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On Oct. 20, New York state courts cracked down on robo-signing by ordering attorneys for foreclosing banks to swear that they had personally confirmed that the documents they are submitting are ...
Indeed, even though much of the coverage of the foreclosure mess, including my own, has focused on the robo-signing and the related frauds on the court, it's important to realize these are just ...
[3] [4] The foreclosure crisis caused significant investor fear in the U.S. [5] A 2014 study published in the American Journal of Public Health linked the foreclosure crisis to an increase in suicide rates. [6] [7] One out of every 248 households in the United States received a foreclosure notice in September 2012, according to RealtyTrac. [8] [9]
The New York Law Journal reports that New York state has a new rule for foreclosures that will force a complete overhaul of the now-standard practices of the foreclosure business: Attorneys will ...
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
The alleged problems regarding foreclosure fraud were so widespread and popularized by the media that U.S. Congresswoman Maxine Waters announced that the United States House of Representatives subcommittee on housing issues will hold a hearing on November 18, 2010 to examine problems emerging in the mortgage servicing industry.
You don't often hear about the bank perpetrating the fraud. Until now. Ally Financial's home loan unit, GMAC Mortgage, has a 13-person team dedicated to processing and signing all the foreclosure ...
When refinancing options are exhausted and foreclosure proceedings have led to near eviction, a foreclosure rescue transaction with moderate fees and full disclosures can be legally and ethically executed. A consumer can face removal from the property and the loss of their entire equity following a foreclosure auction. As an alternative ...
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