Our government is still making noises about chasing the bad guys, yes, the mortgage monsters who terrorized Michigan, and the rest of the country, with their practices. Making noises, yes. Accomplishing anything? Not so far. image by: Dreamstime What terrifying mortgage practices? Robo-signing is a glaring example of greed overcoming all ethics. From the linked…
Author Archives: Kurt O'Keefe
Foreclosure Crisis: Government Still Sides WIth The Crooks?
The foreclosure crisis has hit Michigan as hard as any state. Like my boat after a rainstorm, most Michigan homes with a mortgage are underwater, that is, worth less than what is owed on them. Uh, this is not newsworthy. Just today, spoke to a former client who is 64, yes, sixty four months behind…
Surprise: Michigan Mortgage Law Changes Again
Michigan’s foreclosure law changed dramatically a couple of years ago to encourage the evil bankers, uh, sorry, responsible mortgage companies to assist homeowners in keeping their homes. I have seen no statistical studies. Based on what I hear from Michigan bankruptcy and foreclosure clients, not many people actually get modifications out of this process. Like…
Mortgage Meltdown Nightmare
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Michigan Foreclosure Nightmare Continues
The nightmare of foreclosures and all their bad consequences continues to inflict our state of Michigan, from St. Clair Shores to Troy to Redford to Grand Have to the U. P. Its been awhile between posts here, sorry, holidays, and working on a bunch of Chapter 11 cases. Nothing good to report! (image credit luigi…
The Mortgage Industry: The Big Lie
L is for Lie, in the Alphabet Game, blogs by experts across the country on various issues. Scroll to the bottom for more topics. No news to loyal readers: the story about mortgage modifications being told by the mortgage industry is bogus. Gee, why would they lie about this? Hmm. Let’s ponder that one. Well,…
What Everyone Should Know About RESPA
RESPA stands for Real Estate Settlement and Procedures Act. Some provisions relate to how mortgage companies must handle escrow accounts, and various notices they must provide, and the timing for same. My favorite part requires mortgage accounting, if you send a QWR (lawmakers love acronyms) qualified written request. Now, why would you need an accounting…
MERS Wins In Michigan Supreme Court
Hope everyone had as great a holiday as I had, largely thanks to Denard Robinson!!! Back to work. Yeah, the MERS bad guys are smiling over this one. The Michigan Supreme Court, in a 4 – 3 vote, overturned the Court of Appeals decision that MERS did NOT qualify under Michigan law to foreclose by…
Foreclosure Crisis: Top Five Causes
The foreclosure crisis, natural fallout from the bursting of the real estate bubble, affects homeowners in St. Clair Shores and Troy Michigan and everywhere else in our state and country. Why did it happen? Before a bubble can burst, it has to be blown up. As Ron Paul (constantly) says: the Fed! 1. …
Foreclosure Crisis: Michigan Update
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