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.
Monday, December 03, 2012
Underwater Homeowner Slams 11th-Hour Brakes On Bank-Approved Short Sale After Discovering That HOA Was Snatching Lender-Promised $13K 'Walking Money'
In Jupiter, Florida, WPTV-TV Channel 5 reports:
Lynne Zurback is getting ready for Christmas. Today she's hand-painting a nativity set. “I paint. I do flowers. That's my goal, is to open up a flower shop that only sells local products," Zurback said.
So when she got letters offering her $13,000 to have a short sale on her condo in Abacoa she thought it was the new start she desperately needed.
“They call me and say, 'You're going to be here tomorrow at noon,' and I was like, ‘Oh that's wonderful. I'll get my money. I can move on. I can do what I want to do.’ 'Oh no, you're not getting any money.' And I was you've gotta be kidding me," Zurback said.
Upset with the news, she cancelled the sale. Zurback was told the money was bypassing her hands and going towards past HOA dues.
"I just said then that's it. No one’s getting any money. I was shocked," Zurback said.
She contacted Impact 5 to see if it was legal.
“When you do a short sale you'll generally get what's called a short sale agreement from the bank,” real estate attorney Shari Olefson said.
Olefson told NewsChannel 5 not only is it legal, it's common.
“It's really important that you read the terms of that agreement carefully as soon as you get it because hidden in that fine print is going to be a disclosure that says that the money may be used to pay off lien holders and that you'll be required to give good title to the property,” Olefson said.
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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