Monthly Archives: October 2010
Foreclosures Are Revived – Short Sales Are Resisted
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause. via Foreclosures Are Revived – Short Sales Are Resisted.
Bank of America Finds Foreclosure Errors
Bank of America (BAC), for the first time, acknowledged it has uncovered some mistakes in its foreclosure files, The Wall Street Journal reported, as it starts to resubmit documents in 102,000 cases. The nation’s largest mortgage lender discovered errors in 10 to 25 of the first several hundred foreclosure cases it examined over the past week. The mistakes ranged from improper paperwork to lack of signatures and missing files, as well as information irregularities about the properties or payment history, people familiar with the results told the Journal. The bank has prepared less than 1% of the first foreclosure files […]
New Law Lets Homeowners Get Legal Fees in Foreclosure Cases
A new state law signed in Albany on October 20th will allow homeowners who win foreclosure proceedings to have the lender pay their lawyers’ fees. Supporters say the law balances what they see as the long unfair practice of lenders writing provisions in mortgage contracts that allow them to collect lawyers’ fees from homeowners when the lender successfully forecloses. Some also say that the new law may give homeowners a better chance in court because they will more easily be able to get representation. The law comes at a time when big banks are coming under increasing scrutiny for lax […]
Debt Relief Companies Prohibited From Collecting Advance Fees Under FTC Rule That Takes Effect October 27, 2010
Starting October 27, consumers trying to settle their debts will be protected by a new rule that prohibits companies that sell debt relief services over the telephone from charging fees before settling or reducing a customer’s credit card or other unsecured debt. The ban on advance fees reflects changes that the Federal Trade Commission made to its Telemarketing Sales Rule last July. “The rule change that goes into effect next week is a major victory for consumers struggling to control and manage their debt without inadvertently digging themselves in deeper,” Chairman Jon Leibowitz said. “Starting on October 27, debt relief […]
Bankruptcy Cases of Interest Decided by Circuit Courts in September
United States First Circuit, 09/08/2010 In re Paolo, — F.3d —– (1st Cir 2010) Appeal of a district court’s decision to abstain from a tax dispute dismissed as the appeal is barred by section 1334(d). United States Fifth Circuit, 09/17/2010 Reed v. City of Arlington, — F.3d —– (5th Cir 2010) In Chapter 7 where debtors omitted a pending $1 million-plus judgment from their sworn statements and bankruptcy filings, debtors’ discharge denied, to protect the integrity of judicial processes, judicial estoppel barred the trustee from collecting the judgment. United States Sixth Circuit, 09/15/2010 Deutsche Bank Nat’l Trust v. Tucker, — F.3d —– (6th Cir […]
