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OCWEN agrees to $2Billion Settlement with CONSUMER FINANCIAL PROTECTION BUREAU

By Joe Roberts On December 23, 2013 · Add Comment
FIRM COMMENTARY:  The settlement mirrors the terms of the National Mortgage Settlement and opens the door to individual lawsuits by Californians. CONSUMER FINANCIAL PROTECTION BUREAU, STATE AUTHORITIES ORDER OCWEN TO PROVIDE $2 BILLION IN RELIEF TO HOMEOWNERS FOR SERVICING WRONGS Largest Nonbank Servicer Will Also Refund $125 Million to Foreclosure Victims and Adhere to Significant [...]
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WELLS FARGO, WORLD SAVINGS BANK “DUAL TRACKING” NOT ACTIONABLE UNDER HOMEOWNER BILL OF RIGHTS

By Joe Roberts On December 18, 2013 · Add Comment
Firm Commentary:  If you are, or if you represent, a Homeowner with a WORLD’S SAVINGS BANK loan pursuing SHORT SALE or LOAN MODIFICATION, don’t expect the California HOMEOWNER BILL of RIGHTS (“HOBR”) to protect from WELLS FARGO’s practice of “dual tracking”. HOBR does not apply to WELLS FARGO according to a recent Northern California Federal [...]
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Failure to Respond to THREE YEAR old LOAN MOD APP is a basis for ENJOINING FORECLOSURE SALE

On November 19, 2013 By Joe Roberts
FIRM Commentary: A District Court rejected borrower’s “dual tracking” claims based on a rejected SHORT SALE application, but the Court granted a Preliminary Injunction based on Bayview Loan Servicing’s 2013 foreclosure activity which occurred BEFORE the servicer made a determination on borrower’s 2010 loan modification application. The take away:  there is no shortage of Borrowers [...]
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Why you can THANK OJ Simpson for the $13Billion CHASE Settlement that won’t help Homeowners

On November 3, 2013 By Joe Roberts
Thanks to a WAMU second mortgage given to OJ SIMPSON, JPMorgan Chase is nearing a $13Billion civil settlement with the Justice Department for its mortgage lending practices.  While California homeowners in financial distress will receive little or no direct benefit from the settlement, California SHORT SALE transactions and second lien releases will increase. The government [...]
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Supreme Ct Judge jailed for SHORT SALE FRAUD

On October 3, 2013 By Joe Roberts
Firm commentary: Declaring herself “broken” and “disgraced,” state Supreme Court Justice Diane Hathaway, tearfully took responsibility for fraud before a Federal judge sentenced her to a year and a day in prison for concealing assets and fooling ING BANK in the SHORT SALE of her home. She and her husband put a second paid off [...]
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Homeowners get two free houses and seven figures in ONE WEST BANK settlement…

On September 25, 2013 By Joe Roberts
Homeowners in financial distress typically turn to Short Sale only after giving up on the nightmarish loan modification process. But last week, OneWest bank agreed to re-convey the Deeds of Trust on TWO homes and pay a 7 figure cash settlement to a retired San Luis couple who accused the bank of loan modification dual [...]
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Homeowners and agents: Beware the consequence of SHORT SALE FRAUD

On September 5, 2013 By Joe Roberts
FIRM COMMENTARY:  As the number of homeowners considering short sales increase, so does the number of incidents of SHORT SALE FRAUD. As an agent, if you regularly take “pocket listings” or if you facilitate acceptance of a preferred offer too quickly, you may be unknowingly engaged in short sale fraud which can harm your SELLER [...]
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SILIGA CASE KILLS PRE-EMPTIVE LAWSUITS CHALLENGING MERS FORECLOSURE

On August 27, 2013 By Joe Roberts
FIRM COMMENTARY: NOTIFY SELLERS: the MERS LEGAL DEFENSE is DEAD: The August 27, 2013 CA appellate court ruling in SILIGA v. GLASKI v. MORTGAGE ELECTONIC REGISTRATION SYSTEMS, INC (MERS) will provide a wave of additional SHORT SALE Listing opportunities for our affiliated agents. The case definitively ends the popular foreclosure defense theory that a SELLER [...]
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New FHA rules for Falen Angels: Buy a Home 12 months after Bankruptcy, Foreclosure or Short Sale…

On August 23, 2013 By Joe Roberts
Firm Commentary:  Increased real estate commissions and referrals from this Law Office can be expected as a result of changes to FHA loan guidelines.  Effective August 15, 2013 H.U.D. has reduced the waiting period for “Fallen Angels” or “Boomerang Buyers” to obtain an FHA loan to refi or purchase a home.  If a rehabilitated buyer can document [...]
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HAMP DEFAULT RATE AT 46%: MORE SHORT SALES EXPECTED

On August 19, 2013 By Joe Roberts
Firm commentary:  In a report to the U.S. Congress last week, the Inspector General of the Troubled Asset Relief Program (TARP) that distressed California Homeowners are re-defaulting in droves on HAMP loan modifications, costing tax payers billions of dollars and raising questions about the Treasury Department’s oversight of mortgage servicers.  The increase of the HAMP [...]
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  • Recent Posts

    • OCWEN agrees to $2Billion Settlement with CONSUMER FINANCIAL PROTECTION BUREAU
    • WELLS FARGO, WORLD SAVINGS BANK “DUAL TRACKING” NOT ACTIONABLE UNDER HOMEOWNER BILL OF RIGHTS
    • Failure to Respond to THREE YEAR old LOAN MOD APP is a basis for ENJOINING FORECLOSURE SALE
    • Why you can THANK OJ Simpson for the $13Billion CHASE Settlement that won’t help Homeowners
    • Supreme Ct Judge jailed for SHORT SALE FRAUD
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    • Foreclosure Crisis
    • Foreclosure Defense
    • Loan Modification
    • Preventing Foreclosure Scams
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