Having recently issued a decision canceling an Indymac mortgage lien in another foreclosure action, Judge Spinner turns his attention to the outrageous actions of Wells Fargo and holds the mortgage behemoth liable for trespass, resulting in $155,092.00 judgment, in Wells Fargo v. Tyson. At the outset, the court pointed out that the Plaintiff sent a [...]
On Friday, January 15, 2010, HUD Secretary Shaun Donovan issued a press release, as part of HUD’s Neighborhood Stabilization initiative, temporarily waiving FHA’s 90 Day Seasoning Rule. Amazingly, HUD is cognizant that the seasoning guideline is having a negative impact on alleviating the problem of abandoned and blighted homes:
“In today’s market, FHA research finds that [...]
Any real estate professional, who engages in short sale negotiations, is fully aware of just how frustrating the process can be or even downright impossible. There are financial incentives for mortgage servicers to drag out the process as long as possible. It takes weeks, sometimes months, to get a response from the banks, who often [...]
If you are a Distressed Consultant, as defined in the NY Foreclosure Prevention & Responsible Lending Act of 2008 and discussed in a prior post, then you need to know how to stay compliant with the law to avoid civil and criminal penalties.
Evidently the government is serious about getting these delinquent mortgages modified – here is another positive change to HAMP:
Press Release from HUD:
WASHINGTON – U.S. Department of Housing and Urban Development Secretary
Shaun Donovan today announced the Federal Housing Administration (FHA)
has implemented changes to its loan modification program to ensure
consistency with the Obama Administration's Home Affordable Modification [...]
I had an instant messenger conversation last night with a good mortgage broker friend of mine who was very upset. Her client’s home was due to be auctioned shortly, even though there was a loan modification in progress. The consultants, retained by the homeowner to assist in filing an Order to Show Cause to stop [...]
Those engaged in foreclosure defense should take a closer look at loans originated by TBW when structuring their defense strategy…
Florida Company Reaches Multi-state Agreement Over Non-traditional Loans
Carrie Bay | 06.25.09
Taylor Bean & Whitaker Mortgage Corp. (TBW), a wholesale lender based in Ocala, Florida, has agreed to pay 13 states and the District of Columbia [...]
CNN recently posted a video on their website detailing the “shocking” story of a woman who paid her mortgage but whose home is being foreclosed upon, jumping on the fraud bandwagon and telling the stories of homeowners preyed upon by the real estate & banking industry. The video leaves out more than it tells, in [...]
I find it utterly amazing that Patterson credits New York’s 23% decrease in foreclosures in 1st Quarter 2009 as compared to 1st Quarter 2008 (compared to a 24% increase nationally) to his New York Foreclosure Prevention & Lender Responsibility Act of 2008 where the credit should lie in New Yorkers’ steadfast resolve to be [...]