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, September 13, 2012
'Borrower Fatigue' May Cause Some Homeowners To Trash Legit Bankster Loan Mod Offers; "If It Looks Too Good To Be True, It Actually Might Be True!"
In Las Vegas, Nevada, KLAS-TV Channel 8 reports:
Some Nevada homeowners may be ignoring valid offers from banks to reduce their mortgages because of "borrower fatigue." Real estate attorneys say many Nevadans are so used to hearing no from lending banks, they might miss out on a valid offer from a bank.
Charmagne Balean didn't like checking her mail for four years because it usually meant bad news from the bank. For four years, her family attempted to get their bank to agree to a loan modification. "This is my pile of hard labor and heartaches," homeowner Charmagne Balean said.
This family of electrical contractors bought their home in 1999. When their bank finally agreed to cut their monthly payments nearly in half, they almost didn't believe it. "You get so confused, you don't even know what to believe, or what not to believe," Balean said.
"The bank, they didn't have an answer. It was confusing at best," homeowner Mark Stuhmer said. He said the bank reduced the amount he owed on his home/office by more than $300,000. He initially thought the offer was fraudulent.
"Oddly enough, today, if it looks too good to be true, it actually might be true," attorney Tisha Black said.
Black deals with homeowners trying to save their homes from foreclosure. She said there are often scams targeting those desperate homeowners.
"There's literally businesses that have copied the stationary of some of the big banks and offer reductions in principal or things like that if they forward some money."
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