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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

Fannie Begins Testing "Pre-Approved Short Sale Program" For Underwater Homes In Phoenix, Orlando

Posted on January 09, 2009
The Wall Street Journal reports: Fannie Mae is testing a new program to stave off foreclosures by preapproving "short sales" of homes, in which mortgage companies allow homeowners to sell houses for less than the value of existing loans, forgiving the difference...

Frank Seeks At Least $50B In TARP Funds To Help Homeowners Facing Foreclosure

Posted on January 09, 2009
The Associated Press reports: [R]ep. Barney Frank, who heads the House Financial Services Committee, issued an outline of his proposal to attach strings to spending of the money by either the Bush administration or the incoming Obama government.The new conditions would include substantial efforts to reduce mortgage foreclosures,(1) limits on compensation for executives at companies receiving

Bank Screw-Up Throws Tennessee Congresswoman's Home Into Foreclosure; No Word Yet On Impending Blizzard Of Unscrupulous Loan Modification Offers

Posted on January 09, 2009
In Brentwood, Tennessee, The Associated Press reports: A bank's mistake caused a Tennessee congresswoman's home to enter foreclosure. Bank officials say Republican U.S. Rep. Marsha Blackburn's home was placed into foreclosure proceedings because of a processing error...

IRS Strikes Again - Leaves Lawyer Befuddled Over "Nickel & Dime" Demand For Payment, Notice Of Refund

Posted on January 09, 2009
In Detroit, Michigan, National Public Radio reports: James Howarth of Detroit has a new pen pal ? the Internal Revenue Service. First came a letter in November. The IRS said Howarth owed a nickel and should pay up or face additional penalties or interest...

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Motorcycle Group Expects 3-Week Effort To Rescue 200 Cats In Long Island Home Facing Foreclosure

Posted on January 09, 2009
In Moriches, New York, ZooToo Pet News reports: The tough riders with tender hearts at Rescue Ink have struck again, this time stepping in to relieve a Long Island family caring for 200 cats. The nonprofit organization, comprised mainly of tattooed motorcyclists who bonded over their love for animals, pulled 30 cats from a Morchies, N...

NJ Closing Lawyer Cops Plea To Pocketing $4M In Escrow Cash; Blows Money Intended For Existing Lien Holders On AC Slots; Title Insurers Foot The Bill

Posted on January 08, 2009
From the Office of the New Jersey Attorney General: Attorney General Anne Milgram and Criminal Justice Director Deborah L. Gramiccioni announced that a Lyndhurst lawyer pleaded guilty [last week] to stealing approximately $4 million entrusted to him for real estate closings, which he used to gamble in Atlantic City...

Jacksonville Foreclosure Defense Attorney Takes On "Habitat," Hollywood, Ex-Prez' Pet Project Over "Dumpy" Homes

Posted on January 08, 2009
In Jacksonville, Florida, the Times of London reports: RESIDENTS of a model housing estate bankrolled by Hollywood celebrities and hand-built by Jimmy Carter, the former US president, are complaining that it is falling apart. Fairway Oaks was built on northern Florida wasteland by 10,000 volunteers, including Carter, in a record 17-day ?blitz? organised by the charity Habitat for Humanity...

Florida Lawmaker To Propose Foreclosure Mediation Bill In State Legislature Based On Philadelphia Diversion Program

Posted on January 08, 2009
In Punta Gorda, Florida, the Charlotte Sun reports: More than 500,000 Florida homeowners faced foreclosure proceedings in the first 10 months of 2008. State Rep. Paige Kreegel, R-Punta Gorda, believes he has part of the solution to the crisis.House Bill 205, based on a successful Philadelphia foreclosure diversion program, is being advanced by Kreegel as a means to help lenders and homeowners

IRS To Ease Up On Squeezing Financially Stressed Taxpayers Owing Back Taxes

Posted on January 08, 2009
The Sacramento Bee reports: Can't pay your federal taxes? The IRS wants to help. Acknowledging the "difficult economic times," officials said Tuesday they're relaxing some rules to help financially stressed taxpayers dealing with job losses and other economic uncertainty...

City Of Memphis Joins Shelby County; Gives Go-Ahead For Discrimination Suit Targeting Major Home Lenders

Posted on January 08, 2009
In Memphis, Tennessee, Memphis Commercial Appeal reports: City Council members on Tuesday approved a resolution authorizing the city to file suit against national lenders who they say created a foreclosure crisis in Memphis and Shelby County that disproportionately affected African-Americans...

Citigroup, Lawmakers Begin Negotiating Terms Of Acceptable Bankruptcy "Cram Down" Legislation For Home Loans

Posted on January 08, 2009
The Wall Street Journal reports: Citigroup Inc. is leading other lenders in advanced talks with key senators on legislation that would allow judges to set new repayment terms for millions of mortgage holders who wind up in bankruptcy court, people involved in the talks say...

FTC, Central Florida Upfront Fee Foreclosure Rescue Operator Resolve Charges Of Screwing Financially Strapped Homeowners

Posted on January 08, 2009
The Federal Trade Commission announced: A mortgage foreclosure rescue service that claimed that, for a $1,200 fee, they would stop foreclosure and save consumers? homes, has agreed to settle Federal Trade Commission charges that it violated federal law...

Fannie, Freddie Suspend Foreclosure Sales, Evictions Thru End Of Month

Posted on January 08, 2009
Fannie Mae and Freddie Mac have announced today that they would extend the suspension of foreclosure sales and evictions from single-family properties involving mortgages they own or have securitized through January 31, 2009. . A Freddie Mac press release indicates that their announcement also applies to 2-4 unit properties with Freddie Mac-owned mortgages, and their suspension does not apply to

Change Bankruptcy Law To Allow For Home Mortgage Cram Downs, Say 22 State AGs

Posted on January 07, 2009
Legal NewsLine reports: A coalition of 22 state attorneys general(1) asked Congress on Tuesday to loosen U.S. bankruptcy rules so judges can modify home loans to help reduce the tide of home foreclosures. In a letter to U.S. House and Senate leaders, the attorneys general called for an amendment to the U...

Loan Modification Firm Accused Of Illegally Charging Minnesota Couple Upfront Fees To Avoid Foreclosure

Posted on January 07, 2009
In St. Paul, Minnesota, WCCO-TV Channel 4 reports on another casualty involving loan modification firms illegally charging homeowners facing foreclosure upfront fees to avoid foreclosure. The [homeowners] paid almost $2,000 to National Foreclosure Counseling Services three months ago...

Connecticut AG Urges Passage Of New Law To Target Loan Modification, Debt Reduction Firms

Posted on January 07, 2009
From the Connecticut Attorney General's Office: Attorney General Richard Blumenthal [Tuesday] proposed legislation to fight predatory debt reducers that offer mortgage and debt rescue services that may actually cost consumers their homes. [...] Debt reducers are unregulated and often claim to offer services to rescue homeowners from foreclosure or severe debt...

NY AG Settles With Two Mortgage Brokerages, Files Suit Against Another For Alleged Race-Based, Discriminatory Lending Practices

Posted on January 07, 2009
From the Office of the New York Atttorney General: Attorney General Andrew M. Cuomo [Monday] announced results of a landmark investigation with the New York State Department of Banking into discriminatory practices in the mortgage brokerage industry. In the first law enforcement action of its kind in New York State, two mortgage brokerage companies ? HCI Mortgage and Consumer One Mortgage ? will

Nigerian Scam Artist Swipes & Sells Deed To Cape Coral Lot; Leaves Listing Agent With Egg On Face, Title Insurer Holding The Bag

Posted on January 07, 2009
In Cape Coral, Florida, the News Press reports: Roberta Kunda thought she was buying a vacant lot in Cape Coral. Instead, $18,000 of her money went to a computer-savvy scam artist ? possibly in Nigeria. Because she had title insurance, Kunda will probably get back her money from the 2007 purchase, but the incident highlights cracks in the real estate market and the risk from international

Assisted Living Center Operator Files For Ch. 11 Protection; Future Of Senior Residents Uncertain

Posted on January 07, 2009
In Eugene, Oregon, The Register Guard reports: In a last-ditch effort to save his company, Sunwest Management CEO Jon Harder placed himself and 14 individual assisted living centers ? including Alpine Court in Eugene ? into Chapter 11 bankruptcy. In legal maneuvering that unfolded in the waning days of 2008, Harder sought an injunction to stop nine big investment banks from seizing the most

Using Statute Of Limitations To Wipe Out Lenders' Right To Foreclose A Mortgage?

Posted on January 06, 2009
In a recent story on MSNBC.com profiling Florida consumer foreclosure attorney April Charney and her approach to defending homeowners facing foreclosure, a point was made on the possible use of the statute of limitations to terminate a foreclosing lender's right to foreclose: Charney said that in a number of her cases, once there is no longer an ability for the loan servicer to profit, the

NYC Attorney Disbarred For Stealing From Clients Refuses To Stop Practicing Law; Arrested Last Week For 3rd Time Since Losing License

Posted on January 06, 2009
In New York City, the New York Post reports: Practice doesn't necessarily make perfect. An elderly Manhattan lawyer, banished from the legal profession for stealing from clients, could spend his golden years in prison - because he refuses to stay out of the city's courthouses...

Negotiated Short Sale By Real Estate Agent On Behalf Of Homeowner Facing Foreclosure Not A Violation Of Florida Foreclosure Rescue Law, Says State AG

Posted on January 06, 2009
Does Florida's new Foreclosure Fraud Protection Act(1) prohibit real estate licensees from being involved in short sales? According to Florida Attorney General Bill McCollum, where the only remuneration sought by a real estate agent within the state in negotiating a short sale to assist a client in avoiding foreclosure is the normal real estate commission, and no additional upfront or other fee

New Jersey Woman Charged With Pocketing Elderly Mother's Housing Money Intended For Long Term Care Facility Where She Resided

Posted on January 06, 2009
From the Office of the New Jersey Attorney General: Attorney General Anne Milgram announced that an Ocean County woman has been indicted for allegedly stealing more than $6,000 from her elderly mother.***The indictment alleges that [... Ann] Selk failed to remit payments on her mother?s behalf to the long-term care facility in which the mother was a resident...

Amend HOA/Condo Docs To Mitigate Against Rent Skimming By Unit Owners Facing Foreclosure

Posted on January 06, 2009
Buried in a recent column in the Naples Daily News (Southwest Florida) is the following suggestion for condominium and homeowners associations who are being stiffed on their maintenance fees by non-owner occupant unit owners who, in turn, are sticking tenants into their premises and pocketing the rent while awaiting being ousted by a foreclosure sale: One way to help an association minimize the

Attorney Malpractice For Obtaining Loan Modification From Lender Who Can't Prove It Owns The Promissory Note?

Posted on January 05, 2009
An article in the Decenber, 2008 issue of Trial Magazine highlights problems faced by lenders as a result of the mortgage securitization process that leaves them in a difficult spot whether they're attempting a foreclosure action against, or a loan modification with, a financially strapped homeowner...

Lack Of Diligence Means Another Process Server Screw-Up, Another Void Foreclosure

Posted on January 05, 2009
A 2006 decision of a Florida appeals court adds a little fuel to the fire for those who believe that screw-ups by process servers (as well as attorneys for foreclosing lenders who, contrary to what they may think, have some responsibility for supervising the actions of a process server) in the course of serving homeowners with the lawsuit paperwork (ie...

Mortgage Payoff "To Do" List

Posted on January 05, 2009
In a recent Q&A column, attorney/syndicated real estate writer Benny L. Kass gives this "to do" list when paying off a mortgage: Make sure that your mortgage/deed of trust is formally released from the land records in the county where your house is located...

Difficulty Tracing Title To Home Involving Securitized Foreclosed Mortgage Stalls House Closing

Posted on January 05, 2009
In Minneapolis, Minnesota, FOX9 reports: A Twin Cities couple is hoping to turn a foreclosed home into a home, but it has not been easy. Three different closing dates have fallen through. [...] In the Waite Park neighborhood in northeast Minneapolis, a little cottage on Benjamin Street has been sitting empty since spring...

Oregon Equity Stripper Cops Plea; Now Faces Foreclosure Himself

Posted on January 04, 2009
In Portland, Oregon, Willamette Weekly reports: Larry Jason Somera did something a week before Christmas that rarely happens in Multnomah County Circuit Court?he pleaded guilty to a mortgage-related crime.***Somera, a 35-year-old former mortgage broker, first attracted the attention of law enforcement after two 2006 home purchases from the elderly and disabled...

San Diego-Area Foreclosure Rescue Operator Faces Felony Charges For Allegedly Screwing 17 Homeowners In 150 Year Old Land Patent Scam

Posted on January 04, 2009
In San Diego, California, KGTV Channel 10 reports: A man accused of stealing more than $100,000 from people in a land patent foreclosure scam pleaded not guilty Wednesday to numerous felony charges involving the 17 alleged victims. Larry Smith, 60, allegedly told people who came to his seminars that if they gave him thousands of dollars, he would help them buy a land patent so the bank couldn't

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