Three of the five big banks who settled charges of mortgage lending abuse have failed to live up to their settlement commitments. Who’s surprised that Bank of America, JPMorgan Chase and Citigroup were each found wanting by the watchdog appointed to monitor their compliance? Monitor Joseph Smith reported that these banks flunked 7 of the […]
Easy Ways To Avoid HOA Fees After Bankruptcy
After a bankruptcy discharge, your ongoing liability to your home owners association lives on. It’s the debt that won’t die. Bankruptcy discharge and HOA dues The bankruptcy discharge wipes out your personal exposure to unpaid, unsecured HOA dues owing when you filed your bankruptcy. If the HOA had a perfected lien, the lien for […]
Lost Homes, Cut Off Creditors & Whack A Mole
Those who lost homes in the Great Recession may not be home free yet. Two kinds of creditors have claims that can be expected to pop up like figures in Whack a Mole: home equity lenders whose liens were cut off or released in foreclosure or short sale unpaid homeowners associations Let’s look at the […]
California Extends Protection For Home Loan Borrowers
One of the home refinance pitfalls for Californians bit the dust. Starting January, 2013, antideficiency laws that protect home loan borrowers from personal liability have been expanded to include a refinanced purchase money loan. If a borrower refinances a loan used to buy a property in which he will live, he will no longer lose […]
Borrowers Beat Wells Fargo In Trial Modification Case
The mortgage modification process has long felt like a match between David and Goliath. Homeowners have visions of negotiating with their lenders only to find that it’s a take-it-or-leave it proposition. All of the cards, and all of the choices, seemed to lie with the lender. The 9th Circuit Court of Appeals just evened the […]
Does Foreclosure Forever Keep Me From Homeownership
If I lose this house, will I ever be able to buy a house again? That, in a nutshell, is the central worry of Bay Area homeowners who face foreclosure or short sale of their homes. That worry drives lots of homeowners to cling irrationally to a too-expensive house. Fall out of home ownership and […]
Debt Buyer Gets Less Than It Bargained For
No way, said the court. A debt buyer who sued a foreclosed borrower, not for money owed, but for fraud in obtaining the loan, was slapped down by a California appeals court. Because the loan it bought was used to buy a home, California’s anti deficiency statute prevented the lender or the debt buyer from […]
When Foreclosure Requires You Move
When you’ve decided to walk away from a house you can no longer afford, don’t overlook the opportunity to be paid to move out. The foreclosure crisis brought with it a new phenomenon: cash for keys. The banks who bought the house at foreclosure realized that it is cheaper and more orderly to pay the […]
Bankruptcy Trustees And The Short Sale Racket
Can a bankruptcy trustee force the sale of the debtor’s underwater home? Incredibly, that seems to be happening in some districts. Here’s how the scheme works. The bankruptcy trustee cuts a deal with the secured lender for a small piece of the action to come to the bankruptcy estate from a short sale. In return, […]
Mortgage Servicers Lie To Homeowners-Try That With A Judge
You were right: no institution could lose that much paper. Otherwise, there would be a paper dump outside each branch bank. Bank loan modification staffs were instructed to lie about whether they had the borrower’s application and rewarded for pushing homes into foreclosure. What we suspected all along was confirmed under oath in a New […]
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