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, July 31, 2012
Foreclosing Banksters Begin Feeling Effects Of Recent Georgia Appeals Court Ruling As Screeching Brakes Bring Some Sales To A Halt
In Forsyth County, Georgia, WSB-TV Channel 2 reports:
A metro Atlanta consumer attorney said he has already been able to halt a dozen foreclosures using a new ruling from the Georgia Court of Appeals. The latest case involves a Forsyth County home and lending giant Wells Fargo.
"Having to move out of the dream home that my son and I built is the worst thing I could think of," said homeowner David Stripland. The recession hit his car dealership around the same time the housing crisis, cutting his home's value more than 60 percent. "You can't sell it, you can't re-fi, you have to get a modification," said his wife, Paulette.
The Striplands said the process went on for more than a year. They then received a string of foreclosure notices from Wells Fargo. "Foreclosure. It's a shame," said Paulette through a stream of tears.
The foreclosure has now been halted, after a recent ruling by the state appellate court. Wells Fargo does not hold the note. It only services the loan. The note holder is not clearly stated.
The Striplands paid forensic auditors who found the loan has been divided up into dozens of securities sold to investors. "Once these notes are chopped up and turned into bonds, securities, whatever; who really owns it?" asked their attorney, Bob Thompson.
But the Georgia Court of Appeals ruling in a case involving a Cobb County family and servicers Provident Funding, LLC, ruled homeowners have "a right to know" to whom they actually owe the money, lest they be "misled or confused."(1)
"Even a dog in Georgia has the right to know who's kicking him," Emory law professor Frank Alexander told Channel 2's reporting partners at the Atlanta Journal Constitution. "These big banks and Wall Street have to follow the law of the land, just like I do," said Paulette Stripland.
Channel 2's Jim Strickland learned just before 5 p.m. Thursday, Wells Fargo had halted the foreclosure. Thompson said most homeowners in peril should take action on their own. "Call and get it stopped and get yourself some time, because with time most people can work things out," he said.
It is likely Provident will appeal to the state supreme court.
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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