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, January 01, 2013
Banksters Dodge Paying HOA Dues By Dragging Feet On Filing Foreclosure Paperwork While Forcing Delinquent Homeowner-Borrowers Onto The Streets
In Atlanta, Georgia, WSB-TV Channel 2 reports:
Lenders have taken over hundreds of thousands of North Georgia homes, because the owners couldn't pay.
But now, homeowners associations said those banks aren't paying what they owe, and it's costing all homeowners.
"It's a serious crisis in our area," said Michael Crew, who manages 120 homeowners and condo associations across the metro area.
Crew said it's very common for banks to force homeowners out, but then wait to file the paperwork.
Under current Georgia law, when the bank finally does foreclose, it can wipe out all of those old homeowners association bills.
"They are really hurting the people that are their neighbors in essence. But since they don't live in these communities, they apparently don't care about that part of it," Crew said.
Phil Smith is president of the McGill Park condominium association in downtown Atlanta. He said it's lost nearly $150,000 in the past three years, because banks refused to pay dues they owe.
"The bills don't stop coming just because the bank isn't paying for the bills for the property that they've taken possession of," Smith said.
He said the banks deliberately wait to file, even though they've kicked out owners months or years earlier.
If they foreclosed right away, the banks would have to pay the dues for all of those months the units sit empty.
"They know that until they actually file that foreclosure paperwork, they can get away without paying and that's just simply not right," Smith said.
He and Crew are partnering with other homeowners associations to support legislation to stop it.
"When they actually do foreclose on it and they go sell it, they still reap the benefits of the maintenance that occurred during the period of time when they did not contribute," Crew 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)
<< Home