Category Archives: Foreclosure

Must a homeowner receive notice of a foreclosure sale?

By doug | Published: November 29, 2010

An interesting case brewing in the Bankruptcy Court in Worcester, Massachusetts raises an issue that you would (erroneously) think had been decided long ago: When a lender decides to hold a foreclosure sale, must the homeowner actually receive notice of the sale? Here’s what happened in the Bailey case: the homeowner sued Wells Fargo in […]

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The Fed steps in to foreclosure / bankruptcy mess

By doug | Published: October 26, 2010

Complicating already roiled waters, the Federal Reserve yesterday got involved in the foreclosure fiasco, saying it will look into the accusations that mortgage lenders cut corners and used flawed documents to foreclose on homes. The Associated Press reports that Federal Reserve chairman Ben Bernanke added weight to those efforts yesterday by saying the central bank […]

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The life of a robo-signer

By doug | Published: October 20, 2010

I found this fascinating tidbit in an article by Alan Zibel on Bank of America’s continuing mortgage and foreclosure woes. A deposition released by the Florida attorney general’s office revealed that the office manager at a Florida law firm under investigation for fabricating foreclosure documents signed 1,000 files a day without reviewing them. The manager […]

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A Perceptive take on the “foreclosure fiasco”

By doug | Published: October 17, 2010

Syndicated columnist Michelle Singletary has a theory on the root cause of what she terms a nationwide “forclosure fiasco” — that treating mortgages as the equivalent of trading cards led lenders astray from the fundamental values of home ownership. Singeltary’s remedy? S-L-O-W D-O-W-N. She says “Fair would be to slow down. Fair would be to […]

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Bank of America needs weeks to untangle its foreclosure mess

By doug | Published: October 15, 2010

On Friday, Bank of America became the first major US bank to suspend foreclosure sales in all 50 states after questions were raised about whether it and other banks had illegally seized homes without the proper documentation. In a deposition filed in a Massachusetts lawsuit, a Bank of America official said she signed as many […]

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Bankruptcy lawyers buzzing over foreclosure revelations

By doug | Published: October 14, 2010

The news wires are just packed with stories on foreclosures lately. In just a small sampling: * All 50 state attorney generals appear to be circling the wagons around the large banks, questioning their handling of residential foreclosure procedures; * Syndicated columnist Candice Choi raises the spectre of disbarred lawyers trying to scam homeowners based […]

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Update on new Massachusetts foreclosure program

By doug | Published: October 7, 2010

The forms needed to apply for HUD’s new zero-interest foreclosure prevention loans for the unemployed will not be available until later in the year. In anticipation of the new program, this would be a good time to get your financial house in order, though. Excessive non-mortgage debt is one of the disqualifying factors for the […]

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new program to help unemployed homeowners in massachusetts

By doug | Published: October 6, 2010

Yesterday the federal Department of Housing and Urban Development unveiled a new program designed to help unemployed homeowners stave off foreclosures. Unlike many prior programs, this one has the look of something that might work, and it will soon be available here in Massachusetts. Unemployed homeowners may be able to borrow up to $50,000 to […]

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Ally Financial’s GMAC mortgage company in hot water over foreclosures

By doug | Published: September 24, 2010

Ally Financial Inc.’s GMAC Mortgage unit has suspended foreclosures in 23 states amid suggestions that all the necessary paperwork is not in order. The states affected are so-called judicial foreclosure jurisdictions, where a judge must sign off on the right to foreclose in court. Both Massachusetts and New Hampshire are not judicial foreclosure states, so […]

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Massachusetts foreclosures reach highest level of the year

By doug | Published: September 23, 2010

The news on the foreclosure front just keeps getting tougher and tougher; Massachusetts foreclosures have now reached the highest level of 2010. The Warren Group counted 2,713 new foreclosure petitions filed in August alone. 2,307 foreclosure petitions were filed in July in Massachusetts. Foreclosure petitions indicate the start of a new attempt to foreclose on […]

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