Wednesday, July 31, 2013

Latest News 7-31-2013

New law tightens foreclosure rules in Minnesota 7-31-2013
Minnesotans who have struggled to make their mortgage payments will get new leverage for saving their homes beginning Aug. 1 under a law that tightens foreclosure rules in the state. The new law doesn’t necessarily spare homeowners from losing their properties… it seeks to ensure that eligible borrowers have fair and clear access to every available option to avert foreclosure. The law also bans so-called “dual tracking” of foreclosures… [Where] a lender and/or mortgage servicer can’t move to sell a home until the borrower has had a fair chance to seek a loan modification. Read More at MINNPOST

Boca Raton homeowner wins multi-million dollar foreclosure suit after legal misstep 7-26-2013
A Boca Raton homeowner whose waterfront mansion has been in foreclosure since 2008 had her case voluntarily dismissed by her lender Thursday in Palm Beach County court after a legal misstep during trial. Homeowner Valerie Kaan bought the 13,000-square-foot home in 2003 for $8.4 million. The outstanding balance as of Thursday was up to about $10 million… “Maybe this will send a message to banks that when people come to the table in good faith with a reasonable offer, they should more seriously consider it,” said homeowner attorney Roy Oppenheim. Read More at The Palm Beach Post

Lenders seek court actions against homeowners years after foreclosure 6-15-2013
Lenders are filing new motions in old foreclosure lawsuits and hiring debt collectors to pursue leftover debt, plus court fees, attorneys’ fees and tens of thousands in interest that had been accruing for years. It’s all part of a legal process known as a “deficiency judgment,” which is allowed in the District and 40 of 50 states, including Maryland and Virginia. Freddie Mac spokesman Brad German said Freddie Mac is targeting “strategic defaulters,” which the agency defines as “someone who had the means but chose to go into default, that there were no extenuating circumstances that affected their ability to pay…” Read More at The Washington Post

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