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Problem with Paperwork Temporarily Halts CISAR Foreclosure Case

MCLEAN COUNTY- The Central Illinois Small Animal Rescue Shelter is celebrating a small victory in its ongoing fight to stop the facility from going into foreclosure.

The no kill shelter located in Colfax owes more than $1.1 million to Heartland Bank and Trust for loans it took out to build a new facility.

Monday, a McLean County judge ruled the bank did not have the documents needed to file the foreclosure.

Heartland Bank and Trust is trying to take over the shelter.

But CISAR President Dorothy Martindale says staff will do what it takes to keep animals safe.

“They can take our building, but they can’t take our name away from us,” said Martindale.  “So, worst case scenario, we hope we could find another location and move the animals.  Our first concern is animal safety.”

A hearing on the case is set for May third.

CISAR is still trying to fundraise to pay down its debt.

If you’d like to take action, donations can be sent to:

21738 E. 1400 N. Road
Colfax, IL

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How to Refinance to Stop Foreclosure

Phoenix, AZ — (SBWIRE) — 02/26/2013 — would like to provide important information about mortgage loan refinancing, such as:

- Explaining Refinancing
- Refinance Prevents Foreclosure
- When to Apply
- Where to Obtain Refinancing

Refinance Defined
When a homeowner looks into refinance to stop foreclosure, he might want to know ahead of time what, exactly, it means to refinance his mortgage loan. Refinancing is similar to modifying a mortgage, except that with a refinance, the original mortgage is totally paid off. A new one, usually with a new lender, is crafted and this one has better terms than the first one. Perhaps the new mortgage had a lower interest rate or maybe a longer repayment period. Whatever the difference is, it’s meant to make homeowner’s payment more affordable.

Foreclosure and Refinancing
Before a homeowner begins to panic about losing his home, he must understand that mortgage loan refinance can stop foreclosure. He must contact his original mortgage holder to find out if an in-house refinance program is available. Many lenders have such programs; however, not all do. There are other financial institutions that do have these programs in place, and they will be discussed shortly. The point is that by getting a mortgage refinance, a property owner can retain the deed to his home.

People who are looking to refinance to stop foreclosure can request with credit-yogi

The Time to Apply
The very instant one realizes that there is a financial hardship is the time to apply for a mortgage refinance. The original mortgage lender cannot help if he is not aware that there’s a problem. Contact him right away to see if he can provide a refinance to stop foreclosure. If he cannot, ask him who can. He should be able to point a homeowner in the right direction.

Finding Refinancing
As mentioned above, it’s a good idea to start with one’s original lender for refinance to stop foreclosure. If that lender is unable to help, check the Internet. There are many online lenders who are willing and able to assist a troubled homeowner. They have comparable interest rates and terms, so it will be worth the time to look them over. Be sure to check with the Better Business Bureau to see potential lenders’ ratings. Also, the government can help. The HAMP program was developed to keep struggling homeowners in their abodes. HAMP has many ways in which it can help; apply through any participating lender.

About Credit-yogi is a highly respected consumer resource website located in Pittsfield, Massachusetts. There is never a fee for this service, and over 260,000 professionals are available to address issues of either finances or law. For a free initial conference, during which one can ask any question, dial 866-964-9644.

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Dallas area foreclosure rates continue to drop

Home foreclosure

Dallas area foreclosure rates continued to decline year-over-year in December.

Candace Carlisle
Staff Writer- Dallas Business Journal

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Dallas area foreclosure rates continued to decline year-over-year in December, and were significantly lower than the national foreclosure rate.

The Dallas area foreclosure rate in December was 1.17 percent, which decreased 0.28 percentage points year-over-year, according to data released Tuesday by California-based CoreLogic (NYSE: CLGX).

North Texas’ foreclosure rates continue to be lower than the national foreclosure rate of 2.96 percent for December.

This is part of an ongoing trend of declining foreclosure rates in Texas, Daren Blomquist, vice president of RealtyTrac told me Friday afternoon at the Dallas Business Journal office.

“Things are looking better in Texas as a whole,” Blomquist said. “January was the eighth consecutive month of declining foreclosure activity year-over-year. This trend has been going on awhile.”

Along with a declining foreclosure rate, the Dallas-area mortgage delinquency rate also decreased in December. In the North Texas area, mortgage loans that were 90 days or more delinquent fell to 4.28 percent compared with 5.1 percent year-over-year.

Candace covers commercial and residential real estate and sports business.

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Ace Frehley Facing Foreclosure

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Former Kiss guitarist Ace Frehley may lose his house in Yorktown, New York, after the U.S. Bank National Association accused him of not paying his mortgage for almost two years, the Journal News reports.

According to the bank, Frehley stopped paying his $735,000 mortgage on March 1st, 2011. In a foreclosure filing issued February 15th, the bank asked a court to order the sale of the home for the outstanding amount owed: $703,581.48 plus interest, late charges and other expenses.

Kiss: The Pagan Beasties of Teenage Rock

Along with failing to pay his mortgage, the Yorktown tax reciever’s office says Frehley’s house has racked up almost two years’ worth of unpaid taxes and that a payment has not been received since December 30th, 2011. Frehley reportedly owes $5,131.61 for town and county taxes, plus $13,425.94 for unpaid 2012 county, school and town taxes.

The Yorktown home was purchased by Jendell Productions – most likely a company owned by Frehley, as “Jendell” is the fictional home planet for the guitarist’s onstage persona, “Spaceman” – in November 2000 for $650,000. The company transferred ownership to Frehley in 2004.

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Foreclosure prevention counseling offered

Homeowners struggling to keep their homes can meet with mortgage company officials and housing experts to get personal advice and help at a free workshop this week in Miami.

The event will run 1 p.m. to 8 p.m. Wednesday and 9 a.m. to 3 p.m. Thursday at the James L. Knight Center at 400 SE Second Ave., Miami.

U.S. Rep. Frederica Wilson, from Florida’s 24th Congressional District, and the U.S. Treasury Department are hosting the “Help For Homeowners” event, which is aimed at helping provide homeowners information on avoiding foreclosure, including topics like mortgage principal reduction, refinancing, loan modification, and short sales.

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Shiller’s Bottom Line: Risk Lingers in Housing

Yale economist Robert Shiller

It’s possible that home prices have hit a bottom, but heavy government involvement to stabilize the mortgage market and the broader economy has made it harder to gauge the durability of recent home-price gains, says Yale economist Robert Shiller, the co-creator of the SP/Case-Shiller index that bears his name.

The Case-Shiller 20-city index was up by more than 8% in November from its February 2012 trough as falling supplies of homes for sale and stronger demand have boosted prices. Developments spoke with Mr. Shiller on Monday about his outlook for U.S. housing markets right now. What follows is an edited transcript:

WSJ: Did we finally hit a floor in home prices last year?

Mr. Shiller: The trend in home prices seems to be up now. It has been going up. That’s upward momentum, which by my general rule of forecasting has been good for the future. I’ve been tentative about that. It may well be the turning point.

But I’m not sure about that. I’m more worried than most people that it could be a short-lived turnaround. It could be like the 2009-10 upturn where we saw home prices rising right after President Obama took office and right after the home-buyer tax credit was instituted. In that upturn there were some cities that did quite spectacularly. And then that fizzled. I’m not too sure that this one will extrapolate either.

WSJ: Why are you more worried than most people?

Mr. Shiller: Part of the reason the indexes have gone up is because the foreclosure boom has receded. Foreclosed homes sell at a lower price, and the share of those sales has been falling. People might be deceived by this by looking at the indexes. The question is whether the gains will be sustained.

There isn’t any sign of the real enthusiasm we saw during the last bubble. The question is whether this could be the very vague beginning of a new boom? I guess it could. I just don’t know. Then there are issues with what the government does to support housing. They’re doing everything they can. They say they’re going to stop some day. When will people start worrying about that?

WSJ: There are some people who look at the double-digit annual price increases in Phoenix and elsewhere and wonder whether we’re seeing new “mini-bubbles.” Is that a concern you share?

Mr. Shiller: Home prices are back down to a reasonable level. Why should they go up a lot? It means you have to have a succession of eager buyers that would bid them up. Historically major bubbles tend to occur at widely separate intervals. Once it bursts, usually, historically, people are fed up for a long time.

WSJ: Could it be possible that prices are rising by double digits in these places simply because they fell below their long-term relationship with incomes and rents, and are now bouncing back off of that?

Mr. Shiller: Phoenix overshot. Prices got too low. In real terms it was down well over 50%, maybe close to 60%. Now it’s bumped up. It doesn’t look out of line either way now.

WSJ: What do you make of the investor activity in the market right now? A lot of these buyers are all cash buyers—no leverage—buying on rental return. Are you worried about any return of speculative purchases?

Mr. Shiller: In a housing debacle, I’m sure some houses are underpriced, and there is probably a profit opportunity for some people who are going to choose carefully. I’m not surprised that this is going on. There seems to be a shift in public tastes for the time being at least for rental. So this business doesn’t surprise me. It seems to be an appropriate response.

WSJ: For somebody with a stable job, who plans to live somewhere for more than a few years, is this a good time to buy a house?

Mr. Shiller: I think it’s OK, especially because mortgage rates are so low. This isn’t a time to get a flexible-rate mortgage! Get a 30-year, fixed rate mortgage. Rates are so low. They have gone up a little, but they’re still very low. That’s a real opportunity. Prices are not particularly low, but they’re not particularly high.

WSJ: What’s your outlook for home prices?

Mr. Shiller: It’s especially hard to say. We could be looking at a 1-2% increase a year for the next five years. That’s a reasonable scenario—1-2% a year, and it might go up more than that. I don’t know. My main message is that it’s a market with risk in it. We don’t know the future. That’s the most important message to convey.

Follow Nick @NickTimiraos

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Ingham County Register of Deeds Curtis Hertel, Jr.: No matter what your bank …

Check your local forecast, get analysis from Mark Torregrossa and talk about the weather with your neighbors. Click here »

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Insight: In Spain, banks buck calls for mortgage law reform

Tue Feb 26, 2013 7:34am EST

MADRID (Reuters) – For more than a century, Spanish law has determined that if a person borrows money to buy a home, they can only be freed of the debt when it is repaid. Even in death, the debt is not canceled. As the country enters another year of recession, calls are mounting for the system to be relaxed. But the banks worry this would damage their access to funds.

Take Francisco Lema, an unemployed 36-year-old builder, who dropped off his 8-year-old daughter at school on February 8 and returned to the family’s rented fourth-floor flat in the Andalusian city of Cordoba.

The house he built himself had been repossessed, leaving a debt of 22,000 euros ($29,000) on the mortgage he took out to cover building materials, said family friend Maria Jose Vadillo, an activist for Stop Evictions Cordoba, a pressure group. His parents had stood guarantor for part of the loan. Now he was struggling with the repayments, said Rafael Blazquez, another activist with the same group.

His wife, who was out, returned home to find his body on the street, covered with a sheet.

Everything pointed to suicide, a police spokeswoman said; a witness had called to say Lema had jumped off the balcony. His wife declined to be interviewed. Of the two banks involved in the case one, Kutxabank, confirmed Lema had a mortgage with a savings bank it owns. The other, Caja 3, did not respond to inquiries. Activists and police say Lema was one of four people who have killed themselves this month in Spain because of forced evictions and the consequent debt loads.

“The foreclosure process here is very tough,” says Jose Garcia Montalvo, economics professor at Universitat Pompeu Fabra. “The law is brutally clear and it’s not interpretable case by case.”

Mariano Rajoy’s conservative government has taken steps to ease the burden. In November, it said it would suspend evictions for two years for vulnerable homeowners who can no longer pay, including those with small children, the disabled and the long-term unemployed. Last month, the finance minister announced more measures including partial debt-forgiveness for some defaulted borrowers who pledge to repay a certain amount of the remaining debt within five years.

But lawyers, activists and opposition politicians want more. Thousands of Spaniards bearing placards and banners took to the streets in 50 cities around the country on February 16 to protest against forced evictions. Spain’s three main judge associations have said the government has not done enough, and a petition with close to 1.5 million signatures this month persuaded parliament to debate the possibility of cancelling mortgage debt once a home is handed back to the bank. Spain’s eviction law is in breach of European law on consumer protection by not offering homeowners a legal chance to argue against eviction until after they have been thrown out, Juliane Kokott, the Advocate General of the European Court of Justice, has said. The Court ensures the application of European Union law across the member states.

“The mortgage law is missing a social dimension,” Fernando de Rosa, a conservative judge with strong links to the ruling People’s Party (PP), told Reuters. “It’s too strict in the relationship between the bank and the borrower.”


Spain’s banks, which have already been bailed out by Europe to the tune of 40 billion euros, are lobbying against any change.

Moody’s said earlier this month that easing the legislation would diminish borrowers’ incentive to keep up with mortgage payments. Any change in the law eroding investors’ protections would undermine confidence, the agency said. That risked damaging Spain’s already weak credit rating. As of January 10, two ratings agencies pegged Spanish debt just one notch above junk.

In the United States, if you default on your mortgage you can often cancel the debt by handing back the house to the bank, and hope the bank agrees to accept it in lieu of the outstanding sum. In Britain, you can write off the liability through personal bankruptcy: your credit will be damaged for a time but you can wipe the slate clean. In Ireland, which suffered a similar housing boom and crash to Spain, the government has made it easier for people to be declared bankrupt, and proposed new routes for mortgage holders to discharge their debt.

In Spain, homeowners remain liable even after the bank has repossessed the property. Banks have a claim on debtors’ salaries, and can put a claim on the estate of the deceased. That’s not unique, but experts say it is harsher than in many countries.

Spanish house prices are around a third below their peak. More than 80 percent of the population own their homes; the mortgage debt totals over 600 billion euros or around two-thirds of gross domestic product. So far, nearly 400,000 properties have been repossessed by banks since the 2008 housing crash, and the number is rising, although no statistics are available on how many of these are homes.

People who call for reform note that while individuals have no escape from their mortgage debts, real estate companies – which built up debts of 280 billion euros to the banks – have an easier get-out. Many have declared themselves bankrupt and their bad loans have ended up in Sareb, Spain’s so-called ‘bad bank.’

Others say huge, lifelong debt burdens will deter even the able-bodied from seeking work or starting a business, so are not profitable for the banks to hold onto.

“It encourages these people to work in the black market or live on subsidies and it doesn’t benefit banks other than acting as a threat for others to keep up with their payments,” said Mikel Echavarren, chairman at Irea, a Madrid-based finance company specializing in real estate.


Pressure is mounting internationally. Warming himself by a tin bucket filled with smoldering coals outside a central Madrid branch of Bankia, 38-year-old unemployed Ecuadorian Emilio Azuero is one of many who came to Spain during the boom years, bought property at the height of the market, and now face eviction and debt. He joined a spontaneous protest at the site for three months until police cleared the site at the beginning of February.

In his home country, mortgage debt is canceled with the return of the property to the bank. In Spain, his debts would exceed 100,000 euros if he lost his home.

Ecuador said in January it had presented a case to the European Court of Human Rights that argues Spanish law abuses fundamental rights by not allowing homeowners to explain their situation in court during the eviction process. The Latin American country estimates that as many as 15,000 Ecuadorian families in Spain are affected by eviction processes or mortgage repayment problems.


But one important reason the banks oppose reform is that, as the euro zone debt crisis runs into its fourth year, they have struggled to borrow on the money markets. Instead, to a limited extent, they turn to the mortgage-backed bond market where they can use their home loans as collateral.

Spain is the biggest issuer of mortgage-backed bonds in Europe, with 578 billion euros of bonds linked to mortgage assets outstanding as of November 2012, according to Moody’s. That is equivalent to 15 percent of the banks’ total funding.

Making it easier for bad debtors to cancel debt would push up the rate of default, which for Spanish banks is at 3.5 percent – around a third the rate of the home loan defaults in Ireland.

“We have managed to maintain one of the lowest mortgage default rates in Europe despite the recession,” said Santos Gonzalez, chairman of the Spanish Mortgage Association, which represents banks accounting for most of the mortgage market, including Santander, BBVA and Bankia. “Do we want a knee-jerk reaction to a crisis that has affected a small percentage of people by changing the structure of our whole mortgage market, weakening its guarantees?”

Laws governing the repayment of mortgages ensure that homeowners keep up with payments, says economist Montalvo of Universitat Pompeu Fabra. “If you don’t pay, the bank will get it back somehow and with interest,” he adds.

One way banks have kept the default rate low is by renegotiating mortgages with borrowers. Official data is not available but according to an independent audit carried out by consultant Oliver Wyman in September, banks have renegotiated almost one in 10 residential mortgages. By comparison, 11 percent of large companies’ borrowing has been restructured.


Marcheline Rosero has reached an agreement with her bank which reformers say could serve as a partial model. She and her family escaped eviction from their small Madrid flat when she fell behind on mortgage payments two years ago, and lender Bankia repossessed it.

The unemployed 45-year-old, confined to a wheelchair by childhood polio, reached an agreement to stay by paying the bank a nominal rent of 240 euros per month.

But under the existing law she still owes most of a 222,000 euro home loan even after handing the property – now valued at 60,000 euros – back to Bankia. “I’ve got a debt there that I haven’t paid back that is accumulating interest,” says the former office clerk, greeting her three children as they return from school.

Bankia said the bank does everything possible to find alternatives before eviction. It has renegotiated around 80,000 mortgages since 2009, a spokeswoman said: she could not say how big a share of the total that was. The bank declined to comment on proposed changes to law until they materialized.

Chema Ruiz, a Madrid-based activist for ‘Support for those Affected by Mortgages,’ a not-for-profit group which advises those struggling with repayments, says banks delayed many evictions in November, but courts have started to send out eviction notices again.

More homeowners are attending weekly support meetings, he said; he sees 80 to 100 new cases a week. “Every week there are more people and of higher social standing.”

($1 = 0.7598 euros)

(Additional reporting by Aimee Donnellan and Shadia Nasrallah in London; Edited by Sara Ledwith and Will Waterman)

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Stop Us If You’ve Heard This One Before

The Wanted

Lindsay Lohan

Lindsay Lohan

Time to pony up, Lilo.

Lindsay Lohan faces fresh financial woes after she was hit with a new tax bill. Just months after the IRS reportedly seized her bank accounts because of unpaid taxes, the State of California is claiming that the Liz Dick star owes $56,717.90 for unpaid income tax from back in 2011, according to TMZ.

And that wasn’t the only year in which Lohan stiffed the government. The ever-embattled actress’ tax fell behind on bill for the years 2009 and 2010, which totaled to nearly a quarter million dollars. After apparently loaning her mother, Dina Lohan, $40,000 to avoid foreclosure on her Long Island home, Lohan was turned to her Scary Movie 5 costar, Charlie Sheen, for a $100,000 loan to avoid defaulting on back taxes.

Lindsay Trivia: How Well Do You Know her rap sheet?

Lindsay Lohan's legal troubles trivia

Lindsay Lohan's legal troubles trivia

Lindsay Lohan's legal troubles trivia

Lindsay Lohan's legal troubles trivia

Lindsay Lohan's legal troubles trivia

Lindsay Lohan's legal troubles trivia

While her 2009 outstanding taxes — over $93,000 — are now taken care of, Lohan still has to pay up for 2010 and 2011, despite her reportedly pocketing $200,000 for her cameo in the new Scary Movie installment.

On top of falling into a financial hole, Lohan is still on the hook in the court of law. Not only is there pending lawsuit from paparazzo Grigor Balyan claiming he was run over by Lohan’s car in 2010, but the actress still faces three misdemeanor charges stemming from her involvement in a car accident last summer.

During a January hearing, Lohan pleaded not guilty to lying to police, reckless driving, and obstructing officers from performing their duties, all from an incident in June, in which she crashed her black Porsche into the back of a garbage truck on the Pacific Coast Highway. As a result of the charges, Lohan’s probation, for which she was placed on after she was accused of stealing a necklace from a Los Angeles-area jeweler, was revoked.

the Best Lindsay Quotes

Best Lindsay Lohan Quotes

Best Lindsay Lohan Quotes

Lindsay Lohan and her mother Dina leaving the Los Angeles Court after a progress report hearing on her probation

Best Lindsay Lohan Quotes

Lindsay has her daily caffeine fix.

Lindsay Lohan arriving at LAX with sister Ali. Lindsay was wearing thick rimmed frames while her sister Ali seemed to have newly plumped lips?

Judge Stephanie Sautner, who previously sent Lohan to prison and placed her under house arrest, set a March 1 hearing for the car crash case, at which Lohan is not required to appear. But she is due back in court for the trial date, March 18.

If convicted of charges, Lohan faces up to 245 days behind bars.

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Bank error cited in CISAR foreclosure

BLOOMINGTON — A Bloomington bank must re-file its foreclosure action against a McLean County animal rescue group, a judge ruled Monday, citing the bank’s failure to submit certain documents.

Heartland Bank and Trust is seeking foreclosure over $1.1 million it is owed by Central Illinois Small Animal Rescue in rural Colfax. CISAR owes $750,000 in principal and interest on its initial loan and $294,460 on a second mortgage, plus late fees and other charges, according to court records.

Springfield attorney Paul Adami argued on behalf of CISAR operator Pat Burr that the bank did not attach paperwork showing modifications made to the loans, originally issued by Bank of Illinois. Heartland took over the CISAR obligation after Bank of Illinois failed in 2010.

In his arguments, Adami told Judge Rebecca Foley that “we have two loans, multiple mortgages, but the same problem running throughout this case: Heartland Bank has not provided proper documents to support its loan.”

Bank attorney Thomas Howard countered that the nonprofit group did not meet the terms of an agreement to avoid foreclosure and has admitted that the debt is owed.

CISAR provides a service to the community, said Howard, but that contribution to save animals does not preclude the group from its financial obligations.

After the hearing, Burr said CISAR will continue to operate the shelter. She said the group has made substantial payments toward its debt, including paying off a $250,000 loan from Heartland. Problems started when Heartland told Burr that its existing loans would need to be refinanced, something the group has been unable to do, according to Burr.

CISAR operates a no-kill shelter and low-cost veterinary clinic.

Howard said the bank will resubmit its foreclosure notice by next Tuesday. A May 3 hearing is set.

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