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 )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 )Deutsche Bank v. Debra Abbate Etal.
Deutsche Bank National Trust Company, AS TRUSTEE FOR THE CERTIFICATE HOLDERS OF CARRINGTON MORTGAGE LOAN TRUST 2005-OPT2, ASSET-BACKED CERTIFICATES, SERIES 2005-OPT2, Plaintiff against Debra Abbate, CARMELA ABBATE, KIM FIORENTINO, BOCCE COURT HOMEOWNERS ASSOCIATION, INC., NEW YORK CITY ENVIRONMENTAL CONTROL BOARD, NEW YORK CITY TRANSIT ADJUDICATION BUREAU, NEW YORK CITY PARKING VIOLATIONS BUREAU, and “JOHN DOE [...]
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 )Ruling by judges rattles mortgage industry
A bankruptcy judge here, joining judges across the country, is throwing a bit of sand in the gears of the mortgage machine and its ruthless foreclosure blade. She has raised this issue: In many home foreclosures springing out of bankruptcy proceedings, the foreclosure is being triggered by a representative of the lender — a surrogate [...]
Read Full Post | Make a Comment ( None so far )Massive Relief for Homeowners and Trouble for Banks
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action [...]
Read Full Post | Make a Comment ( None so far )U.S. partners in home loan modifications accused of broad abuses
WASHINGTON — Billions of dollars that the government is spending to help financially pressed homeowners avert foreclosure are passing through — and enriching — companies accused of preying on the people they are supposed to help, an Associated Press investigation has found.The companies, known as mortgage servicers, collect monthly payments from homeowners and funnel the [...]
Read Full Post | Make a Comment ( None so far )Washington Mutual v. Raymond & Rhonda Payne
WASHINGTON MUTUAL BANK, NA, Plaintiff, v. RAYMOND R. PAYNE AND RHONDA K. PAYNE, Defendants. Supreme Court, Suffolk County. Decided June 15, 2009. Shapiro & DiCaro, LLP, Rochester, NY, Attys. for Plaintiff. David Gevanter, ESQ., Hicksville, NY, Attys. for Defendants. THOMAS F. WHELAN, J. ORDERED that this motion (#004) by defendant, Raymond R. Payne, for an [...]
Read Full Post | Make a Comment ( 1 so far )Why banks want you all alone when negotiating a loan modification
They are telling you to run away from loan modification companies who charge a fee. They are paying the politicians to introduce laws making it difficult for you to hire an attorney when negotiating a loan workout. They want you to contact them directly and without the assistance of an advocate. They are scaring you [...]
Read Full Post | Make a Comment ( 1 so far )Loan Modifications up 55% in Q1
The pace of home loan modifications shot up during the first quarter, but so did mortgage payment delinquencies and foreclosures, U.S. bank regulators said on Tuesday.
The quarterly report on mortgage metrics showed that the quality of modifications improved, with more than half of them resulting in lower monthly principal and interest payments.
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