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Wyclef Jean Ordered to Cough Up Nearly Half a Million Dollars Over Foreclosed Miami Home

Wyclef Jean has been ordered to cut a check for $484,00 related to a years-long battle after the rapper lost his Florida home to foreclosure.

Recently, a Florida judge signed off on a final judgment against Wyclef, his company and his cousin/producer Jerry “Wonda” Duplessis, ordering them to pay up a total of $484,554.90.

Back in 2008, Wyclef was sued for defaulting on his mortgage for a Miami home he bought but had yet to be finished. The judge ordered the home to be sold off at a foreclosure auction and hit Wyclef with a $2.4 million judgment.

The property was sold to a third party for $1.6 million but left a deficiency of $824,000 owed by the rapper.

Wyclef entered into an agreement with one of the plaintiffs in the lawsuit, The Cruz Family Irrevocable Trust, where he agreed to pay them a total of $350,000. The deal called for him to make monthly installments until the balance was paid off, which should have been in 2015.

But according to court docs, Wyclef allegedly gave The Cruz Family Irrevocable Trust the shaft and never made a single installment payment. The trust went back to court recently demanding the judge sign off on a final judgment against Wyclef over the $350k he owed, plus interest.

The judge sided with them and ordered Wyclef to pay the entire unpaid balance, plus interest, for a total of $484,554.90.

The Cruz Family Irrevocable Trust is now on the hunt for the rapper’s property and assets. They filed docs in New Jersey to begin the process of seizing his assets in order to collect the money owed.

Article source: https://theblast.com/wyclef-jean-foreclosed-miami-home/

Foreclosure N semen heading "down under" :: Harnesslink

Oakwood Stud in County Offaly, Ireland has reported that semen from their top harness racing pacing stallion, Foreclosure N, will be made available in Australia and New Zealand shortly.

Kody Charles of KTC Bloodstock in Perth, Australia has been friends via Facebook with Derek and James Delaney of Oakwood Stud for years and they finally met face-to-face in 2015.

“When we first got Foreclosure N in Ireland,” Derek Delaney explained, “Kody contacted me to say he has his dam in Australia and he had a keen interest in him and had followed his success as a sire in the USA. He asked about shipping his frozen semen to use for some of his mares and we stuck a deal to also make it available for outside mares too.”

This will be the first time that KTC Bloodstock, which is run by Kody with his mom and dad and Brittany, have been involved with shipping semen overseas and they are very excited to see his foals on the ground next year in Australia and New Zealand.

“This is a new venture for KTC Bloodstock,” said Kody Charles. “We are very pleased to be selected as Agent for the frozen semen of Foreclosure in Australia and New Zealand.

“It has been a dream of ours for some time to get involved in a stallion, Kody explained. “and I can’t think of no better stallion to get involved in at our first attempt. He is already competing with the best in the states and already has the points on the board from his first small crop. I think he will a big plus for local breeders. He will be supported by our own mares and frozen semen will be available in Australia and New Zealand for a fee of $2,500 including GST.”

Foreclosure N, (Rocknroll Hanover – Pleasing Package A – Fake Left) was bred in USA and foaled in NZ, then shipped back to USA as yearling, raced in the USA and Canada, then bred one crop with 21 foals in the USA.

His oldest foals are now age 4 and have earned over $1 million through their three-year-old season. He finished 6th on the top 20 sires for average earnings for three-year-old pacers in 2017 and sired the Ohio Sire Stakes Championship winner, Drunk On Your Love p,3 1:51.1f. He was also recently honored as the top Ohio-bred 3-Year-Old Colt Pacer of the year in 2017 and earned $328,286 to date.

Foreclosure N’s richest daughter is Rosemary Rose p,3 1:51.4h $255,692, and holds the track record for 3-year-old fillies at Northfield Park with her record mile of 1:51.4 and won multiple legs of the OHSS and won the Grand Circuit event, the Courageous Lady.

World renowned driver Tim Tetrick had this to say about Foreclosure N:

“I think this stallion has a very good opportunity at stud,” Tetrick said. “He is already having fantastic results from a small crop in the USA. I really liked him as a racehorse. He was a real professional on the track that tried hard every inch of the mile. He had a great gait with a great attitude and really wanted to do his work and was one super-fast horse.”

Foreclosure N was sold to Oakwood Stud in 2015 and bred mares in Ireland, Scotland, Wales and England and now is going to be breeding foals in Australia and New Zealand, so it’s fair to say he’s well-travelled once again in his career.

“Our first crop here in Ireland from Foreclosure N are now 2,” Derek Delaney said. “and in training they look superb and the feedback from trainers is phenomenal at this early stage.”

For more information about getting semen down under for Foreclosure N, please contact either Oakwood Stud at www.oakwoodstud.ie or KTC Bloodstock at www.ktcbloodstock.com.au.

By Steve Wolf, for Oakwood Stud

Article source: http://www.harnesslink.com/News/Foreclosure-N-semen-heading--down-under-

Faster HOA foreclosure law proposed

PHOENIX – Homeowners’ associations in Arizona are largely unregulated with seemingly limitless power.
Now State Sen. John Kavanaugh is proposing a law would make it even easier for them to take your home.
Senate Bill 1080 would give six months to bring an account current before foreclosure proceedings could begin.   Right now HOAs have to wait one year or until the assessments and fees have reached $1200.

The bill is a good reminder of how much power HOAs have over your home.  So what can you do to keep it from happening to you?

If it’s at all possible..pay your assessments on time 
HOA bills aren’t like other bills.  Miss a payment, and within months the amount will spiral out of control thanks to attorney fees.  And good luck making a payment plan. One of our biggest HOA complaints is that many don’t allow for partial payment to help you catch up.

Don’t ignore notices
Every late notice you get will likely come from lawyers who tack their fee on to your bill.  Often HOAs will stop communicating with you, forcing you to correspond with the lawyers. You will likely be charged every single time you do.

Don’t expect them to play fair 
Get a full ledger of everything thing you owe in writing.
Even if they reject your payment, continue to attempt to pay and document that. You may need it if you end up in court.

This bill could affect anyone who misses a payment, but it is not law yet.
If you want to stop that from happening, lawmakers need to know. You can find out how to contact your legislators here.

Article source: https://www.abc15.com/news/let-joe-know/faster-hoa-foreclosure-law-proposed

Former owner of foreclosure rescue business admits to stealing borrowers’ homes, equity

The former owner of a California foreclosure rescue firm admitted in court last week to stealing struggling borrowers’ homes during the housing crisis.

Sergio Barrientos pleaded guilty last week to conspiracy to commit wire fraud affecting a financial institution and bank fraud.

According to court documents, from about September 2004 through February 2008, Barrientos and co-conspirators Zalathiel Aguila and Omar Anabo operated a business in California called Capital Access.

The company offered a “Keep Your Home” program that targeted struggling borrowers who were nearing foreclosure. The program supposedly offered a temporary rescue plan in which “qualified investors” would take over the borrowers’ mortgage while the borrower paid rent and worked on rebuilding their credit.

But that’s not what actually happened.

According to court documents, Barrientos, Aguila, and Anabo convinced the struggling borrowers to sign away the titles to their homes, then spent any equity those homeowners had saved.

Then, Barrientos, Aguila, and Anabo used straw buyers to defraud financial institutions out of millions of dollars in loans obtained under false pretenses.

The equity taken from the distressed homeowners’ properties was then used for operational expenses of the scheme and Barrientos and his co-conspirators’ personal expenses.

According to the U.S. Attorney’s Office, a number homeowners across California lost their homes and savings as a result of the scheme, while the affected lenders lost an estimated $10.47 million from the fraud.

Barrientos is scheduled to be sentenced later this year and faces a maximum statutory penalty of 30 years in prison and a $1 million fine.

Article source: https://www.housingwire.com/articles/42291-former-owner-of-foreclosure-rescue-business-admits-to-stealing-borrowers-homes-equity

Everything You Should Know About Foreclosure

There are a lot of myths that around the foreclosure. These falsities may create panic in a homeowners mind. As a result it is necessary that the person must know the truth with this property foreclosure. Before discussing the normal misguided beliefs about foreclosure it is required that the person must be first sure on the actual interpretation of foreclosure. Foreclosure is referred to as the legal proceeding in which the mortgagee (lender) purchases the courts order in which the mortgagor (borrower) right of redemption of the mortgage property is terminated. This means that even if the customer is preparing to pay back the complete loan figure to the lender along with the interest, the mortgaged property will not be go back to the debtor. The idea of property foreclosure is not as simple as it appears and it involves many problems. As a result of these difficulties there are numerous myths that are prevalent in the society that might create fear and at the same time it influences the person (either the borrower or the lender) within an adverse manner.

Some of the most frequent misguided beliefs surrounding the foreclosure are as follows:

Myth: The bank might foreclose on my house as soon as the debt period expires.

Truth: No financial institution or any type of lender would want to go through the technique of foreclosure. The lender always wants his money again along with the interest charged on the loan. Also the process of Foreclosure is very prolonged and it might costs extra to the lender. The importance of the property may well not be equaled to the loan amount and a lot times is quite less. This kind of means that with the process of foreclosure the lender is bound to lose a lot of money. As a result the option of foreclosures is the last option and frequently times taken only when other procedures for the recovery of the loan have failed or the borrower has reported bankruptcy.

Myth: The lender has threatened to go ahead and foreclose over a property in Austin tx, Texas. I am powerless to stop this Downtown foreclosure because I no longer have any money to.

Truth: This is not true as there are many ways by which the individual can stop the foreclosure of the property in Austin. There are many agencies present in Austin that can help stop foreclosure free of charge. Also there are companies offering bridge loan to help Austin homeowners catch up on their payments and stop the foreclosure of the property. One only needs to approach these agencies and chart out a strategy with them. It must become kept in mind that the interest levels on home foreclosure protection loans are normally higher than the normal loans. Therefore, these mortgages must be taken with caution.

Myth: I have received a letter from the lender stating that they may foreclose on my home loan property if I do not payback the loan in a week. You will find no means by which I could avoid foreclosures: This will not only lead to the lost of the home but will also business lead to the negative credit history.

Truth: There are many ways with which you can avoid foreclosure. One is to talk to the lender and workout away plan whereby the customer agrees for compensating the loan amount in the future combined with interest or to pay the money in installments spread over a moment. The lender will not want your home, so almost all of enough time you can come to a mutual agreement with the lending company. However, if in any case the negotiation with the lender would not do well then you can contact a foreclosure consultant and have professional negotiate with the lender for you.

Article source: https://thelibertarianrepublic.com/everything-required-know-foreclosure/

A Little Bit of Foreclosure Soap Won’t Wash Away Those Unclean Hands

April Charney, an attorney licensed in Florida and Arkansas, has seen much home snatching and it’s the kind of thing that pisses her off to no end. First called to the bar in 1980 she immediately immersed herself in the thanklessly underfunded world of legal services representing poor people and then, in 1999, spinning off into representing poor people fighting foreclosure (she’s handled hundreds of cases) and like Tirelli she’s become expert in the “put up” (the proper documents) or “shut up,” and explain to the judge why fabricated documents are being filed in court. Her expertise in parsing the wording of such mortgage critical documents as PSA’s (”Pooling and Servicing Agreements”) and uncovering the finer points of assignment fraud earned her the title, “The Loan Ranger,” in a 2009 New York Post article. Charney, who continues to work on foreclosure cases with lawyers around the country, can sometimes be found traveling in an RV — together with her husband, a retired legal aid lawyer — offering advice, on-line, from her mobile perch.

Article source: https://www.huffingtonpost.com/entry/a-little-bit-of-foreclosure-soap-wont-wash-away-those_us_5a359b36e4b02bd1c8c6074a

Morgan Stanley and Goldman fined as Fed ends foreclosure cases

Bloomberg/Washington

The Federal Reserve is closing the book on sanctions against US banks over improper handling of post-crisis mortgage foreclosures, fining firms including Goldman Sachs Group Inc and the IndyMac successor formerly chaired by Treasury Secretary Steven Mnuchin.
In an enforcement case that has stretched across seven years, the Fed is ending its role by fining five companies, the agency said in a statement. More than $35mn in new penalties include $14mn for Goldman Sachs, $8mn for Morgan Stanley, $4.4mn for US Bancorp, $3.5mn for PNC Financial Services Group Inc and $5.2mn for CIT Group Inc, which had purchased OneWest Bank — the firm that bought IndyMac.
Mnuchin was chairman of OneWest and Comptroller of the Currency Joseph Otting was its chief executive officer when the firm faced earlier foreclosure sanctions.
The Fed had earlier fined other banks, including Bank of America Corp, JPMorgan Chase Co, Ally Financial Inc, Suntrust Banks Inc and HSBC Holdings Plc.
After the banks were accused of botching thousands of foreclosures in 2011, the Fed and other regulators required lenders to fix problems in their servicing of residential mortgages. The Fed’s termination of the earlier enforcement actions means the regulator is satisfied that the firms have improved their practices, the agency said.
IndyMac Bancorp failed in 2008 as one of the mortgage meltdown’s major casualties. That same year, Mnuchin, a former Goldman Sachs banker, led a group of investors that included hedge fund billionaire John Paulson and finance giant George Soros in buying the bank.
IndyMac’s name was changed to OneWest and Mnuchin hired Otting, a veteran West Coast banker, to run it. The firm — beset by the foreclosure scrutiny — was sold off to CIT in 2015, and Mnuchin and Otting joined the Trump administration last year.
The 2011 actions from the Fed, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp were among the largest coordinated enforcement efforts in the years following the crisis.
The regulators first tried to set up what was known as the Independent Foreclosure Review in which the largest US mortgage firms were meant to comb through thousands of foreclosures looking for errors, but the agencies eventually decided that effort was overly time-consuming and ineffective.
So, in 2013 they fined firms hundreds of millions of dollars and ordered them to pay out about $3.6bn in cash to compensate borrowers, though many of the firms had lingering problems complying with orders to fix their internal systems.
The OCC’s settlements with banks were completed a year ago, including final fines of $70mn for Wells Fargo Co and $48mn for JPMorgan after the two were accused of failing to move fast enough to satisfy the earlier orders.
In 2014, the Fed was faulted by its internal watchdog for its handling of complex settlements. Its Office of Inspector General said lax preparation and management led to poor execution of the settlement with the mortgage servicers.

Article source: http://www.gulf-times.com/story/578102/Morgan-Stanley-and-Goldman-fined-as-Fed-ends-forec

Fed Fines 5 Big Banks $35 Million for Foreclosure, Mortgage …

WASHINGTON—The Federal Reserve fined five big banks a total of $35.1 million for issues related to financial-crisis-era mortgage servicing and foreclosures, while also moving them out of the penalty box for what it said was a “substantial improvement” in their practices.

The fines relate to deficiencies that regulators saw in the wake of a meltdown in the U.S. housing market around the 2008-09 financial crisis.

Article source: https://www.wsj.com/articles/fed-fines-5-big-banks-35-million-for-foreclosure-mortgage-servicing-issues-1515772840

Alto family fighting foreclosure as battle with homeowners insurance continues

ALTO, Mich. — The Budrew family first shared their housing struggle last March and sat down again with us in late 2017. Right now, they’re living through another winter with a home in disrepair. The Budrews said they also have the added stress of foreclosure and started a Gofundme page for help.

“It’ll be four years in February that this has been going on,” Seth Budrew said.

He, his wife Haley, and four children are one month shy of the four year anniversary of a snowstorm that’s impacted the family to this day. So much snow fell it damaged their property, and they said that began their battle with their homeowners insurance for damage repair payment.

The Budrews said they feel Frankenmuth Insurance has treated them unfairly and that the battle continues.

“This whole thing has been they don’t agree with the cost. They fought with the scope of work. None of this has even been about if we were covered by the claim. The claim is covered. They just don’t want to part with the money,” Budrew said.

The Budrew’s took the company to court. Both parties agreed that as of August 2016, the Budrew’s contractor estimated $167,000 in repair costs.

Frankenmuth said its own estimate was $106,000. A neutral, third party ‘umpire’ recommended $125,000 for repair costs, according to Frankenmuth.

The company said it would have paid the recommended amount if the Budrews had made repairs up to that point with money the company had already distributed. Frankenmuth said it has paid out nearly $163,000, including other costs such as temporary housing.

​However, the family said a preferred contractor through Frankenmuth caused damage to the foundation during the initial repairs.

“Thankfully, the foundation was one of the things that we did get fixed with the money, even though the insurance company never included that in all the estimates,” Budrew said.

The Budrews are fighting to get out of foreclosure as of May 2017. They said it was brought on after their insurance premiums spiked because of the condition of the home, and they couldn’t keep up with payments. They’re financially strapped.

“This is a long time to be living under this kind of stress,” Budrew said.

The Budrews said they need at least $65,000 to redeem their home. The family said any extra money raised through the Gofundme will go to help the people of Puerto Rico rebuild.

Frankenmuth declined an interview with FOX 17 citing another lawsuit filed by the Budrews. They also said settlement talks are underway. However, the company issued the following statement in late November.

“Helping families and business owners quickly recover and rebuild after an unexpected loss or damage is the heart of Frankenmuth Insurance. We pride ourselves on fast, fair claims service. That dedication is apparent in our claims satisfaction rate—96 percent of policyholders say they are pleased with our handling of their claims.

There are rare cases, like the Budrew’s, when a policyholder is dissatisfied with the claim process.

Mr. Budrew filed a claim in February 2014 after excessive snow accumulation damaged the roof of his garage. We worked in good faith to provide the funds necessary to fix the damages and provide temporary housing for the family. Frankenmuth promptly affirmed coverage and began making payments toward the claim 12 days after it was filed. By Sept. 30, 2014, we had made initial payments of $83,285 to begin repairs, replace personal property and provide temporary housing.

Since that time, Frankenmuth Insurance has made settlement offers, participated in mediation and gone through appraisal. Frankenmuth has paid a total of $162,785.

Despite the payments, Mr. Budrew has not elected to make repairs and continues to litigate.

In fact, Mr. Budrew filed a new lawsuit this month, on the same day the judge from his first lawsuit denied his renewed motion for trial on remaining damage issues.

While we respect Mr. Budrew’s right to dispute his claim, we have an obligation to serve all of our policyholders. They count on us to be financially sound so we will be there for them in their time of need. We take that duty both seriously and compassionately. That means paying fairly, and we have done that for the Budrews.”

Article source: http://fox17online.com/2018/01/11/alto-family-fighting-foreclosure-as-battle-with-homeowners-insurance-continues/

In 2017, NYC foreclosures reached its highest level since 2009 …

Foreclosures have been on the rise across New York City for a while now but in 2017, the number of cases hit its highest peak in eight years.

In their annual foreclosure report, PropertyShark disclosed that last year, 3,306 homes in NYC were scheduled for auction. This represents a 58 percent year-over-year increase and is the highest level witnessed since 2009. What’s even more alarming, the number of foreclosures has practically doubled in just two years: in 2015 there were only 1,762 foreclosure auctions (Since auctions are constantly rescheduled or postponed, the report only focused on stats that include first-time foreclosures). To put it all into perspective, PropertyShark has created this interactive foreclosure map.

Queens and the Bronx both saw high increases in the percentages of homes in foreclosure, at 40 percent and 44 percent year-over-year increases, respectively. Once again, Queens had the highest number of homes in foreclosure in all of NYC with 114 homes scheduled in 2017. The highest concentration of foreclosure cases in all of NYC came from zip code 10469, which covers Baychester, Pelham Gardens, and parts of Williamsbridge.

In Brooklyn, first-time auctions rose drastically from 898 in 2016 to 1,260 in 2017, with Canarsie and East New York logging the highest number of foreclosures within the borough.

While Manhattan didn’t see much of a year-of-year increase in homes scheduled for auction last year, it did bring forth the biggest residential foreclosure in the city’s history when the owner of a full-floor condo at One57 defaulted. A $22.5 million apartment at One57 also hit the auction block last year and was actually the first foreclosure to hit Billionaire’s Row.

Staten Island had the most dramatic year-over-year increase and was up a staggering 134 percent from 2016. There were 428 first-time foreclosures scheduled in 2017, compared with just 183 in 2016.

On the bright side, the number of homes that received a lis pendens notice managed to drop down to 12,072 filings last year, compared with 12,573 filed in 2016, representing a four percent year-over-year decrease.

Article source: https://ny.curbed.com/2018/1/9/16870744/nyc-foreclosure-report-2017-proertyshark