Foreclosure Laws

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Reality Check on Real Party in Interest / “Produce The Note” Strategy

Contributed by Kevin Chern, Total Attorneys, Inc. Fill out this form for a free foreclosure and bankruptcy consultation with an attorney! Homeowners facing foreclosure are, understandably, looking for hope. News reports of homeowners successfully asserting the “produce the note” defense to stop foreclosure have sparked that hope in many. It seems only logical that a [...]

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8Mar2010 | | 6 comments | Continued
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The Trouble With MERS

MERS was conceived in the early 1990’s by numerous lenders and other entities. Chief among the entities were Bank of America, Countrywide, Fannie Mae, Freddie Mac, and a host of other such entities. The stated purpose was that the creation of MERS would lead to “consumers paying less” for mortgage loans. Obviously, that did not happen. This article will attempt to explain MERS in very general detail. It will cover a few issues related to MERS and foreclosure, in order to introduce the reader to the issues of MERS. [Note: article contains discussion of recent Landmark vs Kesler decision in Kansas].

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24Sep2009 | | 6 comments | Continued
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The Real Alternative To Walking Away Is A “Back Door Cram Down”

I get many folks who have refinanced that second mortgage, or who want to keep their homes, but can’t pay for the adjusted payment on their mortgage, or don’t want to pay on a house that worth substantially less than they owe on it. They have tried to get the bank to work with them, but are frustrated because the bank won’t talk unless they are two payments behind and the only thing the bank will do is freeze their payments or add their arrears to their loan balance. Banks will not reduce the principal amount on loans to fair market value to save a borrower from foreclosure. They just won’t do it.

Once again it’s the 80/20 loan to the rescue.

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18May2008 | | 11 comments | Continued
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Bush Administration Proposes New Foreclosure Plan

The Bush Administration proposed a new foreclosure relief plan today in response to the mortgage crisis. The plan encourages lenders to write down loans and shift risk to the government-backed FHA program.

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9Apr2008 | | 7 comments | Continued
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Democrats and Republicans Compromise on Foreclosure Relief Bill

Under pressure from consumer groups and troubled homeowners to prevent further collapse in the housing market, Senate Democrats and Republicans are working together to create a foreclosure relief bill.

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2Apr2008 | | 3 comments | Continued
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Hillary Clinton Proposes New Mortgage Bailout Plans

Presidential candidate Hillary Clinton unveiled a new four-part mortgage relief plan at a speech before 150 elected officials and students at the University of Pennsylvania yesterday. The plan calls for immediate action and direct government intervention.

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25Mar2008 | | 6 comments | Continued
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Freddie Mac and Fannie Mae to the Rescue

Government regulators eased capital requirements for Freddie Mac and Fannie Mae on Wednesday. The move is meant to ease the housing crisis, but critics say it will cause the two overleveraged firms to hang themselves at the expense of taxpayers.

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19Mar2008 | | 1 comment | Continued
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Tax-Exempt Bonds May Be Used to Help Homeowners Refinance

With foreclosures on the rise in nearly every area of the country, the White House is under pressure from consumer advocates to do something to address the crisis. One of the latest solutions involves letting states issue tax-exempt bonds to help troubled homeowners refinance.

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4Jan2008 | | 2 comments | Continued
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The Judicial Integrity of the United States Court is “Priceless” – 27 More Foreclosures Dismissed

By Aaron Krowne & Moe Bedard In a decision piggy-backing on Judge Boyko’s recent Deutsche Bank ruling (announced on this site Tuesday), Judge Rose has thrown out another batch of foreclosures, making the following summary remarks: “This court is well aware that entities who hold valid notes are entitled to receive timely payments in accordance [...]

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16Nov2007 | | 4 comments | Continued
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Deutsche Bank Foreclosures Tossed Out of Ohio Federal Court – “They Own Nothing!”

by Moe Bedard and Aaron Krowne Judge Christopher A. Boyko of the Eastern Ohio United States District Court, on October 31, 2007 dismissed 14 Deutsche Bank-filed foreclosures in a ruling based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits were filed.

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12Nov2007 | | 12 comments | Continued

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