Citi Mortgage made a dramatic announcement on December 17, 2009 shouting that they were suspending foreclosure activity across the country. A copy of that annoucement can be found here and the Citi website can be found here.
While that sounds dramatic and wonderful and all that, the absurd thing about it is this dramatic program only [...]
Entries Tagged as 'Attorney'
Citi Suspends Foreclosures Will/Should Other Lenders Follow Suit?
December 21st, 2009 · No Comments · Foreclosure
Tags:Attorney·citi·citimortgage·deed in lieu·Foreclosure·hamp·matt weidner·modification·short sale·suspend
Deed in Lieu- It’s For You~!
December 16th, 2009 · No Comments · deed in lieu
Deed-in-Lieu Frequently Asked Questions
A Deed in Lieu of foreclosure (DIL) is a disposition option in which [...]
Tags:Attorney·deed in lieu·Foreclosure·lawyer·lost note·matt weidner·pinellas·short sale
Fannie Mae and Freddie Mac Could Go Bankrupt
December 16th, 2009 · No Comments · Foreclosure
Fannie Mae and Freddie Mac are the two largest insurers and underwriters of residential loans in the US. In the wake of the mortgage meltdown, the Federal Government (that means you and me), pumped $400 billion into these institutions to prevent them from going bankrupt. Now the reason they were (and are) in such trouble [...]
Tags:Attorney·Foreclosure·hamp·lost note·mortgage·mortgage modification
Solution for your Foreclosure Problem? Just Walk Away!
December 10th, 2009 · No Comments · Foreclosure
An article in today’s Wall Street Journal illustrates one increasingly common solution for homeowners who are in foreclosure or trapped in a home where they owe more than it is worth—just walk away from the home and rent a comparable (or better) home elsewhere.
There are indeed very real consequences to adopting such a strategy, but [...]
Tags:Attorney·bankruptcy·deed in lieu·Foreclosure·hamp·lost note·matt weidner·modification·short sale·walk away
Florida’s Foreclosure Fraud Rescue Prevention Act
November 28th, 2009 · No Comments · Foreclosure
The Florida Legislature recently found that homeowners who are in default on their mortgages, in foreclosure, or at risk of losing their homes due to nonpayment of taxes may be vulnerable to fraud, deception, and unfair dealings with foreclosure-rescue consultants or equity purchasers.
In response, the Legislature passed Chapter 501.1377, The Foreclosure Rescue Fraud Prevention Act, [...]
Tags:Attorney·bankruptcy·foreclosure attorney·foreclosure rescue·fraud·lost note·matt weidner·mortgage modification·pinellas·reo·short sale
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
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
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 [...]
