Mortgages can be cancelled in a process called rescission. Here’s an overview. Grounds for exercising this right given borrowers by Congress are found in problems with the mortgage closing documents for a residential second mortgage or refinanced mortgage. Problems include the absence of Truth In Lending Disclosures, such as the Annual Percentage Rate (APR) for [...]
July 2008
Foreclosure defense is termed a way to “buy time,” according to a recent article in the Miami Herald. In fact, the author claims that a homeowner’s decision to fight foreclosure amounts to not much more than staving off the inevitable. What the article neglects to highlight, however, is the fact that many homeowners have significant [...]
Borrowers have three days to cancel a mortgage after signing the papers. That three days is extended to three years (four years in Massachusetts), if the papers have certain problems. The extension can even be forever, meaning that it can be used as a defense called recoupment, to oppose a foreclosure. Cancellation is also called [...]
The government’s accountability office reports a 50% increase in the cost of bankruptcy. A large part of the increased expense can be traced to the means test, that supposedly objective measure of whether an individual has the ability to repay his creditors some of the debt he owes. On this site, Kurt O’Keefe looked at [...]
The housing rescue legislation that was signed into law today is called the Hope for Homeowners Act of 2008. Sounds good, right? Hopeful, even. But the cynic in my head says “Yeah, and they called the bankruptcy amendments two years ago a “Consumer Protection” act. So let’s take a quick look at what it may [...]
On Monday July 28, 2008 the Attorney General for the State of Missouri filed charges against St. Anthony Avenue LC, based in St. Louis County. The lawsuit was filed in St. Louis County; Private Funding Solutions, based in St. Charles, and its president, Mike C. Rothweiler. The lawsuit was filed in St. Charles County; Brian [...]
