Foreclosure Review Process Flawed According to the NCLC

The National Consumer Law Center thinks that the new foreclosure review process is flawed. Here is their statement.

Success In The Kings County Supreme Court! Helping A Homeowner Who Got Scammed

We just won a heavily contested motion in the Kings County (Brooklyn) Supreme Court to allow a homeowner to file a late answer with defenses and counterclaims against his mortgage lender. Read more

Fannie, Freddie Ex-Executives Face SEC Cases Stemming From Subprime Disclosures

U.S. securities regulators accused six former executives at mortgage firms Fannie Mae and Freddie Mac of playing down the risks to investors of the firms’ foray into subprime loans. Read the story.

California Attorney General Sues Fannie, Freddie Demanding Answers

California’s attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state’s mortgages respond to questions in a state investigation. Read the story.

Foreclosure Backlogs Could Take Decades To Clear Out

We have a client who purchased a commercial property at a foreclosure action by a second mortgagee. Now his LLC owns the property subject to the first mortgage and the first mortgagee is foreclosing in Kings County. Our client wants to settle the case and pay off the first mortgage but disputes the amount due. Read more

Independent Foreclosure Review Underway

An independent foreclosure review is now underway for 14 large mortgage servicers to evaluate whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices and to determine the appropriate remediation for those customers. If you receive an official looking notice about this, it must be returned by April 30, 2012. My firm is assisting clients with foreclosure and loan modifications. If you are interested in scheduling a free phone consultation to review your case or if you have received an independent foreclosure review notice and want our help, please email me or call us or use the free consult link to the right on this page.

Click here for the Treasury Department’s press release about this.

Click here for more info.