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.
Thursday, July 19, 2012
Lender Admits Illegal Foreclosure, Rescinds Sale, Then Continues To Refuse Loan Modification Payments & Begins Foreclosure Process Again
In Lansing, Michigan, WLNS-TV Channel 6 reports:
One local woman says banks have tried to foreclose on her twice in one year, despite having a loan modification and making payments on time.
After partnering with Ingham County Register of Deeds Curtis Hertel Jr. and Legal Services of South Central Michigan, the homeowner was able to stay in her home following the first foreclosure attempt.
"The bank admitted they had illegally foreclosed on my home," says the woman, who does not want to be identified.
"They admitted in a sworn statement that they filed with the register of deeds that they were wrong, that she had a loan modification," says Perry Thompson, lawyer with Legal Services of South Central Michigan. "They rescinded the sheriff's sale. Nothing has changed. She still has the loan modification, they still won't take payments and they're foreclosing again."
So far, Thompson has been able to get a temporary restraining order against the company trying to force the homeowner from her home. They will return to court in late July to try and make the restraining order permanent.
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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