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Nov 10

The Housing Industry You Can Depend On – Wrongful Foreclosure

“He was on his second trial modification, the last time his trial modification wasn’t converted to a permanent modification for some unknown reason, but Bank of America is here to help homeowners and they were nice enough to let him reapply…and so he did. This is the start of one homeowners nightmare with a wrongful foreclosure.

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“This time, however, he decided to retain a lawyer to help ensure that his trial modification would become a permanent one.  And wouldn’t you know it, the lawyer succeeded and Bank of America issued the documents for the professor’s permanent modification.  So, yay!

“Unfortunately, Professor Neighbors happened to be in Louisiana at the time lecturing at a university, but once again Bank of America was gracious enough to forward the documents to his address in Louisiana for his signature…A few days later, however, the documents arrived with instructions stating that his signature had to be notarized by a California notary.  So, the professor immediately called the ‘Hope Line’ at Bank of America to ask whether he should fly back to sign the documents, but the bank said, given the circumstances, with him being in Louisiana and all, not to worry about notarizing his signature, but to simply send the signed documents by the date shown with the certified funds enclosed.

“And so he did… on time and as agreed…Imagine his surprise when the next letter he received explained that his package had been deemed incomplete…his permanent loan modification was now denied and Bank of America would be accelerating the foreclosure of his home.

“His lawyer contacted Bank of America immediately requesting that the professor’s case be appealed given the circumstances.  Bank of America, being the reasonable and caring financial institution that they so clearly are, reviewed the case and said okay… as long as he would have his signature on the documents notarized by a California notary they would honor the permanent loan modification after all.

“Yes, the last time he called, they had told him not to worry about the California notarization, but so what… if that’s what they wanted then that’s what Dr. Neighbors would deliver. Within a week Bank of America sent him another letter notifying him th at they were…wait for it…denying his appeal, and no permanent modification would be issued.”

Bank of America was saying that although the first set of signed documents and the certified funds had arrived on time, the second set of California notarized signed documents had arrived six days after the original deadline, and now Fannie Mae was supposedly refusing to reinstate the professor’s permanent loan modification.  Don’t you hate it when that happens?”

from Mandelman Matters

What is Going on In Nevada?

Curiously, the state of Nevada seems to have done something no other state has dared pass into law – new regulations to stop wrongful foreclosures! And is the result hopeless backlogged courts like all the banks have warned us about for years? Nope, it’s actually led to an 88% drop in foreclosure filings in just ONE MONTH. It has also led to indictments and arrests for foreclosure servicers who have knowingly been providing false documents.

While it is unclear if this will start the state on the path to foreclosure justice, it is still a vast improvement over the situation faced by millions of Americans – an apathetic and predatory mortgage lender trying to take their homes away with no friendly government officials in sight. If you’re struggling with your mortgage, talk to your one reliable ally – an experienced foreclosure defense law firm.

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