Legal

DIFFERENCES BETWEEN JUDICIAL AND NON-JUDICIAL FORECLOSURE PROCESSES From the inception of a new mortgage loan, all lenders and servicers must follow both federal AND state procedure throughout the entire mortgage servicing process. Mortgage servicing is the process of collecting payments from a borrower. Federal and state foreclosure processes must also be followed because those processes…

What Constitutes a Wrongful Foreclosure? Wrongful foreclosure is a civil cause of action, often based on allegations of fraud, but also for violations of statutes, regulations and processes. Violations and fraud can occur across multiple facets of the mortgage servicing process, through the collections and foreclosure process, and even into the eviction process. Lenders and…

Court Ruled Bank of America CAN be sued for HAMP Denials as part of Racketeering charges Homeowners who were denied HAMP, participated in a 2013 class action suit against Bank of America for non-participation in the Making Home Affordable Program, in spite of that requirement of the federal bailout. The 10th U.S. Circuit Court of…

NEW CFPB Protection To HELP STOP FORECLOSURE of Your Home. On August 4, 2016, the Consumer Financial Protection Bureau, the entity charged with protecting consumers’ finances issued a final rule, amending the 2013 Mortgage rules under RESPA (Real Estate Settlement Procedures Act), also referred to as “Reg X”; and amending TILA (Truth in Lending Act)…

HELOC Conversion to Amortized Loans Creating New Wave Of Defaults Many Home Equity Lines of Credit, or HELOCs, issued before the mortgage industry crash, were structured so that interest only were the required minimum payments for the first ten years, then becoming fully amortized (principal plus interest) for the next 15 to 20 years of…

FORMER CEO OF CREDIT UNION charged with Bank Fraud Though less bank fraud is seen today than a decade ago, the numbers in individual instances can be staggering. Following an FBI conducted investigation, Sean E. Jelen, who served as CEO of Valor Federal Credit Union from July 2014 to August 2015; was recently accused of…

Blog Article: Another Housing Bubble here in the US? Experts seem to agree that the US is headed to another housing bubble. What they do not agree on, is why. When asked if his easy Mortgage Rocket App was making mortgages too easy, Quicken Loans CEO, Jay Farner warns that mortgage originations are flat, and…

US JUSTICE DEPARTMENT MORTGAGE FRAUD CASE AGAINST FORMER COUNTRYWIDE CEO, ANGELO MOZILO IS DROPPED Eight years after the great recession began and Countrywide was acquired by Bank of America, the civil case against co-Founder and Former Countrywide CEO, Angelo Mozilo, has been dropped. The US Justice Department civil case alleged defrauding of investors in mortgage-backed…