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Real Estate & Property Law

The Home Equity Theft Reporter

Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues.
By r morris

Post Frequency: 25.7/day

Last Entry: September 06, 2017 at 04:02:00

Minnesota Men Convicted In Straw Buyer, Home Flipping Mortgage Fraud Scam Involving $100M In Fraudulently Obtained Loans

Posted on December 19, 2008
In Minneapolis, Minnesota, the Minneapolis Star Tribune reports: Two metro-area men have been found guilty of racketeering and multiple counts of theft in Hennepin County District Court for their role in one of the state's largest mortgage fraud cases, worth approximately $100 million...

"Money Store" Suspects In Sale Leaseback, Foreclosure Rescue Scam Continue To Fall

Posted on December 19, 2008
In Greenbelt, Maryland, The Associated Press reports: A Fort Washington woman has pleaded guilty in a scheme to defraud homeowners facing foreclosure. Jennifer McCall, 47, pleaded guilty in federal court Thursday to conspiracy to commit mail and wire fraud...

Utilities Shutoff In Rental Building Facing Foreclosure Force Tenants To Take Over Landlord's Unpaid Bills

Posted on December 19, 2008
In Miami, Florida, The Miami Herald reports: [M]ore than once over the past year, tenants of [a recently abandoned and in foreclosure] 11-unit Liberty City complex had come home to find the water shut off. Eventually, they stopped paying rent and took the matter into their own hands, forming a kind of rudimentary condo association to manage the property at 1575 NW 69th St...

Ist Mortgage Loan Modifications May Hit Road Block When Second Mortgages, HELOCs Are Involved

Posted on December 19, 2008
Dow Jones Newswires reports: Abu Hafizuddin inthe Village of Huntley, Ill., has applied to get his mortgage modified after missing payments. But more flexible terms may still not save him from foreclosure. The problem is that he's behind on another set of payments tied to his property: his home-equity loan...

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"No-Deficiency" Laws Give Homeowners "Get Out Of Jail Free" Card When Walking Away From Unaffordable Mortgages

Posted on December 19, 2008
The Associated Press reports: Mortgage law experts say the incentive to walk away from a home loan is highest in states that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after foreclosure."These anti-deficiency laws make a huge impact on foreclosure rates because they are basically 'get out of jail free' cards," said Todd Zywicki, a law

Active Servicemembers Entitled To Waiver Of Prepayment Penalty On Home Mortgages In Some Cases

Posted on December 19, 2008
From the Civil Rights Division of U.S. Department of Justice: The Justice Department [Monday] announced the resolution of its investigation of Homecomings Financial, LLC (Homecomings), under the Servicemembers Civil Relief Act (SCRA). The SCRA suspends or modifies certain civil obligations of individuals serving on active duty in the military...

NYS Bar To Make Foreclosure Defense Training Seminar Available Online

Posted on December 19, 2008
In connection with a recent foreclosure defense training seminar for attorneys recently held in Queens, the New York State Bar Association announced: [F]or attorneys who were not able to attend, the program will be recorded, and course materials will be made available both online and to all local bars and legal service offices throughout the state to help train more attorneys to handle

Florida Legal Aid Attorney Earning National Reputation For Foreclosure Defense Both As Advocate For Clients & Trainer For Other Lawyers

Posted on December 19, 2008
In Jacksonville, Florida, MSNBC.com reports: [April] Charney, a lawyer with the Jacksonville Area Legal Aid agency, is quickly developing a national reputation as a champion of homeowners facing foreclosure and a serious adversary for those attempting to take possession of those homes...

Upstate NY Foreclosure Rescue Operator Files For Ch. 11 Bankruptcy Protection; Over 40 Current Sale Leaseback Deals Listed On Petition

Posted on December 19, 2008
In Albany, New York, the Daily Gazette reports: Geoffrey Goldman over the past two years portrayed himself as a savior in the foreclosure crisis. He made a living by buying homes from cash-strapped owners who wouldn?t be kicked out after sales closed and could even buy the properties back under leaseback agreements...

Putnam County, Ohio Now Offers Free Legal Assistance For Qualified Homeowners Facing Foreclosure

Posted on December 19, 2008
In Ottawa, Ohio, LimaOhio.com reports: Putnam County Common Pleas Judge Randall Basinger and the Putnam County Bar Association have announced the formation of a referral system to provide free legal assistance for homeowners facing foreclosure in Putnam County...

FTC, Pennsylvania Lender Settle Race Bias Charges; Borrowers Credit Risk Didn't Warrant Higher Loan Costs, Say Feds

Posted on December 18, 2008
In Horsham, Pennsylvania, the Philadelphia Inquirer reports: Gateway Funding Diversified Mortgage Services L.P., a Horsham mortgage lender, has settled federal allegations that it charged African Americans and Hispanics higher prices for loans than it did white borrowers, the government said yesterday...

Disbarred Lawyer Convicted Of Forging Lien Release, Satisfaction Of Mortgage On Loans Secured By His Property Wins Termination Of Sentence

Posted on December 18, 2008
In Naples, Florida, the Naples Daily News reports that, after serving 3 years of house arrest, a disbarred real estate attorney has been relieved of having to serve the 12 additional years probation originally contained in his sentence in connection with a January, 2005 no contest plea to two counts of grand theft of more than $100,000 and forgery...

Mass AG: Firm Agrees To Remove Mechanics Liens On Houses; Resolves Complaints By Paid-In Full Homeowners Of Improper Squeezing By Contractor, Supplier

Posted on December 18, 2008
From the Office of the Massachusetts Attorney General: Attorney General Martha Coakley?s Office has entered into a settlement agreement with [...] National Lumber Company resolving a civil investigation into National Lumber?s placement of liens on the homes of at least ten Massachusetts consumers totaling approximately $260,000, as well as National Lumber?s business relationship with

IRS To Stop Dragging Their Feet On Subordination, Discharge Requests Involving Federal Tax Liens In Attempt To Speed Up Loan Mods, Short Sales

Posted on December 18, 2008
From an Information Release issued by the Internal Revenue Service: The Internal Revenue Service [this week] announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing [or modification] of mortgages or the sale of a home...

NY Governor Stiffs State Judges On Pay Raise Despite Sharp Spike In Caseload; Legal Aid Programs Also Get The Shaft

Posted on December 18, 2008
In Albany, New York, the New York Law Journal reports: Governor David A. Paterson praised the Judiciary for making an austere spending request even while the courts confront an influx of foreclosure, personal debt and other cases related to the "greatest economic and fiscal challenge of our lifetime...

Colorado Slaps Subpoenas On 13 Loan Modification Firms; Creating Fear To Squeeze Cash From Consumers Concerns State Regulator

Posted on December 18, 2008
In Denver, Colorado, The Denver Post reports: The Colorado Division of Real Estate has issued subpoenas to 13 mortgage loan-modification companies in Colorado, California and Arizona.(1) "Our concern is that there appear to be fly-by-night operations that are soliciting Colorado consumers who appear to be in trouble," said Erin Toll, director of the division...

Cook County Chief Judge Seeks Cash For Courts As Foreclosure Filings Skyrocket; Current Funding To Process Cases Falling Short

Posted on December 18, 2008
In Chicago, Illinois, WBEZ Radio 91.5 FM reports: The sky-rocketing number of home foreclosure cases has the Chief Judge of the Cook County Circuit courts trying to muster up more cash. Judge Tim Evans is looking for an extra $8 million to run the court system next year [...

State Budget Cuts Leading To "De Facto" Foreclosure Moratorium?

Posted on December 18, 2008
In Tallahasse, Florida, The Associated Press reports: Florida courts already are jammed with more criminal and foreclosure cases due to the sagging economy, but the backlog will get only worse if their budgets are cut again, judges told lawmakers Wednesday...

"Hope for Homeowners" A Hopeless Program?

Posted on December 17, 2008
NBC Nightly News ran a story tonight on the "Hope for Homeowners" program created by Congress this summer to help those financially strapped individuals facing the loss of their homes. Reportedly, the results of this program so far have been dismal. For the story (video only; running time, including 30 second commercial, about 3 minutes), see Foreclosure fix bogus, HUD says.

Missouri "Contract For Deed" Operator Hit With CD Order By Securities Regulator, Preliminary Injunction By State AG

Posted on December 17, 2008
In Springfield, Missouri, the Springfield News Leader reports: The Missouri Securities Division [yesterday] issued a cease-and desist order against Greenleaf Companies of Springfield, its subsidiary and owners Eric Gagnepain and Scott Dasal prohibiting them from offering their real estate investment program, said Ryan Hobart, spokesman for the Missouri Secretary of State?s office...

Solicitors For Loan Modification Firms "Loitering" At Free Foreclosure Prevention Seminars Seeking New Business Get The Boot

Posted on December 17, 2008
Buried in a recent story on loan modification firms in The Sacramento Bee is this blurb on how some of the companies are reportedly attempting to drum up business: [L]ast week, vendors passed out postcards for modification firms at a free Hope Now foreclosure-prevention workshop in Sacramento...

Foreclosure Rescue Scammer Convicted On State Charges Now Faces Federal Bankruptcy Fraud Allegations Involving Fractional Interest Deed Transfers

Posted on December 17, 2008
In Oakland, California, the San Francisco Chronicle reports: A Livermore business owner is facing federal charges for allegedly taking advantage of the mortgage crisis by running an elaborate foreclosure rescue scam, court records show. Sonia Alburez, 37, [...

Washington Woman Faces Forgery, Theft Charges In Refinancing Scam; Accused Of Using Stolen Notary Stamp, Abusing POA In Scheme To Pocket $32K

Posted on December 17, 2008
In Bremerton, Washington, the Kitsap Sun reports: A Bremerton woman was charged with forgery and theft [...] after an investigation found she'd stolen a notary stamp and taken more than $32,000 through refinancing schemes where she served as a power of attorney, according to documents filed in Kitsap County Superior Court...

Legal Aid Effort In Connecticut Has Nationwide Effect As Fannie Persuaded To Reverse Course On Foreclosure Evictions; Freddie Expects To Follow Suit

Posted on December 17, 2008
In Hartford, Connecticut, The Hartford Courant reports: What began with a single mother in Hartford fighting her eviction has led to a policy change by Fannie Mae allowing renters to remain in their homes after their landlords are foreclosed on, a switch that could help thousands of renters across the country...

Cleveland Housing Non-Profit Files Suit Stalling Sales Of 36 Foreclosed Homes; Seeks Order Directing Lenders To Either Repair Or Demolish Structures

Posted on December 17, 2008
In Cleveland, Ohio, The Cleveland Plain Dealer reports: A Cleveland nonprofit group thinks it has found the legal tool needed to stop banks from dumping dilapidated, foreclosed properties back into the real estate market for pennies on the dollar.Cleveland Housing Renewal Project Inc...

Use Of "Facebook" Approved For Serving Legal Notice, Rules Australian Court

Posted on December 16, 2008
In Canberra, Australia, The Associated Press reports: A court in Australia has approved the use of Facebook, a popular social networking Web site, to notify a couple that they lost their home after defaulting on a loan.The Australian Capital Territory Supreme Court last Friday approved lawyer Mark McCormack's application to use Facebook to serve the legally binding documents after several failed

Downtown Chicago Condo Developers Stuck With Slow Moving Inventory Lean On Lenders' Leniency To Avoid Default, Foreclosure

Posted on December 16, 2008
In Chicago, Illinois, Crain's Chicago Business reports: Chicago's downtown condominium developers got all the loans they wanted during the real estate boom. Now they're asking lenders for something else: time.A growing number of high-rise developers, including Donald Trump, have sought or already received extensions on construction loans coming due...

Second Wave Of Mortgage Defaults On The Horizon?

Posted on December 16, 2008
CBS' 60 Minutes ran a story Sunday night reporting: [A]s correspondent Scott Pelley reports, it turns out the abyss is deeper than most people think because there is a second mortgage shock heading for the economy. In the executive suites of Wall Street and Washington, you're beginning to hear alarm about a new wave of mortgages with strange names that are about to become all too familiar...

Ex-Pastor, Ex-Banker Charged With Mortgage Fraud, Forgery, Theft By Deception, Etc. In Alleged Scheme To Swindle Church Members

Posted on December 16, 2008
In Macon, Georgia, the Macon Telegraph reports: A former Macon pastor and a former Macon banker were indicted [last] Tuesday by a Bibb County grand jury on RICO charges stemming from an alleged scheme to swindle church members into taking out fraudulent loans totaling more than $600,000, according to court records...

Mosque Leader Gets 20 Years On Deed Theft Scam Targeting The Elderly & Deceased

Posted on December 16, 2008
In Miami, Florida, The Miami Herald reports: An officer at a Liberty City mosque was sentenced to 20 years in prison on Tuesday for his role in a housing scam that stole homes from the elderly -- and even from dead people. Sameer Muhammad, the vice president of Muhammad Mosque No...

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