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Category Archives: The Players
BANK OF AMERICA ORDERS TRASHOUT OF SHORT SALE HOME AFTER CLOSING
Approximately one week after the new owners closed on the short sale home they purchased through the defaulting Sellers with the approval of BOA, as is required in any short sale, they come home to find a trash-out Crew hired … Continue reading
How We Got Here – The Process of Securitization
It helps to have some background into how Mortgages used to work (like for the last two hundred years). 1) A Bank would loan a homeowner money. 2) The homeowner would sign a promissory note (note or IOU) promising to … Continue reading
How Mortgages are supposed to be Transferred to a Securitization Trust
There is a growing amount of discussion these days about possible defects in foreclosure proceedings commenced by loan servicers. A lot of this discussion concerns procedural matters, such as whether the correct steps are being taken to verify the accuracy … Continue reading
Massachusetts’ demand for Recording Fees and MERS’ Response
Commonwealth of Massachusetts Southern Essex District Registry of Deeds Shetland Park 45 Congress Street Suite 4100 Salem, Massachusetts 01970 JOHN L. O’BRIEN, JR. Register of Deeds Phone: 978-542-1704 Fax: 978-542-1706 website: www.salemdeeds.com NEWS FOR IMMEDIATE RELEASE Salem, MA … Continue reading
Attorney General opens probe into eighth foreclosure firm
State investigators say Ben-Ezra & Katz presented false and misleading documents to judges Diane C. Lade, Sun Sentinel February 23, 2011 The Florida Attorney General has opened an investigation into Ben-Ezra & Katz, a Hollywood law firm that processes thousands … Continue reading
MERS takes a hit in New York
In a Bankruptcy case handed down 6 days ago, MERS took a big hit. Even though the Bankruptcy Court upheld the foreclosure, they said it wouldn’t be business as usual for MERS there anymore. Before anyone jumps for joy about … Continue reading
MERS view of the State of the Law in Georgia
Georgia courts recognize the right of MERS to foreclose, as illustrated by the decision in American Equity Mortgage, Inc. and Mortgage Electronic Registration Systems, Inc. v. Chattahoochee National Bank, # 05-cv-1951 (Forsyth Cty. Sup. Ct., Dec. 29. 2005, J. Dickinson). … Continue reading
WHAT IS A SERVICER?
The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan. Their duties include but are not limited to: Collecting and remitting loan payments Responding to borrower inquiries Making advances when … Continue reading
Foreclosure Mills
The involvement of private equity firms in the legal industry is not new. But their involvement with foreclosure mills appears to have started about five years ago, just as the housing market was starting to collapse and the number of foreclosure … Continue reading
Problems with Foreclosure Notices Loom as Next Flaw in Process
Improperly served foreclosure notices may be the mortgage industry’s next roadblock to repossessing homes. The Florida attorney general’s office is investigating two of the state’s largest companies that serve court summonses on homeowners, while at the same time judges are … Continue reading