Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Tuesday, September 11, 2007
Lawsuits Arise In Soured Condo Conversions
In Northern Florida, The Jacksonville Times-Union reports:
"Several apartment-turned-condo complexes in the Jacksonville area are swimming in lawsuits, with complaints filed against developers, against homeowners and against condo associations. At the core are problems with aging buildings that were gussied up with paint and fancy trimmings, but never truly renovated, according to lawsuits. Most were sold as luxury condominiums at discount prices, in deals that homeowners say seemed too good to be true."
"In the madhouse that was the real estate market a few years ago, thousands of apartments in Florida were converted into condominiums, more than 150,000 between 2004 and 2006, according to state records. With low interest rates and high construction costs, so-called conversion projects were quick, easy and profitable for investors: Renovating apartments was cheaper and faster than building from the ground up, and demand was so high that developers couldn't churn them out fast enough."
For more, see Condo Conversions Gone Bad(Hundreds of homeowners on the First Coast have found their apartment-turned-condo units have hidden and costly problems).
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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