Foreclosuresurvivor's Blog

Surviving Foreclosure

Fannie Mae’s New Policies for those with preforclosure sale, Deed in Lieu of Foreclosure,etc.

 

Announcement SEL-2010-05 April 14, 2010
Underwriting Borrowers with a Prior Preforeclosure Sale or Deed-in-Lieu of Foreclosure

To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting period” – the amount of time that must elapse after the preforeclosure event – is changing and may be dependent on the LTV ratio for the transaction and whether extenuating circumstances contributed to the borrower’s financial hardship (for example, loss of employment). In addition, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.

Note
: The terms “short sale” and “preforeclosure sale” are both referenced in this Announcement and have the same meaning – the sale of a property in lieu of a foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.

 

This Announcement describes the policy changes in detail and identifies the specific

Selling Guide topics that will be updated on April 30, 2010, when a new version of the Selling Guide will be released. Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure
 

 

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April 22, 2010 Posted by | Uncategorized | Leave a comment

Wilshire and Fremont Investment & Loan is being sued….

Here are current lawsuits in various district courts throughout the courtry:

http://dockets.justia.com/docket/court-mddce/case_no-8:2009cv02184/case_id-171077/

Asafo-Adjei v. First Savings Mortgage Corp et al

Plaintiff: Kwame Asafo-Adjei
Defendant: First Savings Mortgage Corp, Andrew MacTigue, George Bonney, Hal J. Epstein, Homecomings Financal and Wilshire Credit Corporation
 
Case Number: 8:2009cv02184
Filed: August 20, 2009
 
Court: Maryland District Court
Office: Greenbelt Office [ Court Info ]
County: Montgomery
Presiding Judge: Judge Roger W Titus
 
Nature of Suit: Other Statutes – Consumer Credit
Cause: 28:1441 Petition for Removal – Fair Credit Reporti
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff
Amount Demanded: $9,999,000.00

December 24, 2009 Posted by | Uncategorized | Leave a comment

Suing my mortgage company

Well, it’s my opinion that ALL subprime mortgage companies engage in predatory lending tactics.  That’s why they’re “subprime.”  

I had my mortgage papers that were provided at closing audited.  Not surprisingly, violations were found.  I sent a certified letter to my mortgage company requesting disclosures that were not provided with an outline of the violations.  I’m awaiting a response.

It’s actually my 2nd company.  My first was Fremont.  Turns out Fremont was sued in California. It has paid a hefty settlement to victims of their predatory lending techniques.

“In Massachusetts, Attorney General Martha Coakley reached a $10 million settlement in June with subprime lender Fremont Investment & Loan for its unfair lending practices. The state will distribute $5 million to state residents with Freemont loans, and another $3 million will go foreclosure relief and homeowners education. The rest will go to the state and to cover costs.”  

http://money.cnn.com/2009/10/08/news/economy/Predatory_lending_lawsuits_increase/index.htm

See, I’m not crazy.  They were crooks in Massachusetts and they were crooks Maryland too.   My second mortgage company shares liability with a subprime lender convicted of predatory lending methods. 

We must fight back.   Now I just have to find an attorney willing to work for free to sue both companies.  I think I’ll write the Attorney General in Massachusetts and Maryland’s Attorney General for advice.

Anyone who closed on a house with a subprime lender who is facing foreclosure or has already been foreclosed on, should having their mortgage papers audited for violations.  I did. 

Thanks for letting me share.

October 16, 2009 Posted by | News, Uncategorized | 2 Comments