John Waller in his Indiana Commercial Foreclosure Law blog points out the hazard that this system represents to secured lenders.
FORBES: Indiana Property Tax Collection - We Need Jimmy Stewart
Foreign investors are also waiting for a proper foreclosure law to be promulgated, possibly in October, and the issue of alien ownership of property dealt with.
The maritime lawyers and lenders are mainly worried that borrowers could take advantage of federal laws designed to facilitate loans against ships by borrowing under federal law and then mothballing their craft to protect them from the foreclosure provisions under that same law.
FORBES: From Casinos To Carpenters, Watching Houseboat Case At Supreme Court
The judges overturned a lower-court ruling that none of the errors justified setting aside the foreclosure, saying New Jersey law requires the name of the lender to be on the initial filing.
FORBES: New Jersey Supreme Court Says Foreclosure Valid Despite Paperwork Omission
He was chairman of the Kentucky Bar Association Bankruptcy Section in 2006-07 and has been a speaker on consumer law topics and foreclosure defense at numerous continuing legal education seminars in Kentucky and nationally at seminars and conferences sponsored by AARP, The National Consumer Law Center, and the National Association of Consumer Advocates.
Two different law firms are pushing the foreclosure -- on the same mortgage.
Klein says rental properties are involved in 50 percent of all foreclosures in New York, and he is working on a law to warn renters of foreclosure proceedings ahead of time and to keep them from losing their security deposit and being evicted with nowhere to go.
Professor Cathy Lesser Mansfield of Drake University Law School has studied default and foreclosure rates in the subprime mortgage industry.
Searching for a way to defend clients facing foreclosure, Mr. Ice began researching English case law and the history of property rights.
Ray Brescia is a professor at Albany Law School who has written extensively about the foreclosure crisis, including the theory that lenders engaged in racially discriminatory practices.
FORBES: Emigrant Fights Back Against Mortgage-Discrimination Suits
His more consequential move came in 2006, when he started buying, from five law firms so far, the back-office operations handling foreclosure work: mailing notices, notifying homeowners and courts and filing the paperwork needed to seize a home.
Mr. McCollum, the top law-enforcement official in the state at the epicenter of the foreclosure mess, is emerging as a key official in the 50-state probe, which was announced last week and is being spearheaded by Iowa Attorney General Tom Miller.
Policymakers could amend existing law as it relates to the superior-lien status and the use of expedited foreclosure, or ban altogether what has become a parasitic cottage business.
FORBES: Predatory Property-Tax Lenders Are Targeted In Texas Effort
Per the structure of the payment plan set up in the mortgage settlement, each state government is to receive a direct portion of the money for the purpose of funding future law enforcement efforts, providing additional relief to borrowers, paying civil penalties, funding of foreclosure relief programs and to compensate the state for its losses from the crisis.
Now, states will have to check that their foreclosure procedures meet these new standards, or modify them accordingly, says Frank Alexander, a real estate law professor at Emory University.
Unaware of that case, a small law firm called Ice Legal took a deposition from another GMAC employee, who also testified to routinely signing foreclosure documents without reviewing the loans.
应用推荐