WASHINGTON (AP) — Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation’s top mortgage servicers, according to a report released Wednesday. Such delays can plunge borrowers deeper in debt.

Joseph A. Smith Jr., the independent monitor of last year’s national mortgage settlement, said that while the banks are doing a better job complying with new mortgage servicing rules, more needs to be done.

“It is clear to me that the servicers have additional work to do both in their efforts to fully comply with the (settlement) and to regain their customers’ trust,” Smith wrote in the report.

Smith, whose office conducted 29 performance tests on how five of the largest U.S. mortgage servicers are meeting the new rules, said the banks need to do a better job collecting customer records and notifying borrowers in a timely manner about decisions on their applications, including when there are any missing documents

The banks should also provide borrowers with a knowledgeable and helpful person as a single point of contact to make it easier for applicants to keep track of their request, Smith said. Most of the nearly 60,000 complaints Smith’s office had received in recent months were related to the lack of a single point of contact at the mortgage servicer for borrowers.

The banks are working to correct the problems and will be tested later on to check their progress, Smith said.

The settlement among 49 states, federal government agencies and lenders JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and ResCap Parties (formerly Ally Financial and GMAC) set new rules for how banks handle troubled home loans and provided for up to $25 billion in financial relief to homeowners.

The standards prohibit the lenders from pursuing foreclosure while negotiating a loan modification. They require the banks to acknowledge in writing a refinancing application within three business days, notify the borrower of any missing documents within five days and make a decision on a complete application within 30 days.

Department of Housing and Urban Development Secretary Shaun Donovan said Smith’s report showed four of the five banks tested “consistently failed to send notices and communicate decisions to homeowners in a timely manner.” ResCap Parties was the exception among the five banks, the report said.

ResCap Parties was subject to a February bankruptcy court order that split up and transferred the servicing rights and assets to Ocwen Financial Corporation, Green Tree Servicing, and Berkshire Hathaway Inc.

Donovan said delays by mortgage servicers can put homeowners at risk of either falling behind or losing their homes. They were the same kinds of lending practices that contributed to the foreclosure crisis, he added.

“This is unacceptable,” Donovan said. “The homeowners who have experience servicing abuse deserve justice and we won’t stop until that justice is served.”

Donovan said if the problems persist, fines and court action are possible remedies.

JPMorgan Chase, Bank of America and Citigroup each said in statements that they had either corrected problems cited in the report or were working with Smith to correct them.

The settlement helped close a difficult chapter of the financial crisis when home values sank and millions edged toward foreclosure. Many firms had processed foreclosures without verifying documents.

The agreement reduces mortgage debt for only a fraction of those whose mortgages are underwater. About 11 million U.S. households are underwater, and the settlement is expected to help about a million of them.

The servicers reported distributing $50.63 billion in direct relief, including loan modifications and principal reductions, to more than 620,000 homeowners through the settlement, according to a report by Smith last month.

Article source: http://news.yahoo.com/banks-fall-short-helping-struggling-homeowners-153353515.html

Bankruptcy is not known to cause to flatulence, pimples, or unwanted facial hair.  That does not mean it is good for you.  If you are dealing with home foreclosure, there is a whole medicine cabinet of legal choices to consider before you down a bottle of Bankruptcy.  

Foreclosure may cause Tourette’s in some homeowners.  Where better living through chemistry has failed you, try your legal options to address mortgage malaise.  A foreclosure defense attorney can examine your situation and prescribe a legal treatment towards your best benefit.  

Foreclosure defense does not offer an overnight cure, but comes with time as a side effect.  While the loan servicer is occupied trying to prove his case, you have time to heal a home loan through an alternative to foreclosure.  

Bankruptcy is known to stop foreclosure in many cases, but it is a harsh medicine with a long-term effect of bad credit.  Seek competent legal counsel to review your case and the best treatment for it. 

Article source: http://jacksonville.com/opinion/blog/401084/rusty-collins/2013-06-20/home-remedy-case-foreclosure

Rules governing when people can be moved through foreclosure could soon tighten for Bank of America, Wells Fargo and three other large U.S. mortgage servicers involved in a massive legal settlement with state attorneys general.

At issue is a concept called dual-tracking, where homeowners are pushed toward foreclosure while still working with their bank to stay in their homes.

Last year’s $25 billion settlement was supposed to eliminate the practice. But after push-back from banks and industry groups, the settlement’s final rules ultimately gave banks leeway in many cases to schedule foreclosure dates while homeowners still scrambled to get their loans modified.

The Observer brought the discrepancy to light earlier this year. The newspaper found that banks had been sending foreclosure notices and scheduling court hearings and eviction dates, while homeowners in North Carolina and around the country were still filing paperwork for a loan modification.

The issue has since garnered the attention of federal agencies and attorneys general involved in the settlement.

“The banks are not doing enough under the current rules of the settlement,” Housing and Urban Development secretary Shaun Donovan said on a conference call with reporters.

Iowa Attorney General Tom Miller said Wednesday that he and his colleagues have been in discussions with two major banks on tighter rules that would force banks to stop foreclosure proceedings earlier in the loan modification process. He didn’t identify the banks.

“It’s the kind of thing that we’re talking about and working with the banks to make this agreement better,” he said on the conference call.

The existing rules require banks to halt foreclosure proceedings once a completed loan modification application is submitted, with all the proper paperwork. Banks have been criticized for improperly asking for more documents when they don’t need to.

The proposed new rules would give people protection against dual tracking earlier in the process.

Article source: http://www.charlotteobserver.com/2013/06/19/4116293/dual-tracking-restrictions-on.html

Bank of America is facing a class-action suit from homeowners for allegedly attempting to force people into foreclosure, on purpose.  The suit alleges that Bank of America employees were actually rewarded for finding ways to push homeowners into foreclosure.

Pro Publica has done an extensive investigation of the problem, and it’s really quite amazing.  Apparently the controversy surrounding the administration’s HAMP problem whereby some homeowners could seek help getting their mortgages modified so that they could lower their monthly payments.

Homeowners were reportedly denied HAMP modifications en masse, while employees would create fictitious reasons for the denial.  Pro Publica also reports that Bank of America employees were allegedly told to lie to customers about not having received their documents, in an effort to stall movement on the modifications.

Sadly this isn’t the first time we’ve read some bad news about Bank of America.  They seem to be a recurring problem.  Here’s some of our past coverage of them, for example:

• Bank of America customers were the least satisfied in a survey a few years back.
• Bank of America paid no US taxes in 2010, and even got a nearly $2bn rebate.
• Bank of America was fined by the SEC for $33m for “lying to investors” about bonuses
• Bank of America threatened homeowner with foreclosure months after they sold their house.
• Bank of America banned all payments to wikileaks in 2010.
• Bank of America moves jobs to the Philippines.
• Bank of America seizes wrong house.
• Bank of America seizes wrong house again.
• And who can forget Bank of America’s $5 debit card fee debacle?

Matt Taibbi says Bank of America is “too crooked to fail.”  But can a bankster ever really be “too” crooked?

Print

Article source: http://americablog.com/2013/06/bank-of-america-foreclosure-homeowners.html

Residents of Irvine CA that are struggling with finances and in danger of losing their homes to foreclosure can stop such proceedings with the help of Irvine bankruptcy lawyers. The Law Offices of Zhou Chini have a new marketing campaign for homeowners trying to help minimize foreclosures in Orange County California.

Irvine, California (PRWEB) June 18, 2013

For the homeowners of Irvine, California that are facing the possibility of losing their homes due to foreclosure, the Law Offices of Zhou Chini provide hope by stopping foreclosure proceedings in their tracks through the filing of bankruptcy. The law office is actively marketing to those in need of stopping the foreclosure process. Not only can homes be saved from the brutal process of foreclosure, but residents can also obtain the financial relief required to get situations back in order. This can be achieved by utilizing the services of the bankruptcy attorneys in Irvine practicing at the firm. Going through foreclosure can be embarrassing and stressful experience that takes a heavy toll on the homeowners. Due to the tough economy, millions of homeowners across the country are finding themselves pushed to the brink of financial despair, and the threat of losing their homes to foreclosure. The good news is that residents of Irvine that are facing such a crisis can turn to the professional Irvine lawyers who are experienced in bankruptcy law and freeing up necessary finances through the bankruptcy courts. To learn more about filing for bankruptcy in Irvine, or to speak with an experienced attorney in Orange County California visit, http://www.californiabankruptcyinformation.com/wiki/irvine/

Irvine homeowners that have taken out second mortgages or HELOCs, and are presently facing foreclosure because of the weak economy, can find financial relief and save their home by qualifying and filing for Chapter 13 bankruptcy with the help of Zhou Chini lawyers. Many loans were taken out before the housing bust when the economy was bustling in order to pay for children’s education, make home improvements, or to pay off outstanding debts such as credit cards. However, many Irvine homeowners have found themselves struggling since the economy tanked and are still in danger of losing their homes. Chapter 13 bankruptcy filed by seasoned Irvine bankruptcy attorneys can eliminate a second or third mortgage that are found to be “underwater”, meaning more is owed on the home than it is worth. A lien strip motion can be filed with the bankruptcy which prevents lenders from starting foreclosure proceedings, or stops foreclosures that are in process. The bankruptcy court then creates a payment schedule on any remaining debt so that homeowners have a chance to catch up on back payments and make progress on their mortgage.

Irvine business owners in danger of losing their hard earned businesses to foreclosure also have a bankruptcy option through Chapter 11. Under Chapter 11, companies can get the time they need to restructure and reorganize their businesses while avoiding the stress from the threat of foreclosure. Of course, homeowners and businesses can also look into the possibility of qualifying for Chapter 7 bankruptcy which is the most sought after bankruptcy proceeding. The reason for this is that Chapter 7 bankruptcy allows filers to completely eradicate any unsecured debt and start over with a clean slate. To find out more about all the California bankruptcy information needed to make an educated decision in regards to the different Chapters of bankruptcy contact the law office at 888-901-3440.

Article source: http://www.virtual-strategy.com/2013/06/18/bankruptcy-attorneys-irvine-help-stop-foreclosure-and-free-finances-new-marketing-strateg

City leaders in Eastvale, one of the most affluent cities in the Inland area, want to light a fire under landlords whose renters set up pot-growing operations in residential neighborhoods.

At least 18 grow houses had been discovered in the city since the beginning of the year, and police officials say other houses are still under investigation.

The city already tracks foreclosed homes to make sure they don’t become eyesores. One of the ideas now is to keep track of rental properties to make sure landlords are doing appropriate background checks on potential tenants and monitor the homes to make sure they aren’t converted into indoor pot farms.

Eastvale Councilman Adam Rush asked at the June 12 City Council meeting for some sort of action to control the problem. Councilman Richard “Ric” Welch had expressed concerns at a previous meeting.

“We’re getting complaints from homeowners who are concerned about their families’ safety,” Rush said.

Grow houses are so pervasive in Eastvale — where rampant foreclosures have fostered a wave of houses for rent — that the Riverside County Sheriff’s Department issued a news release in April advising residents how to spot one. It is posted on Eastvale’s official website.

MAP: Marijuana grow house busts in Eastvale

View Marijuana grow houses in Eastvale in a larger map

Tell-tale signs: windows covered from the inside, lights and televisions on timers, people hauling in commercial-grade electrical equipment, and no signs of normal residential occupation.

Eastvale, a former dairy community turned suburban hub in northwest Riverside County, is a magnet for young, upscale, church-going families, many with a law enforcement background. Census data show the median income is $106,000 — the highest of any city in western Riverside County.

One of the city’s most active organizations is Law Enforcement and Fire Fighters — known as LEAFF — which has a primary goal of making Eastvale the safest city in the USA.

Rush said he was more saddened than shocked by the number of grow houses found in Eastvale.

“I don’t want Eastvale to have the stigma of something like this,” he said.

PROFITABLE BUSINESS

At one point this spring, it seemed that a sophisticated growing operation was discovered in Eastvale every week.

The operators set up devices such as outlets, circuit-breaker panels and additional wiring to bypass electrical meters, resulting in the theft of tens of thousands of dollars worth of electricity.

The operations create an increased risk of a fire breaking out, said Sgt. Andrew Elia, supervisor of the special enforcement team that is investigating the grow houses in the city.

They also install hydroponic set-ups with grow lights and watering systems inside the houses. Elia said the modifications typically cost about $40,000.

Property owners are not held responsible for the grow houses unless they knowingly rent the house to someone for criminal activity. But after the home is processed by investigators, the city of Eastvale requires the homeowner to bring it back up to code.

“In most of the cases we’ve investigated, the owners had no knowledge,” Elia said.

The information the growers put on rental agreements is fictitious, and there is no requirement that property owners run background checks.

“That’s up to the individual owners,” he said.

Elia said a 3,000-square-foot house can hold about 1,000 plants, which will be harvested and ready for sale in three to four months.

Marijuana grown indoors is considered a higher-grade drug, which Elia estimated would fetch about $1,000 per pound on the open market.

NOT JUST EASTVALE

A federal indictment handed down in April accused 11 men of turning Inland houses into indoor marijuana growing farms. Locations included six homes in Eastvale, three in Corona, one in Riverside and others in Chino, Fontana and Rancho Cucamonga. The men all have pleaded not guilty.

Eastvale’s police chief, Capt. Danny Feltenberger, said the proliferation of grow houses in Eastvale is a result of several factors, including the stock of vacant or rental houses that are very spacious, and the city’s proximity to freeways.

“Eastvale is in a very conducive area to transport the drug,” he said.

Rush said he believes the problem is a byproduct of the housing crash that left homes in foreclosure and property owners walking away from their mortgages.

“These properties are bought up by real estate investment firms and rented without proper background checks,” Rush said.

Many of the owners live out of state, Rush said. Elia confirmed that fact.

Rush said he would like to see some type of rental registry, similar to the foreclosure registry established by the city, so that rental properties are on the city‘s radar. The registry keeps foreclosed homes from falling into disrepair by forcing the owners, including many banks, to provide ongoing maintenance and lawn care.

“We’ll know where these houses are and can monitor these situations closely,” Rush said.

Welch said he has been researching what other cities and communities have been doing to address the problem. In some cases, he said, cities have issued rental permits or licenses to keep track of rental homes.

“In some locations, limits have been placed on how many permits are issued per block,” Welch said. “Some of these efforts have been challenged in court.”

John Cavanaugh, Eastvale’s city attorney, said any program developed has to balance the city’s desire to tackle the problem with the rights of property owners.

“It’s a balancing act,” Cavanaugh said. “We have to come up with a program that can withstand legal scrutiny.”

Follow Sandra Stokley on Twitter: @SandraStokley or online at blog.pe.com/jurupa-valley

Article source: http://www.pe.com/local-news/riverside-county/corona/corona-headlines-index/20130614-eastvale-city-want-to-stop-marijuana-grow-houses.ece

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Article source: http://www.dailytelegraph.com.au/news/nsw/former-car-dealer-rick-damelian-loses-bid-to-save-mcmahons-point-home-from-bank-repossession/story-fni0cx12-1226665169709

Foreclosures are still occurring at an unprecedented rate, and a new marketing campaign is addressing it. Those facing foreclosure in Anaheim can take comfort in knowing that the process can be stopped with the help of Anaheim bankruptcy attorneys such as provided through the professional Law Offices of Zhou Chini.

Anaheim, CA (PRWEB) June 17, 2013

The Law Offices of Zhou Chini wish to make those living in Anaheim aware that foreclosure proceedings can be stopped through bankruptcy. The lawyers recently released marketing efforts to offer the help those in trouble with their homes. The bankruptcy attorneys in Anaheim utilize existing laws to stop lenders from foreclosing on, and repossessing homes in the area. Homeowners can possibly alleviate their financial crisis, as well as prevent the loss of their homes where families have been raised, and a comfortable existence has been established. Being placed in the foreclosure process by a lender is an extremely stressful experience.

With the California real estate market taking such a hard hit, and the economy struggling, thousands of residents are still in danger of losing their homes. Not only does foreclosure cause a great amount of financial stress, but it also causes heartbreak from losing a home that contains any equity, hard work and precious memories, and a comfortable place where they are accustomed to living. Many Californians have taken out second mortgages, and HELOC’s in order to make home improvements, or to help pay off credit card and other forms of debt. These loans that were taken out in the past has put some homeowners upside down in their equity. Although Anaheim residents can attempt to negotiate with lenders for loan modifications, the reality is that many lenders are still declining some requests. This leaves many homeowners caught in a debt that they cannot handle and which ultimately leads to them losing their homes through bank foreclosures. To find out how to stop a foreclosure with a Chapter 13 bankruptcy, or to learn more about the different bankruptcy options available visit, http://bankruptcyattorneyorangecounty.org/chapter-13-bankruptcy-orange-county

One way out of foreclosure in Orange County is to utilize the professional skills of the bankruptcy attorneys in Anaheim. Such lawyers acquired through the Law Offices of Zhou Chini can assist homeowners with filing Chapter 13 bankruptcies. Filing Chapter 13 bankruptcy containing a lien strip motion allows the homeowner to both prevent their home from going into foreclosure, and to rid themselves of their second (or third) mortgage as long as that mortgage is “underwater”. This action eliminates the pressure from the bank and allows the homeowner to follow a set court ordered payment plan in order to catch up on any back debt owed and pay off their mortgage.Because most Orange County homes, including many in Anaheim, possess unsecured second mortgages, attorney James Zhou says that this is a perfect chance for homeowners to strip away those liens and get their finances back on track. The best way to discover what type of bankruptcy an individual qualifies for, is to get in touch with an experienced bankruptcy bankruptcy lawyer, and most like the law offices of Zhou Chini offer a no cost consultation.

Article source: http://www.virtual-strategy.com/2013/06/17/stop-foreclosure-help-anaheim-bankruptcy-attorneys-zhou-chini

By Michelle Conlin and Peter Rudegeair
June 14 (Reuters) – Six former Bank of America Corp employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents.
The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court.
The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath Beyond Inc.
For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing.
About twice a month, the bank cleaned out its HAMP backlog in an operation called “blitz,” where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say.
The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.
Rick Simon, a Bank of America Home Loans spokesman, said the bank had successfully completed more modifications than any other servicer under HAMP.
“We continue to demonstrate our commitment to assisting customers who are at risk of foreclosure and, at best, these attorneys are painting a false picture of the bank’s practices and the dedication of our employees,” Simon said in a email, adding the declarations were “rife with factual inaccuracies.”
Borrowers filed the civil case against Bank of America in 2010 and are now seeking class certification. The affidavits, dated June 7, are the latest accusations over the mishandling of mortgage modifications by some top U.S. banks.
Mortgage problems have dogged Bank of America since its disastrous purchase of Countrywide Financial in 2008. The bank paid $42 billion to settle credit crisis and mortgage-related litigation between 2010 and 2012, according to SNL Financial.
Bank of America and four other banks reached a $25 billion landmark settlement with regulators in 2012, following a scandal in late 2010 when it was revealed employees “robo signed” documents without verifying them as is required by law.
But problems have persisted. Since 2012, more than 18,000 homeowners have filed complaints about Bank of America with the Consumer Financial Protection Bureau, a new agency created to help protect consumers. Recently, the attorney generals of New York and Florida accused Bank of America of violating the terms of last year’s settlement.
The government created HAMP in 2009 in response to the foreclosure epidemic and to encourage banks to give homeowners loan modifications, allowing some borrowers to stay in their homes.

THE BLITZ
The court documents paint a picture of customer service operations where managers roamed the floor with headsets, able to listen into any call without warning. Service representatives were told to lie to homeowners, telling them their paperwork and payments had not been received, when in reality they had.
“This is exactly what’s been happening to homeowners for years,” said Danielle Kelley, a foreclosure defense lawyer in Florida. “No matter how many times they send in their paperwork, or how often they make their payments, they simply can’t get loan modifications. They wind up in foreclosure instead.”
The former employees said they were told to falsify electronic records and string homeowners along in foreclosure as long as possible. The problem was exacerbated because the bank did not have enough employees handling modifications, adding to the backlog of cases purged during the “blitz” operations.
Once a HAMP application was delayed or rejected, Bank of America would offer an in-house alternative, charging as high as 5 percent when the loan could have been modified for 2 percent under HAMP, according to an affidavit by William Wilson, who worked at the bank’s Charlotte, North Carolina office.
Wilson, who was a case management team manager, said he told his supervisors the practices were “ridiculous” and “immoral.” He said he was fired in August 2012.
Bank of America said it was not at liberty to discuss personnel matters.

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• Columbine Shooting Survivor Fighting Foreclosure With Occupy LA’s Help

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• USDA Forecloses On 78-Year-Old Cancer Patient

  The USDA foreclosed on 78-year-old Texas resident Alicia Ramirez, reportedly a href=”http://www.huffingtonpost.com/2012/08/06/alicia-ramirez-cancer-eviction_n_1747933.html?utm_hp_ref=business” target=”_hplink”after she was diagnosed with cancer./a While the USDA has thus far allowed Ramirez to remain in her home, a court order evicting the senior citizen could be issued at any time.

• Foreclosure Victims Lose Belongings After Free Yard Sale Goes Wrong

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• Wells Fargo Offers Cancer Patient ‘Assistance’ Then Forecloses

  Terminal breast cancer patient Cindi Davis could no longer keep up with her mortgage payments due to the cost of her medical bills. Faced with media scrutiny, her lender a href=”http://www.huffingtonpost.com/2012/09/14/wells-fargo-forecloses-cancer-patient-cindi-davis_n_1883956.html?1347635836″ target=”_hplink”Wells Fargo told a local radio station it was seeking “assistance”/a for Davis just weeks before setting the date to auction her home for December 19th, 2012.

• Coca-Cola Heirs Lose $37.5 Million To Foreclosure

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  (Pictured: the former mansion of Coca-Cola heir Asa Griggs “Buddy” Candler, Jr.)

• CT Family Never Missed A Payment

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• BofA Forecloses On Building With Own Branch Office

  In Boynton Beach, Florida, Bank of America filed a foreclosure lawsuit against the owner of a building that houses one of its own branches, a href=”http://www.bizjournals.com/southflorida/news/2011/05/27/foreclosure-roundup.html?page=all” target=”_hplink”South Florida Business Journal reports/a.

• Threatened Over $0.00 Unpaid Mortgage Payment

  A Massachusetts man was told he’d a href=”http://www.huffingtonpost.com/2011/06/08/massachusetts-homeowner-receives-foreclosure_n_872518.html” target=”_hplink”face foreclosure unless he paid an outstanding mortgage payment worth $0.00/a. “I’m going to write a check to them for zero dollars and have it clear? I couldn’t help but laugh,” he joked with local a href=”http://www.wwlp.com/dpp/news/i_team/I-Team:Man-gets-a-$0-foreclosure-notice” target=”_hplink”News 22 WWLP/a.

• Home Allegedly Ransacked By Mortgage Company

  Chris Boudreau of Brooksville, Florida a href=”http://www.huffingtonpost.com/2011/07/06/florida-home-ransacked_n_890656.html” target=”_hplink”told local news that his house was ransacked by his mortgage company/a, 21st Mortgage Corporation, who he says even shredded his wife’s wedding dress. “When she saw what happened…she was crying her eyes out,” a href=”http://www.wtsp.com/news/local/article/199268/8/Mans-home-trashed-by-mortgage-company” target=”_hplink”he told WTSP 10 News/a.

• Mortgage Payment Made Too Early

  A senior couple in Pasco County, Florida faced foreclosure not for missing payments, a href=”http://www.huffingtonpost.com/2011/08/22/senior-florida-couple-faces-foreclosure-mortgage-early_n_933147.html” target=”_hplink”but for making one too early/a. According to a Bank of America representative, they made themselves ineligible for a mortgage modification under the Home Affordable Modification Program when they did not make their payment in the “month in which it [was] due.”

• Foreclosure In ‘World’s Richest Apartment Building’

  Property developer Kent Swig and his soon-to-be ex-wife Elizabeth faced foreclosure from their apartment at 740 Park Avenue, a href=”http://www.huffingtonpost.com/2011/08/26/foreclosure-hits-property-developer-billionaire-building_n_937676.html” target=”_hplink”a New York City address often cited as “the world’s richest apartment building.”/a

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  Brian and Khanklink Pyron of Houston, Texas were a href=”http://www.huffingtonpost.com/2011/10/10/brian-khanklink-pyron-foreclosure_n_1003339.html” target=”_hplink”threatened with foreclosure despite keeping current on their payments due to an untransferred title/a. “We did everything we were supposed to do,” Brian Pyron told a href=”http://www.myfoxhouston.com/dpp/news/local/110926-family-hit-by-surprise-foreclosure?CMP=201110_emailshare” target=”_hplink”MyFoxHouston/a.

• Foreclosure On Hurricane-Destroyed Home

  Brad Gana, of Seabrook, Texas was threatened with foreclosure by Bank of America even though his a href=”http://www.huffingtonpost.com/2011/10/31/foreclosure-crisis-bank-of-america-hurricane-ike_n_1068080.html” target=”_hplink”house had been completely destroyed years earlier in Hurricane Ike/a. “Bank of America is ruthless in their incompetency,” a href=”http://www.click2houston.com/news/Bank-Forecloses-On-Home-Destroyed-By-Ike/-/1735978/4718190/-/vpooliz/-/index.html” target=”_hplink”he told Houston 2 News/a.

• $1 Coding Error Leads To Foreclosure

  Utah’s Shantell Curtis and her family were threatened with a href=”http://www.huffingtonpost.com/2011/11/03/bofa-foreclosure-missing-1-already-sold-home_n_1074538.html” target=”_hplink”foreclosure by Bank of America on a home they had already sold years prior/a. On top of that, the whole episode concerned the matter of just a $1 coding error.

• Investigative Journalist Becomes Foreclosure Victim

  George Knapp, chief investigative reporter for Las Vegas CBS affiliate KLAS, found he was a a href=”http://www.huffingtonpost.com/2011/11/29/foreclosure-crisis-investigative-reporter-george-knapp-victims_n_1119480.html?ref=business” target=”_hplink”victim of the very brand of foreclosure fraud he was investigating/a for a news report. Him being the reporter, the episode put him in a “very weird spot,” a href=”http://www.poynter.org/latest-news/als-morning-meeting/153585/local-tv-station-tackles-mortgage-mess-as-investigative-reporter-discovers-hes-a-victim-too/” target=”_hplink”he told the Poynter Insitute/a.

• BofA Falsely Threatens Paralyzed Man With Foreclosure

  Robert Galanida, a 41-year-old man paralyzed from the shoulders down, a href=”http://www.huffingtonpost.com/2012/01/12/bank-of-america-sends-false-statements-paralyzed-eviction_n_1202463.html” target=”_hplink”battled Bank of America for nearly a decade/a because it repeatedly sent him false statements threatening foreclosure.

• Tracy Morgan Refuses Mother Foreclosure Help

  In January 2012, actor Tracy Morgan reportedly refused to give his mother a href=”http://www.huffingtonpost.com/2012/01/31/tracy-morgan-foreclosure-mother_n_1244641.html” target=”_hplink”$25,000 she needed to avoid foreclosure/a, instead offering only $2,000.

• Bank Of America Plaza Foreclosure

  The Bank of America Plaza in Atlanta was sold at a foreclosure auction in February after its landlord, BentleyForbes, could no longer afford mortgage payments, a href=”http://www.businessweek.com/news/2012-02-14/american-foreclosure-bottoms-at-atlanta-tower-auction-mortgages.html” target=”_hplink”BusinessWeek reports/a. BofA a href=”http://www.huffingtonpost.com/2012/01/10/bank-of-america-plaza-foreclosure_n_1197040.html” target=”_hplink”was a tenant in the building at the time/a but had no other connection besides sharing the tower’s ironic name.

• JPMorgan Tries To Foreclose On Civil Rights Activist

  Even while it promoted a February 2012 campaign to “fulfill” the “vision” of Martin Luther King Jr., a href=”http://www.huffingtonpost.com/2012/02/07/helen-bailey-foreclosure_n_1260078.html?ref=foreclosure-crisis” target=”_hplink”JPMorgan Chase threatened 78-year-old civil rights activist Helen Bailey with foreclosure/a. The bank ultimately allowed Bailey to stay in her home indefinitely after Occupy Nashville helped bring national attention to the issue, a href=”http://thinkprogress.org/economy/2012/02/14/425255/helen-bailey-foreclosure/” target=”_hplink”Think Progress/a reports.

• Foreclosure At Luxury Retirement Home

  Despite being billed as “cosmopolitan living for ages 60+,” the luxury a href=”http://www.huffingtonpost.com/2012/03/02/fox-hill-foreclosure_n_1314970.html” target=”_hplink”Fox Hill Senior Condominiums was threatened with foreclosure/a in March after its lenders said they were backing out.

• Man Fined For Not Mowing His Old Lawn

  David Englett was charged with fines by the city of Arlington, Texas for not mowing the lawn of a href=”http://www.huffingtonpost.com/2012/03/02/david-englett_n_1317276.html” target=”_hplink”a house he had already lost to foreclosure years earlier/a.

• 101-Year-Old Woman Evicted From Home

  Texana Hollis was evicted from her home due to foreclosure in September 2011, then a href=”http://www.huffingtonpost.com/2012/01/22/texana-hollis-evicted-detroit-woman_n_1222452.html?ref=foreclosure-crisis” target=”_hplink”denied a subsequent promise that she could move back in/a by the U.S. Department of Housing and Urban Development. It wasn’t until April 2012 that a href=”http://www.cbsnews.com/8301-201_162-57409700/texana-hollis-evicted-at-101-allowed-back-home/” target=”_hplink”she was finally granted permission to return to the home/a she’s lived in for 60 years.

• BofA Forecloses On Woman After Telling Her To Miss Payments

  According to Pamela Flores, an Atlanta homeowner, a href=”http://www.huffingtonpost.com/2012/04/10/bank-america-foreclosure-miss-mortgage-payment_n_1414988.html” target=”_hplink”Bank of America advised her to stop making payments/a on her loan in order to negotiate a modification. After doing so, the bank foreclosed on her anyway, claiming she’d missed a trial payment

• Mother, Disabled Daughter Forced Out Of Home Even After BofA Modification

  Dirma Rodriguez and her disabled daughtera href=”https://editorial.huffingtonpost.com/entry/?blog_id=2entry_id=1423883″ target=”_hplink” were forced to flee their home in minutes/a after Bank of America sold it to a flipper at a foreclosure auction, even though the bank had already modified her loan. But not all hope is lost; Rodriguez may get her home back after the Occupy Fights Foreclosure movement intervened.

Article source: http://www.huffingtonpost.com/2013/06/14/bank-of-america-lied_n_3444014.html

The New York State Assembly passed the Foreclosure Fraud Prevention Act of 2013 last week, which imposes both misdemeanor and felony-level penalties on banks and lenders which knowingly engage in fraud. The bill also includes penalties for certain supervisory employees of banks and lenders, referred to as “high managerial agents,” who know about fraudulent conduct by their employees and agents, but fail to take reasonable measures to stop the conduct, according to information supplied by New York State Assemblyman Fred W. Thiele Jr.

The legislation creates the crime of residential mortgage foreclosure fraud in the second degree, a class-A misdemeanor, punishable by up to one year in jail and a $1,000 fine. The penalty is directed at employees or agents of residential mortgage companies who knowingly prepare and file false documents in a residential foreclosure action.

In addition, the bill would make residential mortgage foreclosure fraud in the first degree a class-E felony, punishable by up to four years in state prison. This penalty is directed at agents who engage in five or more acts of residential mortgage foreclosure fraud and at those “high managerial agents” who know that one or more of their employees are engaged in residential mortgage foreclosure fraud and fail to take reasonable steps to stop it.

“We’ve all heard the stories: lenders ‘robo-signing’ document after document in an assembly-line fashion and without adequate attorney supervision, claiming to have personal knowledge about mortgages and properties that they actually did not,” Mr. Thiele said in a press release issued on Thursday. “That practice has led to improper foreclosure proceedings that are forcing innocent, hardworking New Yorkers out of their homes. This is fraud plain and simple. We have taken steps over the past few years to protect hardworking families from unseemly mortgage practices, but we have not specifically criminalized these fraudulent practices. This legislation will take that extra step.”

The Assembly also recently passed a bill that would address the backlog known as the “shadow docket” by requiring foreclosure plaintiffs to file a certificate of merit in residential foreclosure actions. The certificate of merit would be accompanied by copies of the legal documents, which a lender must have in order to foreclose. Provisions in the bill would require counsel for lenders to certify that such action can be commenced.

Article source: http://www.27east.com/news/article.cfm/East-End/11770/Foreclosure-Fraud-Act-Passes-Assembly