Foreclosure News

13 Apr Federal Government Orders Mortgage Lenders to Reimburse Homeowners for Improper Foreclosures

A joint report by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency found significant irregularities in the foreclosure activities of ten of the nation's largest mortgage lenders, and ordered those lenders to "remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies." According to the press release issued by the Federal Reserve, "these deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions." Under consent orders agreed to by the lenders and the federal agencies noted above, the lenders - which includes Citibank, Bank of America, JPMorganCase and Wells Fargo - must audit foreclosures conducted in 2009 and 2010 within the next 45 days, and compensate injured homeowners.
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20 Feb Can Collective Union Action Force Mortgage Modifications?

Congress has been unable to passany legislation that would allow for effective modification of mortgages. And the HAMP program is failing miserably. Two New York unions, however,have come up with theidea that collective action through the market may get the needed results. The heads of...

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15 Feb Beware of Mortgage Deficiency Claims

In recent months, I have seen a decided increase in the number of mortgage deficiency claims. A deficiency claim, as you may know, represents the difference between the outstanding balance on a mortgage note and the fair market value of a piece of property. In Georgia, where I practice, real estate values have traditionally gone up. Thus, deficiency claims by first mortgage lenders were exceedingly rare and even claims by second mortgage holders were uncommon. Like many states, Georgia has been hit hard by the economic downturn of recent years. Home values in just about every price range have gone down and I regularly see situations where a home may be valued at only 75% or even 50% of the outstanding mortgage balance.
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07 Feb Do-It-Yourself Foreclosure Help Increasing But It’s Still Good to Talk to a Bankruptcy Lawyer

A recent New York Times article, Foreclosed Homeowners Go to Court on Their Own, begins: ALBUQUERQUE — Saving your home from foreclosure is increasingly a do-it-yourself project. The article features an hour-long workshop started in my state of New Mexico by the nonprofit Fair Lending Center, a...

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27 Dec HAMP Mortgage Modifications and Bankruptcy

HAMP, the Home Affordable Modification Program which can modify a mortgage, is no way to avoid bankruptcy. It's a heart-breaker. It builds up false hopes andthendestroys them. That's my conclusion from reading the new Congressional Oversight Panel report. I haven't written on HAMP because I've questioned...

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