Category Archives: Legal
Drop in Foreclosure Filings Places State Courts in Dire Financial Straits
While most people might expect a drop in foreclosure filings to indicate that things are improving in an area, dramatic drops in these court cases in Florida has actually placed the entire state judicial system in financial jeopardy and caused Supreme Court Justice Charles T. Canady to ask Florida governor Rick Scott for a loan … Continue reading
Controversy: Banks Breaking and Entering to Protect Foreclosed Properties
Even when there are no robo-signer issues or affidavits in question, there are many gray areas in the foreclosure process. One of these is the right of banks to break and enter their own property in order to examine a house for signs of occupancy and protect their investment if the home is abandoned[1]. Unfortunately … Continue reading
Military Families Face Loss of Security Clearance Along with Homes in Foreclosure Scenarios
Losing your home is bad enough, but for some members of the military, a foreclosure or a higher level of debt could close doors to promotions or even render current security access levels suddenly inaccessible[1]. When military members receive PCS orders (permanent change of station), they are expected to move from their current location and … Continue reading
Countrywide Financial Settlement Doesn’t Cut It for Investors
Large investors involved in the law suit against Bank of America’s Countrywide Financial Corporation are pulling out of the process as the approval date for the $624 million settlement approaches[1]. Believing that they can “get a better deal by going it alone,” investors like the California Public Employees Retirement System are rejecting the settlement as … Continue reading
Nevada Foreclosure Mediation Program Updated
In an effort to “clarify and streamline” the foreclosure mediation process in Nevada, the Nevada Supreme Court has updated the rules of the Nevada Foreclosure Mediation Progam (FMP)[1]. Chief Justice Michael L. Douglas emphasized that “periodic revisions…have always been anticipated…to ensure that the program works for those who need it and use it – both … Continue reading
Real Estate Scam of the Day: Texas Commercial Investment Scheme
A Texas entrepreneur singlehandedly raised nearly $8 million dollars to fund two commercial investments in New Mexico and Texas, which would have been impressive if the money had gone to building the large-scale retail development projects that he was pitching to would-be investors. Unfortunately, instead of building retail space, he spent most of the investment … Continue reading
Real Estate Auction Fraud: Designated Bidders
Bidding at a real estate auction can be complicated and intimidating, but it becomes even more so – and actually frightens a lot of would-be investors off entirely – when the issue of bid-rigging comes into play. A major issue in today’s real estate auction arena is that of “bidding rings” or “clubs” of bidders … Continue reading
Detroit Takes Aim at Tax Lien Investors
In the Detroit area, a record tax auction in October 2010 sold 4,300 properties and got those properties off the books and helped the city recoup staggering losses causes by the non-payment of property taxes. Sound like a success? Absolutely not, says Maggie DeSantis, president of a local non-profit development corporation. “[We’ve] got to make … Continue reading