The model concluded that roughly one-third of the loans were for amounts that were 105 percent or more of the underlying property’s value. Roughly 5.5 percent of the loans in the pools had appraisals that were lower than they should have been. In one pool with 3,543 loans, for example, the CoreLogic model had enough [...]
why-you-should-attend-the-discovery-and-motion-practice-workshop VISIT LIVINGLIES STORE FOR FREE VIDEOS AND OTHER RESOURCES START WINNING CASES!! May 23-24, 2010 2 days. 9am-5pm. Neil F Garfield. CLE credits pending but not promised. Register Now. Seating limited to 18. INCLUDES LUNCH AND EXTENSIVE MANUAL OF FORMS, NARRATIVE AND CASES. An in-depth look at securitized residential mortgages and deeds of trust. [...]
Editor’s Note: Judges are quick to jump on the TILA Statute of Limitations by imposing the one year rule for rescission and damages. But there is more to it than that. First the statute does NOT cut off at one year except for items that are apparent on the face of the closing documentation; so [...]
Max Gardner’s Protoge Achieved This result as Reported Max’s Current Newsletter:
Editor’s Note: Most of what we have seen reported indicates that although TILA is clear in is legislative expression that NO TENDER is required for the rescission remedy under TILA, Judges don’t like it. It seems they feel that Big Bad Borrowers are taking advantage [...]
Forensic Mortgage Analysis Workshop
Hosted By Brad Keiser Of Foreclosure Defense Group
CLICK HERE FOR MORE INFORMATION
Winning Strategies Require Attorneys Have:
Leverage of a credible threat
Issues of fact that shift or heighten the burden of proof to the foreclosing party
Evidence vs Allegations
Understanding of your Opponent – Right hand isn’t often talking to the Left hand
Guns with only one [...]
It can’t keep pace with the rate of foreclosures — not even close. Why was the industry allowed to police itself? … Here’s the number of homeowners HAMP has helped to date… you ready? 235,247 – No, we’re not missing a digit.
There are precise steps you can take to protect yourself and your interests. There are legal rights that you possess and can use to help yourself in difficult times. The biggest challenge is that most American consumers and homeowners don’t know they have legal rights. You have foreclosure rights…when you’re facing a mortgage hardship, all hope is not lost.
HOEPA is an amendment to TILA that deals with the substantive abuses of creditors offering higher costing home loans to residents in certain geographic areas. The statute was enacted to ensure that consumers most vulnerable to abuse would be afforded a safety net without impeding the flow of credit altogether.
TILA mortgage rescission is a COMPLETE defense to foreclosure. In fact, it is the most POWERFUL foreclosure defense you could have.
This is one of the most powerful cases I have read in a long time. The borrower in this case rescinded the loan transaction because an audit of their closing documents revealed a “material disclosure” violation as is defined in 15 U.S.C. §§ 1601 et seq. (“TILA”) and its implementing regulations at 12 C.F.R. § 226 et seq. (“Reg. Z”).
I recently started a blog post about TILA Violations and what these violations can mean for the financial institutions. This is a BIG can of worms for them because a large percentage of home loans were funded in violation of the federal TILA statute and its implementing regulations found in Regulation Z. In short, if a [...]
The neat thing about TILA violations is that they are strict liability causes of action: the aggrieved borrower doesn’t have to prove they were defrauded or misled, or that they had actual damages. The fact that the disclosures were defective or inadequate in amount gives the borrower the right to rescind the loan and deprives the lender of the right to interest on the loan. Pretty powerful stuff.
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