A husband and wife borrowed $3.2 million from Chase Bank to refinance their home and pay off two existing deeds of trust. The escrow instructions expressly stated the loan was to pay off the existing first and second deeds of trust, that the loan was not to close unless secured by a new first deed […]
Summary Judgment Reversed In Foreclosure Case.
Plaintiff alleges she realized something was wrong with the loan on her home when she saw her signature was forged on a few of the loan documents. She hired a handwriting expert who confirmed some of the documents were not signed by her. She immediately brought the issue to the attention of the lender savings […]
Does the California Homeowner Bill of Rights Affect MERS’ Ability to Foreclose In California? Fact From Fiction.
In the current flood of mortgage litigation, plaintiffs often rely on a myth to avoid paying their debts. One of the most pervasive story’s on the internet these days involves the Mortgage Electronic Registration System, or “MERS” for short. Plaintiffs accuse MERS of being a “sham” entity, lacking authority to foreclose and only being used […]
Triable Issues Whether Foreclosure Sale Should Be Set Aside Due To Unconscionability Of Transaction.
In action in which a homeowner sued a lender, a loan servicer and others to set aside a trustee’s sale claiming predatory lending, the trial court granted summary judgment. The appellate court noted the refinance was for $1.5 million with a monthly payment of $12,381.36 and the homeowner had a monthly income of $3,333. The […]
Foreclosure or Short Sale: Loss Mitigation Strategies for Homeowners, Realtors, and Attorneys Video Release
Tonight I am at Double Mountain Studios editing our “Foreclosure or Short Sale: Loss Mitigation Strategies for Homeowners, Realtors, and Attorneys” video. About to launch to the public! Stay Tuned for our release announcements coming soon . . .
California Legislature Passes Homeowners’ Bill Of Rights
State lawmakers approved a series of foreclosure relief bills Monday, July 2, 2012, that supporters say will help hundreds of thousands of struggling Californians stay in their homes. The legislation, opposed by banks that in previous years had succeeded in killing similar proposals, is meant to help people at risk of foreclosure stay in their […]
FHFA, Fannie Mae, and Freddie Mac File Suit Challenging Imposition of State and Local Taxes
On June 22, the FHFA, along with Fannie Mae and Freddie Mac (the Enterprises), filed a lawsuit in the U.S. District Court for the Northern District of Illinois challenging the authority of Illinois state and county officials to impose transfer taxes on transactions moving property to or from the Enterprises. Although the complaint concedes that […]
Decision That Foreclosing Party Must Be Note Holder Or “Acting On Behalf” Of Note Holder In Massachusetts.
On June 22, 2012, the SJC issued a decision in Eaton v. Federal National Mortgage Ass’n et al, Massachusetts Supreme Judicial Court, (June 22, 2012) (Case No. SJC-11041) holding that a foreclosure by sale pursuant to a mortgage power of sale provision must be conducted by a mortgagee that either holds the underlying mortgage note or […]
Foreclosure or Short Sale: Strategies for Homeowners Video Release
Attend the release viewing of Mark Mellor’s New DVD/ Informational Video “Foreclosure or Short Sale: Strategies for Homeowners” at our office tomorrow 5:30 p.m. 6800 Indiana Avenue, Suite 220, Riverside, CA 92506; (951) 221-4744. In return for the advanced viewing, Mr. Mellor wants to hear your constructive criticism for making improvements to the DVD before final […]
New Bills Give Renters 90 Days to Stay in Foreclosed Home Before Eviction
The California Legislature approved two bills that would help tenants who are on the verge of having their home foreclosed upon remain in their property for a longer period of time. Assembly Bill 2610, sponsored by Nancy Skinner (D-Berkeley), and Senate Bill 1473, sponsored by Loni Hancock (D-Berkeley), will require purchasers of foreclosed homes to […]