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PACE Bill Introduced

By Angelica | Apr 11, 2017 | Comments Off on PACE Bill Introduced

New Bill targets predatory lending on energy improvements: The Protecting Americans and Credit Entanglements Act This Week, three Republican senators introduced a bill intended to prevent predatory lending practices connected to the financing and installation of solar energy panels…as in PACE (Property Assessed Clean Energy) loans. Or, as I will refer to it (Predatory Aging…

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The PACE of Foreclosure in Green Mortgages

By Angelica | Apr 7, 2017 | Comments Off on The PACE of Foreclosure in Green Mortgages

The PACE of Foreclosure in Green Mortgages: GreenLoans putting homeownership at risk PACE (property Assessed Clean Energy) loans might not be as clean as their title suggest. The Government encouraged the program, but in 2010, FNMA (Federal National Mortgage Association aka Fannie Mae) halted participation in the program due to the acceleration clause. PACE loans…

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45 Million Dollar BOA Fine

By Jo Gardner | Apr 6, 2017 | Comments Off on 45 Million Dollar BOA Fine

5g4XYq25-2Q 700 400 default Judge’s $45 Million Bank of America Fine No Laughing Matter In an incredible Wrongful Mortgage Foreclosure case, California bankruptcy Judge Christopher Klein was so appalled by Bank of America’s (BOA’s) willful disregard for US foreclosure law and for its own customers, that he levied a $45 million punitive damages judgment, with…

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Federal vs. State Foreclosure Law Suit

By David Norton | Nov 3, 2016 | Comments Off on Federal vs. State Foreclosure Law Suit

Federal vs. State Foreclosure Law Suit Federal vs. State Foreclosure Law Suit Previously we learned that states have a choice in how they regulate home loan transactions and the types of rules and contracts used. They are either JUDICIAL states which require the contract to be a MORTGAGE, or in NON-JUDICIAL states, which utilize a…

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Judicial VS Non-Judicial Foreclosure States

By David Norton | Nov 1, 2016 | Comments Off on Judicial VS Non-Judicial Foreclosure States

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…

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What Constitutes a Wrongful Foreclosure

By David Norton | Oct 21, 2016 | Comments Off on What Constitutes a Wrongful Foreclosure

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…

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Bank of America Can Be Sued for HAMP Denials

By Angelica | Sep 12, 2016 | Comments Off on Bank of America Can Be Sued for HAMP Denials

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…

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New CFPB Protection Could Stop Foreclosure

By Angelica | Sep 12, 2016 | Comments Off on New CFPB Protection Could Stop Foreclosure

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)…

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HELOC Conversion Creating New Defaults

By Angelica | Aug 31, 2016 | Comments Off on HELOC Conversion Creating New Defaults

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…

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Bank Fraud: Another Former CEO Charged

By Angelica | Jun 23, 2016 | Comments Off on Bank Fraud: Another Former CEO Charged

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…

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