The short answer is: the first notice gives you 14 days to request a modification. If you do that, foreclosure goes off the docket for 3 more months, whether you follow through and give them documents or not. If there is no modification, and you cannot force one on the mortgage company, they can resume…
Category Archives: foreclosure
Michigan Foreclosure Crisis – Who Is Accountable?
The Foreclosure Crisis continues, even though mortgage companies are waiting longer than ever to foreclose, even in Michigan, nationally, a now homeowner is now a record 599 days late, on average, before being foreclosed. Readers of my blogs may be tired of my beating on the mortgage companies, chiefly Countrywide, and their executives (two of…
MERS In My Michigan Mortgage
I can’t help it! I like blogging about MERS in trouble, no longer able to foreclose in Michigan. The more MERS (or, the rats) mortgage troubles there are, the better I feel. Almost as good as Verlander starting or Cabrera batting with the bases loaded and no one out. Massachusetts is the latest state to…
More Michigan MERS Misfortunes
I already wrote about the Michigan Court of Appeals decision in the Saurman case, holding that MERS does not qualify under Michigan foreclosure statutes to foreclose by publication. Last week, another Michigan Court of Appeals panel held that the Saurman ruling is fully retroactive, so it applies to any pending action, as well as any…
MERS On Way Out
No mas! MERS is folding up its tent as far as foreclosing in its own name, or filing pleadings in bankruptcy court in its own name, as it told is clients they have to get an assignment from MERS, and then file stuff in their own name. Our Michigan court of appeals probably influenced…
Foreclosure Crisis In Michigan – Update
Greed, one of those seven deadly sins, and the driving force behind our economic collapse, manifested in a desire of the big mortgage companies to avoid paying recording fees and other local government charges. Oakland County Michigan is striking back. Fannie Mae and Freddie Mac, bad guys whose misdeeds are admirably chronicled in “Reckless…
Reckles$ Endangerment
Read this Book! In 1965, home ownership in the US stood at 63%. Over the next 15 years, that moved slightly upward to 65.5%, then down to 64% in 1995. Goosed by government policies, that rate peaked at 69.1% in 2004. Currently, the rate is down to 66.4%. In 2004, the unemployment rate was…
Who Else Wants To Repeat Disaster?
quicken 125% LTV Just what foreclosure ridden America needs, a return to 125% loan-to-value mortgages. Just what I am looking for, how did Quicken loans know? I am flabbergasted. One of the most toxic products ever, most of these loans proved disastrous when the real estate bubble popped and home prices collapsed. And the real…
Michigan Foreclosure and MERS News
Another Michigan court has weighed in against MERS foreclosing by publication. And, Ingham county has voted to fund the fight against fraudulent foreclosure practices. Michigan MERS trouble has become an ongoing story. The latest decision is from a Washtenaw county circuit court, which did allow judicial foreclosure by a party other than MERS. I will…
Man Bites Dog
Homeowner forecloses on Bank of (everything in) America. I write so much negative stuff, because, well, that is what’s out there. So here is a happy foreclosure story. Bank of (everything in) America bought Countrywide, the prime villain in the foreclosure piece. So, they have a lot of messed up paperwork for the messed up…
