Category Archives: Bankruptcy and Foreclosures
What is a Servicer and What is its Role in Foreclosure Trials?
If you are in foreclosure—or even if you aren’t but have gotten any type of notices or letters from your bank—you may have noticed that the communications don’t actually come from your bank or from the company that lent you the money originally. Who is this company sending you all this information about your… Read More »
Bank of America fights contentious court battle over purge of nearly 2 billion bank records
I am very proud that after years of fighting foreclosure fraud by Bank of America and months of investigation by CNBC.com, they have finally published an in-depth story about my work. “Miami attorney Bruce Jacobs, a former prosecutor, says the bank got rid of loan records that he claims may have contained evidence of fraud…. Read More »
Mixed Credit Files Can Lead to Inaccurate Credit Reports
There are many reasons why having good credit—or at least keeping your credit as positive as possible—is a good thing. It can be difficult enough keeping our credit healthy even in the best of circumstances. But when something shows up on our credit that isn’t ours, or that we don’t recognize, it can be… Read More »
Wells Fargo Admits to Error That Cost Borrowers Their Homes
When the economy tanked around 2007-2008, the government knew that something had to be done to help people keep their homes. One option that was created was the Making Home Affordable Program (also known as HAMP, or Home Affordable Modification Program). The HAMP Program The program was designed to modify home loans to a… Read More »
What Happens When the Bank Issues a 1099-C on Your Home Loan? Maybe Nothing.
As you may know, a judgment of foreclosure doesn’t just mean that your property can be taken from you. It also can mean a potential money judgment down the road, if you owe more than what the property is worth when its foreclosed on. The Effect of a 1099-C Many borrowers receive what they… Read More »
Judge: Will Not Vacate Foreclosure Ruling Against Bank of America
A federal bankruptcy judge who took Bank of America to task for its treatment of homeowners in a foreclosure case refused to rescind his scathing opinion in which he called the bank “heartless” for its conduct, despite the bank’s agreement to settle if the judge did so. In Sundquist v. Bank of America, the… Read More »
Bank of America to Pay $6M to Couple Bankrupted, Evicted
An eight-year dispute over allegations of debt harassment, illegal foreclosure and a resulting bankruptcy has been resolved, with Bank of America agreeing to pay $6 million to the couple affected. The proposed settlement has reportedly affected every aspect of the family’s life. While $6 million may sound like a lot, it’s far less than… Read More »
Obama’s Failure to Mitigate the U.S. Foreclosure Crisis
There are a number of commendable accomplishments by President Barack Obama during his eight years in office. These were recently detailed in long-form story called, “My President Was Black,” by Ta-Nehisi Coates of The Atlantic. However, this profile of Obama is incomplete in one regard: It does not take into account his failure to… Read More »
WSJ: National Mortgage Settlement Money Mostly Went to Gov’t
The biggest banks in the country set in motion the events resulting in the mortgage crisis that would tailspin the nation into an economic depression. Millions of people conned into overpriced and risky mortgages lost their homes to foreclosure. Many also had to file for bankruptcy. To pay for this, the federal government finagled… Read More »
Miami Rental Market Among Toughest in Nation
Renters in Miami are being bled dry by a combination of sharply rising housing costs, stagnant wages and lower-than-average incomes. A report from the website apartmentlist.com, based on figures from the most recent 2014 U.S. Census, reveals that no other city in the county had as many renters as cost-burdened as those in Miami…. Read More »
