Posts Tagged Foreclosure News

New York Subpoenas 2 Foreclosure-Related Firms

It appears that Florida is not the only state having these types of issues.  In a recent New York Times article, linked below, several New York foreclosure mills were the focus of the discussion.

“The New York investigation appears to center on two of the state’s foreclosure industry giants: the Steven J. Baum firm, headquartered in Amherst, N.Y., and Pillar Processing, a default servicing firm set up by Mr. Baum that was spun off in 2007. Representing JPMorgan ChaseWells Fargo and other large banks, the Baum firm has handled an estimated 40 percent of foreclosure cases in the state. Pillar Processing provides extensive services to the firm.” See full article HERE.

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4th DCA – Foreclosure Case of Great Public Importance

“We conclude that this is a question of great public importance, as many, many mortgage foreclosures appear tainted with suspect documents…”  And with that, the 4th DCA has sent the Pino case to the Florida Supreme Court.

Palm Beach Post

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Private Mortgage Modifications Were Double Obama Program in 2010

Often people who fall behind on mortgage payments have suffered a temporary financial set-back and are able to resume making payments.  However, many people are unable to reinstate their loan, which requires all the late payments, penalties, attorney’s fees, and court costs be paid to bring the loan current.  Loan modification is when a lender re-works a deal and the borrower begins making payments once again.  I was not at all surprised when I read the following article, describing how the so-called Obama Plan has failed to deliver, at BusinessWeek.com.

Bloomberg Businessweek

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Bank of America dealt another blow in foreclosure cases in Nevada

Order by Nevada Court halts 8,900 foreclosure cases.  Courts are taking notice all over the country that there are major problems with a lot of foreclosure cases and here is another example.

Read entire article here.

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