Foreclosure Fraud in Illinois
Fraud is another basic argument used against lenders where the loan origination documents bear some indicia of foul play. Fraud is an intentional deception made by a party to bring about a personal gain or to damage another party. Predatory lending and servicing agreements tend to fall under the broad scope of fraud. Fraud requires […]
Foreclosure Documentation Requirements
Officials from banks and lenders are supposed to personally verify the information that is on foreclosure documentation before signing off on them. When these banks and lenders were faced with an overwhelming number of foreclosures, however, many of these officials signed off on documents automatically. This process, which has become known as “robo-signing,” saw foreclosure […]
Mortgage Foreclosure and Divorce
Will a Divorce Affect Your Mortgage Foreclosure? If a couple divorces at any time during the foreclosure process, the jurisdiction of the court becomes questionable. Once a divorce is filed, the home becomes part of the marital estate. As a marital asset, it cannot be foreclosed on while the divorce is pending. When the divorce is […]
What is the FHA-HAMP Program?
It is important to note that the general HAMP criteria do not apply to FHA, VA, or RHS loans. With FHA loans, however, HUD has introduced its own, rather flawed, FHA-HAMP program. The distinguishing characteristic of this program is the hybrid of the modification and partial claim loss mitigation channels.
Federal Housing Administration – FHA Loans
FHA-insured loans are issued to lower-income Americans to assist them in securing the financing necessary to purchase a home they would typically be unable to afford. Rather than issuing loans directly, the FHA insures loans that are made by private lenders. The FHA works to lower many of the costs associated with mortgage payments and […]
Evictions and Foreclosure in Chicago
Eviction is the final step in a foreclosure sale. It is a court-supervised procedure used to remove from a property those who are currently in possession of it. Evicting previous homeowners is usually straightforward, but the eviction of tenants is a sensitive issue, as it often affects vulnerable groups that struggle to find suitable housing. […]
What are Zombie Titles?
Homeowners Nationwide are the victims of “Zombie Titles” A disturbing new trend has emerged as the foreclosure crisis continues to ravage large portions of the county. This phenomenon is being referred to in the industry as having a “zombie title” and occurs when foreclosing lenders fail to follow through the with the entire process of assuming title to the […]
Who Securitized My Mortgage?
Originators can maintain a connection to the original asset even after transferring it, by performing the role of a “servicer.” The servicer is the agent who collects the regular payments on the loan, debt, or lease, and then transfers it to a device known as a special purpose vehicle (“SPV”) . The originator, now acting as a servicer, […]
Where Did My 401K Go?
Mortgage Backed Securities: A False Sense of Security The high positive ratings of Mortgage Backed Securities by the rating agencies gave false senses of security to numerous mutual funds, investment banks, insurance companies, and all types of investors worldwide into believing that mortgage backed securities were a safe haven as secure as US Treasuries savings […]
Truth in Lending Act (TILA) Violations & Right of Rescission
What is the Truth in Lending Act? The Truth In Lending Act (“TILA”) is a federal statute designed to require creditors to disclose their terms and costs to allow consumers an opportunity to make a more informed decision regarding their credit. TILA does not apply to loans that a mortgagor takes out to purchase their […]