Foreclosure Investigation

The question is: is this good politics or good legal practice... or both I suppose. "The attorneys general of all 50 U.S. states announced Wednesday that they are joining to probe mortgage loan servicers who are accused of submitting false affidavits, but they stopped short of calling for a...

The Foreclosure Mess and Compliance

Why is the foreclosure machinery of our nation's largest banks suddenly grinding to a halt? The "Produce the Note" movement, encouraging consumers to challenge the lender in foreclosure and make them produce the note. It's not about proving you are current on your mortgage. It's...

Does the End of the Foreclosure Freeze Mean the Problems are Solved?

As banks lift their foreclosure freezes, many people may assume that the banks have solved their problems in documenting foreclosures. I suggest this is not the case. To understand this, keep in mind one of the problems. This is that an electronic package of mortgages owned by Bank A might list...

Directors Beware! Next Crisis is Upon Us

Don't look now public company directors, but the next financial crisis may be upon us and it looks a lot like the 2008 crisis that was borne out of the housing bubble. Apparently, the underlying cause of the collapse of the mortgage-backed securities (MBS) and collateralized debt obligations...

NY Courts’ New Rule Could Slow Down Foreclosures

As reported on Law.com , the New York state court system has directed lawyers moving for foreclosures to file an affirmation that they have verified the accuracy of the papers they are filing in support of the foreclosure. While lawyers regularly operate under ethical obligations to ensure that the...

What’s a Troubled Homeowner to do?

Because you generally cannot modify your mortgage on your primary residence in a bankruptcy case, I often suggest that people who are most troubled by their mortgage debts seek assistance outside of bankruptcy. I had high hopes for the Obama mortgage programs, including the Home Affordable Mortgage...

Recent Case: Bank’s Have to Prove Legal Right to Foreclose, Before They Foreclose

This should not be such an important decision. The fact that it is heralded as important shows how little is expected from banks in the way of legal documentation for their claims. Thus far into the great real estate meltdown, banks may have been able to get away with little or no proof that they...

Compliance and Foreclosures in Massachusetts

Why is the foreclosure machinery of our nation's largest banks grinding to a halt? Failure to follow the legal rules. In other words: Compliance Failure. The latest comes from my home state of Massachusetts. The state's highest court ruled that two foreclosures were invalid because they...

Prediction: Increased Foreclosures

Here is an article which predicts that 2011 will be a banner year...for foreclosures. "'Early indications in January were that this robo-signing related delay will be over by the end of first quarter if not sooner,' says RealtyTrac's Rick Sharga. 'I think we're going to see...

Justice for Soldiers Who Lost Their Homes But Changes to Legal System Needed

A bank's foreclosure on U.S. Army Sgt. James Hurley's house presents another reason- in a long line of reasons- that the American legal system must be revamped. Maybe, our legal system should be more like the British system where the loser has to pay the costs and attorneys fees of the prevailing...

U.S. Supreme Court Refuses To Hear Law Firm's Appeal Regarding Debt Collection

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Jan. 23 declined to hear a case in which the Third Circuit U.S. Court of Appeals had determined that a law firm's communication with a Chapter 13 debtor pertaining to the foreclosure of her home was a violation of federal debt collection...