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Did Your Lender Sell Your Mortgage to Another Bank?
Did you take out a loan from a mortgage company or bank only to later find out that it was sold to another party? If this has happened to you, don’t ...
Posted By
Atlas Consumer Law
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Where There are More Underwater Mortgage Homes Than Not
According to information recently released by ATTOM Data Solutions – a company that gathers, analyzes, and organizes real estate market information ...
Posted By
Atlas Consumer Law
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Case Law Update: John Wick v. GreenPoint Mortgage Funding, Inc.
In a case involving GreenPoint Mortgage Funding, Inc., a motion for summary as to the claims raised against them by John Wick and Shirley Wick was ...
Posted By
Sulaiman Law Group, LTD
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The Dangers of a Reverse Mortgage
Although the number of reverse mortgages backed by the U.S. Department of Housing and Urban Development (HUD) significantly dropped in the past year, ...
Posted By
Sulaiman Law Group, LTD
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CFPB Report Reveals Mortgage Servicers Using Deficient Technology
Earlier this year, the Consumer Financial Protection Bureau (CFPB) reported that some mortgage servicers were violating the new servicing rules with ...
Posted By
Sulaiman Law Group, LTD
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Trash and Lock Out - Banks Try to Bypass the Law
If you miss a couple of mortgage payments, there are a few things a bank can legally do – from changing the locks with a court order to sending ...
Posted By
Sulaiman Law Group, LTD
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Nick Wooten of Atlas Consumer Law Suing Illinois Banks for Allegedly Breaking Into Homes
Nick Wooten, a Chicago foreclosure defense attorney and Of Counsel to Atlas Consumer Law, is making recent headlines as he is aiming to sue banks ...
Posted By
Atlas Consumer Law
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The Federal Trade Commission Stops Large Mortgage Relief Scam
According to a recent article published by Housingwire , the Federal Trade Commission stopped a large mortgage relief scheme enacted by a variety of ...
Posted By
Sulaiman Law Group, LTD
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What "The Big Short" Missed about the 2008 Mortgage Meltdown
The Academy Award-winning and Oscar-winning film “The Big Short” received praise from audiences and critics alike, and for good reason – it did a ...
Posted By
Sulaiman Law Group, LTD
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Private Equity Firms Repeating Banks' Mistakes After Housing Crisis
Millions of people lost their homes when the housing crisis struck in 2008. After the banking system thoroughly failed American families, private ...
Posted By
Sulaiman Law Group, LTD
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Here's What You Should Know About Reverse Mortgages
Reverse mortgages are mortgages available to older adults (age 62 and older) that allow them to borrow money based on the value of their homes. By ...
Posted By
Sulaiman Law Group, LTD
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Regulations X and Z Impose Stricter Rules for Mortgage Loan Servicers
It has been two years since the Consumer Finance Protection Bureau (CFPB) enacted amendments to Regulation X of the Real Estate Settlement Protection ...
Posted By
Sulaiman Law Group, LTD
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Mortgages and bankruptcy in Illinois
When a person files bankruptcy, an automatic stay goes into effect preventing the creditors from continuing further collection activity. What will ...
Posted By
Sulaiman Law Group, Ltd.
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DOJ Settling With Citi and (Maybe) BoA Over Mortgage Securities
The Department of Justice took a lot of flak for failing to prosecute the banks whose mortgage lending practices contributed to the collapse of the ...
Posted By
Sulaiman Law Group, Ltd.
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The evolution of mortgage modification litigation
In the wake of the most recent financial crisis, many homeowners who had either lost their homes to foreclosure or who were fighting to keep their ...
Posted By
Sulaiman Law Group, Ltd.
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Have you inherited a home affected by a reverse mortgage?
A number of individuals in the financial industry convinced a staggering number of elderly homeowners to enter into reverse mortgages before the ...
Posted By
Sulaiman Law Group, Ltd.
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Watchdog comes down hard on U.S. due to mortgage fraud response
When the subprime mortgage crisis exploded in 2007 and helped to spark the nation's most recent recession, lawmakers, experts and the general public ...
Posted By
Sulaiman Law Group, Ltd.
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The Mortgage Forgiveness Debt Relief Act Has Expired -- What It Means For You
In 2007, Congress enacted the Mortgage Forgiveness Debt Relief Act. It was designed to remove the negative tax consequences of a short sale, deed in ...
Posted By
Sulaiman Law Group, Ltd.
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Ocwen Enters Into Multi-Billion Dollar Consent Order For Mortgage Servicing Misdeeds
Ocwen is the latest mortgage servicer to enter into a consent order with the CFPB and 49 of the 50 states. Ocwen is being held accountable for its ...
Posted By
Sulaiman Law Group, Ltd.
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CFPB's Mortgage Disclosure Rules Need Work
I normally applaud the CFPB for its aggressive regulation and its attempts to expand its regulatory reach. When the CFPB first started rolling out ...
Posted By
Sulaiman Law Group, Ltd.
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Loan modification options for heirs inheriting mortgages
If a loved one has died and left his or her home to you, the gesture may seem overwhelming for numerous reasons. First, you may be struggling with the ...
Posted By
Sulaiman Law Group, Ltd.
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Bank of America Liable For Mortgage Fraud
On October 23, 2013, Bank of America was found liable for civil fraud in a federal lawsuit filed in New York. The U.S. Department of Justice brought ...
Posted By
Sulaiman Law Group, Ltd.
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Updates on the National Mortgage Settlement
Early in 2012, five banks agreed to a $25 billion mortgage settlement after being accused of a number of improprieties resulting in the nationwide ...
Posted By
Sulaiman Law Group, Ltd.
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The Latest CFPB Supervisory Report: Banks Not In Compliance With Regulations
This likely comes as a shock to no one, but banks aren't very good at customer service or complying with regulations. The Consumer Financial ...
Posted By
Sulaiman Law Group, Ltd.
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National Mortgage Settlement Update -- Tightening Up Dual-Tracking
According to this article , the initial compliance reports from the National Mortgage Settlement are causing regulators to consider tightening up the ...
Posted By
Sulaiman Law Group, Ltd.
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Independent Foreclosure Review and National Mortgage Settlement Checks -- An Update
As we get further into the summer, we should be receiving more information about the Independent Foreclosure Review settlement and the National ...
Posted By
Sulaiman Law Group, Ltd.
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Avoiding pre-approved mortgage schemes
American consumers are often quite familiar with the concept of pre-approval for a variety of services. Credit card applications arrive in the mail ...
Posted By
Sulaiman Law Group, Ltd.
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JP Morgan Chase and Bank of America Claim That They Have Satisfied The Terms of The National Mortgage Settlement
In an attempt to get ahead of next month's National Mortgage Settlement monitor's report, both Chase and Bank of America have announced that they have ...
Posted By
Sulaiman Law Group, Ltd.
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Why Mortgage Disclosures Don't Work
I began my career during the real estate boom of the early 2000s. Finding work as a real estate attorney simply required knowing one or two realtors. ...
Posted By
Sulaiman Law Group, Ltd.
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Mailing Checks To Consumers -- National Mortgage Settlement Version
Any reader of this blog knows that the Independent Foreclosure Review has been utterly bungled all the way down to bouncing checks. Not to be ...
Posted By
Sulaiman Law Group, Ltd.
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Zombie Mortgages In The News
WGN-TV picked up on my posts about zombie title and zombie mortgage, etc. I had the privilege of being interviewed for a segment on zombie mortgages ...
Posted By
Sulaiman Law Group, Ltd.
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CFPB Bulletin 2013-01: What's Coming for Mortgage Servicing Transfers
The Consumer Financial Protection Bureau issues bulletins for many purposes, one of which is to notify the industries that it regulates about upcoming ...
Posted By
Sulaiman Law Group, Ltd.
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CFPB Releases New Mortgage Lending Rules
On January 10, 2014, the Consumer Financial Protection Bureau released new rules that will regulate how banks issue mortgages. These rules are ...
Posted By
Sulaiman Law Group, Ltd.
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CFPB Releases New Mortgage Servicing Rules
The Consumer Financial Protection Bureau has released new mortgage servicing rules that go into effect in 2014. These rules are meant to "put the ...
Posted By
Sulaiman Law Group, Ltd.
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Mortgage Crisis in a Nutshell Video
Denver, CO attorney, John E. Campbell, has produced a video explaining the mortgage crisis. It is just under one hour long, but is well-worth watching ...
Posted By
Sulaiman Law Group, Ltd.
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Fiscal Cliff Deal Extends The Mortgage Debt Forgiveness Relief Act
It looks like short sales and principal reductions will continue to work as intended, at least for one more year. The fiscal cliff bill that Congress ...
Posted By
Sulaiman Law Group, Ltd.
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Forgiven Mortgage Debt Tax Exemption Still Set To Expire
In 2007, President G.W. Bush signed the Mortgage Forgiveness Debt Relief Act into law. The Act exempts forgiven mortgage debt as the result of a ...
Posted By
Sulaiman Law Group, Ltd.
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The CFPB and the FTC Team Up to Target Deceptive Mortgage Ads
The FTC and the Consumer Financial Protection Bureau have announced that they are beginning a broad series of investigations into potentially ...
Posted By
Sulaiman Law Group, Ltd.
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The National Mortgage Settlement and Dual Tracking
On October 2, 2012, the National Mortgage Settlement's servicing regulations went into effect. One of the provisions that people often misunderstand ...
Posted By
Sulaiman Law Group, Ltd.
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October 2, 2012 -- The National Mortgage Settlement Servicing Standards Are In Effect
As of October 2, the servicing standards included in the National Mortgage Settlement went into effect. This means that the five largest banks in the ...
Posted By
Sulaiman Law Group, Ltd.
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HAMP Study: Mortgage Servicers Could Have Done Better
A study recently conducted by economists from the Federal Reserve Bank of Chicago, Columbia Business School, the University of Chicago, the Office of ...
Posted By
Sulaiman Law Group, Ltd.
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Chicago Tribune: Mortgage Cops Are Coming For You
Last week, the Chicago Tribune ran this article. In the article, it is implied that homeowners who choose to strategically default on their mortgages ...
Posted By
Sulaiman Law Group, Ltd.
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Did You Know That There Is An Office of Mortgage Settlement Oversight?
If you answered, "No," to that question, you're among the vast majority. The Office was created to monitor the banks that are subject to the 49 state ...
Posted By
Sulaiman Law Group, Ltd.
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DOJ Announces Subprime Mortgage Settlement with Wells Fargo
A multi-million dollar fair-lending settlement was recent announced by the Justice Department. Specifically, the settlement concludes a particular ...
Posted By
Atlas Consumer Law
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Following Mortgage Modification, Majority of Borrowers Fall Behind Again
A recently released study discovered that many borrowers that are behind on their mortgages and work with lenders to get mortgage modifications simply ...
Posted By
Sulaiman Law Group, Ltd.
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Fair Housing Administration to Sell Distressed Mortgages
The Fair Housing Administration (FHA) has announced that it will begin selling bundles of distressed mortgages as early as September 2012. The FHA has ...
Posted By
Sulaiman Law Group, LTD.
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More Mortgage Rescue Scams in the News
According to this report from the Quad Cities, Illinois home owners are being targeted by mortgage rescue scams that appear as offers for loan ...
Posted By
Sulaiman Law Group, LTD.
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Beware of Mortgage Foreclosure Scams
This is probably one of my most frequent topics on the blog. Every time there is media attention devoted to a new development in the mortgage ...
Posted By
Sulaiman Law Group, LTD.
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The Consumer Financial Protection Bureau To Propose New Mortgage Servicing Rules
This summer, the Consumer Financial Protection Bureau will formally propose new rules for mortgage servicers. The rules will be finalized by January ...
Posted By
Sulaiman Law Group, LTD.
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Federal Regulators Considering Fines For Eight More Mortgage Servicers
Even though the much ballyhooed foreclosure fraud settlement has been a bit of a letdown, it has not stopped federal regulators from suggesting that ...
Posted By
Sulaiman Law Group, Ltd.
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Landmark Mortgage Settlement May Inadvertently Increase Mortgage Scams
The U.S. Department of Justice and U.S. Department of Housing and Urban Development (HUD), in addition to 49 attorneys general, filed a $25 billion ...
Posted By
Sulaiman Law Group, LTD.
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Does The Foreclosure Fraud Settlement Actually Punish The Banks?
If you ask the blogosphere the above question, it appears that the answer is a resounding "No." Abigail Caplovitz Field has described the settlement ...
Posted By
Sulaiman Law Group, LTD.
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How Does The Foreclosure Fraud Settlement Affect Banks?
The foreclosure fraud settlement absolves the 5 major banks from liability for robosigning and other practices. The breadth of this waiver of ...
Posted By
Sulaiman Law Group, LTD.
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Did Your Refinance Truly Extinguish Your Previous Mortgage?
According to Reuters , your previous mortgage may not have been extinguished by your refinance loan. In a normal world, when you refinance a mortgage ...
Posted By
Sulaiman Law Group, LTD.
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Treasury Department and the Consumer Financial Protection Bureau To Target Mortgage Modification Scams
The Treasury Department, the Consumer Financial Protection Bureau (CFPB) and the Special Inspector General for the Troubled Asset Relief Program ...
Posted By
Sulaiman Law Group, Ltd.
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Late Mortgage Payments On The Rise
Although market observers had initially predicted that the third quarter of 2011 would end with a decrease in mortgage delinquencies, the number of ...
Posted By
Sulaiman Law Group, LTD.
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Zombie Mortgages Are "Back"
The housing crash and foreclosure crisis news cycle doesn't move as quickly as the typical 24-hour news cycle, but it does have the same effect of ...
Posted By
Sulaiman Law Group, LTD.
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