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.
Saturday, June 02, 2012
Now-Foreclosed Homeowner: Bank Unloaded Defectively-Constructed House On Us & Financed It With Crappy Loan!
In Joplin, Missouri, KOAM-TV Channel 7 reports:
A Joplin woman fights foreclosure on her father's home and says the bank that sold it to her misrepresented it during the sale. It's complicated but Emily Arnold and her father, Robert Ross, are struggling to stay in the place they call home.
Mid-Missouri Bank refused to respond to our request for interviews about the loan but has foreclosed on the home. The house on 43 Highway North of Stones Corner looks good on the outside but a closer look reveals construction problems.
Arnold and Ross say they thought they were buying the house from Mid Missouri Bank, but instead the home was titled to a construction company, a company who's owner, Danny Tandy, is now in jail. Arnold and Ross say the bank should have backed the home warranty because they insisted Tandy do the home construction and customization.
Arnold says a cheap composite was installed instead of tile and is now cracked. Plumbing and groundwater issues have led to moisture, mold and now rot problems that add up to $73,000 in needed repairs.
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Arnold hired an attorney who says bank officials set her dad up with a yearly renewed loan destined to fail instead of a veteran's loan for which he would qualify. And they contend the bank had an improper relationship with the contractor, Danny Tandy.
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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