ACLU looking critically at Lee, other counties that expedite foreclosures » Naples Daily News

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The ACLU has concerns that the Lee County, Florida “Rocket Docket” is pushing cases too fast and denying homeowners’ due process rights.  Even in cases where the bank and the homeowner agree to delay a case to explore settlement the Courts will push a case forward making it inevitable that the owner will lose the home and another home will be for sale in an already flooded market.

If you are facing foreclosure please call so we can discuss how I can help.

http://www.naplesnews.com/news/2011/mar/19/rocket-docket-lee-county-foreclosure-cases-ACLU/

Sarasota real estate flipping fraud trial: Craig Adams recorded conversations with co-conspirators | HeraldTribune.com

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Article discussing trial of Craig Adams, a Sarasota realtor who is accused of an extensive flipping scheme securing $200,000,000.00 in fraudulent loans. Craig Adams co-conspirators included many local bankers, lawyers, title agents, and real estate professionals.  The scheme was to obtain fraudulent loans to purchase homes, never pay the mortgage, and ultimately walk away with the loan money.  The conspiracy extended to the lawyers working with Adams preparing and filing two sets of loan documents one real and one fake.  The falsified documents were used to obtain the fraudulent loans.

Actions like these by professionals the average homebuyer relies on when purchasing a home are one of the real causes of the current financial crisis that has victimized the average homeowner.

If you are underwater in your home and facing foreclosure, please call so we can discuss how I can help.

http://www.heraldtribune.com/article/20120308/article/120309563?p=1&tc=pg

Florida Foreclosure Bill: Don’t Rush Home Cases | TheLedger.com

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This is an editorial published in the Ledger discussing the Florida legislature’s efforts to expedite the foreclosure process. The author argues against speeding up the process because doing so open the doors to fraud by banks. The author gives non-judicial foreclosure as an example. Florida has in the past unsuccessfully tried to pass non-judicial foreclosure legislation. By speeding up the process, non-judicial foreclosure allows less judicial oversight of the foreclosure process and enables more fraud by banks. A study of 400 foreclosures in San Francisco is cited, where all cases exhibited some form and level of fraud. California has non-judicial foreclosure.

http://www.theledger.com/article/20120224/EDIT01/120229654

National Mortgage Settlement: Bank Forecloses Even As Carrie Haskamp Pursues Loan Modification

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A major impediment to mortgage modifications is the bank practice of “dual tracking” mortgages.  When a mortgage is dual tracked the bank pursues foreclosure while at the same time allowing the home owner to pursue a modification.  The problem with this is that in spite of an eminent, or completed modification the bank will still sell a home at sale leaving the owner homeless.

A personal experience of mine is witnessing a hearing for final judgment where the owners were standing there with a cashiers check sufficient to satisfy their mortgage and the bank was still asking for an order to sell the home.  This happens because there is no communication between the areas of the bank supervising foreclosures and modifications.

This is why it is so important to contest a foreclosure even if you are working with your bank on a modification.  You may believe you are on your way to saving your home only to have it sold out from under you.

If you are facing foreclosure and/or seeking a mortgage modification, please contact me so we can discuss how I can help.

http://www.huffingtonpost.com/2012/02/16/national-mortgage-settlement-foreclosure_n_1279535.html

Settlement, House bill could fast-track Florida foreclosures – Tampa Bay Times

Article from the Tampa Bay Times discussing the Florida Legislature’s efforts to fast track foreclosures. The bill has several options to fast track. For example if a home is confirmed to be abandoned the foreclosure process can be expedited.

However, the homeowner should be aware that Florida law already contains a provision allowing the foreclosure process to be moved to conclusion quickly. After the bank has filed a verified complaint it can ask the Court to issue an Order to Show Cause why a final judgment of foreclosure should not be entered. If proper cause is not shown by the homeowner in accordance with the rules of the court, judgement could be entered before the homeowner even has a chance to respond to the Complaint.

Please do not hesitate to give me a call if you are facing foreclosure, so we can discuss how I can help.

http://www.tampabay.com/news/business/realestate/faster-foreclosures-could-be-coming-to-florida/1215881

How a home loan is securitized

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The above graphic describes what happens to a note that is securitized.  The mortgage in this scenario is transferred to Mortgage Electronic Registration Systems, Inc. (MERS).  MERS was supposed to maintain records of ownership of the mortgage.  In most cases MERS only maintained records of the current owner, and in some cases it does not know who the actual owner is, only the servicer.  This is why challenging the bank’s claim to ownership of the note and mortgage is so important.  The bank may not be able to prove it owns your loan.

If you have been sued for foreclosure, please do not hesitate to call to discuss how I can help you.

Florida Foreclosures Climb 14% as Lenders Resume Home Seizures – Businessweek

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In a prior post I discuss how several indicators would lead you to believe that the housing market in Florida is improving, but that an increase in foreclosure activity following the recent $26 billion dollar settlement could be an issue.  Well, this is the follow up that indicates that foreclosure activity for January 2012 has increased 14% over January last year. And, the timing indicates the banks ramped up foreclosures in anticipation of the settlement.

If you are facing a foreclosure, please call me so we can discuss how I can help.

http://mobile.businessweek.com/news/2012-02-16/florida-foreclosures-climb-14-as-lenders-resume-home-seizures.html