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, October 25, 2016
Another Nationstar Screw-Up; Loan Servicer's Error Sends Home Into Tax Foreclosure, Then Ignores Homeowner's Requests To Make Necessary Correction Until Local Media Consumer Troubleshooter Intervenes
In Paterson, New Jersey, WABC-TV Channel 7 reports:
"I literally thought I was going to have a heart attack." Paterson homeowner, Tana McPherson, couldn't figure out why she was slapped with a tax lien on her condo, but there it was in black and white.
"It's shocking to get something in the mail like that especially when you work every day and pay your bills everyday," she said. McPherson is a public defender in Bergen County. She's used to advocating for the poor and was even more horrified to be informed her tax lien would be publicly advertised twice.
McPherson says she did pay her taxes, on time, every quarter through her mortgage company, Nationstar, that took her monthly payment and was supposed to escrow a portion to pay her quarterly property taxes.
What happened to the money? Tana says she doesn't know. So she reached into her own pocket, shelling out nearly 4 grand to get her home off the auction block. That was last June, but good luck getting the money back from Nationstar.
"I made several phone sent emails and I never got answered," said McPherson.
So we contacted the mortgage servicer. In 24 hours two checks for the taxes she had to pay twice arrived.
"You were an advocate for me, you're an advocate for the people and we need you," said McPherson.
A Nationstar rep admitted fault, blaming the huge mistake on "off shore customer service reps" who work for an outside company. To make sure this doesn't happen to anyone else, it's looking into retraining customer service reps.
The big takeaway, if your mortgage company pays your taxes and insurance, pay attention to your yearly escrow statement to make sure the balance is correct. And call to your local tax collector to see if your taxes are getting paid on time.
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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