In the years immediately preceding the real estate collapse and the larger crash of the US financial service a handful of the players in the subprime industry became more and more aggressive in the loans they were writing. In order to do so, the lenders lowered their already low borrower qualification guidelines in order to [...]
Entries from October 30th, 2009
New Century, Argent and Ameriquest Mortgage- Massive Players in Massive Fraud
October 30th, 2009 · No Comments · Mortgage News
Tags:ameriquest·argent·modification·mortgage fraud·new century
Florida Supreme Court Publishes Comments From Matt Weidner on Residential Foreclosures
October 28th, 2009 · No Comments · Foreclosure
On August 17, 2009, The Florida Supreme Court Residential Mortgage Foreclosure Task Force published its Final Report. The report, the full text of which can be found at http://www.dailybusinessreview.com/images/news_photos/56852/MASTERDRAFTAug14.pdf offers a blistering commentary on many of the fraudulent, unethical and illegal tactics being employed by lenders and Plaintiffs firms who are pursuing foreclosure cases on [...]
Tags:bankruptcy·florida supreme court·Foreclosure·matt weidner·residential mortgage task force
The Subprime Mortgage Industry Crash and Countrywide Mortgage
October 27th, 2009 · No Comments · Mortgage News
The information contained in this blog is taken directly from “Chain of Blame”, http://www.chainofblame.com/a fascinating commentary on the meltdown of the American financial system which was named one of the ten best business books of the year by Bloomberg News. http://www.bloomberg.com/apps/news?pid=20601088&sid=am5wffhiJV9c
The current meltdown of the American economy began in Southern California in the late 1980’s. [...]
Tags:Attorney·countrywide·deed in lieu·Foreclosure·mortgage·pinellas
Love Your Country? Want to Help Improve the Economy? Stop Paying Your Mortgage!
October 26th, 2009 · No Comments · Mortgage News
The following is a mind-blowing excerpt from today’s Wall Street Journal entitled, “Household Debt Can Hasten Recovery, When It Goes Unpaid” the full text of the article can be found here http://online.wsj.com/article/SB125651175580806989.html
The Federal Reserve puts US household debt, including mortgage debt, at about $137 trillion or 125% of annual aftertax income. Experts believe this number [...]
Tags:bankruptcy·foreclosure attorney·foreclosure defense·foreclosure plan·hamp·matt weidner·modification·pinellas·reo·short sale
Can’t Get a Mortgage Modification? Here’s Why….
October 25th, 2009 · No Comments · Mortgage News
In a July 2009 report, the United States Government Accounting Office (GAO) issued an analysis and report detailing problems with the Home Affordable Modification Program, a program operated by the Department of Treasury under the Troubled Asset Relief Program (TARP), the HAMP program represents the US government’s primary response to the residential mortgage crisis. The [...]
Plaintiffs May Not Have the Right To Foreclose!
October 24th, 2009 · No Comments · Foreclosure
One of the most interesting aspects of the mortgage crisis sweeping the country. Is the fact tath many of the lenders that are pursuing these cases may not have the legal capacity to pursue the case because they may not have legal ownership of the underlying mortgage obligation.
The explanation for this lack of ownership rests [...]
Tags:banks fight foreclosure·court foreclosure·right to foreclose
Short Sales and Legal Pitfalls for Realtors
October 20th, 2009 · No Comments · short sale
A frequent topic of consultation between myself and many of the Realtors that I work with is the increased liability agents face in the current economic environment and when negotiating short sales in particular. Given the additional risks and confusion in a short sale transaction, the potential risks are magnified and agents are cautioned to [...]
Tags:Attorney·Foreclosure·homeowner·pinellas county·realtor·short sales·tax liability
Short Sales, the Florida “FAR BAR” Contract and Lender Approval
October 20th, 2009 · No Comments · short sale
Under the existing FAR BAR Residential Real Estate Contract and its companion Short Sale Addendum, a contract may be formed between the buyer and seller that requires the buyer to close even if the lenders do not explicity and clearly waive all claims to pursue a deficiency judgment against a homeowner who is obligated under [...]
Tags:bankruptcy·foreclosure attorney·foreclosure defense·foreclosure plan·hamp·lost note·matt weidner·modification·pinellas·reo·short sale
Bank of America and Record Losses—More to Come
October 17th, 2009 · No Comments · Mortgage News
In news that is directly related to the foreclosure crisis in Pinellas County, Florida, Bank of America last week announced losses totaling more than one billion dollars for the third quarter of 2009. See story here. http://www.latimes.com/business/la-fi-bank-america17-2009oct17,0,4906039.story?track=rss So why should the everyday American be concerned with this? Well, anyone involved in fighting Bank of America [...]
Tags:Attorney·bank of america·countrwide·Foreclosure·short sale
Lost Note, the “Missing Paperwork Strategy” and Foreclosure
October 15th, 2009 · 9 Comments · Foreclosure
Hot off the presses is a recent Florida 4th Circuit Court Opinion which dismissed a foreclosure case when the Plaintiff could not substantiate its right to maintain the foreclosure action. Among other problems with the Plaintiff’s complaint is the fact the note was lost. If this strategy was pursued aggressively by homeowners in foreclosure, I’d [...]
