A coalition of State Attorneys General and several federal agencies have negotiated a settlement intended to provide $25 billion dollars in relief to distressed borrowers. The agreement settles several investigations into the mortgage loan practices of the five (5) largest loan servicers, Bank of America, GMAC/ALLY, Wells Fargo, JP Morgan Chase and Citibank. Who may [...]
Feb
28
2012
28
2012
May
9
2011
9
2011
Our National Foreclosure Mess Continues
Our Nation continues to experience the worst collapse in its housing sector since the Great Depression. Already 5 million homes have been lost to foreclosure over the past 4 years and another 14 million homeowners are underwater with their mortgages. Mark Zandi, Moody’s Analytics Chief Economist, believes that the foreclosure crisis is the 2nd biggest [...]
May
7
2011
7
2011
Seller Financed Real Estate Deals in Our National Foreclosure Crisis
In today’s market, owners of real estate are desperate and may offer unconventional forms of financing, or seller financed deals. A seller financed deal typically leaves the seller/owner with a deed in their name, but enters into a contract with a buyer such as a lease purchase agreements or a land installment contract that may [...]
Oct
28
2010
28
2010
LOAN MODIFICATION PITFALLS
As blogged a few weeks ago by attorney Michael Dansack, Ohio’s Attorney General Richard Cordray is cracking down on mortgage foreclosure fraud by lenders. Unfortunately, many homeowners are stilled faced with the financial reality that they cannot afford their monthly mortgage payments, and are seeking ways to make their loan more affordable. One means of [...]
Oct
7
2010
7
2010
Ohio AG Richard Cordray Files Lawsuit Against GMAC Mortgage, LLC
Ohio Attorney General Richard Cordray filed a lawsuit yesterday against GMAC Mortgage, LLC in the Lucas County Common Pleas Court. The Attorney General alleged that the mortgage loan servicer and its agents filed false and fraudulent affidavits to mislead Ohio courts in hundreds of foreclosure actions. The Toledo Blade reported on the lawsuit in their [...]
Sep
24
2010
24
2010
Foreclosure Crisis: Can You Trust Your Lender?
The ever growing number of foreclosure cases has overburdened the judicial system thoughout the US making the process vulnerable to fraud and forgeries . The Washington Post reported this week that foreclosure cases in the 23 states that utilize judicial foreclosure proceedings were riddled with fraud, fake documents, forged signatures and inadequate review by lenders. [...]
Sep
7
2010
7
2010
A Summer of Recovery?
Ask any of the “talking heads” that appear as “experts” on the nightly cable news/entertainment programming and you will get an opinion on the state of the national recession. They will also offer their opinion as to how to restart the sluggish economy. However, for those of us in Northwest Ohio, the numbers tell the story [...]
Jun
29
2010
29
2010
Foreclosure Just the Start of An Ongoing Nightmare for Ohio Couple
It has happened to many people in Northwest Ohio.  The facts are very basic.  A  homeowner is forced from their home due to the current economic conditions and lagging real estate market. The Bank padlocks the door to the home and initiates a foreclosure proceeding. The former homeowner no longer has access or control. Zoning officials cite the former homeowner [...]
Feb
9
2010
9
2010
Mortgage Delinquencies in Lucas County Continue to Rise
An article in the Sunday edition of the Toledo Blade reported that 1 out of 13 (7.84%) local home loan holders were late on their payments by 90 or more days. The rate is an increase from January of 2009, where approximately 5.72% of Lucas County home loan holders were more than 90 days behind. [...]