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.
Friday, October 08, 2010
Lender Abandons Foreclosure Action, Leaving Unwitting Property Owner Holding The Bag On Code Enforcement Violations & Facing Criminal Charges
In Atlanta, Georgia, WGCL-TV reports:
Marcus Kyzer could receive thousands of dollars in fines or even jail time for failing to maintain two rental properties in Southwest Atlanta. "I have no options at this point," said Kyzer. "The mortgage companies have written the debt off, but they don't want the properties on their books so they've written the debt off and left the titles in my name."
Kyzer said he filed for bankruptcy a year ago and was under the impression that the homes on Baker Drive would go into foreclosure. However, when the homes didn't go into foreclosure, code enforcement slapped Kyzer with three arrest warrants for not keeping the properties maintained.
"Why didn't you maintain the properties until foreclosure went through?" asked CBS Atlanta reporter Adam Murphy. "Because I didn't realize the properties hadn't been foreclosed on. I believed that had happened right after I got the discharge from my bankruptcy," said Kyzer.
It's a common problem throughout the city. Fulton County Code Enforcement Director Tony Phillips said Kyzer's case happens to about one-third of all property owners trying to get rid of properties in unincorporated Fulton County. "Simply because you've received a letter or had conversations about a foreclosure, it doesn't actually mean the property has actually transferred ownership, and until it does you're still legally responsible for property maintenance and other code violations that could occur on that property," said Phillips. Kyzer will have to explain his case to a judge next week.
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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