Archive for November, 2013

By November 22, 2013 0 Comments Read More →

Two Banks Partner With Oregon Company to Offer Reemployment Program for Delinquent Homeowners

M&T Bank recently joined Fifth Third Bank in offering a reemployment program for homeowners who are struggling to pay their mortgages due to job loss. The program is operated by NextJob, Inc., a nationwide reemployment company headquartered in Bend, Oregon. Early this year, Fifth Third announced that it was partnering with NextJob to provide unemployed […]

Posted in: News and Events
By November 18, 2013 1 Comments Read More →

Businesses Back Bank Blight in Portland, Communities Suffer

Earlier this year Representative Lew Frederick (D-Portland) sponsored a bill that authorizes cities to prohibit purchasers at foreclosure sales from neglecting the properties while vacant. After the bill became law, Portland Mayor Sam Adams created a plan to register vacant properties, but the Portland Business Alliance objected and the city council never approved it. Apparently […]

Posted in: News and Events
Union County, Illinois v. MERSCORP: Another MERS Recording Fee Suit Bites the Dust
By November 18, 2013 0 Comments Read More →

Union County, Illinois v. MERSCORP: Another MERS Recording Fee Suit Bites the Dust

The Seventh Circuit has joined the MERS Wars, affirming dismissal of a suit for unpaid recording fees brought by one Illinois county. While the flood of new MERS litigation is finally dying down, many cases are still winding their way through the appellate courts. Among them are cases involving suits brought by county recorders claiming […]

Posted in: Cases
By November 17, 2013 2 Comments Read More →

Nationstar Issues Public Apology to Elderly Oregon Couple For Botched Modification

An Oregon couple has received a public apology from Nationstar, one of the nation’s largest mortgage loan servicers, for botching their loan modification. Nationstar approved Michael and Judith McElderly for a trial period plan in January 2013. Nationstar promised the McElderlys that it would permanently modify their loan if they made three trial payments of […]

Posted in: News and Events
By November 17, 2013 0 Comments Read More →

The “Merkley Mortgage” Expands to Clackamas and Washington Counties

Earlier this year the Oregon Homeowner Stabilization Initiative (OHSI) launched a pilot program in Multnomah County to refinance underwater borrowers into affordable mortgages. That program is now expanding into Clackamas and Washington counties to reach more borrowers in need. Officially known as the Rebuilding American Homeownership Assistance Pilot Program (RAHAPP), the program has been affectionately […]

Posted in: News and Events
Grover v. HomeStreet Bank: Lender Lockout Is Trespass To Land For Which Emotional Distress Damages May Be Recoverable
By November 12, 2013 0 Comments Read More →

Grover v. HomeStreet Bank: Lender Lockout Is Trespass To Land For Which Emotional Distress Damages May Be Recoverable

In Grover v. HomeStreet Bank, et al., the chapter 13 bankruptcy debtor survived a motion to dismiss an adversary proceeding against the lender (Oregon Housing and Community Services) and loan servicer (HomeStreet Bank) to recover damages from an illegal lockout. After commencing a nonjudicial foreclosure, the lender’s agents allegedly entered plaintiff’s property and locked her […]

Posted in: Cases
Reformation Claims: The Answer for Non-Borrowing Spouses Facing Foreclosure of a Reverse Mortgage?
By November 11, 2013 0 Comments Read More →

Reformation Claims: The Answer for Non-Borrowing Spouses Facing Foreclosure of a Reverse Mortgage?

What a mess HUD has made for elderly couples federal law always meant to protect. Federal law prohibits HUD from insuring reverse mortgages that allow the loan to come due before the death of the borrower or the borrower’s spouse. Despite the plain language of the statute, HUD issued regulations that allow a lender to […]

Posted in: Features
Bennett v. Donovan: Non-Borrowing Spouses Still Face Foreclosure of Reverse Mortgages
By November 10, 2013 4 Comments Read More →

Bennett v. Donovan: Non-Borrowing Spouses Still Face Foreclosure of Reverse Mortgages

A district court recently found that a HUD regulation for reverse mortgages violated federal law. Despite some news reports, the court did not hold that a lender is prohibited from foreclosing a reverse mortgage when the property is the principal residence of a non-borrowing spouse. As we will see, for now non-borrowing spouses remain at […]

Posted in: Cases
By November 5, 2013 0 Comments Read More →

The Higher They Climb, The Harder They Fall: How Long It Takes For Credit Scores to Recover After A Late Payment

Tracy Becker, the CEO of a credit restoration company, asked FICO how long it would take for a person with a 680 credit score and a person with a 780 credit score to recover after 30-day and 90-day late pays on a mortgage. The answer is frightening. For a person with top notch credit, recovering […]

Posted in: News and Events
Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement
By November 1, 2013 0 Comments Read More →

Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement

In the 1980s, the Wendy’s fast food chain famously ran an ad campaign featuring a silver-haired lady exclaiming “Where’s the beef?” As the ads wryly suggested, competitors were all buns and no beef. Much the same can be said today of the National Mortgage Settlement. As the five participating servicers wind up their consumer relief […]

Posted in: Features