Mortgage Foreclosure: Change in the Air?
Foreclosure moratoria are being seriously discussed in California, where Governor Schwarzenegger is reported to be proposing a 90 day moratorium and in Colorado where a moratorium after filing for negotiation and mediation has been discussed by public officials. New Jersey Governor Corzine is also proposing mediation in that State. In Florida, a nonprofit corporation named Earth Angels United has been engaged to administer a mortgage foreclosure mediation program in Seminole County.
Predatory Servicing: Meet the Loss Mitigation Department
Customers of some of the largest home lenders in America are reporting that they have accepted loan modification offers from loss mitigation departments, ostensibly set up for the purpose of stemming the tide of foreclosures, and lived up to their end of the bargain, only to have the lender proceed with foreclosure anyway. This has occurred, without explanation, after the borrower has sometimes paid a substantial fee and even several monthly payments. Reports of such incidents are widespread on the internet.
Seminar: Defending Mortgage Foreclosure Actions
Posted by Cliff Tuttle
I will be giving a Continuing Legal Education Seminar titled “Defending Mortgage Foreclosure Actions” at the Community College of Allegheny County North Campus on August 5, 2008 from 6 – 9:15 PM. Pennsylvania attorneys will earn 3 CLE credits and the fee is $99.00.
For information on registration, call Beverly Stellfox at [...]
Should Philadelphia’s Mortgage Foreclosure Conciliation Program be adopted in Pittsburgh?
Posted by Cliff Tuttle
On July 17, 2008, Philadelphia’s Court of Common Pleas adopted a Joint General Court Regulation to provide for conciliation conferences for owner-occupied residential properties facing sheriff sale.
The first cases to be conciliated will be those scheduled for sheriff sale in August and September. Because it is difficult to identify owner-occupied [...]
The Achilles Heel of Securitized Lenders in Mortgage Foreclosure
Posted by Cliff Tuttle
The following is a post I made yesterday on a real estate law listserv known as DIRT regarding why foreclosures of securitized mortgages have had so much trouble addressing questions which never arose in the days when most home mortgages were issued by community banks and thrifts.
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I would like to suggest an [...]
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CLIFF TUTTLE has been a Pennsylvania lawyer for over 36 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.
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