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Blog Posts in 2011

  • Debt Buyers Beware!!

    You may have seen stories on the media of debt buying companies flooding the State's Courts System with collection lawsuits by the thousands. Not until recently, however, has anyone noticed the proof being attached to these Complaints. If you thought the "Robo Signing" scandal was big, nothing can compare to the outright deficiencies contained in many of the debt collection lawsuits being filed ...
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  • United States Supreme Court Decides Yet Another Bankruptcy Appeal, In re Ransom: Another Look at the Means Test

    Bankruptcy lawyers are quick to note that the Supreme Court has been very busy recently deciding bankruptcy appeal after bankruptcy appeal. And should they be surprised? After all, the way the new law was written, the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCPA"), is it any wonder that bankruptcy judges across the Nation are deciding issues in directly opposite ways? From ...
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  • Governor O'Malley Testifies Before Congress Today About Mortgage Servicers

    As you may have been following this website, reading the newspaper, or watching the news, you cannot escape the media swirl surrounding bad mortgages, deceptive mortgage tactics, mortgage backed securities, or robo-signing. Arguably, no other Governor in the U.S. has been more proactive or employed more resources to stem the flood of foreclosure's hitting the real estate market other than Governor ...
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  • Supreme Court Spotlight: Recent Developments In Consumer Bankruptcy Cases

    The Supreme Court has been hard at work recently deciding two more bankruptcy issues of significant noteworthy interest. To me, anytime the Supreme Court hears a bankruptcy issue it is a noteworthy event. By this article, I summarize the two most recent decisions impacting the consumer bankruptcy practice. Although reading the decisions can be interesting, even more fascinating is reading the ...
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  • The Maryland Court of Appeals Speaks Regarding Illegal Deeds in Lieu of Foreclosure in C. Phillip Johnson Full Gospel Ministries, Inc. v. Investors Financial Services, LLC

    The Maryland Court of Appeals has held that a deed in lieu of foreclosure that is signed as a precondition to financing is a mortgage and a foreclosure sale must be conducted to allow the lien holder to take possession of the real property. This appeal which was pending at the Court of Special Appeals was granted review by the State's highest Court seemingly in order to stop once and for all an ...
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  • The Foreclosure Crisis: A Brief Historical Synopsis that Makes You Wonder: Who Really Holds Your Mortgage Note? Part III

    More alarming still, is that some of these notes are being transferred to the MBS's just prior to or right after the foreclosure action is filed. Law firms are continuing foreclosures, even though it may be unclear whom has standing to bring the action. How culpable law firms are in this instance remains questionable, because remember they are getting their orders from the software unit that is ...
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  • The Foreclosure Crisis: The Maryland Court of Appeals Speaks in SBRC v. Cateania Matthews

    The Maryland Court of Appeals weighs in on a small aspect of the defective deed debacle. This appeal was taken as certified question of law from the United States Bankruptcy Court of Maryland. Since the Maryland Court of Appeals is better situated to determine the meaning and impact of Maryland Law, the Bankruptcy Court employs this process when asked by a proponent and certifies the question at ...
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  • The Foreclosure Crisis: Washington DC Attorney General Takes a Stand!

    You may recall reading my three part series entitled, " Where's the Note?" . Well, DC Attorney General, Peter Nickles, wants to know the same thing. He issued an enforcement statement last month emphasizing that DC law required the recordation of an assignment or transfer of a mortgage instrument within thirty days of the transfer. Remember, the big banks have been using computer based ...
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  • The Foreclosure Crisis: A Brief Historical Synopsis that Makes You Wonder: Who Really Holds Your Mortgage Note? Part II

    So now, if the banks haven't followed the proper procedure in transferring the Notes to these various trusts, do the MBS's now have legal standing to bring an action to foreclose? Legal standing is a concept in the law that requires that the plaintiff, in order to bring an action in a court of law seeking redress for some wrong or cause of action, must be able to establish that they are ...
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  • The Foreclosure Crisis: Massachusetts High Court Speaks: Who Really Holds the Right to Foreclose on Your Home?

    The Massachusetts State Supreme Court has affirmed a lower court's decision declaring invalid two foreclosure cases conducted in March of 2007 because the foreclosing bank could not prove they owned the underlying mortgage. Banks are nervous that this ruling may give guidance to the rest of the Country as to when to declare a completed foreclosure invalid. At issue in this case was the transfer of ...
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  • The Foreclosure Crisis: A Brief Historical Synopsis that Makes You Wonder: Who Really Holds Your Mortgage Note? Part I

    Do you really think that you owe the original bank the money that you used to purchase your home? Sure bet, you don't! Today's mortgage world is far different from when your parents bought their house from borrowed money at their local Savings & Loan. Today, mortgage loans are what we call securitized assets or mortgage backed securities (MBS). As my prior blog explains, the mortgages that caused ...
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  • Is a Government Backed "Cramdown" Coming?

    You may have heard it being bantered about in the media. You may have also dismissed the idea the second you heard it. It remains to be seen whether or not the Federal Government , through it's mortgage arms, Fannie Mae and Freddie Mac, will actually implement a non-judicial cramdown of millions of mortgages. Here's how it works: Millions of homes in this country are currently "underwater", ...
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