Foreclosure Essay

On October 9, 2015, a subpoena was sent by Office of the Bar Counsel to JP Morgan Chase to officially determine who the mortgagor is for Chase Home Finance Loan number 1991796965. Additionally, Solomon has until October 23, 2015, to respond to bar counsel’s inquiry regarding his cash deposit of $16,860. Based on the evidence already obtained, bar counsel believes there is sufficient evidence to file a Petition for Discipline.

RMS also asked if Ocwen inspected pre-foreclosure? Ocwen was not on the call regarding how this proceeded through foreclosure. Regarding the insurance claim and demo, Altisource indicated they received only 1 bid and it was very high ($55,000). They are obtaining 2 more bids. Regarding the insurance claim, Altisource again confirm a fire claim was paid out on 4/27/2012 IAO $22,745.86 (with a policy limit of $239,000). RMS indicated this did not seem sufficient and asked if there was possibly another fire, as the demo bid alone (excluding the fact Altisource feels it was high) far exceeds the payout. In addition, based on the insurance payout comments provided by Altisource, the damage did not appear significant enough to warrant demo (much of the claim was said to be interior, with a lot of smoke damage). RMS indicated there needed to be more investigation as this did not make

The plaintiff, First Colonial Bank for Savings entered into an interpleader action in the District court to determine who was entitled to the surplus proceeds from the foreclosure sale. The foreclosed property belonged to the defendants, Robert H. and Sherrell L. Bergeron, and the codefendants, Ford Motor Credit Company, the junior mortgagee of the foreclosed property as a result of corporate restructuring Ford Consumer Finance Company was substituted as the defendant for Ford Motor Credit Company. Both the Bergerons and Ford filed motions for summary judgement as they both felt entitled to the surplus. The district court ruled in favor of Ford Motor Credit Company and denied the Bergerons motion. The Bergerons appealed the decision of the District Court because they argued that they filed for and were discharged from bankruptcy prior to the foreclosure sale, therefore they believed that the security interest granted to Ford prior to their petition does not carry over to the surplus funds received after filing the petition.

Mr. Slim Jim verbally submitted an offer to Mr. Potbelly who proceeded to accept Mr. Slim Jims’ offer unequivocally (pg. 122). The “Basic Requirements of a Contract” (pg. 107) were completed. In this bilateral contract (pg. 107), “Communication of Acceptance” (pg. 123) was evident as Mr. Potbelly responded “Sure I’ll take it” when Mr. Slim Jim submitted an offer for the pottery and enthusiastically replied “I’ll take it!” when Mr. Slim Jim gave him an offer of cash for his home. As a result of this, Mr. Slim Jim is suing for the “right to obtain specific performance” asking that the agreement be upheld. Also, according to “admissions” (one of the “exceptions to the statutes of frauds” (pg. 175) Mr. Potbelly’s agreement should be upheld.

As a court judge, I would rule that the Interstate Bank of Bastrop’s judgment lien has first priority because the judgment lien was recorded prior to Red River’s mortgage lien. In general, the priority of a judgment lien is typically determined by the recording dates, which concludes which lien gets paid first. For this reason, Red River Thrift and Loan Co. and Interstate Bank of Bastrop have sensible rights to complain for priority in order to enforce Phil Dunfee’s debt. In other words, if Red River received first priority and the foreclosure sale continued, then Interstate Bank of Bastrop would never get paid. As a result, Interstate would consider this unreasonable, especially since the judgment lien was filed before Red River had filed their note and mortgage with Dunfee. In brief, Interstate Bank of Bastrop has priority over Red River because of the series in which the liens and mortgages were recorded.

There are many unanswered questions in this case. Grenier should be questioned about the Specific POA document in his file, and any conversations he had with the family about becoming a POA, as it appears this ultimately led to him signing the Settlement Statement on the Tolmans behalf. Additionally, to further the investigation Grenier should also explain why there were so many delays in the foreclosure process, and what if any conversations he had with the family about allowing Farmer to come up with the money in 2013. I believe in order to get a clearer picture of what happened here, conversations with Marston and Tolman Jr. may be necessary, if they are willing to talk. It would also be helpful to speak with Farmer’s attorney, and determine

In paragraphs 35, 36, 37, and 42, plaintiffs provide an exhaustive list of demands that Lauren and Rifkin feel are owed to them from Daniel’s assets. These self-serving—and frankly, quite concerning—assertions fundamentally misapprehend the nature of the fiduciary relationship at issue here. In this matter, Martin owes no duties to Lauren or Rifkin. Rather, pursuant to the power of attorney, Martin only owes fiduciary obligations to Daniel to provide for his best interest, as Daniel—and no one else—is the principal. Indeed, plaintiffs’ complaint is full of allegations

Harding further asks us to confirm that the trial judge complied with the requirements of Md. Rule 14-305(e) when she ratified the foreclosure sale. Furthermore, Harding petitions us to subpoena certain phone calls made between her and M & T Bank officials. Harding’s requests, however, are not properly presented before this appellate court. Moreover, Harding has failed to present an argument that would overcome the presumption of legitimacy we afford to the ratification of a foreclosure sale.

Asset (103424313) is in New York moved to litigation from eviction. There were significant delays in the eviction due to an attorney error that caused the eviction to be restarted. Initially, Altisource indicated this moved to litigation due to a tenant issue (an elderly tenant that required Protective Services involvement). However, there are 2 OTSC motions and it appears the former borrower may be contesting the foreclosure sale. A hearing on both motions was held on May 16, 2016 and per Altisource this is still pending a ruling from the judge. A new concern is that Ocwen recently reported that “as part of a Cost Improvement Initiative at Ocwen, they have been transferring a bulk of litigated files back to Default counsel to handle.” RMS

Ashley Johnson is the sole owner of Johnson Real Estate, hereby referred to as “JRE”, which is a sole proprietorship (LLC) that lists and sells real estate in West Virginia. Ashley’s husband James is the president of JRE and is the day to day operator. Besides James, there are two employees: office manager Joan Rogers and receptionist Doris Chambers. The realtors are contracted sub-agents that personally collect commission checks at the end of each month. These realtors receive 65% of the commission granted to the broker, the rest is deposited into JRE’s checking account. Ashley noticed discrepancies in the commission receipts from closings and the actual bank deposits in the year of 20X9. The previous year there were no problems. JRE has not been audited for the past three years due to rapid growth. Ashley filed a report with the local prosecutor, a family friend, and requested a thorough investigation, which resulted in the prosecutor’s office contracting an accounting firm to complete the financial examination. The prosecutor’s office assigned special agents Thomas and Longworth to the case. The prosecutors are Gina Conrad and Barry Morton.

Foreclosure is an unfortunate reoccurring incident that some how some way must be taken care of. A personal idea to aid in the quest of foreclosure abolishment is that banks should give people brakes based on personal incidents such as divorce, loss of job, death in the family, and any other unfortunate occurrence.

The foreclosure crisis is a problem disguised as many smaller problems: political, social, and economical issues to name a few. Just like there are several conditions that need to be present in order for a hurricane to form, several things need to come into play in order for foreclosures to persist. The economy’s generous desire to supply every family a home through zero down payment mortgages, the aspiration of a social classes’ need for status as being homeowners, and a city’s political structure’s greed for their cities to grow; are all in good intentions. But to sustain people in a city with a home and a healthy loan will require us to break down our old ways and construct a better method that will still allow families to own their own

Foreclosure is a heartbreaking process, but it is always possible to salvage something from the situation. If you can pay back the lender everything you owe, including back payments and penalties, then you can sell it before it is auctioned off. An experienced real estate agent can help you avoid foreclosure by selling your home and getting enough to pay your debts.

McClain, P. J. A., Sheehan, B. F., & Butler, L. L. (1998). Substantive rights retained by

When looking to make a profit on a foreclosure there are a lot of things that an individual must look into. A lot of foreclosed properties are not in pristine condition. Many of them will need upgrades and repairs. Although the California property has been completely remodeled and it is turnkey, the return amount for selling this property is still not as profitable as it would be to renovate the North Carolina property and resell. The Chapel Hill property needs many upgrades, both interior and exterior. Some key selling points people are looking for in today’s market are curb appeal, kitchens, and bathrooms. For the curb appeal of this property, the red sidewalk and brick would need to be toned down to a more neutral color. I would also have a painter come in and paint the exterior and interior of the property as well. The shrubs in front of the property would need to be removed and replaced with a type of rose bush or palms to make the house look more inviting and not so dark and hidden. I would put laminate flooring through out the