The inability or unwillingness of the legal profession to admit its ignorance of advanced sophisticated financial innovations has produced an age-old problem. In 400 B.C. Socrates was put to death for revealing it. It's a simple proposition with far-reaching consequences: people who excel in one thing and rise to power tend to believe they understand everything and thus make uninformed…[...]

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Thursdays LIVE! Click into the WEST COAST Neil Garfield Show with Charles Marshall and Bill Paatalo Or call in at (347) 850-1260, 6pm Eastern Thursdays Very promising development in a recent judicial foreclosure case out of New York State. A principal issue in the case was whether the foreclosing party (mortgagee, the typical designate in a judicial foreclosure state) possessed the subject…[...]

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You can use the blog chat function for very narrow questions requiring a "yes" or "no" answer or a very short answer. Text messages are frustrating and accomplish virtually nothing. Voice mail messages are about the same as text messages. For the most part, lawyers and homeowners need more from me than that so I have established a procedure in…[...]

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Wall Street banks have weaponized confusion among people in the legal profession that starts in law school. In so doing they have created a virtual creditor when the law requires a real creditor. But they have used the confusion to apply legal presumptions of facts that are untrue. Let's take a look at that. Start with the law. If you…[...]

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The money proceeds from the forced sale of homes is not going to get paid to anyone who owns a loan account receivable. In effect, the courts are proceeding as though reformation has occurred without going through the process of reformation in which both sides would receive the benefit of a bargain (even if it was one created by a…[...]

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Tom Ice has been a successful litigator for homeowners challenging foreclosures. In 2015 he wrote an article that was published in the Florida Bar Journal detailing exactly what was wrong with the legal analysis in the courts. He pointed out exactly what was happening: * SEE https://www.floridabar.org/the-florida-bar-journal/negotiating-the-american-dream-a-critical-look-at-the-role-of-negotiability-in-the-foreclosure-crisis/ * Over time, the complaints have evolved such that the word “holder” has been…[...]

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The problem with zombie foreclosures is not what you think, at least not entirely. You probably sum up the problem as the banks need to foreclose so they can't least write off the debt. They then abandon the properties if the economic analysis shows that there is a net loss if they take over maintenance, taxes etc. This view is…[...]

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Thursdays LIVE! Click in to the Neil Garfield Show Tonight’s Show Hosted by Neil Garfield, Esq. Call in at (347) 850-1260, 6pm Eastern Thursdays Most people are thinking theater. Perry Mason. Some point in litigation where someone admits to being a lying thieving murderous scoundrel. That doesn't happen in real courtrooms for the most part and it certainly does not happen in…[...]

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...homeowners would do well to consider the possibility that they don't deserve to be dunned in collection or foreclosure because they are only the victims of a perverse scheme that gives them money to sign papers and then punishes them for having done so I take the position that if the investment banks want to make millions for each $100,000 in…[...]

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Tags: housing market, Wells Fargo
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Warehouse lending is a legitimate method of financing. I borrow money from you in order to lend money to Jane Smith. In effect, it is arbitrage of interest rates since the interest rate on my loan is less than what I charged to Jane. I am Jane's lender and I establish on loan account receivable on my books with a…[...]

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