Foreclosure

The Summer that Foreclosures and Delinquencies Stabilized Did you know that foreclosures usually spike in summer months? Black Knight June 2017 First Look at Mortgage Data report, states foreclosure rates are holding steady month over month as of June 2017. Loan delinquencies in the US are at 3.8 percent (this rate is referring to loans…

Wells Fargo in New Scandal – This Time Over Unauthorized Mortgage Modifications Wells Fargo is back in court. According to attorney Theodore Bartholow III, who represents the plaintiffs Christopher and Allison Cotton, Wells Fargo has secretly modified his client’s mortgage resulting in an extension of the mortgage term by over 25 years. According to the…

Fast-Track Foreclosure’s Spreading Across Nation in Blight Fight The volume of first time Foreclosures in the U.S. have declined. Still, houses vacated by owners who did not feel they could save their homes, continue to plague major cities across the United States. Fast-Track foreclosure laws are being passed by several states, including Florida, New Jersey,…

Chase Originator Pleads Guilty -$33M Former Chase Mortgage Originator pleads guilty to fraud costing Chase $33 million! How the Fraud Happened: Underwriters base approvals, as well as interest rates and loan amounts on the amount of risk inherent in a loan application. That risk has traditionally been calculated on the 5 C’s of credit underwriting:…

Ruling Wrongful Foreclosure Dismissed in Appeals Wondering if the homeowner ever wins? The short answer is YES. It may be in an appeals court, but if you know you are right, and that the foreclosure process was improperly handled, then it may be worth the court and attorney costs plus the time involved in resolving…

FHA Mortgage Foreclosure Reversed: Court wants Lender to prove the followed correct procedure FHA loans have been widely used, more so since the implosion of sub-prime lenders, for mortgages where insufficient documented credit is available, or where credit is less than perfect for other reasons. In Ohio, in Lakeview Loan Servicing LLC v. Dancy, the…

Just a heads up for those who were still unaware and a reminder for those who may have forgotten about the new law: September 29, 2016, California passed a new bill into law called the Homeowner Survivor Bill of Rights or SBOR. SBOR, which went into effect January 1, 2017, should be of significant assistance…