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, May 08, 2012
Nevada Regulator Belts Unlicensed Loan Modification Operation With $50K Fine, Demand For Refunds, Accounting Of Fees Clipped From Homeowners
In Carson City, Nevada, the Las Vegas Sun reports:
The state is imposing a $50,000 fine on an unlicensed Las Vegas company accused of boasting that it can help troubled homeowners get relief from their loan burdens. The state Division of Mortgage Lending has issued an order for My State Processing, Minerva V. Young and David Young to stop promoting they can negotiate loans.
The order directs My State, [...], to refund $13,475 to six homeowners who hired the company but never got any results. An attempt to reach My State or the Youngs was unsuccessful. Their listed telephone number was not in service.
The state’s cease-and-desist order bars My State from advertising itself as a loan modification or foreclosure consultant and conducting that type of business. My State can ask for a hearing within 20 days to challenge the state order.
The order directs My State to pay the $50,000 fine within 30 days and orders the company to submit to the state a list of every client, their contract and the amount paid to the Las Vegas firm. The division also ordered My State to reimburse the state $1,020 it spent in its investigation.
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)
<< Home