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.
Friday, November 04, 2016
Legal Description Nightmare: Landlord Who Purchased & Rented Out Well-Maintained Duplex Discovers Eight Years Later That Deed Screw-Up Actually Left Him Owning Vacant, Foreclosed 2-Unit Dump Next Door
In Tumwater, Washington, The Olympian reports:
At the height of the real estate boom in 2006, Rory Skinner paid $305,000 for a duplex in Tumwater while his friend bought an identical duplex next door.
Although the value has declined since the real estate market crashed, Skinner has kept his two-unit building occupied with tenants. However, his friend’s investment went into foreclosure in 2013 and was taken over by the Federal National Mortgage Association, a government-owned company better known as Fannie Mae.
Today, the Fannie Mae-owned property at 211 and 221 Blass Ave. SE is covered with trash. Broken windows reveal piles of garbage inside the abandoned duplex where squatters have left everything from empty food containers to syringes.
Neighbors say the conditions have attracted rats. Tenants at Skinner’s building next door told The Olympian that the Fannie Mae duplex has attracted unwanted behavior and disturbances from people who have turned it into a drug den.
And because of confusion over who owns what, Skinner says he has been wrongly blamed.
In short, the legal descriptions for both properties don’t match the assumed addresses. Fannie Mae is listed as the owner of Skinner’s occupied duplex while Skinner is technically considered the owner of the abandoned Fannie Mae duplex, according to property records.
Skinner said he learned about the mix-up when an eviction notice was served to his tenants in 2014. Title documents from 2006 show that Skinner had been claiming 231 and 241 Blass Ave. SE — yet that address has been paired with the property tax parcel number for 211 and 221 Blass Ave. SE, which is the Fannie Mae duplex.
The Skinners have hired an attorney and have filed a complaint with Stewart Title Company, but the process has been slow, he 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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