Financialstability.gov is a website which describes President Obama’s plan to assist some homeowners as well as a lot of other financial initiatives. According to the site, it’s “coming soon.” Â It’s vaporware and I wish it were more concrete already. The two plans sponsored by the government to help homeowners have been called the HAR plan [...]
March 2009
More bankruptcy courts are demanding mortgage servicers prove they are entitled to collect on a mortgage loan note before foreclosing. The fight over standing to appear in court runs deeper than technicalities and tactics to stall a lender. It is a matter of fundamental rights. A Missouri state appellate court recently joined the chorus of [...]
A Missouri appellate court concluded that a mortgage lender would not have standing to appear in court unless it could prove it was the true owner of the loan. Once again, old fashioned legal rules are getting in the way of convenience for the lending industry. A mortgage typically consists of two separate documents: A [...]
When you file a Chapter 7 bankruptcy, a trustee is appointed to oversee the process, make sure you have listed all of your assets and debts, and distribute any property of the estate to the unsecured creditors. Understanding what they do can make the process easier. First of all, it’s important to know how the [...]
Wells Fargo forecloses, homeowner leaves, mortgage company takes title and possession after the foreclosure sale. Nothing new there, foreclosures are epidemic throughout the country, especially in Michigan, and this involves a house in Detroit. The twist? Mortgage company changes its mind, hires a lawyer, pays more money out of pocket, files a lawsuit to undo [...]
Every bankruptcy lawyer I know has had this experience. No matter what the stated procedure for providing paperwork in an organized fashion, a new client drops by the office unannounced, and drops off an enormous, amorphous mass of paper, usually including a stack of unopened bills. One lawyer I know calls this phenomenon the “dump [...]
