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Real Estate & Property Law

The Home Equity Theft Reporter

Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues.
By r morris

Post Frequency: 25.7/day

Last Entry: September 06, 2017 at 04:02:00

Contempt Charges, Loss Of Lien Status Among Proposed Penalties For Foreclosing Lenders Leaving Ohio Homes In Legal Limbo

Posted on July 29, 2009
In Cleveland, Ohio, an editorial in The Cleveland Plain Dealer comments on the practice known as the "bank walkaway," wherein a lender, after getting a foreclosure decree in court, decides against actually having a foreclosure sale and avoids taking title to the home, leaving it in legal limbo (and technically, still in the financially strapped homeowner's name):(1)No one knows precisely how many

Florida AG Suit Targeting Loan Modification Group Includes Allegations Of Unauthorized Practice Of Law, "Running & Capping"

Posted on July 29, 2009
In a recent lawsuit (among others) brought by the Office of the Florida Attorney General against a South Florida group peddling loan modification services, allegations of unauthorized practice of law and "running and capping," (ie. the practice of non-attorneys hustling up business for an attorney) have been made in the complaint against the operators...

Frank Threatens To "Cramdown" Lenders, Mortgage Servicers For Foot-Dragging On Loan Modifications

Posted on July 29, 2009
The Associated Press reports:A senior House Democrat threatened banks Wednesday that if they don't volunteer to save more homeowners from foreclosure, Congress will make them. In a sternly worded statement, Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person's monthly mortgage payment if the number of loan modifications remain low...

Florida AG To Make $4M Available To In-State Non-Profit Legal Services Firms For New Foreclosure Defense Assistance Program

Posted on July 29, 2009
From the Office of the Florida Attorney General:Attorney General Bill McCollum and The Florida Bar Foundation [Tuesday] announced a new foreclosure defense assistance program, funded by money obtained by the Attorney General through a settlement with Countrywide Financial...

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Questionable Short Sale Services Alleged By California AG In Recent Suit Against Group Accused Of Squeezing Homeowners For Upfront Fees For Loan Mods

Posted on July 28, 2009
A recent lawsuit brought by the Office of the California Attorney General against a loan modification group lays out how the operation (herein referred to as "Defendants") allegedly screws financially distressed homeowners by entering into agreements with them to modify their loans with their lender in exchange for upfront fees, and then turns around and allegedly sells its "short sale services"

Georgia Woman With 30-Year "Lease Purchase" Agreement Seeks To Invoke New Federal Law Protecting Homeowners From Foreclosure Eviction

Posted on July 28, 2009
In Dalton, Georgia, the Times Free Press reports:When April Arrieta signed a 30-year lease-purchase agreement for a house in November 2008, she thought her family was finally home. "I told my kids we won't ever have to move again," she said. But at the beginning of June, the mother of five learned that First Georgia Banking Co...

Loan Modification Firms, Foreclosure Rescue Operators Show Little Interest In Complying With Licensing Requirements Under New Nevada Law

Posted on July 28, 2009
In Las Vegas, Nevada, the Las Vegas Review Journal reports:Mortgage modification and foreclosure consultants are showing little interest in complying with a new Nevada law that requires them to obtain licenses. The law took effect on July 1, and Gov. Jim Gibbons issued emergency regulations for licensing on July 8...

L.A. Cops Sting Pair Accused Of Running Phony Rental Scam, Renting Foreclosed Homes They Didn't Own To Unwitting Renters

Posted on July 28, 2009
In Los Angeles, California, KABC-TV Channel 7 reports:L.A. police warn residents of a rental scam involving foreclosed properties. Two suspects have been arrested, but more could be at large. Police said the scam artists would pose as property owners, and then collect cash in exchange for a promise to rent homes to victims...

Las Vegas Couple Facing Foreclosure Swindled By One Scammer, "Hijacked" By Another

Posted on July 28, 2009
In Las Vegas, Nevada, KLAS-TV Channel 8 reports:When people face foreclosure they can become desperate and look for help in all the wrong places. One Las Vegas family was scammed -- not once -- but twice. Evelina King and her husband ran into financial trouble when she was laid of from her job...

Advocacy Group Files Federal Suit Seeking To Halt Home Foreclosures In Minnesota; Says New Law Lacks Proper Notice & Appeal Provisions

Posted on July 28, 2009
In Minneapolis, Minnesota, The Associated Press reports:A federal lawsuit seeks to block all home foreclosures in Minnesota. The lawsuit was filed in federal court in Minneapolis on Tuesday. It says a new federal program that's meant to help struggling homeowners refinance their mortgages fails to give them proper notice of why they've been rejected, or the right to appeal...

Foreclosing Better Than Loan Modifications For Banks?

Posted on July 28, 2009
The Washington Post reports:Government initiatives to stem the country's mounting foreclosures are hampered because banks and other lenders in many cases have more financial incentive to let borrowers lose their homes than to work out settlements, some economists have concluded...

Mortgage Servicers To Explain Themselves Today To Administration Officials Regarding Failure To Keep People In Their Homes

Posted on July 27, 2009
In Washington, D.C., ABC News reports:Mortgage servicers accused of not doing nearly enough to stem the nation's foreclosure crisis will sit down with the Obama administration today to tell their side of the story. The meeting, the results of which are not expected to be made public until early next month, comes amid escalating criticism that both mortgage servicers and the government are

35 Law Firms Named In Suit Seeking To Void 100,000+ Money Judgments; 20+ Add'l Firms Currently In NY AG's Crosshairs In Ongoing "Sewer Service" Probe

Posted on July 27, 2009
From the Office of the New York State Attorney General:Attorney General Andrew M. Cuomo [Wednesday] announced his office has sued 35 law firms and two debt collectors(1) in New York State in order to throw out an estimated 100,000 default judgments improperly obtained against New York consumers...

Unauthorized Practice Of Law, "Running & Capping" & "Lawyer Renting" Among The Issues Raised In Recent Loan Mod Lawsuit By California AG

Posted on July 27, 2009
In a recent lawsuit brought by the Office of the California Attorney General against a group peddling loan modification services, allegations of unauthorized practice of law, "running and capping," (ie. the practice of non-attorneys hustling up business for an attorney) and "lawyer renting" (ie...

Washington AG Uses Courtesy Letter To Inform 138 Loan Mod Firms They're On The Radar Screen; Urges Compliance With State Law To Stay Out Of Hot Water

Posted on July 27, 2009
Washington Attorney General Rob McKenna recently announced that his office has joined the Federal Trade Commission and other states in a nationwide crackdown on foreclosure rescuers and loan modification rackets that charge hefty upfront fees and often provide no help...

Battle For Bankuptcy Cramdown Legislation - Round 2 Begins In U.S. Senate

Posted on July 27, 2009
The Washington Independent reports:Roughly three months after Senate lawmakers killed legislation empowering homeowners to escape foreclosure through bankruptcy, some upper-chamber Democrats are looking to revive the corpse. They hope to pressure the White House into spending valuable political capital on a cause fallen by the wayside...

Judge Orders Shutdown Of Loan Mod Firm Accused In $8M Ripoff; Garbage Bag Full Of Shredded Docs Given As Proof Outfit Is Destroying Evidence In Probe

Posted on July 26, 2009
In West Palm Beach, Florida, WPEC-TV Channel 12 reports:Late Friday a judge in West Palm Beach granted the state Attorney General's request for a temporary injunction, shutting down FHA All Day and three other mortgage modification companies.(1) Jason Vitulano and his four companies are accused of ripping off customers to the tune of $8 million dollars...

Orange County DA Raids Homes Of Foreclosure Rescue Operators Currently Facing Civil Suits By State AG Alleging Bogus Loan Modifications, Short Sales

Posted on July 26, 2009
In Southern California, the Orange County Register reports:Investigators with the Orange County district attorney early Thursday morning searched three Ladera Ranch homes believed tied to a foreclosure rescue scam. Agents served search warrants on two homes on Roshelle Lane and one on Merrill Hill...

Sleazy, Shifty Appraisers Booted From Industry Now Shifting Into Real Estate Sales?

Posted on July 26, 2009
The Tampa Tribune reports:Some appraisers who lost their licenses after unethical behavior during the housing boom are staying in the real estate business. They're becoming real estate agents, according to a report by the national Center for Public Integrity...

California Regulator To Consumers Saddled With Unaffordable Mortgages: Stay Away From Loan Modification Outfits Engaged In "Lawyer Renting"

Posted on July 26, 2009
A recent New York Times' story featuring the loan modification operation Federal Loan Modification Law Center(1) contains this excerpt describing an arrangement that some might refer to as "lawyer renting," in which a company, attempting to circumvent laws prohibiting the collection of upfront fees for its services, enters into a deal with an attorney that allows the outfit to conduct its

Memphis-Area Sheriff, Legal Services Firm Join To Spread Word Of New Federal Rights For Renters Facing Foreclosure Eviction

Posted on July 26, 2009
In Shelby County, Tennessee, the Memphis Buisiness Journal reports:As a result of the rise in foreclosures and evictions in the city, the Shelby County Sheriff?s Office and Memphis Area Legal Services are working to educate citizens on the subject. As part of the partnership, sheriff?s deputies and civil process servers are delivering pamphlets about the process to property owners and renters

Unwitting Prospective Buyer Gets Caught Up In Controversial Short Sale Flipping Attempt Involving Vacant Home In Foreclosure

Posted on July 25, 2009
In DeWitt, Michigan, columnist John Schneider of the Lansing State Journal recounts the story of a local woman who got screwed over in an attempt to buy a vacant home in foreclosure from a local real estate operator, himself attempting to acquire the property through a short sale, to be followed by an immediate "flip" of the home at a higher price to the woman (all without the apparent knowledge

NYC Woman Busted For Clipping $50K In Upfront Rent Deposits From Low Income Residents Seeking Help In Obtaining Affordable Section 8 Rentals, Say Cops

Posted on July 25, 2009
In New York City, the New York Post reports:A slick-talking woman posing as a real-estate agent conned about $50,000 from low-income residents looking for affordable housing in Manhattan and The Bronx, cops said [Wednesday]. Josie Almonte, 32, a blond-haired beauty with a sophisticated look, would approach her victims promising to help them expedite their applications for Section 8 housing,

Lender Reverses Position After Media Applies Heat; Now Agrees To Waive $9K Prepayment Penalty For SW Florida Couple Nearing Foreclosure

Posted on July 25, 2009
In Charlotte County, Florida, WINK News reports:Punished for paying a mortgage early? That's what one Charlotte County couple says happened with their lender, but now WINK News Call for Action helps that couple avoid foreclosure. [...] Janice and Rick Brooks could no longer afford their Charlotte County home, so they put it up for sale...

Feds, State AGs Go On Attack Against Debt Settlement & Collection Firms Engaged In Allegedly Fraudulent Activities

Posted on July 25, 2009
From the Office of the Florida Attorney General:Attorney General Bill McCollum [last week] announced that a settlement has been reached in a case brought by Chase Card Services against affiliated Hess Kennedy companies which engaged in fraudulent debt settlement activities...

?We Want To Send People To Jail!? Says Prosecutor Referring To Loan Modification Scams; Cites "Lawyer Renting" As Attempt By Some To Avoid State Law

Posted on July 24, 2009
In Southern California, the Orange County Register reports:The Orange County District Attorney has expanded efforts to combat foreclosure rescue scams and other real estate fraud cases, as the worst housing downturn in decades results in thousands of potential victims...

California Woman Faces Grand Theft, Forgery-Related Charges For Allegedly Impersonating Another In Buying, Financing Home With $917K Loan

Posted on July 24, 2009
From the Office of the San Bernardino County, California District Attorney:On July 15, 2009, Investigators with the San Bernardino County District Attorney's Real Estate Fraud Unit arrested Anita Mendoza, 44, of Chino Hills, for eight felony counts including grand theft, forgery, and filing forged documents with the County Recorder?s Office...

Last Minute Closing Delays Hit Foreclosed Home Buyers As Some Lenders Drag Their Feet When Recording Legal Title To Repossessed Collateral

Posted on July 24, 2009
In Central Ohio, The Columbus Dispatch reports:Stacee Maurer thought she'd found her perfect first home: a three-bedroom Cape Cod off High Street north of Graceland Shopping Center. On May 22, she signed a contract to pay $93,000 for the foreclosed property -- almost $30,000 less than it had sold for in 2006...

Vacationing Campers Threatened With Utilities Shutoffs, Face The Boot As New Hampshire Campsite Falls Into Foreclosure

Posted on July 24, 2009
In Webster, New Hampshire, The Associated Press reports:Renters at a Webster, N.H., campground told by the owner that electrical power would be shut off have gotten a temporary court order to keep electricity flowing to their homes. A notice posted last week by Cold Brook Campground owner Tina Shindlewig said electricity would be cut off Tuesday and that residents wouldn?t be able to stay because

Nassau County DA "Stings" Unlicensed Long Island Contractors; Some Accused Of Pocketing Upfront Homeowner Deposits & Failing To Deliver

Posted on July 24, 2009
In Nassau County, New York, the New York Post reports:Nearly four dozen unlicensed Long Island contractors were more skilled at pulling in thousands of dollars for jobs -- than actually doing the work, officials said today. Nassau DA Kathleen Rice announced the results of a 5-week investigation, including the running of a "Sting House" to lure a dozen unlicensed contractors in and capture them on

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