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Foreclosure: Chase holds events for homeowners

Chase is getting busy in South Florida, scheduling several free home preservation events in which troubled borrowers can talk in person to loan counselors.

Here's the list of where and when the events will take place, plus the documents that homeowners should bring along.

Chase Homeownership Center Sunrise
When: Dec. 13 and Dec. 15
Time: 11 a.m. - 5 p.m.
Location: Chase Homeownership Center
13450 West Sunrise Boulevard, Ste. 250
More informtion: 954-846-8817

Chase Homeownership Center Palm Beach Gardens,
When: Dec. 9 and Dec. 16
Time: 4 p.m. – 7 p.m.
Location: 13833 Wellington Trace St E-15
Wellington 33414
More info: 561-775-7121

Chase Homeownership Center Boynton Beach and Chase Lake Worth US 441 branch
When: Dec. 7
Time: 9 a.m. - 6 p.m.
Location: Chase Branch
9863 Lake Worth Road
Lake Worth
More info: 561-738-2550

Homeowners should bring the following information:

• Most recent 30 day’s pay stubs (6 months Profit & Loss statement for self-employed borrowers)
• Most recent year’s tax returns and W-2 forms
• Most recent monthly bank statement (4 months for self-employed borrowers)
• Documentation for any other income (like rental income or unemployment)
• Proof of taxes paid; if not escrowed
• Proof of insurance paid; if not escrowed
• Proof of HOA dues paid (if applicable)

Categories: Foreclosure Crisis (84)
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One mortgage servicer, 250 different foreclosure affidavit forms

She did not disclose the name of the servicer that uses so many different forms, but she did say even these operational challenges do not absolve the banks from their responsibilities.

The banks should still maintain "appropriate staff, quality controls, and an effective audit process in place to ensure that documents are accurate and the foreclosure process is conducted in compliance with applicable state and local laws," Williams said.

Friday, December 3, 2010
New York Judge’s Testimony Contradicts American Securitization Forum Assertions on Mortgage Mess

On Thursday, the mere day after the dismissive Deutsch remarks, Judge F. Dana Winslow of New York in testimony before the House Judiciary Committee described how there is substantial uncertainty and widespread problems with title, standing, ownership, not to mention bad affidavits and improper service, in foreclosures. And many of his remarks directly contradict what Deutsch asserted the day prior.

More examples from Matt Weidner’s Blog for a Florida perspective…
Attorney Signatures – The Next Fraud Battle Ground

The Florida Rules of Civil Procedures require that all pleadings filed in a case be signed by a licensed Florida attorney. I have started to examine files and am becoming increasingly suspicious that this important rule is not being followed by the foreclosure mills.

A Happy Ending to a Raw, but Common, Tale

Yes, there are people who took out mortgages knowing they could never pay the money back. Ms. Roberts is not one of them. Rather, she is one of the many Americans, mostly poor and lower-middle class, who have been devastated by a system that is as rapacious, uncaring — and sloppy — in tossing people out of their homes as it once was in foisting predatory mortgages on them.

Two days after I spoke with Ms. Roberts, Bank of America and Fannie Mae acknowledged that foreclosing on her home had been a mistake, and they vowed to give her back the house. “We are going to work with her on a loan modification,” a Bank of America spokesman promised.

What happened over the course of the next few years can only be described as Kafka-esque. Wilshire Credit asked her for a hardship letter; she sent one. Nothing happened. Three separate times, Wilshire set up short-term payment agreements — two of which included $7,000 upfront payments — claiming that it would make a decision on a long-term modification once the agreement expired. She paid every penny — to no avail.

In March 2010, Bank of America, which got Wilshire when it bought Merrill Lynch in 2008, sold the servicing company to I.B.M. As part of the deal, though, it kept Wilshire’s servicing clients.

But as I discovered when I began asking around, the story is even worse than that. Why did Fannie Mae begin eviction proceedings? Because Bank of America claimed, wrongly, that Ms. Roberts was a deadbeat who hadn’t made a mortgage payment since March 2008. When Fannie Mae asked the bank to double-check, Bank of America simply repeated this false information. In other words, Ms. Roberts was being thrown out of her house because of Bank of America’s carelessness.
“It’s offensive that BofA thinks a foreclosure action, an eviction notice of an elderly woman sitting in her house fearing that she will spend the remainder of her days in a shelter, is some sort of party invitation that can be ‘rescinded,’ ” she wrote in an e-mail. “Their disrespect for the law is appalling. But it is a pattern of behavior that led to this crisis and that is continuing to keep this country in this crisis.”

On the Edge with Greg Hunter

Sunday, December 5, 2010
Adam Levitin Shreds American Securitization Forum Defenses

It isn’t clear why the American Securitization Forum decided to walk into a buzzsaw, but the carnage is proving to be an amusing spectacle.

If the breakdown was as widespread as it appears to be, at a minimum, in the overwhelming majority of states, it will become more and more difficult to foreclose as consumer lawyers and judges wise up to these issues. And in a worst case scenario, it is entirely possible in some, perhaps many cases, no assets got the the trusts by closing, which would make them void under New York law, which governs virtually all mortgage securitization trusts (even if true, investors may choose not to pursue that theory in a lawsuit, but more evidence of pervasive problems may lead investors use related theories to press to have the deal unwound, which is still a pretty dire outcome).

CBS Allows Fed to Spread Disinformation Unchallenged

When it came to sub-prime loans, Bernanke said, “One of the things I most regret is that we weren’t strong enough in putting in consumer protections to try to cut down on the subprime lending problem. That’s an area where I think we could have done more.” The Fed wants to protect consumers? Is that why the Fed is trying to make it harder for consumers to stop foreclosures? reported last week, “As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms. The Fed’s proposal to amend a 42-year-old provision of the federal Truth in Lending Act has angered labor, civil rights and consumer advocacy groups along with a slew of foreclosure defense attorneys.” (Click here for the complete story from Why didn’t 60 catch this obvious piece of BS?

The 60 Minutes story was more of a government information video than honest journalism. Not exploring Mr. Bernanke’s dismal track record is “too stupid to be stupid.” Shame on 60 Minutes for masquerading as a news program and allowing disinformation and bad calls to go unquestioned and unchallenged.

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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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