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Real Estate Related

Door Slams Shut on Timeshare Resale Scam by FTC

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At the Federal Trade Commission’s request, a federal district court has issued a temporary restraining order against a Florida-based telemarketing scheme that allegedly tricked timeshare owners who sought to sell their timeshare properties. VACATION PROPERTY SERVICES, INC.; VACATION PROPERTY SELLERS, INC. d/b/a Timeshare Experts; HIGHER LEVEL MARKETING, INC. d/b/a Vacation Property Services; ALBERT M. WILSON; DAVID S. TAYLOR and FRANK ... Read More »

Mass Joinder Case Infighting Worse Than High School. Co-Counsel Mitchell Stein Gets the Boot.

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It what has become a train wreck of a battle between lawyers pressing forward mass joinder cases against banks for underlying mortgage issues, one of the co-counsels on Ronald v. Bank of America just got publicly dumped. On March 29, 2011 SML LLP and Apex Legal Group (“Moving Parties”) filed a motion to remove Mitchell J. Stein from the case. ... Read More »

Study Finds Consumers Pay Credit Cards Before Mortgage

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TransUnion released a study today that reveals the divergence in payment patterns — where consumers are increasingly apt to pay their credit cards before their mortgages — has now occurred for three straight years. However, for the first time since the deviation began, the percentage of consumers who are current on their credit cards and at least 30 days delinquent ... Read More »

Mass Joinder Form 1012-R Mailer Targets First Priority Mortgage.

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A wonderful tipster (send in your tips here) just sent in a copy of a Form 1012-R mailer they received yesterday. It has the same back number of 2915217, as others have, and comes from the same postal permit in Santa Ana, California of 1076. If you received a form 1012-R mailer the California Bar Association wants to hear from ... Read More »

Mortgage Relief Services Advance Fee Ban – Live

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The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule is designed to protect financially distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. “Banning the collection of up-front fees will protect homeowners from being victimized,” FTC Chairman Jon Leibowitz said. “This is especially important at a time when so many people ... Read More »

Mortgage Modification Re-Default Rates Are Horrible

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Based on new data out it looks as if the people who were actually able to obtain a mortgage modification are still in serious financial trouble. Moody’s released new data that showed the modified loans have not resulted in default avoidance. “We have found that a loan that is modified and [then] reported as current is three times as likely ... Read More »

Loan Modification Programs Broken. Crippled by Lax Oversight and Bank Control

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by Kiel and Olga Pierce, ProPublica With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation–rather than enforcement–with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages. ... Read More »

New Evidence of Robo-Signers In States Where Foreclosures Bypass Judges

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by Marian Wang, ProPublica When problems in the foreclosure process caused banks to temporarily freeze foreclosures last fall, the focus was on improperly signed foreclosure affidavits–legal documents used when foreclosure are required to go through courts. But as we’ve noted [1], most states are “non-judicial [2]” states, meaning foreclosures can proceed without a court order. And turns out, those states–where ... Read More »

Voided Foreclosures Could Mean Big Trouble for Banks Moving Forward

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by Marian Wang, ProPublica When Massachusetts’ highest court ruled against U.S. Bank and Wells Fargo earlier this month and invalidated two foreclosures, the decision was hailed by some as an important precedent [1] for courts seeking to resolve foreclosure disputes. While the decision’s impact isn’t entirely clear, even Wall Street analysts who downplayed its applicability [2]acknowledged its troubling implications for ... Read More »

Chase Bank Overcharges Troops on Mortgages and Admits to Improper Foreclosures

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by Marian Wang, ProPublica, JPMorgan Chase acknowledged this week that it overcharged some 4,000 military families for their mortgages and wrongfully foreclosed on at least 14. It’s not clear how much the mistakes have cost these families, but the bank told NBC News that it’s collectively refunding about $2 million [1] to those affected. It has also promised to restore ... Read More »

The Town That Hit the Wall. Lehigh Acres Rises and Falls. Documentary Film.

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I’ve wanted to go down to to Lehigh Acres in Florida and visit the town to see the damage caused by the real estate bubble bursting. But now I don’t have to. A small production company has put together a short film titled “Dreams for Sale.” You can watch the film in three parts below. Part 1 Part 2 Part ... Read More »

Stories of Homeowners and Loan Modifications: Where Are They Now

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by Karen Weise, ProPublica ProPublica has been covering the government’s foreclosure relief effort [1] since the Obama administration launched the program in the spring of 2009. This week, ProPublica is checking back with some of the homeowners we’ve profiled over the past year. Some homeowners received modifications that prevented foreclosure, some are still in limbo and others have moved on. ... 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 »

Bank Errors Taint Credit Reports and Lower Credit Scores

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by Marian Wang, ProPublica, We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures [1], but as several recent [2] reports [3] have noted, that’s not the only way in which bank mistakes have affected homeowners. Some consumers have been surprised to see damage to their credit score after requesting information from the banks. One Nevada ... Read More »

Pill Pusher Sued by FL AG Over American Home Solutions Group Loan Modification Activities

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The owners of American Home Solutions Group in Florida seem to be facing legal issues on all fronts. The owners, Jeff George and Dante Marquez are accused of “making “blatant misrepresentations” to homeowners in Florida and across the country. For a fee, they promised to help dig homeowners out of mortgage debt. Instead, they did nothing except pocket the money, ... Read More »

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