Housing Nightmare Upends Family, Enriches Investor : NPR: "his foreclosure story is complicated, and assigning blame is not straightforward. Familia and Solon took on more debt than they could afford. But Cohen says they were encouraged to do so by their California-based subprime mortgage lender, Fremont Investment and Loan, which is now defunct.
'They were given two mortgages, and those mortgage payments were almost $5,000 a month, [which was] more than their income,' she says.
Fremont Investment and Loan was later sued by the attorney general of Massachusetts for deceptive loan practices, and the company went bankrupt and shut down.
Wells Fargo's Offer
By then, the company's loans had been securitized and sold to investors. Wells Fargo has been servicing some of those loans, including the one made to Solon and Familia."
1 comment:
Investigate lawyers who unlawfully cause homelessness via deliberate foreclosure fraud
Whether or not some people never should have been given mortgage loans; and whether or not homeowners realize any legal basis to challenge foreclosures, it is urgently important to look white collar foreclosure activities! Also, illegal, fraudulent foreclosure causes useless deeds for property sales; title insurance denials, blight –and more. http://chn.ge/eU2zAm
Furthermore, some PREDATORY mortgage loans are issued for the very purpose of default so that properties can become flipped, repeatedly (hence blight); and lenders gain tax credits, mortgage-default insurance, and more! Additionally, too often, not only has the lender NOT filed foreclosure, certain homes wound up being flipped by the foreclosure mill lawyers who execute simulated auctions whereby “straw buyers” fraudulently “credit bid”!
White collar foreclosure fraud entails intentionally fraudulent foreclosures naming defunct mortgage companies, or having no ownership of notes; unfair fees beyond “Acceleration Clauses" that impairs borrowers’ ability to repay arrears; falsified Bankruptcy Court motions to “Lift Stay" for accomplishing"simulated" foreclosure auctions via “straw buyers." And lawsuits against foreclosure lawyers for fraud and “Unfair Debt Collection Practices," generates more lawyer fees.
Scores of homeowners do not contest foreclosures because of: not having knowledge of the law in order to recognize legally challengeable foreclosures or fraud; lack funds to pay for attorneys to represent them; homeowners are told to come to foreclosure auctions with money that they do not have, so they stay away from foreclosure auctions. It is extremely troubling that there are families living outdoors, and people strapped with illegal “deficiency judgments” whose homes have been confiscated via real estate racketeering!
*Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers @ http://chn.ge/eU2zAm
Post a Comment