Today’s Foreclosure News“We don’t want to mention bankruptcy [in a foreclosure prevention guide] because it is so detrimental to borrowers.” Fannie Mae representative, Texas Foreclosure Prevention Task Force meeting, September 9, 2009. Isn’t bankruptcy one of the very few real tools borrowers have to prevent a foreclosure and force a lender to accept a payment plan for [...]
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The Supreme Court of Kansas recently referenced a Bankruptcy Court from Massachusetts that said: “When the role of a servicing agent [MERS] acting on behalf of a mortgagee is thrown into the mix, it is no wonder that it is often difficult for unsophisticated borrowers to be certain of the identity of their lenders and [...]
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Update: 2/26/10: Fannie Mae continues to violate PTFA here, blames its lawyers here, fails to certify compliance here. —————————– It is no surprise that private lenders and their lawyers are attempting to push tenants out of a property after they foreclose so they will not have to comply with the federal act called the Protecting Tenants at Foreclosure [...]
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Although various sources show Texas to be a “nonjudicial” foreclosure state (e.g., here), or generalize about the length of time required to foreclose (e.g., here), Texas has three different processes that are used to foreclose on a homestead, depending on the type of debt involved. I. Original Purchase Money or Refinance – Nonjudicial There is [...]
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Some in the lending industry seem to think that MERS can fix just about anything. Like a college student with a roll of duct-tape, they’ll slap it on anything before shelling out a dime on a real solution. MERS, or Mortgage Electronic Registration Systems, is a book entry system designed to help Wallstreet trade mortgage securities [...]
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