QUESTION: I want to confirm something with you: 1. TILA does not apply to purchase money. 2. TILA apply to refinance of mortgage. Is that correct? ANSWER: This is a far more complex question than it appears. Normally it would be simple. But in the context of the mortgage meltdown of 2001-2008 there are more questions than …
TILA and Purchase Money First Mortgages: From FAQ Read More »
March 6, 2008, 11:50 am Foreclosure Legal Work: A Shoddy, Assembly-Line Practice? Posted by Dan Slater Does flat-fee pricing foster assembly-line lawyering? That’s what U.S. bankruptcy judge Jeff Bohm suggested in a decision, entered yesterday, in a consumer bankruptcy case involving Countrywide and a Texas homeowner. While Judge Bohm declined to enter sanctions against Countrywide …
Flat Fee Foreclosure Assembly Lines: Law Firms Taking hits with increasing frequency Read More »
November 30, 2007, 9:10 am Law Blog Lexpionage: “Foreclosure Mills” Posted by Peter Lattman Are you hip to the Web site Word Spy? It’s a fun one for all you language lovers out there. Its founder describes its mission as “lexpionage” — sleuthing out new words and phrases. Recent entries include “stroller envy,” feelings of …
Foreclosure Mess: Two Different Plaintiffs Claim to Own Same Mortgage Posted By Amir Efrati On November 14, 2008 @ 1:38 pm In Global | No Comments It’s been a while since we revisited the foreclosure crisis, which has obviously gotten worse. Foreclosure numbers are skyrocketing, while numerous states, the federal government and financial institutions are …
The Proof is in the pudding: Two "lenders" Foreclose on the same Property Read More »
While my editorial opinion has been fairly obvious in these articles, I feel the need to express them directly. The fundamental truth that is missed in the media and those in government and finance close to the microphones is that this did not start with the borrowers — it started with the investors who bought …
We’ve received a few questions regarding the impact of the “takeover” of Fannie Mae and Freddie Mac by the Federal government. These were chartered by congress as opposed to any state and it is questionable whether anything has actually changed except for management personnel and style. They were theoretically private corporations with their common stock …
Fannie Mae and Freddie Mac: Holders in Due Course? – NO Read More »
The start of every case, as I see it, is the collection of facts and documents, so that a complete mortgage evaluation and status report can be prepared by an independent third party who can serve as an expert witness if the need arises. The current “cottage industry” of TILA audits is insufficient but a …
Foreclosure Defense and Offense: Evolving Mortgage Audit Criteria Read More »
Original Note Required: fl-statute-90
One new answer we are getting when we ask for the identity of the real holder in due course of the note is “that information is confidential. You are not entitled to that.” Of course this is ridiculous — if you signed a note and it has been “assigned” to some third party, you have …
I’m sure many clients have had some conversation or asked for advice concerning their financial situation and in particular their homes. I am the author of this blog site — www.livinglies.wordpress.com — that seeks to aid people who are the victims of illegal lending practices. Most attorneys are passing up an unparalleled opportunity to earn …
Challenge To Lawyers to Make Money — or do you like stress? Read More »
October 23, 2008 Alan Greenspan was wrong today when he said that investors did not look critically enough at the ratings. Finance is based upon trust, and these companies had been trustworthy for many decades. Here is the real story. The very notion of pooling is and was illegal. Allocation of payments, recording statutes, recording …
It is a central point of the discussion on securitization that usury lies at the heart of every claim. Unfortunately many states have eliminated usury laws but still maintain maximum interest laws, which can be used to state that the loan violates the state law on the maximum interest that can be charged. While the …
If you are living in a state with non-judicial procedures, it also allows judicial procedures. The ONLY time the non-judicial procedure should be used is in slam dunk cases, of which there are nearly none, so the Trustee on teh Deed of Trust is violating his fiduciary duty to the homeowner when he fails to …
Businesswoman avoids eviction By Sandy Hodson | Staff Writer Friday, October 03, 2008 An Evans woman whose business dealings set off a series of foreclosures and bankruptcies fended off eviction from her own home Thursday — at least for now. storyPhotos(); U.S. Bankruptcy Court Judge Susan D. Barrett gave the local counsel for American Home …
Form Submitted by Jim McCandless, Esq. Editor’s Note: This is the form to file under the new California law to stop the lender in its tracks when it ignores the new legal requirements. In my opinion, this form could arguably be used in other states as an adjunct to the filing of a complaint alleging …
The essential issue remains: who if anyone has a title interest under the security instrument? It would appear that many “lenders” have attempted to make various provisions for transferring the note since they knew they would be either selling it for money or using it to replace a non-performing loan under a pooling and service …
It might seem like a strange idea but it has been in the Uniform Commercial Code for Years and its predecessor. The usual rule is that the mortgage follows the note and the note follows the mortgage. But the UCC provides an exception for the operation of the parties intent, and by operation of law …
Foreclosure Offense and Defense: Separation of Mortgage from Note Read More »
I have been thinking about this as the questions pile in. Here are my thoughts so far — 1. Be careful with the Lehman bankruptcy and any other bankruptcy filing by one of the financial services companies that was even tangentially related to the process of the securitization of mortgages. Bankruptcy law has some features …
FROM TIM MCLANDLESS Most all foreclosures in California can be set aside. The power of sale by non judicial means is contained in the civil code 2932. In order to be valid the assignment must be recorded California civil code 2932.5. Most all notices of default recorded by the “Sub-Prime” lenders have not recorded an …
QUESTION: I have an interesting problem with a foreclosure action that was just brought to my attention. The borrower went into default in August of 2007. The “lender” on the note and mortgage was Countrywide Home Loans, Inc. The mortgage had the usual MERS language. Countrywide was kept on as servicer. The borrower went into …
It seems that my Texas readers have done some research of their own regarding my recent posting about using identity theft and mortgage fraud as a solid claim with teeth to go after individuals and corporations who tricked you into the mortgage terms that nobody could pay or will pay. Hi Neil: After reading your …
Foreclosure Offense and Defense: Identity Theft Catching ON Read More »
Submitted by Gator Bradshaw, Esq., Florida Attorney. Raises some interesting causes of action for Mortgage Fraud and ID Theft. Originally lobbied by lenders, this was to protect them from unscrupulous borrowers and conspiracies with mortgage brokers et al. Now it seems they violated the very same laws they fought so hard to get on the …
Turning the Tables: Using ID Theft and Mortgage Fraud Against the Banks Read More »
Based upon the submission from Sal, it would appear that the identity theft statutes apply in every element. It might behoove you to go down to the police station and file a complaint for ID theft, in addition to including it in your defensive pleadings and counterclaim against the party foreclosing or attempting to foreclose …
Foreclosure Offense and Defense: Identity Theft Might be the Keystone Read More »
The title agent that performed your closing probably was aware that securitization of your loan was in process and therefore knew that the real parties in interest and the fees paid between undisclosed parties had not been disclosed to you and in fact were actively hidden, because you would have known that the nature of …
Foreclosure Offense: Notice to Title Agent and Carrier Read More »
