Tag: mortgages

By February 24, 2014 0 Comments Read More →

Multnomah County Foreclosure Panel Publishes Consensus On Common Issues

Attorneys and pro se homeowners appearing in judicial foreclosure cases in Multnomah County should take note of the Consensus of Judges on Multnomah County Foreclosure Panel. The Consensus is a non-binding set of “rulings” of the foreclosure panel that represent the consensus view of the judges who serve on the panel. The Consensus is intended […]

Posted in: News and Events
Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests
By February 23, 2014 0 Comments Read More →

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests

In Part One, we reviewed the essential provisions of the new mortgage servicing rules for resolving errors. In Part Two, we will look at the requirements for requesting information about a loan from the servicer. The new rules became effective January 10, 2014. Even if the borrower is not asserting an error, a borrower is […]

Posted in: Features
Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions
By February 23, 2014 1 Comments Read More →

Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions

New rules issued by the Consumer Financial Protection Bureau went into effect on January 10, 2014. Those rules include detailed guidelines for submitting and responding to qualified written requests under RESPA. There are two types of qualified written requests: notices of a servicing error and requests for information. The rules vary for each type of […]

Posted in: Features
Loss Mitigation Under the New Mortgage Servicing Rules
By February 21, 2014 1 Comments Read More →

Loss Mitigation Under the New Mortgage Servicing Rules

On January 10, 2014, new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau went into effect. Among other things, the new rules include detailed requirements for loss mitigation. If a servicer violates the loss mitigation provisions, a borrower may sue for damages, costs, and attorney fees. Whatever their shortcomings, the rules are the […]

Posted in: Features
By February 3, 2014 0 Comments Read More →

Did You Know? Oregon Treats Residential and Non-Residential Trust Deeds Differently

Homeowners, and even attorneys, are often confused about the difference between a residential and a non-residential trust deed under Oregon law. The distinction is not intuitive and the Legislature has substantially amended the statute that defines “residential trust deed” twice since the foreclosure crisis began. What is a Residential Trust Deed? Under current law, a […]

Posted in: Did You Know?
New Mortgage and Foreclosure Bills Introduced in the 2014 Oregon Legislature
By February 1, 2014 0 Comments Read More →

New Mortgage and Foreclosure Bills Introduced in the 2014 Oregon Legislature

The Oregon Legislature will convene on February 3 and at least a few mortgage and foreclosure bills will haunt the hallways. Bills to watch include: HB 4033 This bill requires a trust deed beneficiary to provide a copy of the note and a “beneficiary statement” and/or a “payoff statement” within 21 days from receipt of […]

Posted in: Features
By January 31, 2014 0 Comments Read More →

CFPB Update on Mortgage Servicing Rules: February 10 in Tigard

The Consumer Law Section of the Oregon State Bar is sponsoring a half-day CLE for attorneys, housing counselors, and foreclosure mediators who want to learn about the new federal mortgage servicing rules that went into effect on January 10. According to the CFPB, the rules “establish new, strong protections for struggling homeowners, including those facing […]

Posted in: News and Events
By August 4, 2013 0 Comments Read More →

Chase Glitch Sends Oregon Widow Into Foreclosure

Widow fights MetLife for a year to get a modification. Widow makes the first of three trial payments. MetLife transfers servicing to JPMorgan Chase. Widow makes the next two payments. Chase tells her the permanent loan modification documents are in the works and to stop making trial payments. But thanks to a “glitch” on Chase’s […]

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Schlegel v. Wells Fargo: Servicer’s Oops Defense Fails, ECOA Claim Goes Forward
By July 21, 2013 0 Comments Read More →

Schlegel v. Wells Fargo: Servicer’s Oops Defense Fails, ECOA Claim Goes Forward

Does a recent Ninth Circuit opinion suggest a new line of attack for victims of predatory mortgage loan servicing? In Schlegel v. Wells Fargo Bank, the Ninth Circuit held that a servicer’s failure to give an adverse action notice after revoking a loan modification gives rise to a claim under the Equal Credit Opportunity Act […]

Posted in: Cases
By July 11, 2013 4 Comments Read More →

Did You Know? How the Terms of a HAMP Modification Are Determined

Have you ever wondered how the servicer decides what terms to offer when evaluating a borrower for HAMP? Despite appearances, the terms that are modified are not arrived at randomly. The servicer applies a “waterfall” that specifies which terms will be adjusted, to what extent, and in what order. The waterfalls—there are a few—are described […]

Posted in: Did You Know?