Virginia Court Shoots Down “Splitting the Note” and “Double Recovery” Theories
In Forez v. Goldman Sachs Mortgage, Lexis 35099 (E.D Va. 2010) plaintiffs asserted that Defendants lacked “authority” to foreclose under Virginia’s non-judicial foreclosure statutes. Second, Plaintiffs argued that loan securitization bars foreclosure because securitization “splits” the Note from the Deed of Trust or because “credit enhancements” related to securitized notes absolve borrowers of any liability [...]
Read Full Post | Make a Comment ( 1 so far )Would you like a bag of chips with your frozen loan audit?
Every day I get calls from attorneys or people facing foreclosure asking about my services as a forensic loan auditor and expert witness. Generally the callers are reasonably well informed about my work and know what they can and cannot expect from an audit. But yesterday a nice lady from Ohio called and asked for [...]
Read Full Post | Make a Comment ( 11 so far )Fannie Mae to rent out homes instead foreclosing
Fannie Mae to rent out homes instead foreclosing By ALAN ZIBEL (AP) – 4 hours ago WASHINGTON — Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday. The government-controlled company, through its new “Deed for Lease” program, will allow [...]
Read Full Post | Make a Comment ( 1 so far )IN RE DARRELL ROYCE SHERIDAN, SHERRY ANN SHERIDAN, Chapter 7 Debtors.
Sheridan_decision In this Chapter 7 case, the trustee, Ford Elsaesser (“Trustee”), objects to amotion under § 362(d) for relief from the § 362(a) automatic stay.1 Motions under § 362(d) are common in bankruptcy cases.2 Most stay relief requests proceed promptly to entry of an order, after proper notice, without any objection. However, changes in mortgage [...]
Read Full Post | Make a Comment ( None so far )Foreclosures Are More Profitable Than Loan Modifications, According To New Report
Mortgage companies are more likely to foreclose on homeowners than modify their loans because they make more money off foreclosures, argues a new report by a consumer advocacy group. While homeowners, lenders and investors typically lose money on a foreclosure, mortgage servicers do not, says report author Diane E. Thompson, of counsel at the National [...]
Read Full Post | Make a Comment ( None so far )New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure. Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards [...]
Read Full Post | Make a Comment ( None so far )Memoranda in Support of Motions to Dismiss Foreclosure
2.3 Memoranda in Support of Motions to Dismiss Foreclosure 2.3.1 Memorandum in Support of Motion to Dismiss, Case #4 IN THE CIRCUIT COURT, FOURTH JUDICIAL CIRCUIT, IN AND FOR DUVAL COUNTY, FLORIDA. CASE NO.: DIVISION: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC., Plaintiff, vs. [DEFENDANT], DECEASED, ET AL Defendants. SEPARATE DEFENDANT, [SEPARATE DEFENDANT]’S MOTION TO CANCEL SUMMARY [...]
Read Full Post | Make a Comment ( None so far )Lawyers Tempted By Foreclosure Crisis
The foreclosure crisis has resulted in a lot of work for lawyers hired to try to help struggling owners hang onto their homes. But it has also resulted in a record number of complaints concerning claimed unscrupulous practices, some of which have already led to disciplinary action, according to a Daily Business Review article reprinted [...]
Read Full Post | Make a Comment ( None so far )Marcy Kaptur to Banks: “Produce The Note”
Fight Club entered popular culture in 1999 when director David Fincher adapted Chuck Palahniuk’s novel into a film that reflected the zeitgeist of modern America with its empty culture, obsession with aesthetic beauty, and slavish under and middle classes. Warning: Decade-old spoiler coming up. The film ends with the agents of “Project Mayhem,” protagonist Tyler [...]
Read Full Post | Make a Comment ( 1 so far )MERS v. Southwest Homes of Arkansas
MORTGAGE ELECTRONIC REGISTRATION SYSTEM, INC., APPELLANT, VS. SOUTHWEST HOMES OF ARKANSAS, APPELLEE No. 08-1299 SUPREME COURT OF ARKANSAS 2009 Ark. LEXIS 121 March 19, 2009, Opinion Delivered NOTICE: THE LEXIS PAGINATION OF THIS DOCUMENT IS SUBJECT TO CHANGE PENDING RELEASE OF THE FINAL PUBLISHED VERSION. SUBSEQUENT HISTORY: Rehearing denied by Mortgage Elec. Registration Sys. v. [...]
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