Obama Bank Policy shoots for $1 Trillion in Writedowns

As Neil Garfield points out in the following information:
“This is red meat for investors and borrowers seeking restitution for losses caused by improper appraisals, ratings and representations concerning loan and property values, loan viability, securities fraud, deceptive lending practices, TILA violations etc.”
Ok, so if the mortgage is written down, how does that inpact what you [...]

Bogus mortgage assignments galore

We recently posted the fact that Freddie Mac has some CRAZY assignments of mortgages for September 9, 9999.  It just keeps better
Thanks to 4closureFraud for the heads up.
If you suspect something strange is going on with your mortgage or are facing a foreclosure situation contact our office today.
– The Bank Slayer
Folks, gather ’round ’cause [...]

What are the tax consequences of a foreclosure, short sale or loan modification?

Yesterday the IRS paid a visit to our office to verify some information.  Everything was OK but it got me thinking.  What does the IRS say about the tax consequences in real estate transactions in regards to distressed situations.  This is a common question from clients.
Let’s see what the IRS has to say:
The Mortgage Forgiveness Debt Relief Act of [...]

Wells Fargo ordered to pay homeowner $155,092!!!

Finally, Judges are seeing the wanton and willful actions by some of the mortgage servicers to do whatever they want without care for the homeowner.   One of the high points and one that Neil Garfield points out regularly is QUESTION EVERYTHING.  ASSUME NOTHING.
Just because someone working for the bank tells you or even swears as to the actions occurring that doesn’t mean [...]

FTC ban on upfront loan mod fees looming

On March 29, 2010 the loan modification realm is likely to see massive changes.  It appears that the FTC’s proposed ban on upfront loan mod fees will soon be in effect.
This is good and bad.
The good news is that hopefully most of the rip-off operations available through the internet will be out of business.  It [...]

Bank of America stole my parrot!

Bank of America has a nasty habit of seizing homes.   We see Bank of America changing the locks and winterizing homes in which the homeowner is trying to close a short sale, even while living in the home but it’s a whole different matter when they hit the wrong house.
The sad morale of this [...]

Memo to self…don’t tell Chase about plan to fly plane into the building

Ok, Ok, I know this is serious stuff but it just goes to show how frustrating it can be to deal with folks at JP Morgan Chase.
- The Bank Slayer
Paul Egan / The Detroit News – Man Threatens to Fly Plane into Chase building
Utica — A Monday detention hearing is set for a Utica man arrested Friday [...]

Wilshire Credit Corp now part of IBM

IBM announced that it has finalized its acquisition of the core operating assets of Wilshire Credit Corporation from Bank of America Corporation (NYSE: BAC). The initial agreement to acquire Wilshire assets was announced on October 5, 2009.
If your mortgage is serviced by Wilshire this could be great news for you.  Wilshire has been notorious for [...]

HAMP can help foreclosures but increases risk

Why does HAMP help and hinder?  Simple.  Borrowers hope and believe that HAMP will somehow resolve their mortgage woes when in fact it can exasperates them but slowing the foreclosure process without resolving an inability to make the payments.
HAMP tends to instill false hope in borrowers many of who soon find out either:
a)     they have [...]

Not making a choice, is a choice. Don’t take it lying down.

“In uncontested cases, most still slip by”
Thanks to Tom Lyons, at the Herald Tribune.  While this article uses examples from Florida it does a good job of highlighting what has become common practice here in Texas.
If you are unwilling to make a choice to fight your foreclosure or struggling mortgage situation you’ve likely sealed your [...]

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