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Foreclosure Related

A Closer Look at MERS, the Industry’s Controversial Mortgage Clearinghouse

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by Marian Wang, ProPublica As we’ve noted in several posts, one player that has been featured in the foreclosure scandal and is currently under federal investigation is the Mortgage Electronic Registration System, or MERS. Despite the fact that MERS keeps electronic records on about half of all home mortgages in the country, the system is hardly a household name. The ... Read More »

Foreclosure King David Stern Closing Up

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The Sun Sentinel is reporting that the “Foreclosure King” David Stern out of Florida is going to be closing shop this month. DJSP Enterprises, the publicly traded firm that handled Stern’s back-office paperwork, filed a disclosure Monday morning with the Securities and Exchange Commission that the law firm would be closing. “DJSP Enterprises, Inc.’s (the “Company’s”) primary customer, the Law ... Read More »

Newbie Attorneys Reaking Hell at Foreclosure Law Firms

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by Marian Wang, ProPublica A few months into the foreclosure scandal, we reviewed job listings seeking supposed foreclosure experts and even department supervisors, noting that many listings offered low pay and required little education [1]. Some listings we saw were posted by staffing agencies, recruiting workers and paralegals for banks and foreclosure law firms. As it turns out, those clerical ... Read More »

Fortress Credit Services Not Standing Up For Consumers With Comment

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A tipster (send in your tips here) brought an article from las Vegas to my attention. in the article, “FTC banning up-front loan mortgage modification fees,” Ian Hirsch of Fortress Credit Services, which offers loan modification services, is quoted as saying “It was a terrible decision by the FTC,” that upfront loan modification fees were banned. Hirsch said the rules ... Read More »

FTC Consumer Protection Chief Wants to Send Foreclosure Rescue Scammers to Jail

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For those that feel the FTC is not working on larger more global issues, rest assured the FTC wants to catch the bad guys and deal with them. David Vladeck of the FTC seems motivated to shut down the foreclosure rescue scamers. Get Out of Debt Guy – Twitter, G+, Facebook Read More »

Colorado Goes After Superior Financial Group, Platinum Financial Group, and Fortune Financial Group

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Colorado Attorney General John Suthers announced today that his office has filed separate lawsuits against three businesses and five individuals accused of defrauding homeowners in Denver, Boulder, Broomfield and Adams counties through deceptive foreclosure rescue schemes. The first complaint charges Jason L. Lynn (DOB: 3/10/1977) and Lynn’s company, Superior Financial Group. The second complaint charges Patrick C. Brunner (DOB: 7/27/1979), ... Read More »

Virginia Woman Facing 30 Years Behind Bars for Foreclosure Rescue Business Clean Slate Financial Services

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Shanita Lacy, age 34, of Chesapeake, Virginia, pleaded guilty today in Norfolk federal court to conspiring to commit mail and wire fraud in connection with a scheme to fraudulently obtain home mortgages. Neil H. MacBride, United States Attorney for the Eastern District of Virginia, made the announcement after Lacy’s plea was accepted by United States Senior District Judge Henry Coke ... Read More »

Avoid Foreclosure Scheme Feeds on Desperate People

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I’d love to tell you this is a new foreclosure scam, but it certainly is not. In troubled times people have often been persuaded to sign away the title to their property in hopes they can avoid foreclosure by renting their property back from an investor or company that promises to bring their mortgage current. Marketing Material Used to Dupe ... Read More »

Actor Timothy Busfield, “West Wing”, “Thirtysomething” Facing New Part in “Foreclosed”

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Actor Timothy Busfield, is said, by TMZ, to be facing some tough times making his mortgage payments. TMZ has obtained documents filed with the California Recorder’s Office — which show Busfield defaulted on the mortgage for his Malibu pad — and if he doesn’t reach an agreement with the bank soon, they plan on auctioning off the home in early ... Read More »

Regulators Totally Missed Foreclosure Problems

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Marian Wang, ProPublica While they may be conducting their own investigations, federal prosecutors and national bank regulators for the most part aren’t the ones leading the investigation into the foreclosure mess. At least that’s the perception–one that’s reinforced when Elizabeth Warren, Obama’s head of consumer financial protection, says her money is on a 50-state investigation by the states’ attorneys general. ... Read More »

Robo-Signer Foreclosure Scandal Update

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by Marian Wang, ProPublica There are more headlines every day about banks using shortcuts and questionable paperwork to push through foreclosures. A group of 40 state attorneys general is expected to announce an investigation this week into the mortgage servicing industry, while calls for a nationwide moratorium on foreclosures– an idea the White House opposes– have grown louder. It’s not ... Read More »

Foreclosed Homeowners Return to Poke Around Old Home After Six Months

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Here is a very interesting video from a family that was previously evicted from their home and returned six months later to look at the old house again. What struck me in the video was their statements about how much stuff they left behind when they had to leave the home. My experience with visiting foreclosures is they are often ... Read More »

Biggest Banks Nailed by Foreclosure Paperwork Problems

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by Marian Wang, ProPublica Three of the nation’s largest mortgage servicers have halted foreclosures as scrutiny increases over whether they verify the required paperwork. Several other servicers have also been faulted for foreclosure affidavits that were signed without much authentication, but they have not yet halted foreclosures. Last week, we noted that the discovery of “robo-signers” — employees who signed ... Read More »

GAO Takes Closer Look at Home Loan Modification Scams

The Government Accountability Office (GAO) comprised a report, Homeownership Preservation: Federal Efforts to Combat Foreclosure Rescue Schemes Are Under Way, but Improved Planning Elements Could Enhance Progress, based on “information available to federal and state agencies and nonprofit organizations, such as consumer complaints and the number of enforcement actions.” The report revealed two predominant schemes in this day and age ... Read More »

Even Though Cosigner Wants to Payoff Mortgage, Chase Bank Still Foreclosing

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In an odd twist, a Stratford, Connecticut man’s mother is being foreclosed on by Chase Bank even though he is wiling to pay the mortgage off. Get Out of Debt Guy – Twitter, G+, Facebook Read More »

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