Category Archives: Foreclosure

Wells Fargo Bank Made a MISTAKE and They Have Admitted It

FOR IMMEDIATE RELEASE Wantagh, New York Wells Fargo disclosed that it illegally foreclosed on 400 families after denying modifications to qualified homeowners.

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Supreme Court Hears Oral Argument on “Lien-Stripping” in Chapter 7 Cases

In 1992, the United States Supreme Court came down with a decision in Dewsnup v. Timm that has caused a stir in the Chapter 7 bankruptcy world ever since. The Court held that, under section 506(d) of the Bankruptcy Code, a Chapter 7 debtor could not “strip down” a lien to the current value of the collateral, thereby getting rid of a junior mortgage lien, when the senior debt owed exceeds the value of the collateral. In part, the Supreme Court went against lien-stripping because the Bankruptcy Act (the predecessor to the Code) provided that liens pass through bankruptcy unaffected […]

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Big Banks Continue to Settle Charges of Defrauding Homeowners

Nowadays, newspapers regularly publish articles about big banks settling charges that they routinely “misled investors while selling billions of dollars of investments linked to home loans.” The unfortunate reality is that homeowners were likely ill-advised (if at all) by these same banks of the intricacies of the loans they were taking, including the impact of interest rate hikes, the reality that they were borrowing more than they could pay, etc. Likewise, the banks that were lending to these homeowners failed to advise Wall Street about the risky nature of the loans, Wall Street failed to advise the insurance companies (like […]

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District Court Partially Overturns Bankruptcy Court Decision Concerning MERS Authority

On March 28, 2012, U.S. District Court Judge Joanna Seybert vacated part of the decision made by Bankruptcy Court Judge Robert E. Grossman in In re Ferrel L. Agard, 444 B.R. 231 (Bankr.E.D.N.Y. 2011), wherein he concluded that MERS’s “nominee” status did not confirm upon it authority to assign mortgages.  A copy of the decision may be found here. In Agard, Judge Grossman granted a motion for relief from stay because the movant mortgagor had been determined to be secured to the residence by the state court that issued judgment of foreclosure in its favor.  In addition to granting relief […]

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Foreclosure Firm Steven J. Baum to Close Down

A law firm that had become a lightning rod in the controversy over mortgage-foreclosure practices has shut down, costing 89 employees their jobs. The Steven J. Baum P.C. law firm, which has offices in Amherst, N.Y., and Westbury on Long Island, has filed papers with government agencies notifying them that it plans to close. It made the filings under a federal law requiring employers to provide notice before mass layoffs. “Disrupting the livelihoods of so many dedicated and hardworking people is extremely painful, but the loss of so much business left us no choice but to file these notices,” said […]

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