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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…
Read MoreCa0oHUiWrd8 700 400 default CFPB Suit against Ocwen alleges lack of Foreclosure Protection… And total Failure of Mortgage Servicing Process In a 93 page complaint recently filed in Southern District of Florida, the Consumer Financial Protection Bureau alleged that Ocwen Financial Corporation, Ocwen Mortgage Servicing, Inc. and Ocwen Loan Servicing, LLC, collectively “Ocwen” “…improperly calculated…
Read MoreJqjsB1GgGJ0 700 400 default Know the People Who Affect How Your Mortgage Servicing Is Handled The Servicing Association has a new Chairman. Ray Barbone, not to be confused with the shady character named Ray Barboni in the movie Get Shorty, is a well credentialed Executive Vice President (EVP) of Mortgage Services at BankUnited. BankUnited, the…
Read MoreJust 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…
Read MoreNew 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…
Read MoreThe 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…
Read More5g4XYq25-2Q 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…
Read MoreFederal 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…
Read MoreDIFFERENCES 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…
Read MoreWhat 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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