Foreclosure

Recent Posts in Foreclosure

  • Plaintiff S. Azeem used a mortgage loan with Guaranty Bank back in 2006 in order to buy a new home. It is worth noting that her husband at the time – they have since divorced – did co-sign that mortgage but is not actually a plaintiff in ...
  • In 2009, Jennifer Castillo applied for a modification with her mortgage servicer at the time, Bank of America, which she received the following year after a dispute over the implementation of the modification. Before the modification was executed, ...
  • Although foreclosure rates are significantly down from their historic numbers at the height of the housing market crash, experts have found that many foreclosure cases are still in limbo. According to a Planet Money story published by NPR, it’s ...
  • The Consumer Financial Protection Bureau (CFPB), a government agency that ensures consumers are treated fairly by lenders and financial companies, has finalized new rules that require loan servicers to offer more transparency and communication. ...
  • The Dangers of a Reverse Mortgage

    Although the number of reverse mortgages backed by the U.S. Department of Housing and Urban Development (HUD) significantly dropped in the past year, from its high of 114,412 to 57,977, there is still a concern for seniors who took out reverse ...
  • In Colorado, the state’s attorney general has secured a victory against a firm over alleged deceptive foreclosure practices. Two justices in the court states, though, that the practices of the firm may not have been considered deceptive after ...
  • Foreclosures from Financial Crisis Remain

    On the National Public Radio special series Planet Money, a discussion occurred regarding the housing market crash and the foreclosure cases started during this time. These cases were abandoned, leaving the individuals dealing with the foreclosures ...
  • Nick Wooten, a Chicago foreclosure defense attorney and Of Counsel to Sulaiman Law Group, LTD., is making recent headlines as he is aiming to sue banks throughout Illinois for allegedly breaking into homes. He was featured on the Mandelman Matters ...
  • According to recent reports, a new NHL team is on the horizon: the Las Vegas Black Knights. The rumors began 18 months ago, but now it is becoming a reality as more reports are coming out regarding approval to expand the league per the NHL executive ...
  • A new post by the New Republic details how Nye Lavalle, a sports agent and founder of Sports Marketing Group, was the victim of the greatest financial fraud in the history of the United States. Nye is the great-grandson of Teatro Colon, a president ...
  • FBI Investigation of Foreclosure Fraud in Florida

    When Jacksonville, Florida FBI agents sent a memo to higher-ups in Washington D.C. six years ago, it could have been the discovery of what would have been the United States’ largest consumer fraud involving the mortgage industry that ...
  • FL Court Reverses Decision in Foreclosure Case

    The District Court of Appeal of the State of Florida, Fourth District, has reversed the final judgment of foreclosure in favor of the defendant Christiana Trust in the case of Robert T. Frost v. Christiana Trust et al. The appellant, Robert T. Frost, ...
  • Case Law: Garmou v. Kondaur Capital Corp.

    In the case of Garmou v. Kondaur Capital Corp. , which was heard in the United States District Court, E.D. Michigan, Southern Division, the defendants’ motion for summary judgment was granted in part with respect to the plaintiff’s ...
  • According to a recently published opinion regarding the case of Alleyne Sylvester and Celeste Wenegieme v. Bayview Loan Servicing LLC, District Judge J. Paul Oetken granted in part and denied in part Bayview’s motion to dismiss the case. The ...
  • Motions to Dismiss Denied in FDCPA/FCRA Case

    A recent FDCPA/FCRA case out of the U.S. District Court Northern District of Illinois Eastern Division resulted in a denial of all attempts by the defendant to dismiss the counts against them. Bayview Loan Servicing, LLC is accused of failing to ...
  • Millions of people lost their homes when the housing crisis struck in 2008. After the banking system thoroughly failed American families, private equity firms and other investors swooped in to try and save the day – but now, it appears that ...
  • Fighting Foreclosures on FHA Loans

    In an insightful and intelligent article for the Harvard Law and Policy Review, Rachel Labush, a staff attorney at Community Legal Services of Philadelphia, shared her experience defending low-income homeowners facing foreclosure in Philadelphia. She ...
  • Legal & Economic Issues in Subprime Litigation

    A Harvard Law School discussion paper from 2008, right around the time of the subprime mortgage industry crisis, highlights the legal and economic consequences of current difficulties in the subprime mortgage market. In Legal and Economic Issues in ...
  • Systemic foreclosure fraud was rampant in the years leading up to the 2008 financial crisis, throwing into question our nation’s entire property records system and causing millions of people to wrongfully lose their homes. A 2009 ruling out of ...
  • David Dayen of the Daily Kos recently published a book on the story of three South Floridians and their role in uncovering the largest crime against consumers in American history: foreclosure fraud. Mortgage companies that had no legal right to ...
  • Recently, WINK News reported a story about a couple who had deputies foreclos e on Bank of America after the bank filed foreclosure papers on the couple who did not owe a single penny for their Golden Gate Estates home. Before this situation ...
  • New changes from Fannie Mae will make it easier for people to get approved for a mortgage after a bankruptcy, foreclosure, or short sale. The mortgage-backer has reduced the mandatory waiting period for reapplying for a loan, which used to be four ...
  • Ocwen has been in enough hot water lately without adding to their long list of questionable activities. You may recall from our previous blog that Ocwen sent misdated letter claim program notices to borrowers, which robbed them of their ability to ...
  • America's Foreclosure Crisis is Far From Over

    In our previous blog, we talked about the $5.1 billion settlement that Goldman Sachs is responsible for paying as recompense for its part in the 2008 mortgage scandal. As part of this settlement, $1.8 billion is to be earmarked to help struggling ...
  • Goldman Sachs to Settle Federal Probe for $5.1B

    Investment bank Goldman Sachs Group is set to settle a government probe into how it handled mortgage-backed securities to the tune of $5.1 billion dollars. The bank will pay a civil penalty of $2.39 billion, $1.8 billion in consumer relief, and ...
  • In our previous blog, we reported that national mortgage loan servicer Residential Credit Solutions (RCS) was ordered to pay punitive damages totaling $1.6 million in a case brought by Alena Hammer, an Illinois resident who endured unnecessary and ...
  • Last week, the Supreme Court of the State of Illinois has just affirmed the trial court decision in the case of 1010 Lake Shore Ass’n v. Deutsche Bank National Trust Co. The defendant, Deutsche Bank National Trust Co., purchased a condominium ...
  • Many homeowners remain in their homes after foreclosure

    Homeowners in Illinois who are facing foreclosure may be able to keep living in their homes, according to a recent report. The article concluded that a majority of homeowners who have defaulted on their mortgages are still living in their homes, and ...
  • Defending against Illinois foreclosures

    If you are involved in a dispute with your mortgage lender, you may have the specter of foreclosure looming. Alternatively, you may owe far more on your mortgage than your property is actually worth, leaving you with the need to precipitate a ...
  • Ways to avoid foreclosure

    As Illinois homeowners may know, the rate of foreclosures has been high since the economic downturn of 2008. This is a complex situation but often involves a homeowner's loss of employment causing default on mortgage payments. The mortgage lender ...
  • Alternatives to foreclosure in Illinois

    The mortgage payment is often an Illinois resident's largest monthly expense, and an unexpected illness or layoff may make meeting this obligation a challenge. While lenders may initiate foreclosure proceedings when a mortgage becomes seriously ...
  • Help for Illinois homeowners facing foreclosure

    Homeowners in the Chicago area may be among the many individuals across the nation who are facing foreclosure. However, our firm offers individuals a number of different strategies that may be used to fight foreclosure proceedings and keep residents ...
  • Study finds bankruptcy effective against foreclosure

    Illinois readers may be interested in the findings of a university study regarding the effectiveness of bankruptcy actions in forestalling or avoiding home foreclosure. The study, conducted by the UNC Center for Community Capital, concluded that ...
  • How Foreclosures Have Impacted Chicago

    Last month, I wrote a post about the number of vacant properties in Chicago and how long those properties had been vacant. Now, to elaborate on that post, I have found an article in the Washington Post that discusses what that actually means for ...
  • A Chicago City Council committee has just passed an ordinance designed to protect tenants who live in foreclosed rental properties. Under the ordinance, lenders that repurchase a foreclosed property at the sheriff's sale would be required to give ...
  • A client recently notified me that the Illinois Attorney General is sending out notices to Illinois homeowners regarding the National Mortgage Settlement. Included with the notice is a claim form. The claim form is rather simple -- it includes the ...
  • Chicago Mayor Rahm Emanuel recently announced a program that will help neighborhoods that have been significantly impacted by Chicago foreclosures. The goal of the program - the Micro-Market Recovery Program - is to create a loan pool from the John ...