A Solution to the Foreclosure Crisis
Lenders are frustrated, the courts are log jammed, and homeowners are suffering.
April 24, 2018 at 11:00 AM
6 minute read
The original version of this story was published on New York Law Journal
Having attended the Suffolk County Bar Association CLE lecture given by Charles Wallshein on “Suing the Loan Servicer for Mortgage Modification Abuses” and having practiced in the field over the years, I am suggesting a simple, yet practical solution to the mortgage foreclosure crisis.
Our court system is bogged down with hundreds if not thousands of foreclosure cases sitting in legal “limbo” as distressed homeowners remain in their homes until the day they are forced to relocate. Often this home represents an emotional tie. The separation anxiety combined with the comfort the home provides flies in the face of logic, resulting in homeowners, often with the aid of trained counsel, looking to remain in their homes for as long as possible. Other than ruining their credit scores, these homeowners should be “sacking” away every last cent for the day when they have to move. Based on this inevitable relocation, the strategy employed is simple: delay, delay and delay. Sometimes this strategy is aided by the Mortgagee (Lender) ceremoniously asking for a laundry list of documents throughout the settlement conference stage only to have the documents go “stale” months after submission or by offering a last minute modification that the homeowner cannot afford.
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Greenberg Traurig shareholders Christina M. Carroll and A. Michael Pratt have entered appearances for the Secretary of the Pennsylvania Department of Banking and Securities, Wendy Spicher in a pending civil rights lawsuit. The case, filed Aug. 13 in Texas Northern District Court by Troutman Pepper Hamilton Sanders; Ashcroft Sutton Reyes; and Locke Lord on behalf of TMX Finance Corporate Services, seeks to challenge the secretary’s ongoing attempt to regulate commercial lending activity outside the Commonwealth of Pennsylvania. The suit furthers contends that the secretary issued an investigative subpoena to TMX for potential violations of the Pennsylvania Loan Interest and Protection Law and the Consumer Discount Company Act despite TMX's business activities not being governed by such. The case, assigned to U.S. District Judge David C. Godbey, is 3:24-cv-02054, TMX Finance Corporate Services Inc v. Spicher.
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Forrest M. 'Teo' Seger of Clark Hill has entered an appearance for Equifax Information Services in a pending lawsuit for claims under the Fair Debt Collection Practices Act. The case was filed Aug. 13 in Texas Western District Court by Halvorsen Klote on behalf of Quinton Humphrey. The case, assigned to U.S. District Judge Fred Biery, is 5:24-cv-00892, Humphrey v. LVNV Funding, LLC et al.
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