Monthly Archives: October 2010
9th Circuit Court of Appeals Rules That Trustee Can Sell Property That Had No Equity on Filing Date When Value Increased Post-Filing
On September 14, 2010, the Ninth Circuit of the U.S. Court of Appeals determined that the Debtors’ homes may be sold by trustee even thought the property had no equity when the case was filed but had increased in value during the pendancy of the case. In re Gebhart, — F.3d —– (9th Cir 2010).
New York State Reports Spike in 2010 Foreclosures
The New York State Office of Court Administration has reported that as of October 12, 2010 foreclosure proceedings statewide exceeded the total number of foreclosures through the end of 2009 by more than 25,000 foreclosures. Statewide foreclosures proceedings have increased more than 48% over the total number of forecloses ub 2009 and are ahead by thousands in the most active counties.
New Rule Requires Lawyers to Check Bank Filings in New York
The courts in New York State instituted a new rule yesterday that would require bank lawyers to ensure that their clients’ filings in foreclosure cases are accurate and honest. This requirement enlists the help of lawyers–who are not just advocates, but also officers of the court–in the effort to protect the integrity of the courts in the face of widespread fraud. Effective immediately, lawyers representing the plaintiffs in residential foreclosure actions must file signed affirmations that they took “reasonable” steps to verify the accuracy of the underlying documents. via Ray Brescia: First, Let’s Deputize the Lawyers: NY Requires Lawyers to […]
Questions on Fannie’s and Freddie’s Oversight of Foreclosures
Employees of Fannie Mae and Freddie Mac descended on the Florida law offices of David J. Stern seven or eight times during 2008 to scrutinize the firm’s processing of foreclosures. They made one major demand, according to a former employee. “Pick up the speed.” Fannie and Freddie, the wards of Washington that own more than half the nation’s mortgages, have largely avoided being scrutinized during the uproar over fast-and-loose foreclosures, Binyamin Appelbaum reports in The New York Times. via Questions on Fannie’s and Freddie’s Oversight of Foreclosures – NYTimes.com.
Bank of America Lifts Foreclosure Freeze In 23 States
Today Bank of America announced that it had reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases. The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review in 27 other states. According to a spokeswoman for the bank, no errors were found during the review, and fewer than 30,000 foreclosure sales across all 50 states will be delayed as a result of the investigation. Bank of America lifts foreclosure freeze in […]
