraud, mortgage modificationComments (0)

Bank to return woman’s home sold without notice

Bank to return woman’s home sold without notice


Julie Hayden FOX31 Investigative Reporter
June 25, 2010

WHEAT RIDGE, Colo – The Wheat Ridge woman who had the Bank of America sell her house out from under her could be getting her home back.

On Thursday FOX31 News first reported 61-year-old Stephanie Martin’s story. She’s lived in her home for 20 years and now takes care of her 84-year-old mother and 7-year-old granddaughter.

Martin never had any trouble making her house payments, until last June when her legs were crushed in a horrible accident at the Target store where she worked.

She applied for and was accepted into a Freddie Mac program that lowered her mortgage payments and stopped any foreclosure proceedings.

“She is the poster child for this type of program. Somebody who is doing everything they can but, hit some hard times and needed a little bit of help,” her lawyer, Darrell Damschen says.

But, even though her participation in the program was supposed to stop all foreclosure proceedings, Bank of America earlier this month sold her house at a foreclosure auction, to itself.

Martin says they never sent any warning or notification. And she found out about the foreclosure only after her lawyer coincidentally saw the public notice at the courthouse.

“I think this is a situation where the Bank of America made a mistake,” says Damschen. “They’re not communicating internally at all.”

“It’s clear the sale could have never been appropriate,” he adds.

For nearly a month, Martin unsuccessfully tried to get some answers or help from the Freddie Mac program and the bank.

After she contacted FOX31 News and KHOW Radio Talk Show host Peter Boyles, her case received attention.

She and her lawyer say the Bank of America called them Friday and said they are going to rescind the sale and give Martin her house back.

They indicated they will also work with her to keep the lower house payments.

Martin is relieved, but says after all she’s been through, she’ll believe it when she sees it.

“I hope this is true because I’ve been told so many things.”


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



Posted in auction, bank of america, foreclosure, foreclosures, Freddie Mac, mortgage modificationComments (1)

Townhouse for sale…but with a catch

Townhouse for sale…but with a catch


Listen up Real Estate agents as you are well too familiar with this tale.

Previously I wrote a post  ARE FORECLOSURE MILLS Coercing Buyers for BANK OWNED homes? ARE ALL THE MILLS? and just today I received another example of these foreclosure mills working hand in hand as title companies demanding you use their terms or else get NO CONTRACT.

Here is the example of this agent from Coldwell Banker who clearly states

“FannieMaeHomePath-Purchase this property for as little as 3% down. This property approved for HomePath Mortgage Financing. Approved for HomePath Renovation Mortgage Financing. Large 3 bedroom unit with two full baths. 2nd floor master suite has hardwood floors and a huge closet. Upgraded kitchen has granite countertops and cherry wood cabinets. Laundry Room.  Fenced yard for added privacy.”

“REO Addendum not furnished until acceptance-See IMPORTANT attachments & Follow**Use FAR9 Contract-No Calls Please- EMAIL only: UNIT HAS NO APPLIANCES.”

Well here’s the catch, I got a sneak peek…read the last few sentences to discover the major RESPA VIOLATION among other serious issues.

I am sure Coldwell Banker would be estatic to see agents working in this fashion as well as Fannie Mae having their addendum crossed out in certain areas.

[ipaper docId=33202164 access_key=key-kovwb3di6vj5wqfk52w height=600 width=600 /]


RELATED STORY:

AGENTS BEWARE! HERE COME THE HAFA VENDORS aka LPS AFTER YOUR COMMISSION

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



Posted in coercion, concealment, conspiracy, CONTROL FRAUD, djsp enterprises, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, Law Offices Of David J. Stern P.A., law offices of Marshall C. Watson pa, respa, ViolationsComments (0)

ARE FORECLOSURE MILLS Coercing Buyers for BANK OWNED homes? ARE ALL THE MILLS?

ARE FORECLOSURE MILLS Coercing Buyers for BANK OWNED homes? ARE ALL THE MILLS?


MASTER_OFFER_PACKET_03-10-2010[1][1]

In the Master Packet above go to Page 7

Below is from an ad in Trulia

fannie mae owned.bank property. property is vacant.all offers requiring financing must have preapproval letter.all cash offer require proof of fund(see attachement).this property is eligible for home path renovation mortgage-as little as 3% down.buyer must close with seller closing agent(david j. stern law offices,p.a).investors not eligible for first 15days.*for showing instr please read broker remarks* note:offers must be submitted using attachment.close by 30 june and receive extra 3.5% in closing cost

Looking further into this I noticed the following:

  • Still in the name of the owner
  • NOT named under any REO
  • Home last sold for 245K
  • Now listed at 120K

Here is the BIGGEST:

I found a Bank-owned packet for this “SPECIALLY SELECTED” Agent/BROKER in many other REO’s and in this package it states the following: (SEE ABOVE LINK PACKET)

9) Which title companies are the sellers and who do I make out the earnest money deposit to once offer is verbally accepted?

a. PLEASE LOOK ON MLX REMARKS FOR TITLE COMPANY. MLX WILL HAVE ONE OF THE FOLLOWING:
i. David Stern, P.A.
ii. Marshall C. Watson, P.A.
iii. Smith, Hiatt, & Diaz, P.A.
iv. Butler & Hosch, P.A.
v. Shapiro & Fishman, P.A.
vi. Spear & Hoffman, P.A.
vii. Adorno & Yoss, P.A.
viii. Watson Title

ix. New House Title (This is registered with FDLG address 9119 CORPORATE LAKE DRIVE, SUITE 300 TAMPA FL 33634)

10) Can the buyer use their own title company or must they use the title company selected by seller?

a. The buyer MUST HOLD ESCROW with Fannie Mae Title Company as stated on MLX.

NOW are we unleashing another dimension to this never ending SAGA?

We recently found out about WTF!!! DJSP Enterprises, Inc. Announces Agreement to Acquire Timios, Inc., Expand Presence Into 38 States , so is this a way for the Mills to Monopolize on the sales of these properties??

HERE IS same Agent/Broker for a FLORIDA DEFAULT LAW GROUP property:

THIS IS FANNIE MAE HOMEPATH PROPERTY.BANK OWNED.ALL OFFERS REQUIRING FINANCING MUST HAVE PREAPPROVAL LETTER. ALL CASH OFFERS REQUIRE PROOF OF FUNDS. THIS PROPERTY IS APPROVED FOR HOMEPATH AND HOMEPATH RENOVATION MORTGAGE FINANCING-AS LITTLE AS 3% DOWN,NO APPRAISAL OR MORTGAGE INSURANCE REQUIRED! ** FOR SHOWING INST PLEASE READ BROKER REMARKS** YOU MUST SUBMIT OFFER USING ATTACHMENT! INVESTORS NOT ELIGIBLE FOR FIRST 15DAYS.CLOSE BY JUNE 30 TO BE ELIGIBLE FOR EXTRA 3.5% SC. EMD: FL DEFAULT LAW GROUP.

Here is another same Agent/Broker for MARSHALL C. WATSON property:

FANNIE MAE OWNED.BANK PROPERTY. PROPERTY IS VACANT.ALL OFFERS REQUIRING FINANCING MUST HAVE PREAPPROVAL LETTER.ALL CASH OFFERS REQUIRE PROOF OF FUNDS(SEE ATTACHEMENT).THIS PROPERTY IS ELIGIBLE FOR HOME PATH RENOVATION MORTGAGE-AS LITTLE AS 3% DOWN.BUYER MUST CLOSE WITH SELLER CLOSING AGENT (LAW OFFICES OF MARSHALL C. WATSON).INVESTOR NOT ELIGIBLE FOR FIRST 15DAYS.*FOR SHOWING INSTR PLEASE READ BROKER REMARK* NOTE:OFFERS MUST BE SUBMITTED USING ATTACHMENT.CLOSE BY JUNE 30 TO GET 3.5% EXTRA IN CLOSING COST

Does the JUNE 30th Closing Day have any significance??

MAYBE it’s because of this? MERS May NOT Foreclose for Fannie Mae effective 5/1/2010I am just trying to make sense of this…Is there a grace period that followed?

  • What “if” the BUYER selects their own Title company? Does this eliminate their chances of ever even being considered as a buyer?
  • Why even bother to state this?
  • Is this a way for the selected Agent/ Broker to find the buyer and discourage other agents or buyers from viewing?
  • Was this at all even necessary to state?
  • Is this verbiage to coerce agents to get a higher commission rather than pass down the incentive of 3.5% towards closing cost “if” under contract by 6/30?
  • Why do investors have to refrain from buying for the first 15 days?

Coercion (pronounced /ko???r??n/) is the practice of forcing another party to behave in an involuntary manner (whether through action or inaction) by use of threats, intimidation, trickery, or some other form of pressure or force. Such actions are used as leverage, to force the victim to act in the desired way. Coercion may involve the actual infliction of physical pain/injury or psychological harm in order to enhance the credibility of a threat. The threat of further harm may lead to the cooperation or obedience of the person being coerced. Torture is one of the most extreme examples of coercion i.e. severe pain is inflicted until the victim provides the desired information.

RELATED STORY:

LENDER PROCESSING SERVICES (LPS) BUYING UP HOMES AT AUCTIONS? Take a look to see if this address is on your documents!

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



Posted in butler & hosch pa, conspiracy, djsp enterprises, fannie mae, FDLG, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, hiatt & diaz PA, insider, investigation, Law Offices Of David J. Stern P.A., law offices of Marshall C. Watson pa, marshall watson, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, new house title llc, Real Estate, REO, securitization, shapiro & fishman pa, short sale, spear & hoffmanComments (4)

BETH COTTRELL step right up …your the next ROBO-SIGNER on STOP FORECLOSURE FRAUD!

BETH COTTRELL step right up …your the next ROBO-SIGNER on STOP FORECLOSURE FRAUD!


Folks there is just way too many. Eventually this will all be released.

Every Foreclosure/REO/Short Sale out there is virtually like this!

via ForeclosureHamlet.org & 4closurefraud.org

The attached documents are almost always the sole “evidence” showing the right of a foreclosing entity/servicer (or their shell National Bank Cover ie: US Bank) to foreclose on an American family’s home, evicting them from the only shelter that may be available to them.

Millions of examples of this and other “robo-signers” available upon request.

Of note, please see the last attachment; her deposition where she denies any “personal knowledge” or even a cursory glance at the facts of the case.

America………..what a heartache……….

ANOTHER POINT IS THEY seem to be different signatures. Some have loops and some do not.


DEPOSITION_OF_BETH-COTTRELL-CHASE-HOME-FINANCE

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



Posted in ben-ezra, concealment, conspiracy, corruption, FDLG, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, hamleteers, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., REO, robo signer, robo signers, short sale, stop foreclosure fraud, stopforeclosurefraud.comComments (0)

Housing Market Update: When Will House Prices Recover?

Housing Market Update: When Will House Prices Recover?


Since they all seem to be talking out of their asses…let me be frank and speaketh Le Face! Not in 5 yrs…not in 10 years…maybe in 20 years from now!

Seeing the inventory of shadow “hidden” reo’s there is no near in sight!

Now why give any loans today? The housing market is going down, these homes will continue to head under water? Buy today…Loose Tomorrow mentality? Especially the FHA loans??

5465.0

Description: A sign advertising new homes for sale is seen on March 24 in Davie, Florida. (Getty Images)

May 27, 2010 | From theTrumpet.com
Not any time soon.

Remember when all those government economists and National Association of Realtors analysts were saying that housing prices wouldn’t recover until the first half of 2009? Then it was by 2010? Now the truth is coming out. No one knows when housing prices will recover—if ever.

According to mortgage-bond legend Lewis Ranieri, don’t expect a meaningful rebound in house prices for at least three to five years: “There is another big leg down and the question is how long does it stay.”

Don’t be quick to dismiss what Ranieri says, because he is possibly the one individual who is arguably just as responsible for America’s great housing bubble as former Federal Reserve Chairman Alan Greenspan (who lowered interest rates to record lows to try to get us to spend our way out of a recession), the politicians (who forced banks to lend to unqualified individuals) and the investment ratings agencies (that rated subprime mortgages as triple-A safe).

Ranieri was the high-flying Salomon Brothers trader who first packaged mortgages into bundles that could be sold and traded as securities on a national and international level. He was the man who institutionalized mass mortgage investing. His innovations back in the 1980s helped reduce the cost of mortgages for millions of people. But they also paved the way for the junk subprime lending that helped fuel the housing bubble.

Now Ranieri is saying to get set for more trouble ahead. Over the next 18 months, at least 3 million more properties will join the 5 million already in some stage of distress. “It’s an immense problem” that risks “flooding the market,” he said.

The market for mortgage-backed securities has virtually dried up since 2008. With so many people falling behind on their payments, investors have not been able to rely on the steady streams of income that mortgage bonds historically produce. Plus, with house prices plummeting, investors don’t even have the protection of collateral.

With such adverse conditions, investors don’t want to touch American mortgages with a 10-foot pole.

Normally this lack of investment demand would drive up mortgage rates and weed out weaker borrowers—thus allowing the housing market to return to investable conditions.

However, due to government intervention to prop up the housing market, there has been an unforeseen side effect. America’s pool of mortgages has actually become riskier for investors.

In an effort to prop up house prices in America and thus keep the big banks solvent, the government began massively encouraging more people to invest in homes: It changed tax laws, it used taxpayer money to modify loans for people who had borrowed too much, it offered first-time home buyers credits, and then extended the buyers’ credits again once they expired.

It even used taxpayer dollars to ramp up subprime lending—the same kind of risky lending that got the banks into trouble in the first place.

It was one massive taxpayer-backed effort to increase the pool of home buyers and thus demand for houses and house prices.

But the scheme largely backfired.

The government subsidies and handouts did encourage more people to buy homes—but mostly people who couldn’t normally afford homes on their own.

Look at the numbers. About 95 percent of the money used to buy homes in America today comes from the government. And guess which government organization issues the most loans. Is it Fannie Mae and Freddie Mac, the two government mortgage giants notorious for their low lending standards? No, it is a new government agency with even lower standards.

Meet the Federal Housing Authority (fha). You can get an fha-backed loan for a house with as little as 3.5 percent down. This is the most common loan in America today. If you include the government’s $8,000 first-time buyer’s credit (that just expired), the government was actually paying people to borrow taxpayer dollars to purchase homes.

“This is a market purely on life support, sustained by the federal government,” admits fha president David Stevens. “Having fha do this much volume is a sign of a very sick system.”

The fha backed more loans during the first quarter of this year than the $6 trillion Fannie Mae and Freddie Mac mortgage giants did! Those were your dollars being given to subprime borrowers.

If you were an investor, would you want to lend money to someone who could not save up a down payment? Would you lend to a family that required two incomes to afford the loan and still couldn’t save up a down payment?

Thus, the government is stuck with all the mortgages. It can’t stop giving money for loans, or the market will collapse, the economy will head down again and politicians will look incompetent. Yet at the same time, how long can the government afford to provide money for 95 percent of all home-buying activity in the country?

With America’s ballooning budget deficits, the days of government handouts may soon come to an end. When they do, don’t be surprised if house prices fall a whole lot further.

So when will a recovery come? No one knows for sure, but even Lewis Ranieri will likely be proved an optimist.

For the real reason America’s housing market exploded, and how to fix it, read “The Cause of the Crisis People Won’t Face.” •

Posted in concealment, conspiracy, corruption, fannie mae, federal reserve board, foreclosure fraud, Freddie MacComments (0)

5 reasons why California will face another lost decade in housing – 493,000 real estate agents and brokers for 219,000 homes listed on the MLS. 7 percent of 90+ day late loans in California have no foreclosure filed. State budget depended on real estate bubble jobs for revenues.

5 reasons why California will face another lost decade in housing – 493,000 real estate agents and brokers for 219,000 homes listed on the MLS. 7 percent of 90+ day late loans in California have no foreclosure filed. State budget depended on real estate bubble jobs for revenues.


Wish he can do both New York and Florida…would be interesting!

Source: www.doctorhousingbubble.com

How many real estate agents and brokers does it take to sell a California home?  2 ¼ if we look at current inventory levels and the amount of Californians with a real estate or broker’s license.  One of the early observations of the housing bubble was how much money was being spent in the economy because of high wage California housing bubble jobs.  Toxic loan after toxic loan provided wonderful commission checks but also provided the state with a nice chunk of tax revenue.  Year after year this went on.  Our fate has been intertwined with real estate and since real estate has busted so has ourstate economy.  I remember a few colleagues that were pulling in high six-figure incomes as mortgage brokers and real estate agents and were spending every dime as quickly as it came in.  Many have downsized drastically and don’t have a penny to their name.  Ironically many of these people drank their own Kool-Aid and bought million dollar homes with the same mortgage sewage they were passing onto their clients.  A few are now in bankruptcy and many have lost or will lose their homes.

California is likely to face a lost decade in housing.  Do I mean from 2000 to 2010?  In some areas we have already reached a lost decade.  Yet many areas will face their lost decade from 2010 to 2020.  Here are 5 reasons why California real estate will have a decade of slow or no growth ahead:

Reason #1 – High paying finance and real estate jobs are gone

I went ahead and compiled 14 years of license and broker data for California above.  From 1996 to 2002 we averaged approximately 300,000 active licensees in the state.  This was before the bubble ramped up.  We reached a peak in 2008 of 549,000 active licensees.  Today that number is down to 493,000 and is continuing to fall as many simply let their license expire.  Even with recent sales increases we are still close to half the volume of the bubble years.  Plus, home prices are half of what their peak values were.  So even basic math will tell you that at the very least, half of income in this industry is gone (for example the 5 to 6 percent agent cut is based on the sale price).  Then on the lending side you have 96.5% of loans being government backed and these don’t provide the nice kickbacks that the option ARMs did for example.  In other words, high income no GED required jobs are now gone.  Even those with industry specific degrees and training are finding it hard to get good jobs in today’s economy.

And many other jobs tied to the FIRE side of California employment and construction took big hits:

These were good paying jobs that are now gone.  Many of these jobs depended on the perpetual growth of the housing bubble.  But even as we will see with inventory levels, do we still have a bubble in this industry?

Reason #2 – Too little inventory and sales for the amount of workers

I went ahead and took a major snapshot of how much MLS inventory is currently listed for public view in California.  Although inventory is spiking, you start seeing issues that are plaguing the industry:

Since February of this year California has added 64,500 homes to the MLS, an increase of 41 percent.  This is a massive jump.  Part of this jump aligns perfectly with the failure of HAMP and more banks pushing inventory onto the market.

But let us use that current inventory number and run a quick analysis:

493,576 real estate agents and brokers / 219,217 homes on the CA MLS = 2 ¼ agents and brokers for each home

I find the above fascinating.  We have close to 500,000 licensed agents and brokers for 219,000 homes on the market.  And you wonder why we have a problem?  This is like going to a used car lot with 20 cars and finding 50 sales representatives.  However like many things in life, I believe that the Pareto principle applies here as well.  That is, 80 percent of sales is likely to come from 20 percent of those with active licenses.

Although the shadow inventory is much larger than the 219,000 homes on the MLS, agents and brokers only make money when they sell.  And banks don’t seem in a big hurry to move the entire inventory out at once.  In other words, we have years of junk built up in the pipeline with wages slashed.

Reason #3 – California budget and revenues shattered

If you want to see a problem in the making look at this:

The state for the fiscal year of 2007-08 collected over $101 billion.  How do things look today?

For the fiscal year that is coming to an end, we are projected to bring in $81 billion.  We are short by $20 billion and this includes every kind of tax increase you can imagine.  This does little considering half of the state revenues come from personal income taxes and many of those high paying bubble jobs (see above) are now gone.  Yet the state kept spending more and more assuming that a Ponzi like income stream was going to come in forever.  That is not the case as we are now painfully finding out so we must adjust.

The Legislative Analyst Office (LAO) is projecting problems well into 2015.  Another issue that the state will have to contend with is high pension costs of soon to retire baby boomers.  Recently CalPERs announced that the state will need to pitch in $700 million to cover its poor bets.  They are pulling back for the moment:

“(LA Times) Facing political fire, the state’s largest public pension fund Wednesday retreated for a month from a plan to approve a $700-million increase in taxpayer contributions it gets from the state and about 1,000 school districts.

State Treasurer Bill Lockyer, a member of the California Public Employees’ Retirement System board, said the fund needs to assess the consequences of the huge hike on California at a time when the state faces an estimated $19-billion budget deficit.”

You can rest assured that there will be some serious battles on this front for years to come.

Reason #4 – Shadow inventory

The Wall Street Journal put together data regarding shadow inventory that we already knew about.  California ranks near the top of shady banks and home squatters that are simply staying put and not paying their mortgage:

Source:  WSJ

This is just nuts.  In California 7 percent of loans that are 90 days overdue are not in foreclosure!  What is even more stunning is the nationwide amount of people living in homes with no payment and foreclosure for 2 years!  This is a slap in the face of every prudent middle class American.  And the idea of poor homeowners is nonsense here in California.  You have folks living in prime locations not paying their mortgage who can easily afford a nice rental.  But they’ll sit it out while banks sit back and suck on thetaxpayer gravy train.  This data merely confirms what we already know.  The state is plagued with delinquent loans.  In fact, 15 percent of all California loans are 30+ days late or worse.

Reason #5 – Consumer psychology and jobs

The mantra that real estate prices never fall is completely shattered for an entire generation of Americans.  Those who lived through the Great Depression are largely absent from our current economy and can’t share their wisdom.  And given the preference of Americans to watch Dancing with the Stars instead of reading some history, many have forgotten that real estate can crash and crash hard.  But if history is any guide, we will have a generation of Americans who are more cautious and thus will put a lid on any mega jumps in appreciation for the next decade.

On Friday the California unemployment rate came out and we are still at a record high of 12.6 percent.  Adjusted for the underemployment rate we are closer to 23 percent.  Even the running average at the BLS shows us over 21 percent:

Keep in mind this is a one year rolling average so this will only move higher as we have been at peak levels for many months.  This also goes back to my earlier reasons for a lost decade in home prices.  Those high paying jobs are gone.  You can only purchase a home by what your income can support.  A large number of those depended on toxic mortgagesthat were easy to churn on a short notice.  After all, giving NINJA loans with no verification allowed seedy mortgage brokers to turn out loan after loan.  Now even with lax lending inFHA insured loans, at least they have to verify income.  As it turns out, there simply isn’t that many that can qualify in California.

I see a sideways moving decade for California real estate.  And for the next one or two years prices will start trending lower again as the Alt-A and option ARM waves hit and the gimmick parade starts running out.  You can only keep a lid on corruption for so long.  The “once in a century” problems now seem to be hitting every month.  A near 1,000 point drop in the Dow, the trillion dollar Euro bailout, and other mega events will come quicker as a reckoning day will hit.  All it takes is a failed Treasury auction and you can kiss cheap mortgage rates goodbye.

Posted in Real EstateComments (0)

Banks and their RIDICULOUS Foreclosure tabs…Mills, REO's etc.

Banks and their RIDICULOUS Foreclosure tabs…Mills, REO's etc.


You know from the ridiculous fees these banks pay from the Mills to the keeping up with the REOS’ (if they keep up with maintenance).

Does it make any $en$e why they DO NOT work it out with the homeowners?

I mean if you take a look at what they end up selling for at auction or in a short sale…Does it make any $en$e??

Again, does it make any freaking $en$e?

Now take a look at Foreclosure Mill Law Offices of David J. Stern in Plantation (DJSP) for example Small Foreclosure Firm’s Big Bucks: Back Office Grossed $260M in 2009:

and his assets below:

Source: AmericansUnitedForJustice.org

http://AmericansUnitedForJustice.org is working on Law Offices Of David J. Stern’s #2 Cheryl Samons stay tuned

DOES THIS MAKE ANY $EN$E?

DOJ are you watching?


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



Posted in djsp enterprises, foreclosure, foreclosure millsComments (2)

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

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