Month: July 2011

A recent investigation by Reuters revealed that some of America’s leading mortgage lenders and other “loan servicers” are taking the same short-cuts they promised to abolish just one year ago.  The investigation found questionable foreclosure documents being filed with courts and county clerks, along with the continued use of “robo-signers” to speed up the process.  These are the same tactics that last year triggered multiple investigations and placed temporary holds on a number of foreclosures.

In recent months, the investigation revealed that servicers have filed thousands of documents that appear to have been fabricated or improperly altered, or have sworn to false facts.  Reuters also identified at least six robo-signers, individuals who in recent months have each signed thousands of mortgage assignments and legal documents which pinpoint ownership of a property.  The companies that Reuters found that have filed foreclosure documents of questionable validity include: One West, Bank of America, HSBC Bank USA, Wells Fargo and GMAC Mortgage.

Reuters reviewed records of individual county clerk offices in Florida, Massachusetts, New York, North Carolina and South Carolina.  They also examined hundreds of documents from court case files, some obtained online and others provided by attorneys.

To read more on the story visit:

http://news.yahoo.com/special-report-banks-continue-robo-signing-003758223.html

Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

JPMorgan Chase & Co. and Wells Fargo & Co. are offering delinquent homeowners a deal that will give select borrowers behind on their mortgage payments $10,000 to $20,000 for agreeing to short sales, which means the homes are sold for less than what’s owed on the mortgages.

In addition, Florida homeowners are entitled to $3,000 of government money if they complete short sales through the Home Affordable Foreclosure Alternative program. Wells Fargo and Chase say that they are cutting their losses choosing to forgo the potentially lengthy process of foreclosure.

The average foreclosure in Florida took 619 days for cases completed in the first three months of 2011, according to RealtyTrac Inc. That’s more than 30 percent longer than cases completed a year ago.  Some analysts speculate the money for short sales is an effort by the lenders to be viewed as good corporate citizens as they expand aggressively in Florida after the banking takeovers.

To read more on the story visit:

http://therealdeal.com/miami/articles/chase-bank-offers-florida-homeowners-incentive-to-short-sell

Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure or short sales, please feel free to contact me at (305) 285-9100.  You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Accordingto a recent story in the Palm Beach Post, a lead foreclosure fraud investigator for the state said she and a colleague were forced to resign from the Florida attorney general’s office.  Former Assistant Attorney General Theresa Edwards and colleague June Clarkson had been investigating the state’s so-called “foreclosure mills,” uncovering evidence of legal malpractice that also implicated banks and loan serv­icers.

Despite positive performance evaluations, Edwards said the two were told during a meeting with their supervisor in late May to give up their jobs voluntarily or be let go. Edwards said no reason was given for the move. In sworn statements taken by Edwards and Clarkson as part of their investigation of the Law Offices of David J. Stern, former employees described conditions where signatures  were regularly forged on foreclosure documents, paperwork was notarized by non-notaries, and flawed files were hidden from auditors of federal mortgage backers Fannie Mae and Freddie Mac.

To read more about this story visit:

http://www.palmbeachpost.com/money/foreclosures/foreclosure-fraud-investigators-forced-out-at-attorney-generals 1603854.html?viewAsSinglePage=true

Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on this topic or would like to schedule a FREE office consultation, contact our experienced team of foreclosure defense attorneys today at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.