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Bank of America Improper Foreclosure Case: $46 Million Fine | Money

“Franz Kafka lives. This automatic stay violation case reveals that he works at Bank of America.”

So begins the epic 107-page ruling by a judge in California, who found that Bank of America’s “brazen” and “heartless” behavior, as well as “institutional obstinance and dishonesty” during an improper foreclosure, merited fines of $46 million. In his ruling, U.S. Bankruptcy Court Judge Christopher Klein described the homeowners’ ordeal as a “kafkaesque nightmare,” summing up their surreal sense of confusion and despair. He also compared their trials to the Greek myth of Sisyphus—the guy condemned to rolling a boulder up a hill for eternity—and even referenced one of the biggest scandals in U.S. politics.

“There comes a point at which this case is reminiscent of Watergate: the denial and coverup becomes worse than the crime,” Klein wrote. (The Consumerist has a link to the entire ruling.)

The crazy case stems back to 2009, when the homeowners, Erik and Renee Sundquist, sought a loan modification for their house in Sacramento. Bank of America, which had taken over the bank that originally gave the couple a mortgage, instructed them to stop their monthly payments “Their sole reason for defaulting, which they did with considerable reluctance (their credit score had been above 800), was acquiesce in Bank of America’s demand that they default as a precondition for loan modification,” the court ruling explains.

Related

The bank then “led the Sundquists on a not-very-merry chase by inviting and entertaining mortgage modification applications it had no intention of granting,” the judge writes. A “game of cat-and-mouse” commenced. “With one paw, Bank of America batted the debtors between about 20 loan modification requests or supplements that routinely were either ‘lost’ or declared insufficient, or incomplete.”

The Sundquists filed for bankruptcy in 2010, which should have halted foreclosure proceedings, but Bank of America slapped them with an eviction notice anyway. They fled to a $4,000-a-month rental, only to find out later—without being formally notified by the bank—that the home was still theirs after all. While the Sundquists were gone, the house had been looted, major appliances were stolen, and they came home to face a $20,000 fine from the homeowners association because the landscaping had been ignored.

Meanwhile, Renee Sundquist suffered post-traumatic stress disorder that she says caused her to lose a job, and her husband tried to commit suicide. The couple also said their children were repeatedly terrified when bank agents showed up at the house unexpectedly and banged on sliding glass doors while the kids practiced piano.

Many of these personal details come from the extensive journal kept by Renee Sundquist throughout the ordeal. The journal wound up being invaluable to their case, and is quoted throughout the court ruling. A sample excerpt, concerning her mother’s role as a co-signer of their loan:

My mother sent a letter to the bank advising them she was an investor and wanted to make sure she did not lose her investment. She advised that she had the funds to pay for the foreclosure. I called to confirm that the bank had received the letter from my mother and they said they were converting their system and all documents were lost.

And another journal entry:

Called the bank talked to a representative who said the modifications were not real. When I told her my mother could pay it off the representative advised against because the modification doesn’t mean anything and it is just a way to create funds for the bank before foreclosure.

Judge Klein ruled that the Sundquists would receive $1.075 million in damages. Among other things, Bank of America was deemed guilty of “foreclosing on the Sundquist residence, prosecuting an unlawful detainer action, forcing them to move, secretly rescinding the foreclosure, failing to protect the residence from looting, refusing to pay for Sundquist property lost, and subjecting the Sundquists to a mortgage modification charade,” the ruling states.

The judge also found that punitive damages of $45 million, to be paid by Bank of America mostly to consumer advocacy groups and law schools, were necessary to serve as a “deterrent function” to all lenders considering such practices.

“To award punitive damages measured by a conventional multiplier of three to six times of the Sundquist compensatory damages would be laughed off in Bank of America’s boardroom as a mere ‘cost of doing business’ payable out of the petty cash account,” Klein wrote. “The remedy needs to fit the wrong. The award should be sufficient to serve those interests, which may be an ‘eye-popping’ sum in the view of bystanders not possessed of great wealth.”

A Bank of America spokesman described some of Klein’s rulings as “unprecedented and unsupported,” according to the Wall Street Journal.

Article source: http://time.com/money/4718517/bank-of-america-46-million-improper-foreclosure-california/

Judge slaps $45M fine on Bank of America over improper foreclosure

A bankruptcy judge this week ordered Bank of America to pay a $45 million fine over what he said was the bank’s “heartless” response to a California couple that fought to save their home from foreclosure.

The case involves a husband and wife who tried unsuccessfully to get Bank of America to reduce their monthly mortgage payments only to have their house later improperly foreclosed upon. It serves as a reminder about the problems some homeowners faced with their mortgage servicers, particularly during and shortly after the financial crisis.

Judge Christopher Klein rationalized the large penalty as the only way to ensure his ruling wouldn’t “be laughed off in the boardroom as petty cash or ‘chump change,’” according to the Wall Street Journal. The bulk of the money, barring an appeal, will be disbursed to consumer advocacy groups and several California law schools.

Doing what the lender told them

In 2008, Erik and Renee Sundquist were forced to close their construction business, sell their home and move to a cheaper house in a community just outside of Sacramento. The couple took out a $590,000 mortgage from a lender that was later taken over by Bank of America, the Consumerist website reported.

It’s typical for the company that services a loan to change during the life of a mortgage. That’s why it’s crucial for borrowers to keep a careful paper trail in case of any discrepancies.

But what happened next should never have occurred, the judge said.

According to court documents, Bank of America repeatedly turned down the couple’s requests to lower their monthly payments — even though the original lender had made assurances the loan could be modified. However, Bank of America said the family wasn’t eligible for a modification because they were current on their payments.

So the Sundquists stopped making payments in March 2009 — at the bank’s insistence.

“Their sole reason for defaulting, which they did with considerable reluctance (their credit score had been above 800) was acquiescence in Bank of America’s demand that they default as a precondition for loan modification discussions with Bank of America,” the judge wrote.

When they were still turned down for a loan modification after more than 20 requests, the couple filed for Chapter 13 bankruptcy in 2010, which should have halted foreclosure proceedings.

However, Bank of America continued eviction proceedings in violation of the law, and, according to the ruling, even “staked out the premises, tailed the Sundquists, knocked on doors, knocked on windows, and rang doorbells, all to the terror of the Sundquist family.”

How to protect yourself

If you believe your loan servicer is acting improperly, here’s what to do next.

In 2014, the Consumer Financial Protection Bureau established new mortgage servicing rules that expanded foreclosure protections and demanded that servicers increase communication with homeowners going through bankruptcies.

“Homeowners can send a request for information, or RFI, to the servicer about why they did certain things, and the servicer has to answer these requests within 30 days,” says Geoff Walsh, an attorney with the National Consumer Law Center, a nonprofit consumer justice advocacy group.

If you see an error on your mortgage statement, he also recommends sending a written request asking the loan servicer to correct the mistake. These errors have to be either fixed or responded to within 30 days, Walsh says. (The CFPB offers instructions and a sample letter.)

“The important thing is that there are strict requirements to send these requests to the right address,” says Walsh, who says the correct address is always the one on your monthly statement and recommends using certified mail as proof of your correspondence.

And if your servicer changes, the CFPB requirements state they must notify you within 15 days.

Learn to persist

But what if your servicer doesn’t comply with these rules, and you aren’t getting the information you want?

“Chief among everything else is persisting,” says Linda Sherry, a director of the non-profit advocacy group Consumer Action.  ”It may be tiring, frustrating and annoying but you have to just keep going.”

Consumer Action has a free booklet called “How to Complain“ that may help consumers who are getting the run-around from their loan servicers.

In some cases, Sherry says, it may also be necessary to hire a consumer lawyer, she says. Although there are typically fees involved with using a lawyer, there are ones who provide consultations at no charge.

Article source: http://www.bankrate.com/financing/banking/judge-slaps-45m-fine-on-bank-of-america-over-improper-foreclosure/

Help on the way for Sandy victims struggling to fend off foreclosure

TRENTON — Victims of Hurricane Sandy who are still struggling to pay the mortgages on their damaged homes can now request delaying payments for slightly more than two years.

The state Department of Community Affairs is accepting applications for a mortgage forbearance program that would allow certain homeowners affected by Sandy to suspend mortgage payments and have them tacked onto the end of their loans.

The online application process, which begins today and runs through May 31, was created to help New Jersey residents still trying to rebuild after the 2012 storm avoid losing their homes.

New Jersey Organizing Project, a grass-roots group of Sandy victims, and other housing advocates had pushed for two years for help fending off foreclosures because of the storm.

Department officials said they have already mailed notifications to some residents who may be eligible for the program.

Christie signs bill to give Sandy victims some protection against foreclosure

Those residents who will be considered must meet the following criteria:

  • They must have an outstanding mortgage on a Sandy-damaged home that is their primary residence
  • They must have construction or elevation work related to damage from the storm that remains to be done on that primary home

They must have received financial aid related to the storm in the form of FEMA rental assistance, or were approved for aid through the Reconstruction, Rehabilitation, Elevation and Mitigation Program or the Low-to-Moderate Income Program

The Department of Community Affairs will review the application and any documentation the homeowner was required to submit to determine a whether the homeowner is eligible for mortgage forbearance certification, said Lisa Ryan, a spokeswoman for the department.

The homeowner would receive notification of eligibility from the department within 30 days of the submission of a completed application that includes all the documentation the homeowner has been asked to submit.

A homeowner deemed eligible would receive a mortgage forbearance certification that would allow payments to be delayed and then tacked onto the end of the loan.

The term of forbearance can last until July 1, 2019, or one year after the homeowner is issued a certificate of occupancy by the local construction official – which ever comes first.

Those who are issued the certification are responsible for contacting their mortgage provider implement forbearance.

If a mortgage servicer does not implement forbearance, a homeowner can make a complaint by contacting the NJ Department of Banking and Insurance at 609-292-7272 or 1-800-446-7467 or by visiting http://www.state.nj.us/dobi/consumer.htm.

Residents can find more information about the program at www.nj.gov/dca/divisions/sandyrecovery/forebearancecert.html.

The application and instructions for completing and submitting it can be found on the department’s website at www.nj.gov/dca/. The application period begins at 9 a.m. March 31 and ends at 5 p.m. on May 31. 

Property owners would still be responsible for maintaining their property as well as paying property taxes and insurance during the forbearance period.

Those with questions about the application process can also dial 211 to reach a call specialists will be available until June 7. NJ 211 is available all hours of the day and night. The calls are free, confidential and multilingual.

MaryAnn Spoto may be reached at mspoto@njadvancemedia.com. Follow her on Twitter @MaryAnnSpoto. Find NJ.com on Facebook.

Article source: http://www.nj.com/ocean/index.ssf/2017/03/help_on_the_way_for_those_struggling_to_fend_off_f.html

Scarborough Power of Sale and Foreclosures Stopped by Powerofsalesontario.ca

(MENAFN Editorial) Ron Alphonso of Powerofsalesontario.ca is a renowned real estate expert with special skills in stoppingforeclosureandpower of salewhich a significant portion of Scarborough’s population is facing. Ron has a decade of experience in stopping the dreaded foreclosure or power of sale situation. He specialises in distressed mortgages and has access to private lenders who also contribute to stopping the legal acquisition of property. Private lenders accept people with low income or bad credit but they will not lend to low equity. Experts advise people with insufficient equity to simply vacate the property as there is no possible resolution. There are many reasons why this might occur including divorce, loss of income or illness which cause the individual to miss mortgage payments. The result is loss of a property through a power of sale or foreclosure.

It can take only six months from initial default to execute a power of sale and this is far much cheaper for the lender than a foreclosure which drags on for long. There are often multiple lawyers involved in a foreclosure as well as several court appearances, which makes a power of sale the better option for mortgage holders looking to recoup. The speedy process may be economical for lenders but unfortunately, homeowners have very little time to resolve matters and this leads to loss of treasured properties. Initially, there will be a Notice of Default sent, followed by aStatement of Claimand Notice of Eviction before the Sherriff’s Eviction Notice.

Also known as the Notice to Vacate, the Sherriff’s EvictionNotice involves the Sherriff removing the owner from the property. This notice comes with an eviction date when the Sherriff has legal right to forcefully remove the owner from a property if need be. Once the process starts, it is nearly impossible to stop unless with the assistance of an experienced professional.

Few people in Scarborough want to lose their homes in this way and so they try to stop the legal acquisition. The best resolution is to pay up monies demanded by lawyers or lenders but this is not possible without cash in hand. Banks do not loan to people facing a power of sale or foreclosure so they have to seek alternatives from private lenders. To get the money, a borrower can seek a second mortgage with which they can pay initial mortgage holders and bring the loan to good standings. Second mortgages are also open, meaning that the homeowner may choose to end it at any time. But this of, the course attracts a penalty in three months’ interest fees.

Being a veteran in real estate, Ron Alphonso has been able tostop Scarborough power of sale and foreclosureusing different techniques. A new mortgage, replacing existing loans and selling off the property before eviction date are some of his tricks that often save people from losing their valuable homes to mortgage holders. To ensure speedy resolution, individuals must bring all documents regarding the power of sale so Ron knows exactly which course of action to take.

This press release has been viewed 0 times on PR Buzz.

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Article source: http://menafn.com/1095357280/Scarborough-Power-of-Sale-and-Foreclosures-Stopped-by-Powerofsalesontarioca

COMBINED NOTICE – PUBLICATION

COMBINED NOTICE – PUBLICATION 

CRS §38-38-103 FORECLOSURE SALE NO. 17-0295 

To Whom It May Concern: This Notice is given with regard to the following described Deed of Trust: 

On January 12, 2017, the undersigned Public Trustee caused the Notice of Election and Demand relating to the Deed of Trust described below to be recorded in the County of Chaffee records. 

Original Grantor(s) Tomi A. Shake and Hiroko N. Black 

Original Beneficiary(ies) Colorado East Bank Trust 

Current Holder of Evidence of Debt TBK Bank, SSB 

Date of Deed of Trust September 25, 2013 

County of Recording Chaffee 

Recording Date of Deed of Trust October 01, 2013 

Recording Information (Reception No. and/or Book/Page No.) 410473 

Original Principal Amount $250,000.00 

Outstanding Principal Balance $238,316.29 

Pursuant to CRS §38-38-101(4)(i), you are hereby notified that the covenants of the deed of trust have been violated as follows:  failure to pay principal and interest when due together with all other payments provided for in the evidence of debt secured by the deed of trust and other violations thereof. 

THE LIEN FORECLOSED MAY NOT BE A FIRST LIEN. 

THE NORTHERLY ONE-HALF OF LOTS NO. 15 AND 16, 

BLOCK NO. 2 IN THE 

TOWN OF BUENA VISTA 

CHAFFEE COUNTY, COLORADO 

ALSO KNOWN AS 331 E. MAIN ST., BUENA VISTA, CO 81211 

LOTS NO. 7 AND 8, 

BLOCK NO. 1, 

BUENA VISTA LAND COMPANY’S ADDITION NO. 1, 

TO THE TOWN OF BUENA VISTA 

TOGETHER WITH THE SOUTHERLY ONE-HALF OF VACATED ALLEY IN SAID BLOCK ADJOINING SAID LOTS. 

ALSO KNOWN AS 314 ARKANSAS STREET, BUENA VISTA, CO 81211 

Also known by street and number as: 331 E. Main Street , 314 Arkansas Street, Buena Vista, CO 81211. 

THE PROPERTY DESCRIBED HEREIN IS ALL OF THE PROPERTY CURRENTLY ENCUMBERED BY THE LIEN OF THE DEED OF TRUST. 

NOTICE OF SALE 

The current holder of the Evidence of Debt secured by the Deed of Trust, described herein, has filed Notice of Election and Demand for sale as provided by law and in said Deed of Trust. 

THEREFORE, Notice Is Hereby Given that I will at public auction, at 10:00 AM on Wednesday, 05/17/2017, at Office of Public Trustee, 104 Crestone Avenue, Room 105, Salida, CO 81201, sell to the highest and best bidder for cash, the said real property and all interest of the said Grantor(s), Grantor(s)’  heirs and assigns therein, for the purpose of paying the indebtedness provided in said Evidence of Debt secured by the Deed of Trust, plus attorneys’ fees, the expenses of sale and other items allowed by law, and will issue to the purchaser a Certificate of Purchase, all as provided by law. 

First Publication 3/23/2017 

Last Publication 4/20/2017 

Name of Publication Chaffee County Times 

IF THE SALE DATE IS CONTINUED TO A LATER DATE, THE DEADLINE TO FILE A NOTICE OF INTENT TO CURE BY THOSE PARTIES ENTITLED TO CURE MAY ALSO BE EXTENDED; IF THE BORROWER BELIEVES THAT A LENDER OR SERVICER HAS VIOLATED THE REQUIREMENTS FOR A SINGLE POINT OF CONTACT IN SECTION 38-38-103.1 OR THE PROHIBITION ON DUAL TRACKING IN SECTION 38-38-103.2, THE BORROWER MAY FILE A COMPLAINT WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH.  THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS. 

     Colorado Attorney General 

     1300 Broadway, 10th Floor 

     Denver, Colorado 80203 

     (800) 222-4444 

     www.coloradoattorneygeneral.gov 

     Federal Consumer Financial Protection Bureau 

     P.O. Box 4503 

     Iowa City, Iowa 52244 

     (855) 411-2372 

     www.consumerfinance.gov 

DATE: 01/12/2017 

DeeDee Copper, Public Trustee in and for the County of Chaffee, State of Colorado 

The name, address, business telephone number and bar registration number of the attorney(s) representing the legal holder of the indebtedness is: 

Tracie J. S. Hulbert #33058 

The Hulbert Law Office, LLC 

PO Box 7278, 

1760 Airport Road, Unit C,  

Breckenridge, CO 80424 

(970) 453-2360 

Attorney File # 1115. Shake 

The Attorney above is acting as a debt collector and is attempting to collect a debt. Any information provided may be used for that purpose. 

Published in The Chaffee County Times March 23, 30, April 6, 13, 20, 2017.

Article source: http://www.chaffeecountytimes.com/legals/combined-notice---publication/article_adc86876-14bc-11e7-8b96-1b90c8abef9f.html

Bank of America fined $45 million for ‘brazen’ and ‘heartless’ actions

Bank of America will face a $45 million fine for its alleged treatment of a California couple, which a bankruptcy judge called both “brazen” and “heartless.”

Though the bank has not yet appealed the decision, spokesman Rick Simon said on Tuesday that the decision is “unprecedented and unsupported,” though he does admit that “regrettably, the customers had a challenging experience,” according to the Wall Street Journal.

Refusals and foreclosure

However, calling the Sundquists’ ordeal “challenging” may be a bit of an understatement. Erik and Renee Sundquist were caught up in the financial downturn of 2008. They lost their construction business and elected to move to a cheaper home in Sacramento, California, which they secured with a $590,000 loan from a lender that was later taken over by Bank of America.

In their original agreement, the Sundquists were told that they would be able to request lower monthly payments on their loan, but when the couple stopped making payments in March 2009, Bank of America officials told them that the business would not consider loan modifications for customers who were current on their payments.

Over the next few years, the Sundquists made roughly 20 loan modification requests that were “routinely either lost or declared insufficient, or incomplete or stale or in need of resubmission or denied without comprehensible explanation,” according to the ruling.

The couple eventually filed for bankruptcy in June 2010, but their troubles were far from over. The filing was supposed to stop any foreclosure sales of their home, but Bank of America improperly took it over and gave the Sundquists a three-day eviction notice.

The decision and sale of the home was later reversed, but only after Mrs. Sundquist was hospitalized with stress-related heart attack symptoms. After returning home, the couple faced another unwelcome surprise, as their home owner’s association had fined them $20,000 for dead landscaping. Excerpts from Mrs. Sundquist’s journal detail harassing visits from bank-related officials and the suicide attempt of Mr. Sundquist over frustrations related to the house.

Regulators frustrated

Judge Christopher Klein said that the mortgage modification process and mistaken foreclosure left the Sundquists in “a state of battle-fatigued demoralization,” and that it was “apparent that the engine of Bank of America’s problem in this case is one of corporate culture. . . not rogue employees betraying an upstanding employer.”

The $45 million judgment will be designated primarily for law schools and consumer advocacy organizations, though the Sundquists will receive $1.1 million. Klein said that he hoped the amount would be large enough so that it won’t “be laughed off in the boardroom as petty cash or ‘chump change,’” according to Thursday’s ruling.

Experts say that the judgment relates some of the frustration that regulators and consumer advocates have been feeling against mortgage servicers who continue to employ predatory and harmful tactics.

“It’s appaling. . . You would think after all this time and all the fines that have been paid already that [mortgage companies] might actually try to get it right,” said Ira Rheingold, executive director of the National Association of Consumer Advocates.

Article source: https://www.consumeraffairs.com/news/bank-of-america-fined-45-million-for-brazen-and-heartless-actions-033017.html

Raphael Toledano | Brookhill Properties – The Real Deal

From left: 27 St. Marks Place, 66 East 7th Street, 223 East 5th Street, 514 East 12th Street and Raphael Toledano

UPDATED, 4:00 p.m., March 29: An affiliate of Raphael Toledano’s Brookhill Properties filed Chapter 11 bankruptcy protection on a 15-building East Village portfolio, according to bankruptcy documents reviewed by The Real Deal. Toledano was in contract to sell the portfolio to Joseph Sutton, son of retail mogul Jeff Sutton, for $145 million, but sources said that deal is now off the table.

The bankruptcy filing in U.S. Bankruptcy Court for the Southern District of New York, submitted on Tuesday, comes more than a month after Madison Realty Capital filed to foreclose on the package of multifamily walk-ups acquired by the 27-year-old landlord in 2015.

At the same time, Toledano, the controversial broker-turned-multifamily investor who runs Brookhill , was in contract to sell the buildings to Joseph Sutton, son of retail mogul Jeff Sutton, for about $145 million. Now that the deal with Sutton is no longer happening, Toledano is looking for other suitors, sources said.

The bankruptcy filing, submitted by Brookhill-controlled entity East Village Properties LLC, would buy Toledano more time to sell the buildings and avoid foreclosure.

Toledano and Sutton declined to comment. Sources familiar with the deal said that Sutton did not want to be associated with a deal tainted with a bankruptcy filing. Sources close to Toledano said he requested that Sutton exit the deal in a bid to increase his leverage with Madison. Sutton complied with this request, the sources said.

“It’s the standard playbook of lender trying to foreclose and debtor trying to stay that,” said portfolio manager Adam Stein-Sapir of Pioneer Funding Group, who is not involved.

“You have 18 months to file a plan of reorganization but parties can move to shorten the exclusivity period,” Stein-Sapir added. “Someone could challenge that and say it should only go to 60 or 90 days. In this case, it’s most likely to be one of the mortgage holders. It gives that party some leverage to direct the case, whereas the standard is for the debtor to direct their own case.”

Madison claimed in its filing that Toledano owes roughly $140 million, including $125 million in loans against the 15 properties, plus interest and attorneys’ fees. Madison, an investor-lender led by Josh Zegen and Brian Shatz, had provided the financing for Toledano’s $97 million purchase of the buildings in September 2015 from the Tabak family. The loan was intended to cover future renovation costs in addition to the acquisition, though industry sources had accused Toledano of being overleveraged.

The properties are 27 St. Marks Place, 66 East 7th Street, 514 East 12th Street, 223 East 5th Street, 229 East 5th Street, 231 East 5th Street, 233 East 5th Street, 235 East 5th Street, 228 East 6th Street, 253 East 10th Street, 323-325 East 12th Street, 327 East 12th Street, 329 East 12th Street, 334 East 9th Street, and 510 East 12th Street.

Adam Pincus contributed reporting.

Article source: https://therealdeal.com/2017/03/29/toledanos-brookhill-files-for-chapter-11-on-ev-buildings-and-his-145m-deal-with-sutton-is-no-longer-happening/

PUBLIC NOTICE COMBINED NOTICE – PUBLICATION CRS §38-38-103 FORECLOSURE SALE NO. 17-0296

PUBLIC NOTICE

COMBINED NOTICE – PUBLICATION

CRS §38-38-103 FORECLOSURE SALE NO. 17-0296

To Whom It May Concern: This Notice is given with regard to the following described Deed of Trust:

On January 17, 2017, the undersigned Public Trustee caused the Notice of Election and Demand relating to the Deed of Trust described below to be recorded in the County of Chaffee records.

Original Grantor(s): Cody L. Cox and Breonna K. Cox

Original Beneficiary(ies): Mortgage Electronic Registration Systems, Inc. as nominee for Clarion Mortgage Capital, Inc.

Current Holder of Evidence of Debt: Ocwen Loan Servicing, LLC

Date of Deed of Trust: January 12, 2007

County of Recording: Chaffee

Recording Date of Deed of Trust: January 16, 2007

Recording Information (Reception No. and/or Book/Page No.): 363963

Original Principal Amount: $134,598.00

Outstanding Principal Balance: $114,968.47

Pursuant to CRS §38-38-101(4)(i), you are hereby notified that the covenants of the deed of trust have been violated as follows: failure to pay principal and interest when due together with all other payments provided for in the evidence of debt secured by the deed of trust and other violations thereof.

THE LIEN FORECLOSED MAY NOT BE A FIRST LIEN.

LOT NO. 2 BLOCK NO. 4 ARKANSAS RIVER MOBILE HOME ESTATES, TO THE CITY OF SALIDA, CHAFFEE COUNTY,

COLORADO, BEING A REPLAT OF LAMADA VILLAGE SUBDIVISION (AMENDED) ACCORDING TO PLAT FILED JULY 27, 1982,

UNDER RECEPTION NO. 215980.

Also known by street and number as: 516 Scott Street, Salida, CO 81201.

THE PROPERTY DESCRIBED HEREIN IS ALL OF THE PROPERTY CURRENTLY ENCUMBERED BY THE LIEN OF THE DEED OF TRUST.

NOTICE OF SALE

The current holder of the Evidence of Debt secured by the Deed of Trust, described herein, has filed Notice of Election and Demand for sale as provided by law and in said Deed of Trust.

THEREFORE, Notice Is Hereby Given that I will at public auction, at 10:00 AM on Wednesday, 05/17/2017, at Office of Public Trustee, 104 Crestone Avenue, Room 105, Salida, CO 81201, sell to the highest and best bidder for cash, the said real property and all interest of the said Grantor(s), Grantor(s)’ heirs and assigns therein, for the purpose of paying the indebtedness provided in said Evidence of Debt secured by the Deed of Trust , plus attorneys’ fees, the expenses of sale and other items allowed by law, and will issue to the purchaser a Certificate of Purchase, all as provided by law.

First Publication: 3/23/2017

Last Publication: 4/20/2017

Name of Publication: Mountain Mail

IF THE SALE DATE IS CONTINUED TO A LATER DATE, THE DEADLINE TO FILE A NOTICE OF INTENT TO CURE BY THOSE PARTIES ENTITLED TO CURE MAY ALSO BE EXTENDED;

IF THE BORROWER BELIEVES THAT A LENDER OR SERVICER HAS VIOLATED THE REQUIREMENTS FOR A SINGLE POINT OF CONTACT IN SECTION 38-38-103.1 OR THE PROHIBITION ON DUAL TRACKING IN SECTION 38-38-103.2, THE BORROWER MAY FILE A COMPLAINT WITH THE COLORADO ATTORNEY GENERAL, THE FEDERAL CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), OR BOTH. THE FILING OF A COMPLAINT WILL NOT STOP THE FORECLOSURE PROCESS.

Colorado Attorney General

1300 Broadway, 10th Floor

Denver, Colorado 80203

(800) 222-4444

www.coloradoattorneygeneral.gov

Federal Consumer Financial Protection Bureau

P.O. Box 4503

Iowa City, Iowa 52244

(855) 411-2372

www.consumerfinance.gov

DATE: 01/17/2017

/s/DeeDee Copper, Public Trustee in and for the County of Chaffee, State of Colorado

The name, address, business telephone number and bar registration number of the attorney(s) representing the legal holder of the indebtedness is:

David Shore #19973

Hellerstein and Shore PC 5347 S. Valencia Way, Suite 100, Greenwood Village, CO 80111 (303) 573-1080

Attorney File # 16-00604SH

The Attorney above is acting as a debt collector and is attempting to collect a debt. Any information provided may be used for that purpose.

Article source: http://www.themountainmail.com/legals/article_0bdd9474-1560-11e7-9f48-3fa3e5810ecf.html

Greeks blockade courts to stop foreclosure auctions

Protest groups in Greece are trying to halt auctions of foreclosed homes by picketing courthouses.

Each Wednesday groups blockade courthouses around the country, sometimes necessitating police intervention.

Public officials often stay home to avoid the trouble, so the sales cannot be held.

One group, I Won’t Pay, claims it has halted 4,000 actions per year in the past three years with its protests.

For decades Greek banks lent generously, using property as guarantee.

When the global economic crisis hit Greece, banks were left exposed and had to foreclose.

The government initially promised to protect homes, but as the crisis worsened, the government had to renege.

Greeks are traditionally very attached to their homes. Thus began the weekly protests to stop the bank auctions.

The Greek government plans to circumvent the protesters by holding electronic auctions.

Leonidas Papadopoulos, leader of the protest group I Won’t Pay, said, “If something like that happens Greek society will be destabilized.

“Greeks, Greek families, are closely attached to their homes, there will be unforeseen developments, there will be a social explosion.”

Article source: http://www.ntd.tv/2017/03/30/greeks-blockade-courts-to-stop-foreclosure-auctions/

Riverview couple may get reprieve from foreclosure over $150 association fee

RIVERVIEW — A Riverview family on the brink of losing their home for failing to pay a $150 homeowners association fee has been offered an 11th hour chance at mediation following news coverage of their plight.

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Tampa property rights attorney Ryan Torrens, who represents Tina and Luis Lopez, said the law firm for the Rivercrest Master Homeowners Association approached him about mediating the dispute over the Lopez family’s 2009 homeowners association fee.

The change-of-heart comes as state lawmakers are considering a measure that addresses many of the issues arising from the Lopez family’s case, including a requirement that homeowners’ associations provide more notice when members fall behind on fees.

The Lopez family actually offered proof they had paid the fee in 2009. A former association board member told the Tampa Bay Times its accounting practices were in disorder at the time. Still, the Tampa law firm Bush Ross placed a lien on the home in 2013 and ultimately foreclosed on behalf of the Rivercrest association.

Tina and Luis Lopez purchased their two-story home for $280,000 12 years ago. Last May, it sold to an investment group at a public auction for $19,000.

Torrens attributes the new offer by Bush Ross to news coverage of the family’s plight. A mediation conference is scheduled Tuesday. Bush Ross attorney Charles Glausier told the Times the firm does not comment on pending litigation except through court filings.

Torrens said he represents several other homeowners involved in disputes with homeowners associations represented by Bush Ross. All their cases have been resolved since the Lopez story first was reported in January.

Another homeowner, Richard Amisson of Sun City Center, has filed a complaint against Bush Ross with the community’s Seniors Versus Crime office, a special project of the Florida Attorney General’s Office established to cut down on crimes against senior citizens.

Amisson, who purchased his home in February 2015, said Bush Ross placed a lien on his property for failing to make three monthly homeowners association payments. The association later discovered it made an accounting error. However, the lien was not removed.

The law firm recently offered to settle Amisson’s case if he pays $400. Amisson said he refuses to pay on principle.

“I’m stubborn and I won’t be blackmailed,” he said. “This is nothing more than legal extortion, racketeering.”

Jim Granan, manager of the Seniors Versus Crime office, said complaints filed in his office are typically investigated by a volunteer and referred to the Hillsborough County Sheriff’s Office, which decides which cases should be reviewed by the State Attorney’s Office.

In this case, Granan said, the sheriff’s office concluded it had no jurisdiction because it was a civil rather than a criminal matter.

Attorney Torrens said he’s never heard of a state attorney’s office in any of Florida’s judicial circuits investigating a dispute between a homeowner and an association, but he insists they have the authority to pursue civil cases.

He said changing the law is the best recourse for homeowners. Some 2.5 million property owners fall under the jurisdiction of homeowners associations in Florida.

Law firms throughout the state, Torrens said, prosper at homeowner expense because the laws allow them to represent homeowners associations for free, generating their revenue by running up late fees, attorney’s fees and interest from individual homeowners.

The laws governing homeowners associations, Chapter 720 of the Florida statutes, do not require notification when overdue fees and fines are levied. As a result, many homeowners don’t learn they’re racking up debts until the matter is turned over to an attorney.

At that point, the law does require notification — 45 days before a lien is placed on a property.

Rep. Charlie Stone, R-Ocala, is sponsoring a reform measure in the state legislative session now under way. House Bill 295 would give the state Department of Business and Professional Regulation, which licenses the state’s 13,000 homeowners associations, the authority to investigate complaints against them.

The bill also prohibits liens for failure to pay fines and authorizes the department to mediate disputes. But it contains no provision, as earlier failed reform measures did, requiring earlier notification of dues and assessments.

The Community Association Leadership Lobby, which represents more than 4,000 condominium and homeowners associations in Florida, has taken no position on Stone’s proposal yet. But lobby attorney Yeline Goin told the Times it would be a mistake for the state to impose additional regulations on associations because the cost of meeting them would ultimately be passed on to property owners.

Goin defended the practice of imposing liens for unpaid assessments and fines.

“That’s how HOAs fund their budgets,” she said. “You don’t want to take that right away from them. What if everybody in the community refuses to pay their assessments and fines? The HOA wouldn’t be able to pay its bills. It could bankrupt the association.”

In some cases, Goin acknowledged, associations pad their coffers by taking over the titles on foreclosed properties and renting them out until the bank or mortgage company does its own foreclosure and the title is transferred.

She said her lobby encourages members to provide early notification of dues and assessments but doesn’t believe this should be codified into law. The 45-day requirement before filing a lien is sufficient, she said.

The Rivercrest association should have a procedure in place to notify homeowners sooner, Goin said.

“I know some HOAs aren’t as aggressive as others with their collections,” she said. “But it’s not a good practice to wait four years to collect an unpaid assessment.”

Contact D’Ann Lawrence White at hillnews@tampabay.com

Article source: http://www.tampabay.com/news/business/realestate/riverview-couple-may-get-reprieve-from-foreclosure-over-150-association-fee/2318407