Thursday, October 28, 2010
Wednesday, October 27, 2010
We met with a client yesterday that lost several properties in Florida to foreclosure. Among the many files was a case, we believe, is ripe for filing a Motion to re-Open an old foreclosure lawsuit and to set aside the judgment. The basis for us to re-open the case is our allegation that the lender committed foreclosure fraud by filing a defective Affidavit in support of its case. We have done exhaustive research on this issue and on the issue of the type of counterclaim(s) we bring against the bank for wrongful foreclosure. What we found is that there isn't a lot of case law on the subject of damages in a wrongful foreclosure case. If we are successful in recovering for our client, I imagine we will be contributing to the establishment of precedent in this evolving area of the law. This is very exciting stuff. I will keep everyone posted as things progress.
Friday, October 22, 2010
The latest issue that I find interesting relates to title insurance and how the title insurance companies stopped issuing title insurance for any bank owned property. In an effort to address this issue, Bank of America agreed with Fidelity National Financial to cover all court costs and settlements related to any lawsuits and Fidelity agreed it would defend new homeowners in court for any claims that arise related to a foreclosure in the chain of title. Apparently, Bank of America is working on similar agreements with other title insurers. I'm not quite sure how this is going to work in the long run for Buyers and housing prices. It still sounds to me like if someone buys a bank owned property they are still buying a home with built in litigation. I can't see how home prices won't be impacted. And the plot thickens!
Wednesday, October 20, 2010
Tuesday, October 19, 2010
Read the rest of the story here:
Homeowners Are Not to Blame for the 2010 Foreclosure Mess
Sunday, October 17, 2010
I imagine that the people who are on the verge of foreclosure are walking around with some sense of relief and extra money in their pocket. I believe that one consequence of halting the foreclosures is that there is going to be a temporary positive boost to our economy. Those people, who are not paying their mortgage, will probably be spending more money to buy other things, boosting our economy. That's a good thing, I think?
At the end of the day, the banks and the mortgage company screwed up. That's why this mess is going to linger and possibly still bring down our economy. If they weren't sloppy and in a rush to make a dollar, we would be closer to the end of this nightmare instead of on the verge of reliving it.