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 03, 2012
Lender OKs Homeowner Request To Seek Short Sale Buyer, Then Starts Foreclosure, Changes House Locks Anyway; Action Put On Hold After Media Intervenes
In Tulsa, Oklahoma, KJRH-TV Channel 2 reports:
It was the home Penny and her husband had been searching for. "This was our dream house and it hurts my heart that we're losing it," Penny said. The couple lost it after Penny's husband lost his job, and she took a 45 percent paycut.
"I contacted my mortgage company at the time, let them know what was going on, asked if maybe we could work something out," she said. Penny says a loan modification fell through due to lost paperwork. Other programs didn't work either, she says.
Finally, Penny says Everhome Mortgage agreed to a short sale through a real estate agent, who put their dream home on the market. "Four days later we had an offer, in the meantime, our mortgage company had started foreclosure proceedings."
Penny says it hired a "property preservation" company, which entered the house to change locks. And she says that company went through their personal belongings.
Penny doesn't understand why since they had been approved for a short sale to avoid foreclosure. "It's really frustrating, this has been going on for nearly a year now."
But then Penny contacted the 2News Problem Solvers, and we got in touch with the mortgage company. We weren't given many details about Penny's situation, but within days, she got good news. The foreclosure was put on hold, to allow for a short sale.
Penny says she was eventually able to get information about her options, by contacting a government agency called Making Home Affordable.
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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