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Stop Foreclosure Success Stories

Carol Hines — Thu, 15 Mar 2012 00:06:47 +0000

"Help me stop foreclosure" is happening for a growing number of homeowners. Read how they are successfully turning the legal tables on their banks. No related posts. Related posts brought to you by Yet Another Related Posts Plugin.

Supreme Judicial Court of Massachusetts upholds decision on wrongful foreclosures

Carol Hines — Fri, 07 Jan 2011 19:01:11 +0000

Supreme Judicial Court of Massachusetts upholds decision on wrongful foreclosures by US Bancorp and Wells Fargo The state Supreme Judicial Court today upheld a judge’s decision saying two foreclosures were invalid because the banks didn’t prove they owned the mortgages, which he said were improperly transferred into two mortgage-backed trusts. “We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure,” Justice Ralph D. Gants wrote. This foreclosure case in Massachusetts’s highest court will guide lower courts in that state and may influence others in the clash between bank practices and state real estate law. Lower court ruling upheld In March 2009, Massachusetts Land Court Judge Keith C. Long voided the foreclosures, finding that the mortgage transfers were done months after the house sales. In October of that year, Long declined the banks’ request to reverse that ruling after they argued that the documents that bundled together the mortgages had transferred those instruments to them. Today’s court decision held out the possibility of securitization documents properly transferring mortgages. Such documents, along with “a schedule of the pooled mortgage [...] Related posts:

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Wall St fund principal reduction program saves homeowners from foreclosure

Carol Hines — Thu, 30 Dec 2010 21:02:08 +0000

As the nation struggles with the worst foreclosure crisis since the 1930s, Selene Residential Mortgage Opportunity Fund, and others like it are emerging as the best hope for the roughly seven million U.S. households behind on their mortgage payments. Nimble, flush and willing to strike deals with borrowers, these funds have an edge over banks and other lenders that can be mired in bureaucracy and hampered by government rules about which loans can be renegotiated and how. Case Study: How Selene Residential Mortgage Opportunity Fund kept Anna and Charlie Reynolds of St. George, Utah, in their home, were worried about losing their home to foreclosure last year. The fund, managed by veteran mortgage-bond trader Lewis Ranieri, acquired the loan at a deep discount and renegotiated the terms with the Reynolds. The balance due was cut to $243,182 from $421,731, and the interest rate was lowered. That reduced the monthly payment to $1,573 from $3,464, allowing the family to stay in their home despite a drop in Mr. Reynolds’ income as a real-estate agent. “It was a miracle,” says Ms. Reynolds. YOU must fight to stop foreclosure with the right ‘Weapons’. I reveal exactly what a homeowner can do to stop [...] Related posts:

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New York judges dismiss up to 50-percent of foreclosure cases due to paperwork issues

Carol Hines — Fri, 12 Nov 2010 17:37:12 +0000

Homeowners in foreclosure in the New York counties of Suffolk and Nassau on Long Island and Kings County in Brooklyn have judges in their corner In these counties the 81 judges handling foreclosures have become infamous over the past few years for scrutinizing paperwork for errors and provides a window into how the crisis could unfold across in the country. While the level of tolerance for document mistakes varies from judge to judge, the group as a whole has a reputation for ruling against mortgage companies when paperwork issues or other problems arise. Judge Dana Winslow of Nassau County says he’s thought a lot about why judges in his area are more apt to question filings. He said it comes down to one thing: Lack of trust for Wall Street. In this region, judges have seen a lot of inaccurate filings from the financial sector. Trust “of the lending institutions and Wall Street has eroded in some areas of the country more than others,” Winslow said. Sample rulings On June 17, for example, Judge Karen Murphy of Nassau County ruled that Wachovia Bank lacked standing to foreclose on a home because the document used to prove ownership of the mortgage [...] Related posts:

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Wells Fargo short sales will not be extended to stop foreclosure for certain sales

Carol Hines — Mon, 18 Oct 2010 16:57:22 +0000

Wells Fargo & Co. has stopped granting extensions for certain distressed homeowners to complete short sales Wells Fargo said it changed its policy on short sales at the request of investors for whom it services mortgages, including the government-sponsored enterprises. Early last month, Fannie Mae told its servicers to stop unnecessarily delaying foreclosures. The GSE said it would hold servicers responsible for unexplained delays to foreclosures with fines and on-site reviews. In a memo e-mailed to short sale vendors last month and obtained by American Banker, Wells said it will no longer postpone foreclosure sales for those who do not close short sales by the date in their approval letter from the company. Only extension letters dated Sept. 14 or earlier would be honored, Wells said. Certain short sales can still receive extensions if they meet conditions Stop your auction sale in 1-day If your Wells Fargo short sale cannot be completed prior to the auction sale date you can stop the foreclosure up to several months. Click here for more details on the Stop Foreclosure In 1-Day strategy A spokeswoman for Wells Fargo, confirmed that Wells still grants extensions on loans in its own portfolio (including those it acquired [...] Related posts:

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Wells Fargo foreclosures will not be suspended despite robo-signing

Carol Hines — Fri, 15 Oct 2010 01:49:28 +0000

Wells Fargo & Co. has no plans to halt foreclosures despite an employee’s testimony that she engaged in robo-signing up to 500 foreclosure documents per day. Wells has not stopped foreclosures and says it has discovered no problems in the legal documents used to process them. The company said earlier in the week that it would review pending foreclosures for potential defects. “Our affidavit procedures and daily auditing demonstrate that our foreclosure affidavits are accurate,” Wells Fargo said in a statement. The bank said it released the statement in response to media inquiries. You can stop your Wells Fargo foreclosure sale up to several months to buy time to work out a solution. Click here for more details on the Stop Foreclosure In 1-Day strategy “As always, as a standard business practice, we continually review and reinforce our policies and procedures. This includes conducting additional reviews before loans go to foreclosure sale,” Wells Fargo said late Tuesday. “If we find an error or if an improvement is needed, we take action. We are satisfied that our foreclosure affidavit process is sound.” The deposition of the Wells Fargo employee, obtained by the Associated Press, was reported earlier by the Financial Times. [...] Related posts:

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