Category: Foreclosure

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New Foreclosure Notice Requirement

Foreclosure Notice Requirement The National Mortgage Settlement’s Pre-Foreclosure Notice Requirement for servicers Servicers must now provide the homeowner with a pre-foreclosure notice  at least fourteen (14) days before referring the case to a foreclosure attorney. *The notice must: Set forth facts supporting the Servicer’s or holder’s right to foreclose. Include an itemized summary setting forth […]


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The Role of the Mortgage and Note in Foreclosure Actions

Mortgage and Note in Foreclosure Actions Mortgages are “secured transactions.”  Secured Transactions are, essentially, collateralized loans.  In secured transactions, borrowers give lenders an interest in some property (collateral) that will cover the amount borrowed if the borrower defaults.  When someone buys a car, for instance, the car can be repossessed by the lender if the […]


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Mortgage Forgiveness and Bankruptcy

Mortgage Forgiveness and Bankruptcy Bank of America mortgage forgiveness and bankruptcy Recently we have written about Bank of America forgiving second mortgages and the National Mortgage Servicer Settlement. Many homeowners facing foreclosure are anxious to find out if their second mortgage will be forgiven by Bank of America. Well, it appears that one pattern may have emerged. […]


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Federal Government Files Charges Against 530 Mortgage Relief Scammers, Claiming Damages Over $1 Billion

Mortgage Relief Scammers The Federal Government appears to be increasing its efforts to protect homeowners from mortgage rescue scammers.  As we reported here, mortgage rescue scammers may attempt to take advantage of homeowners by fraudulent posing as government programs, accepting payments without providing services, or transferring title to the mortgaged premises, among other things.  The […]


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Mortgage Relief Organizations Sued by Federal Trade Commission

Federal Trade Commission vs. Mortgage Relief Companies Federal Trade Commission sues mortgage relief companies The Federal Trade Commission recently filed three separate lawsuits against mortgage relief companies – Prime Legal Plans/Reaching U Network, American Mortgage Consulting Group, and Expense Management America.  According to the FTC’s allegations, these companies were fraudulently selling mortgage relief services.  The […]


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National Mortgage Servicer Settlement Progress

National Mortgage Servicer Settlement Progress Report We previously wrote about the 25 billion dollar National Mortgage Servicer Settlement and how it, supposedly, helps distressed NY homeowners. The affected servicers are: Bank of America: 877-488-7814 Citibank: 866-272-4749 Chase: 866-372-6901 GMAC/ALLY: 800-766-4622 Wells Fargo: 1-800-288-3212 The above servicers have agreed to provide at least $25 billion in […]


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Bank of America Mortgage Forgiveness Q & A

Bank of America Mortgage Forgiveness Bank of America Mortgage Forgiveness Q & A Just in case you missed or did not follow the link to the BOA Press Release.  Here is the informative “Questions and Answers” section from the Press Release: Questions and Answers 1. What is the second lien mortgage elimination offer? We are […]


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Bank of America Forgiving Second Mortgages

Bank of America Forgiving Second Mortgages BOA eliminates the full unpaid principal balance on some second mortgages. Bank of America recently announced that it will be forgiving 2nd mortgages, for some homeowners,  “under Bank of America’s participation in the 2012 national mortgage settlement.” We will be writing more about the 25 billion dollar National Mortgage […]


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Free Foreclosure, Loan Modification and Bankruptcy Assistance

Free Foreclosure, Loan Modification and Bankruptcy Assistance The following article appeared in Today’s New York Newsday: Nassau County homeowners at risk of losing their homes can get free housing and legal advice on Monday, Oct. 1. The Nassau County Bar Association will hold its monthly foreclosure clinic from 3 to 6 p.m. at its headquarters […]


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Looking at Shadow Inventory

New York Shadow Inventory Shadow Inventory The Wall Street Journal had a very interesting article written by Nick Timiraos (a link to the article is provided below) regarding shadow inventory.  The article talks about interesting topics such as the decrease in the new homes being built and its effect on investor interest in REO (bank […]


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