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Recent Posts in Foreclosure Category

  • The Benefits of Filing for Bankruptcy Before Foreclosure

    If you are facing a foreclosure of your home, you may be simultaneously getting ready to file for bankruptcy. If this is the case, you should know that it does make a difference whether you file your bankruptcy petition before or after your home is foreclosed. Depending on the circumstances of your unique case, there may be benefits to filing for bankruptcy before the foreclosure sale occurs, but ...
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  • Keeping Your Home & Car After Filing for Bankruptcy

    Bankruptcy is generally seen as a “this-for-that” sort of financial solution. You get rid of pieces of your debt through discharges but you also could lose unprotected assets and pieces of property. For so many people who file for bankruptcy, there are two assets that are more important than any others: vehicles and homes. If you stand to lose your car through your bankruptcy filing, getting to ...
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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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  • 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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  • Foreclosure Crisis: Articles, Laws, & Court Decisions

    New Maryland Rule Affords Homeowners Additional Rights There were nearly 10,000 foreclosures across the state in the first four months of 2009.This trend is expected to continue for many months if not years. Maryland lawyers and the state judiciary of doing what they can to assist homeowners in dealing with imminent foreclosure of their homes. In so doing, more than 700 attorneys have volunteered ...
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  • The Foreclosure Moratorium and the Housing Market Impact on the Economy

    With foreclosure freezes becoming the norm for the big three banks, GMAC/Ally, Bank of America and Chase, you can now also add Litton Loan Servicing and PNC Bank to the mix as additional banks halting their foreclosures to review their procedures. Because of these widespread foresclosure stoppages, many are questioning the impact this will have on the housing market and the broader economy. ...
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  • Attorney Generals Across the Nation are now Investigating the "Foreclosure Mess"

    All Fifty States have now joined forces and have opened an investigation against mortgage servicers and banks conducting foreclosures Nationwide. Being led by Iowa's Attorney General, the group task force is investigating the foreclosure practices at these banks and will review thousands of documents looking for fraudulent statements and fake signatures. The task force's goal is to immediately ...
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  • The Biggest Fraud This Country Has Ever Seen? The Foreclosure Crisis Nightmare Gets Worse!

    There is no escaping this media headline. Nationwide, State Courts have been approving and ratifying tens of thousands of foreclosures sales based upon bogus affidavits and paperwork. These already completed foreclosure actions will inevitably have to be overturned and undone, forcing those lenders that are guilty of this fraud to begin the foreclosure process on the affected properties all over ...
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  • Senator Reid Calls Upon Big Banks to Halt Foreclosures Nationwide

    Senate Majority Leader Harry Reid (D-Nev.) has called upon all major mortgage lenders pleading with them to stop foreclosure proceedings in all 50 states Friday, after Bank of America announced it was stopping all foreclosure actions until it finishes an internal review of its foreclosure paperwork process. The announcement comes on the heels of GMAC/Ally's disclosure that many of its foreclosure ...
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  • The Foreclosure Crisis Fallout in Maryland

    The State of Maryland has just adopted a new proposed rule which would allow State Court Judges more power to dismiss foreclosure actions when a Judge suspects that the accompanying affidavit certifying the action was not actually signed by the attorney. As has been the case across the nation, in the situation that has given rise to this new rule, someone other than the foreclosing attorney signed ...
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