September

Blog Posts in September, 2012

  • It finally happened. After several disappointing decisions, the Appellate Court of Illinois has finally released a foreclosure-related opinion that I can get behind. On September 25, 2012, the court filed its opinion in Deutsche Bank National Trust ...
  • FHFA Proposal Seeks To Penalize Illinois Home Buyers

    The FHFA, which is the agency that oversees Fannie and Freddie, has proposed a mortgage surcharge for five states -- one of which is Illinois. Under the proposal, loans backed by Freddie or Fannie would carry a.3% upcharge if the loans were issued ...
  • HAMP Study: Mortgage Servicers Could Have Done Better

    A study recently conducted by economists from the Federal Reserve Bank of Chicago, Columbia Business School, the University of Chicago, the Office of the Comptroller of the Currently and Ohio State University concluded that 800,000 foreclosures could ...
  • It wasn't too long ago that the CFPB forced Capital One to refund $210 million to its customers for misleading them about the cost of various optional services. It looks like Discover is now on the hook for the same bad behavior. According to the ...
  • Chicago Tribune: Mortgage Cops Are Coming For You

    Last week, the Chicago Tribune ran this article. In the article, it is implied that homeowners who choose to strategically default on their mortgages may be facing criminal prosecution. The tone of the article itself is very anti-strategic default. ...
  • According to the New York Times, debt collectors in certain jurisdictions have been using the letterhead of the local prosecutor's office in order to collect debts. Although the article does not fully explain exactly how the letters threaten ...
  • What Is Force-Placed Insurance?

    If you have a mortgage, then odds are that the mortgage provides for force-placed insurance. Force-placed insurance is a common feature in mortgages. Lenders want to be sure that the asset backing their loan will be there if it needs to be ...
  • According to YouWalkAway.com, Baby Boomers are increasingly likely to strategically default on their mortgages. YouWalkAway surveyed its customers and then created graphs from the the data it received. Some of the conclusions derived from the survey ...
  • What Is The Statute of Limitations on Old Debt?

    The "common knowledge" on the Internet is that creditors can't sue you for "old debt." Like most things that are "common knowledge," this is only partially accurate and the correct information is not that commonly ...