This case involved a mortgagor by the name of Ramirez. Ramirez brought a summary judgment motion seeking a dismissal of the residential foreclosure lawsuit against him. He also sought cancellation and discharge of the mortgage. CitiMortgage, the mortgage holder, cross-moved for summary judgment. They sought to strike Ramirez's answer and … [Read more...]
JP Morgan Chase Suspends Foreclosure Activities
JP Morgan Chase previously announced that it was seizing all further legal action on 56,000 pending foreclosure proceedings. The bank is taking this action due to the fact that its employees have improperly prepared legal documents related to foreclosure proceedings. These suspensions took place in the 23 states where foreclosure lawsuits must … [Read more...]
Bank of America and Foreclosures
Bank of America is the largest bank in the United States. They have recently taken action to stop moving forward with foreclosures throughout the United States. Allegations have arisen with regard to how the bank is handling the foreclosure process. Bank of America is among many large financial institutions which also include Chase Manhattan and … [Read more...]
The Use of Incorrect Documents in Foreclosures
Numerous financial institutions are finding that the documents they anticipated using in foreclosure proceedings are flawed! GMAC and JP Morgan Chase are among two large financial institutions that have acknowledged that mistakes were made with regards to the processing of mortgages. Both companies have suspended all foreclosure … [Read more...]
Mortgage Mediation, Nevada Style
Several years ago, Nevada was a state where home prices skyrocketed. Today, Nevada suffers from one of the highest foreclosure rates of any state in the country. RealtyTrac.com claims that one out of every eighty-four households in the state of Nevada has received a foreclosure notice. This is 4.5 times more than the national average. To deal … [Read more...]
Judge Punishes Bank For Unfair Mortgage Agreement
Justice Spinner of Suffolk County New York has taken Immigrant Savings Bank to task for refusing to engage in good faith settlement conferences required by a 2008 amendment to the New York Banking Law. Judge Spinner has ordered Immigrant Mortgage Company to pay a Huntington New York couple a $100,000 as compensation for the banks "deplorable" … [Read more...]
Congress Should Help Homeowners
The federal government has bailed Wall Street firms out to the tune of $700,000,000.00. This is a form of corporate welfare. The restructuring was done to prevent large Wall Street firms from going bankrupt. Instead of amending the Bankruptcy Law to help these Wall Street firms, the government simply gave them $700,000,000.00 in loans. Recently, … [Read more...]
Foreclosure Rates Going Up in 2010
Projections have been made that there will be as many as 3,000,000 foreclosures in the United States in 2010. This will surpass the foreclosure rate for 2009. The United States Treasury Department has been in negotiations with many of the country's largest financial institutions regarding their participation in a new second mortgage program … [Read more...]
Foreclosure Dismissed- Mortgage Cancelled Due to Bank’s Bad Behavior
Justice Jeffrey A. Spinner, sitting in a Supreme Court Part in Riverhead, New York (Suffolk County), has recently ordered that a $292,500 mortgage be deemed "cancelled, voided, avoided, nullified and set aside". He took this action due to the fact that IndyMac Mortgage Services, a division of One West Bank FSB and its representor were engaged in … [Read more...]
Foreclosure – Don’t Give Up – You Can Fight
Many Americans unfortunately find themselves having difficulty paying their mortgages. When a family falls behind on their mortgage payments, there are a number of ways to deal with the situation. Houses go into foreclosure for a variety of reasons. Loss of employment, divorce, injuries, illnesses and disabilities. In this situation, you have a … [Read more...]
