Per the order below (hat tip Matt Weidner) a judge in Broward County appears to have cancelled all foreclosure sales in one of the foreclosure division from December 20 to December 31:
Broward County Judicial Order Canceling Foreclosure Sales
One might think this has something to with the Fannie and Freddie foreclosure halts, with run from December 20 to January 3. But the GSEs have made similar suspensions before, indeed, sometimes from Thanksgiving to New Year, so this seems unlikely to be the trigger.
Moreover, this action, at least based on the account of Florida foreclosure procedures per Lisa Epstein of ForeclosureHamlet, could not impact evictions that were due to take place over the holidays. It turns out that there is usually a significant lapse between the foreclosure sale and the loss of possession. Via e-mail:
The sale doesn’t throw families out on the street, the certificate of title has to be issued (Palm Beach County is 4-6 weeks behind the sale dates at least) THEN a writ of possession must be obtained, then the sheriff has to execute the writ.
Even though the motivation for this order is not clear, it may nevertheless be significant. Many judges have taken the view that they have no latitude to act on behalf of defendants who do not contest their cases, and some have taken the unusual step of expressing concern that procedural abuses have risen to a level where they feel the need to take a more active role, yet are not certain whether they can do so. From the Palm Beach Post:
Palm Beach County Chief Judge Peter Blanc is trying to decide whether judges can take a more active role in examining foreclosure cases after a meltdown in Ally Financial’s foreclosure proceedings last week.
Blanc said Monday that there has been an increase in requests by lenders and loan servicers to cancel foreclosure sales and vacate judgments following the disclosure that Ally was freezing portions of its foreclosure operation in 23 states, including Florida.
While judges granted those requests, Blanc said he was concerned about cases in which defective foreclosure affidavits aren’t being brought to the court’s attention, possibly because the borrower has given up or walked away from the home.
Also, he’s unclear on whether the court should scrutinize past cases for flaws.
“It puts us in an untenable position because we can’t both investigate and decide,” Blanc said. “We are supposed to act on things brought to our attention, but if no one files anything, I’m not sure what will or should happen.”
Blanc said he was looking at case law regarding the duties and responsibilities of judges to see whether there is precedent for the current situation. But he said Florida’s foreclosure crisis has brought many unique challenges to the courts and there is likely little historical guidance.
In other words, judges are also struggling to figure out what to do with the mess created by rampant abuses in the securitization industry.
Scores of HOMEOWNERS DO NOT CONTEST FORECLOSURES BECAUSE:
1. They don’t have knowledge of the law in order to recognize which aspects of foreclosure are legally challengeable or even fraudulent.
2. And even those who identify wrongdoing lack funds to pay for attorneys to represent them.
3. Homeowners are told to come to foreclosure auctions with $$$$$$$ that they do not have, SO THEY STAY AWAY from foreclosure auctions.
These homeowners are oblivious about sometimes “straw buyers” and sometimes lawyers in charge of foreclosures, obtain ILLEGAL ownership of people’s homes; and pay literally nothing through “credit bids;” and that those recorded deeds from such auctions are null! For these very reasons, there needs to be a probe of lawyers who file foreclosures. http://chn.ge/eU2zAm
Also, the average lay person doesn’t know about legal REQUIREMENTS of “standing” that prevents their homes from being repossessed via non-existent lenders or via lenders which have no ownership of promissory notes.
Yet, COURTS ARE SUPPOSED TO ENFORCE STANDING and compliance with established laws! Illegal, defective, fraudulent foreclosures are the cause of useless property deeds for real estate sales; title insurance companies refuse coverage on foreclosed properties –and more!
Further, after certain foreclosure auctions (via simulation) result in fraudulent – NOT LENDER ACQUISITIONS, by lawyers or straw buyers, the common scenario becomes property flipping, neighborhood blight, rodents, and so on!
*Sample of fraudulent foreclosure acts:
–Deliberately use defunct lenders, lenders without “standing” for false civil and bankruptcy foreclosure proceedings.
– Create and conceal malpractice foreclosure delays and engineer billable litigation.
– Orchestrate sham foreclosure auctions; property never acquired by lenders, but ‘straw buyers’
– Commit actionable wrongs (unfair debt collection, fraud, various torts) that create lawsuits
– Self-dealing foreclosures which certain lawyers themselves obtain foreclosed properties for flipping.
–Foreclosures naming defunct lenders, illegally recorded property deeds, flipping, blighted communities.
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar.
– Intentionally false BANKRUPTCY COURT “Motion to Lift” and “Proof of Claim” on behalf of non-existent lenders which conceals fact of “NON-SECURED” mortgage debt.
–Involved in fraudulent collection of property damage insurance, as well as mortgage-default insurance.
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants
– Thousands of families made unlawfully homeless from null foreclosure proceedings.
Foreclosure lawyers are officers of the court. Lawyers are required to know applicable laws and civil procedure; this knowledge is not required from mortgage lenders, nor loan servicers. Lawyers are the ones who file those inadequate or questionable foreclosure which lead to useless property deeds and impediments to real estate sales; title insurance companies reluctance to cover foreclosed properties; mortgage default claims disputes due to defective foreclosures.
*MORE info: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
Social <b>News</b> Site Reddit Reports 200%+ Growth in 2010
Social news site Reddit posted year-end numbers this afternoon including January and December page view stats that climbed from 250 million pageviews to more than 3X that number, ...
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LONDON After a 2010 that saw the Korean peninsula edge towards the brink of nuclear Armageddon,
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
Social <b>News</b> Site Reddit Reports 200%+ Growth in 2010
Social news site Reddit posted year-end numbers this afternoon including January and December page view stats that climbed from 250 million pageviews to more than 3X that number, ...
Are Korea's “Bending” away from Bluster? « Liveshots
LONDON After a 2010 that saw the Korean peninsula edge towards the brink of nuclear Armageddon,
robert shumake
Per the order below (hat tip Matt Weidner) a judge in Broward County appears to have cancelled all foreclosure sales in one of the foreclosure division from December 20 to December 31:
Broward County Judicial Order Canceling Foreclosure Sales
One might think this has something to with the Fannie and Freddie foreclosure halts, with run from December 20 to January 3. But the GSEs have made similar suspensions before, indeed, sometimes from Thanksgiving to New Year, so this seems unlikely to be the trigger.
Moreover, this action, at least based on the account of Florida foreclosure procedures per Lisa Epstein of ForeclosureHamlet, could not impact evictions that were due to take place over the holidays. It turns out that there is usually a significant lapse between the foreclosure sale and the loss of possession. Via e-mail:
The sale doesn’t throw families out on the street, the certificate of title has to be issued (Palm Beach County is 4-6 weeks behind the sale dates at least) THEN a writ of possession must be obtained, then the sheriff has to execute the writ.
Even though the motivation for this order is not clear, it may nevertheless be significant. Many judges have taken the view that they have no latitude to act on behalf of defendants who do not contest their cases, and some have taken the unusual step of expressing concern that procedural abuses have risen to a level where they feel the need to take a more active role, yet are not certain whether they can do so. From the Palm Beach Post:
Palm Beach County Chief Judge Peter Blanc is trying to decide whether judges can take a more active role in examining foreclosure cases after a meltdown in Ally Financial’s foreclosure proceedings last week.
Blanc said Monday that there has been an increase in requests by lenders and loan servicers to cancel foreclosure sales and vacate judgments following the disclosure that Ally was freezing portions of its foreclosure operation in 23 states, including Florida.
While judges granted those requests, Blanc said he was concerned about cases in which defective foreclosure affidavits aren’t being brought to the court’s attention, possibly because the borrower has given up or walked away from the home.
Also, he’s unclear on whether the court should scrutinize past cases for flaws.
“It puts us in an untenable position because we can’t both investigate and decide,” Blanc said. “We are supposed to act on things brought to our attention, but if no one files anything, I’m not sure what will or should happen.”
Blanc said he was looking at case law regarding the duties and responsibilities of judges to see whether there is precedent for the current situation. But he said Florida’s foreclosure crisis has brought many unique challenges to the courts and there is likely little historical guidance.
In other words, judges are also struggling to figure out what to do with the mess created by rampant abuses in the securitization industry.
Scores of HOMEOWNERS DO NOT CONTEST FORECLOSURES BECAUSE:
1. They don’t have knowledge of the law in order to recognize which aspects of foreclosure are legally challengeable or even fraudulent.
2. And even those who identify wrongdoing lack funds to pay for attorneys to represent them.
3. Homeowners are told to come to foreclosure auctions with $$$$$$$ that they do not have, SO THEY STAY AWAY from foreclosure auctions.
These homeowners are oblivious about sometimes “straw buyers” and sometimes lawyers in charge of foreclosures, obtain ILLEGAL ownership of people’s homes; and pay literally nothing through “credit bids;” and that those recorded deeds from such auctions are null! For these very reasons, there needs to be a probe of lawyers who file foreclosures. http://chn.ge/eU2zAm
Also, the average lay person doesn’t know about legal REQUIREMENTS of “standing” that prevents their homes from being repossessed via non-existent lenders or via lenders which have no ownership of promissory notes.
Yet, COURTS ARE SUPPOSED TO ENFORCE STANDING and compliance with established laws! Illegal, defective, fraudulent foreclosures are the cause of useless property deeds for real estate sales; title insurance companies refuse coverage on foreclosed properties –and more!
Further, after certain foreclosure auctions (via simulation) result in fraudulent – NOT LENDER ACQUISITIONS, by lawyers or straw buyers, the common scenario becomes property flipping, neighborhood blight, rodents, and so on!
*Sample of fraudulent foreclosure acts:
–Deliberately use defunct lenders, lenders without “standing” for false civil and bankruptcy foreclosure proceedings.
– Create and conceal malpractice foreclosure delays and engineer billable litigation.
– Orchestrate sham foreclosure auctions; property never acquired by lenders, but ‘straw buyers’
– Commit actionable wrongs (unfair debt collection, fraud, various torts) that create lawsuits
– Self-dealing foreclosures which certain lawyers themselves obtain foreclosed properties for flipping.
–Foreclosures naming defunct lenders, illegally recorded property deeds, flipping, blighted communities.
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar.
– Intentionally false BANKRUPTCY COURT “Motion to Lift” and “Proof of Claim” on behalf of non-existent lenders which conceals fact of “NON-SECURED” mortgage debt.
–Involved in fraudulent collection of property damage insurance, as well as mortgage-default insurance.
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants
– Thousands of families made unlawfully homeless from null foreclosure proceedings.
Foreclosure lawyers are officers of the court. Lawyers are required to know applicable laws and civil procedure; this knowledge is not required from mortgage lenders, nor loan servicers. Lawyers are the ones who file those inadequate or questionable foreclosure which lead to useless property deeds and impediments to real estate sales; title insurance companies reluctance to cover foreclosed properties; mortgage default claims disputes due to defective foreclosures.
*MORE info: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#
robert shumake
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
Social <b>News</b> Site Reddit Reports 200%+ Growth in 2010
Social news site Reddit posted year-end numbers this afternoon including January and December page view stats that climbed from 250 million pageviews to more than 3X that number, ...
Are Korea's “Bending” away from Bluster? « Liveshots
LONDON After a 2010 that saw the Korean peninsula edge towards the brink of nuclear Armageddon,
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
Social <b>News</b> Site Reddit Reports 200%+ Growth in 2010
Social news site Reddit posted year-end numbers this afternoon including January and December page view stats that climbed from 250 million pageviews to more than 3X that number, ...
Are Korea's “Bending” away from Bluster? « Liveshots
LONDON After a 2010 that saw the Korean peninsula edge towards the brink of nuclear Armageddon,
robert shumake detroit
In this era of worldwide economic downturn, a person may be in real rough waters if the net worth of his or her house is less than what the person owes to the bank! But the comforting fact can be that there are many such cases. However, one certainly needs to evacuate one's self from such a situation as soon as possible. A person in such a situation can benefit from the following choices before deciding to do away with the house - or worse - before being forced into foreclosure.
Altering loan: The fundamental model of lender is based on loan repayment and not on losing the loan. Therefore, banks would want people to pay back their loans. Financially, banks make profit only when borrowers repay and the interest on the principal works towards the lender's profit. However, on defaulting, if one receives foreclosure notice then it should not be viewed as end of the world. At any point one can save ones home and ones credit. The following are the alternatives:
1. Reduce the loan: If your homes current valuation is lesser than the owed amount then reach out to the lender's loss hedging group. Show the group the evidence for lower valuation of home. You can bring out evidences like the selling price of similar flats in your neighbourhood, which have been sold for much lesser price. If the lender trusts the evidence, then the lender may reduce the owed amount. This reduced loan amount would translate into lower equal monthly instalments.
2. Stretch the loan: One effective way to reduce the monthly instalment is to prolong the repayment tenure. Basically, extend the number of years in which one intends to repay the loan. This brings down the monthly burden on a person.
3. Reduced interest rate: The interest rate, if flexible by nature, can work to ones advantage. Generally, flexible interest rate works well when the chips are down and rates are rising; the fixed interest rate will be much higher in struggling economy. If the monthly repayment becomes un-payable because of rising interest rates then one should reach out to the lending institution. Often the lender would prefer reducing the interest rate to foreclose.
IMPORTANT: Be in constant touch with your lending institution. This aids in proceeding positively with foreclosure processes. Basically, establishing credibility with lending institution and not just considering them as one time money providers helps when the person faces tough times.
Halt your monthly re-payments now to continue later
You can request forbearance - a pause in monthly payments - to the lender. This is useful in the event of missing out on couple of monthly payments and while anticipating a bulk money in near term. The borrower uses the bulk money to repay the missed payments as well as to resume the monthly payments. On forbearance, the lender agrees to temporarily stop getting monthly payments from borrower. Reinstatement brings the borrower back on monthly payments scheduled track.
Plan to give more every month
To slowly get even with the missed monthly payments, one can resort to a plan where a chunk of money on top of the monthly repayment is paid to the lender. A person can do this when they have disposable money currently and are uncertain of future earnings and therefore would want to hedge their future risk y paying more currently. As always, the lender needs to agree to this plan.
Rent out house
Face the reality. Shift to an economical place and rent your place, if you are unable to repay the monthly payments while staying in that home. Even if the rent does not meet the repayment amount entirely, then it may be a good idea to cover the remainder by self. Dispose the home once sales recover. By doing so, one may find oneself having gained some money at the end of the complete deal.
Dispose the house off
If the financial situation is an impasse and one is not able to pay for home at all then a quick sale circumvents the foreclosure. Basically, in this one needs to sell his or her house at a price lower than the prevalent price in the market. Exiting is the only driving factor in this choice. The lender may agree to accept the lower amount and discount the outstanding and they may also decide that the borrower should pay the whole or part of the difference. A payment plan for the balance money can be devised by the lender.
Resale home and let new buyer carry forward the loan
While your repayment is going on, selling the home may not be an option because of lenders loan terms and conditions. Resale may be an option if the lender is informed of every move and decision. On having a moderate interest rate and loan amount, sell your home to a buyer who will take over your loan and continue to pay the lender the future monthly instalments as per your schedule. Be aware of thugs who can cheat and leave you in a situation worse than present. In worst cases, sellers sold their homes but continued to own the mortgages.
Accede to situation and give-up your home
Surrendering the home instead of the loan is a better trade-off than foreclosure. The former makes lesser dent on your credit report as compared to the later. In this, the home is given-up - on your own - to the lender. Obviously, there is softer aspect of conscientious move being involved which makes this better over the worst.
A foreclosure is a blot on person's credibility. It symbolises a failed person. Foreclosure tells that the person disobeyed the legal agreement on a very vital financial responsibility. It adds that the manner of disobedience forced the bank to knock the door of law and take him or her to court.
Foreclosure keeps haunting the person forever. Credit check is a must in all aspects of life - be it for rent application or making any other financial decision or applying for a new job. Housing Agencies, property agents, and prospective-employers all engage in credit check before making their decision. With foreclosure on credit report, one is portrayed as a maligned person. Surely no one would want to be branded as a cheat and hamper his or her other financial or other necessary needs in years ahead.
At all prices avoid foreclosure. They are detriment not only to a person's future years but negatively impacts all near dear ones. If they become a common phenomenon then they have the potential of bringing down an entire economy.
robert shumake detroit
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
Social <b>News</b> Site Reddit Reports 200%+ Growth in 2010
Social news site Reddit posted year-end numbers this afternoon including January and December page view stats that climbed from 250 million pageviews to more than 3X that number, ...
Are Korea's “Bending” away from Bluster? « Liveshots
LONDON After a 2010 that saw the Korean peninsula edge towards the brink of nuclear Armageddon,
robert shumake detroit
robert shumake detroit
Per the order below (hat tip Matt Weidner) a judge in Broward County appears to have cancelled all foreclosure sales in one of the foreclosure division from December 20 to December 31:
Broward County Judicial Order Canceling Foreclosure Sales
One might think this has something to with the Fannie and Freddie foreclosure halts, with run from December 20 to January 3. But the GSEs have made similar suspensions before, indeed, sometimes from Thanksgiving to New Year, so this seems unlikely to be the trigger.
Moreover, this action, at least based on the account of Florida foreclosure procedures per Lisa Epstein of ForeclosureHamlet, could not impact evictions that were due to take place over the holidays. It turns out that there is usually a significant lapse between the foreclosure sale and the loss of possession. Via e-mail:
The sale doesn’t throw families out on the street, the certificate of title has to be issued (Palm Beach County is 4-6 weeks behind the sale dates at least) THEN a writ of possession must be obtained, then the sheriff has to execute the writ.
Even though the motivation for this order is not clear, it may nevertheless be significant. Many judges have taken the view that they have no latitude to act on behalf of defendants who do not contest their cases, and some have taken the unusual step of expressing concern that procedural abuses have risen to a level where they feel the need to take a more active role, yet are not certain whether they can do so. From the Palm Beach Post:
Palm Beach County Chief Judge Peter Blanc is trying to decide whether judges can take a more active role in examining foreclosure cases after a meltdown in Ally Financial’s foreclosure proceedings last week.
Blanc said Monday that there has been an increase in requests by lenders and loan servicers to cancel foreclosure sales and vacate judgments following the disclosure that Ally was freezing portions of its foreclosure operation in 23 states, including Florida.
While judges granted those requests, Blanc said he was concerned about cases in which defective foreclosure affidavits aren’t being brought to the court’s attention, possibly because the borrower has given up or walked away from the home.
Also, he’s unclear on whether the court should scrutinize past cases for flaws.
“It puts us in an untenable position because we can’t both investigate and decide,” Blanc said. “We are supposed to act on things brought to our attention, but if no one files anything, I’m not sure what will or should happen.”
Blanc said he was looking at case law regarding the duties and responsibilities of judges to see whether there is precedent for the current situation. But he said Florida’s foreclosure crisis has brought many unique challenges to the courts and there is likely little historical guidance.
In other words, judges are also struggling to figure out what to do with the mess created by rampant abuses in the securitization industry.
Scores of HOMEOWNERS DO NOT CONTEST FORECLOSURES BECAUSE:
1. They don’t have knowledge of the law in order to recognize which aspects of foreclosure are legally challengeable or even fraudulent.
2. And even those who identify wrongdoing lack funds to pay for attorneys to represent them.
3. Homeowners are told to come to foreclosure auctions with $$$$$$$ that they do not have, SO THEY STAY AWAY from foreclosure auctions.
These homeowners are oblivious about sometimes “straw buyers” and sometimes lawyers in charge of foreclosures, obtain ILLEGAL ownership of people’s homes; and pay literally nothing through “credit bids;” and that those recorded deeds from such auctions are null! For these very reasons, there needs to be a probe of lawyers who file foreclosures. http://chn.ge/eU2zAm
Also, the average lay person doesn’t know about legal REQUIREMENTS of “standing” that prevents their homes from being repossessed via non-existent lenders or via lenders which have no ownership of promissory notes.
Yet, COURTS ARE SUPPOSED TO ENFORCE STANDING and compliance with established laws! Illegal, defective, fraudulent foreclosures are the cause of useless property deeds for real estate sales; title insurance companies refuse coverage on foreclosed properties –and more!
Further, after certain foreclosure auctions (via simulation) result in fraudulent – NOT LENDER ACQUISITIONS, by lawyers or straw buyers, the common scenario becomes property flipping, neighborhood blight, rodents, and so on!
*Sample of fraudulent foreclosure acts:
–Deliberately use defunct lenders, lenders without “standing” for false civil and bankruptcy foreclosure proceedings.
– Create and conceal malpractice foreclosure delays and engineer billable litigation.
– Orchestrate sham foreclosure auctions; property never acquired by lenders, but ‘straw buyers’
– Commit actionable wrongs (unfair debt collection, fraud, various torts) that create lawsuits
– Self-dealing foreclosures which certain lawyers themselves obtain foreclosed properties for flipping.
–Foreclosures naming defunct lenders, illegally recorded property deeds, flipping, blighted communities.
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar.
– Intentionally false BANKRUPTCY COURT “Motion to Lift” and “Proof of Claim” on behalf of non-existent lenders which conceals fact of “NON-SECURED” mortgage debt.
–Involved in fraudulent collection of property damage insurance, as well as mortgage-default insurance.
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants
– Thousands of families made unlawfully homeless from null foreclosure proceedings.
Foreclosure lawyers are officers of the court. Lawyers are required to know applicable laws and civil procedure; this knowledge is not required from mortgage lenders, nor loan servicers. Lawyers are the ones who file those inadequate or questionable foreclosure which lead to useless property deeds and impediments to real estate sales; title insurance companies reluctance to cover foreclosed properties; mortgage default claims disputes due to defective foreclosures.
*MORE info: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#
robert shumake
Pink Floyd Re-Signs With EMI: Good <b>News</b> for the Band or the Label?
Progressive rock legends Pink Floyd have re-signed with their longtime record label EMI.
Social <b>News</b> Site Reddit Reports 200%+ Growth in 2010
Social news site Reddit posted year-end numbers this afternoon including January and December page view stats that climbed from 250 million pageviews to more than 3X that number, ...
Are Korea's “Bending” away from Bluster? « Liveshots
LONDON After a 2010 that saw the Korean peninsula edge towards the brink of nuclear Armageddon,
robert shumake detroit
robert shumake
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