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, May 30, 2017
Another Sale Of Vacant Foreclosed Home Hits Snag As Squatter Hijacks Title, Possession Of House With Dubious Deed Shortly After Prospective Buyer Enters Purchase Contract
In Atlanta, Georgia, WSB-TV Channel 2 reports:
An Atlanta home buyer’s purchase is at a standstill while the courts decide whether squatters have occupied her new home.
The woman told Channel 2’s Nicole Carr that she does not want to be identified for safety reasons. Just two weeks ago she put earnest money down during an offer on a Southwest Atlanta home. She’d made three visits to the move-in ready house on Hayward Place. Photos show it was freshly painted with new carpet and no appliances.
The day after the offer was submitted, a realtor discovered the "For Sale" sign was missing, and a "No Trespassing" sign was in the window alongside a quitclaim. A man is telling Fulton County the home was gifted to him by a relative.
“The selling agent went to the house on Friday, had the locks changed and said to my agent, ‘Okay we’re set to go,'” recalled the home buyer. “'We can have the appraiser out there on Monday and she can do her inspection Tuesday.’”
When the selling agent and appraiser returned this week, they said a man answered the door. Three children were behind him. He claimed to be a renter.
“It’s just wrong, and I don’t want him to get away with this with anybody else,” the home buyer said.
Carr looked up property records showing the bank-owned home went into foreclosure in October 2016 and remains that way. The seller’s agency keeps the utilities on, and the postal service confirmed it's not authorized to deliver mail there because its record shows the home is unoccupied.
No one answered the door during Carr’s two visits to the home Thursday afternoon, but a deputy had been there earlier. He served the occupants and the man claiming to own the home with a summons for illegal occupancy. They must report to the courts within seven days to prove they have the right to be in the home.
Deborah Jennings is a Heyward Place neighbor who said there’s been high traffic in the home for the past month.
“It’s never a group of people, and it’s never the same person,” Jennings told Carr. “It’s always one at a time…just men. All men, and the cars have been black. Like six different cars in and out.”
The home buyer said she’s filed a complaint with Fannie Mae and is awaiting the court’s decision.
“I don’t know. I’m really thinking about stepping out of this,“ she 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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