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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

Misinformation Provokes Stampede Of Homeowners Filing Homestead Affidavits To Avoid Foreclosure

Posted on February 13, 2009
In Prescott, Arizona, The Daily Courier reports:The Yavapai County Recorder's Office is on the receiving end of a small stampede of county residents filing homestead affidavits. The reason - homeowners have a mistaken belief it will protect them from banks or creditors foreclosing on their homes...

Hawaii Feds Bust Four Foreclosure Rescue Operators In Alleged Equity Stripping, Sale-Leaseback Scam Targeting Financially Strapped Homeowners

Posted on February 13, 2009
In Honolulu, Hawaii, the Honolulu Advertiser reports:The two top executives of a Honolulu mortgage company were indicted by a federal grand jury for allegedly coordinating a scheme that bilked banks and troubled homeowners out of hundreds of thousands of dollars, court documents show...

Philly DA Announces Issuance Of Arrest Warrants In Alleged Deed Theft Operation; Among Targeted Victims Were The Non-English Speaking & The Deceased

Posted on February 13, 2009
From the Philadelphia, Pennsylvania District Attorney's Office:District Attorney Lynne Abraham [Wednesday] announced that arrest warrants have been issued for fifteen people for engaging in a continuing conspiratorial and criminal enterprise to steal homes, [...

Fannie, Freddie Foreclosure Suspensions Extended Through March 6

Posted on February 13, 2009
The Associated Press reports:Government-controlled mortgage finance companies Fannie Mae and Freddie Mac said Friday they have immediately suspended all foreclosure sales involving occupied single-family and 2-4 unit properties through March 6, to give troubled borrowers more time to work with loan servicers to avoid losing their homes...

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Florida AG Hits Orlando Loan Modification Firm With First Lawsuit Under New State Foreclosure Fraud Law

Posted on February 13, 2009
From the Office of the Florida Attorney General:Attorney General Bill McCollum today announced that his Economic Crimes Division has filed a lawsuit against an Orlando company allegedly providing loan modification services to homeowners facing foreclosure -- the first lawsuit filed under the new Foreclosure Rescue Fraud Protection Act...

Three Financial Giants Declare Foreclosure Moratorium On "Some" Foreclosures

Posted on February 13, 2009
Reuters reports:Citigroup Inc, JPMorgan Chase & Co, and Morgan Stanley said they had placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program.***Citigroup said its moratorium, which started on February 12, will last until either President Barack Obama has finalized the details of a program for modifying mortgages, or until

Detroit-Area Sheriff Sued Over Foreclosure Moratorium

Posted on February 13, 2009
In Wayne County, Michigan, the Detroit Free Press reports:A mortgage company today sued Wayne County Sheriff Warren Evans, saying the sheriff has no legal basis to halt the sale of foreclosed homes. The lawsuit, filed in U.S. District Court in Detroit, on behalf of Towne Mortgage Co...

Another Upfront Fee Foreclosure Rescue, Loan Modification Firm Under Fire From Feds

Posted on February 12, 2009
The Federal Trade Commission announced Wednesday: In a case that affects consumers throughout the nation, the Federal Trade Commission has charged a mortgage foreclosure ?rescue? company with falsely claiming that it will stop foreclosure or fully refund consumers? money...

Filmmaker Seeks Volunteers To Help Prove Wall Street Bailout Is "The Biggest Swindle In American History"

Posted on February 12, 2009
Bloomberg News reports: Filmmaker Michael Moore, who says the Wall Street bailout is ?the biggest swindle in American history,? is asking bankers to help him make a movie proving it. The 55-year-old Michigan native posted an open letter on his Web site yesterday seeking volunteers to ?step up as an American and do your duty of shedding some light? on the almost $1...

Missouri Homebuilder Cops Plea To Bank Fraud; Accused Of Using Straw Buyers To Unload 16 Homes That Ended Up In Foreclosure

Posted on February 12, 2009
In St. Louis, Missouri, the St. Louis Post-Dispatch reports: The owner of a Crestwood development company pleaded guilty a federal bank fraud charge this morning and admitted orchestrating a mortgage fraud scheme that netted him hundreds of thousands of dollars and sent 16 area homes into foreclosure...

Two Fugitives Nabbed In Alleged Mortgage & Investment Fraud Scam Involving 100s Of Homes, Many Now In Foreclosure; Lender Losses About $100M, Say Feds

Posted on February 12, 2009
In Sacramento, California, The Sacramento Bee reports: A second fugitive in what officials describe as one of the nation's largest mortgage and investment fraud cases was captured [...] as he tried to re-enter the U.S. from Canada. Christopher Jared Warren, 26, of Sacramento was arrested at 11:15 [Tuesday] night (EST) at the Canadian border as he attempted to enter the United States in a taxi at

Feds Drop Most Charges Against Cincy Cop/Foreclosure Rescue Operator Accused Of Preying On People Facing Foreclosure

Posted on February 12, 2009
In Cincinnati, Ohio, the Cincinnati Enquirer reports: A Cincinnati police officer admitted Wednesday he cheated on his taxes and stole a widow?s life insurance benefits. Officer Adrian Mitchell, who has been suspended without pay since last May, pleaded guilty in U...

Central Florida Woman Loses Home To Foreclosure Despite Paying Thousand$ For Loan Modification

Posted on February 12, 2009
In Orlando, Florida, WFTV Channel 9 reports: An Orlando woman hired a foreclosure rescue service. She not only lost thousands of dollars, she's also losing her home. "I'm scared every day every minute," said Michelle Campbell. The bank has already foreclosed on her home in west Orlando--so she faces eviction any day...

Arrest Warrants Issued For Suspects Accused Of "Hijacking" Vacant, Foreclosed Home In Gated Community

Posted on February 12, 2009
In Sacramento, California, News10 reports: The neighbors were suspicious but the tenants showed police a lease to prove they belonged. But now, the case of mystery tenants moving into a vacant upscale Natomas house in the Westlake subdivision last week has brought arrest warrants for those tenants and their real estate broker...

Middle Tennessee Foreclosure Rescue Operator Faces Civil Suits; Accused Of Selling Houses Out From Under Homeowners

Posted on February 12, 2009
In Donelson, Tennessee, Newschannel 5 reports: [N]ewsChannel 5 investigated one company that promised homeowners it would help save their homes. Charles Jones is behind dont4close.com and the man who claimed he could help homeowners who were facing foreclosure keep their home...

Connecticut Courts On Legal Standing

Posted on February 12, 2009
The stories abound on foreclosure actions where the foreclosing lender was said not to have legal standing to bring the lawsuit.What follows below are excerpts from decisions of the Connecticut Supreme Court and the Connecticut Appellate Court that describes what standing is, and the importance of having it before walking into a courthouse to initiate a lawsuit...

North Carolina Developer Accuses Wachovia Of Shakedown, Fraud, Unfair Practices; "Not Us!" Says Lender

Posted on February 12, 2009
In Guilford County, North Carolina, The Business Journal of the Greater Triad Area reports:A Mount Airy developer has filed suit against Wachovia Bank, alleging extortion, fraud and unfair and deceptive trade practices. Granite Development LLC filed the suit in Guilford County Superior Court in relation to construction loans the company says it had to build [area] retail centers [...

Hiring A Contractor For Home Improvement Work? Don't Forget Those Lien Waivers

Posted on February 12, 2009
An excerpt in a recent Q & A column appearing in the Daily Herald, Illinois attorney Tom Resnick gives this reminder of the importance obtaining lien waivers anytime a property owner hires others to make home improvements on a home.[A]nyone who performs work or furnishes materials that ultimately improve your property obtains certain rights under the mechanics lien act...

Sarasota Attorney Cops Plea In Mortgage Fraud Scheme Involving $82M+ In Fraudulent Loan Activity

Posted on February 11, 2009
From the U.S. Attorney's Office (Tampa, Florida): United States Attorney A. Brian Albritton [last week] announced that defendant JOHN A. YANCHEK, age 49, a resident of Sarasota, Florida, and a practicing attorney licensed by the State of Florida, pleaded guilty [...

Central Florida Chief Judge Revokes "Phone Privileges" For Foreclosure Attorneys Due To Actions Of Sloppy "Foreclosure Mills"

Posted on February 11, 2009
In Bradenton, Florida, the Bradenton Herald reports: The area?s top judge has lost patience with so-called foreclosure mills so he?s ordering them to appear in court. Non-local law firms that specialize in mass foreclosure filings have ignored local court procedures, filed incomplete or inaccurate court documents and ?widely abused? the privilege of appearing at court hearings by telephone, 12th

Florida AG Shuts Down Tampa-Area Foreclosure Rescue Operator; Accused Of Taking Upfront Fees In Violation Of New Law

Posted on February 11, 2009
From the Florida Attorney General's Office: Attorney General Bill McCollum [Tuesday] announced that his Economic Crimes Division has reached a settlement with a Tampa business engaged in foreclosure rescue services over allegations the conduct violated the newly enacted Foreclosure Fraud Protection Act...

County Quashed In Attempt To Take 8-Acre Property From Owner Over Failure To Include $24 Interest With Delinquent Tax Payment, Rules NY Appeals Court

Posted on February 11, 2009
In Canandaigua, New York, the Daily Messenger reports: A Monks Road property owner has won his court case against Ontario County. The state Appellate Division?s Fourth Department ruled Friday that Bruce Middlebrook should be allowed to keep his 8-acre wooded parcel the county had scheduled to be auctioned off last May for unpaid property taxes...

Fannie, Freddie Trash Requirement That Homeowners Sign Away Their Rights To Sue In Order To Obtain Loan Modifications

Posted on February 11, 2009
The Washington Independent reports: [C]onsumer groups and Rep. Barney Frank (D-Mass), the chairman of the House Financial Services Committee, were not aware that the waivers [requiring homeowners to sign away their rights to sue, in order to get their loan payments restructured on more affordable terms by Fannie Mae and Freddie Mac] were included in the loan modification agreements until after

Title Company Owner, Appraiser, Straw Buyer Recruiter Sentenced In Mortgage Scam Involving 55 Condos Netting $18.5M

Posted on February 11, 2009
In Miami, Florida, WTVJ-TV Channel 6 reports: Authorities say the owner of a West Palm Beach real estate title company has been sentenced to five years in prison for her part in a a mortgage fraud scheme. Federal prosecutors say Evelyn Rivera, a licensed title agent and owner of Asset Title LLC, received her sentence on Friday...

Colorado Regulators Seek License Surrender From Two Brokers Implicated In Alleged Mortgage Scam; Case Referral To Criminal Prosecutors A Possibility

Posted on February 11, 2009
In Colorado Springs, Colorado, The Gazette reports: A mortgage meltdown on a Colorado Springs street where five houses went into foreclosure amid allegations of fraud has resulted in disciplinary action against two Colorado Springs real estate agents...

Straw Buyer Cops Plea In Alleged DC-Area Mortgage Fraud Scam Involving 25 Homes; Two Others Face Charges

Posted on February 11, 2009
The D.C. Examiner reports: Federal authorities say they?ve broken a nearly $5 million real estate scheme in which several suspects allegedly filed false mortgage documents so they could buy about 25 properties in the Washington area, only to let many slip into foreclosure...

Legal Services Firm Files Housing Discrimination Suits Alleging Bias Against Families With Kids; Landlords Accused Of Failure To De-Lead Apartments

Posted on February 10, 2009
In Worcester, Massachusetts, the nonprofit legal services firm Legal Assistance Corporation of Central Massachusetts (LACCM) last month filed two housing discrimination lawsuits on behalf of tenants alleging unlawful housing practices by steering parents of minor children away from apartments, or refusing to show them apartments in an attempt to avoid the cost of remediating potential lead-based

Sample Foreclosure Legal Documents

Posted on February 10, 2009
For those who want some idea of what the legal documents in a foreclosure action look like, Broken Credit Blog has made available some of the documents filed in a Duval County, Florida case involving foreclosure defense attorney April Charney from Jacksonville Area Legal Aid...

Alleged 1031 Exchange Scam Leaves Real Estate Investors With Big Tax Bill & No Money To Pay It With

Posted on February 10, 2009
The New York Post reports: Federal authorities are investigating a Virginia-based finance company that went belly-up last year, sticking hundreds of real-estate investors with millions of dollars in losses, The Post has learned. The 440 investors had parked the proceeds from their real-estate sales with LandAmerica 1031 Exchange Services Inc...

Title Insurance: What Risks Does It Protect A Property Owner Against?

Posted on February 10, 2009
A recent article by the Kaua?i, Hawaii Board of Realtors (appearing in TheGardenIsland.com) gives a basic explanation of what risks a title insurance policy actually insures a real estate buyer against. [A]lmost every parcel of land has had many owners...

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