Archive for 'Mortgage modification'

Loan Modifications Get Streamlined With New App

Loan Modifications Get Streamlined With New App-Image by Getty Images via @daylife

Falcon Credit Management has developed the first HAMP, MHA, iPhone, iPad, iPod Loan Modification Application that has been accepted into the iTunes store.

In an effort to provide value and convenience to homeowners going through the Loan Modification process and while adding to its list of industry firsts, Falcon Credit Management has developed the first HAMP, MHA, iPhone, iPad, iPod Loan Modification Application accepted into the iTunes store. This loan modification app complements Falcon Credit Management’s Loan Modification service and industry-leading do-it-yourself software FalconDox. Free of charge, homeowners are armed with clear and concise questions and answers, saving most individuals the confusion, stress and possible denial associated with the typical phone calls to a bank representative. Get Modified is a free App from Falcon Credit Management that provides a homeowner all of the eligibility requirements, at one time, that a lender needs to evaluate a loan modification or foreclosure mediation while providing the post-modification target payment.

The loan modification app features six informational videos, eligibility questions, answers, and a life coaching questionnaire designed to evaluate common emotional symptoms of financial hardship. Falcon Credit Management also offers an extensive library of more than 80 bilingual videos that are designed to provide answers on all areas of credit and Debt Management free of charge.

Most banks’ customer service reps do little for loan modification assistance, and unfortunately, many times, are actually a liability in understanding what is needed for acceptance into the HAMP or MHA government programs. “It’s unfortunately very common,” said Damian Falcone CSP of Falcon Credit Management. “Clients come in to our office needing help modifying their mortgages, but have already been confused and deceived into providing inaccurate information that ejects them from the programs. With that in mind we have developed a free iPhone App that will allow homeowners to see the exact eligibility questions and answers for achieving a loan modification – along with their future modification payment.”

http://www.falconcreditmanagement.com

Distressed Homeowners See Positive Results with Kassas

Distressed Homeowners See Positive Results with Kassas-Image by joelogon via Flickr

Case Studies Show Alternate Dispute Resolution Gets Results with Lenders

Kassas Law, a California firm providing client-focused interdisciplinary services announces the success of its Alternate Dispute Resolution (ADR) service for homeowners, even as the housing market continues to generate bad news. Encouraging faster action from Lenders, Kassas Law and its proactive ADR program is generating success, even for those in the worst situations facing the sale of their home.

A sampling of six success stories from Kassas Law, available online at www.kassaslaw.com/stories shows the situation many homeowners face across America, how loan modification alone is not fixing the problem, and the impact made by the innovative ADR program. The results include principal reduction and in one case Kassas was able to get the homeowner’s house back after the bank wrongfully foreclosed. In many cases the result was a settlement or restructured note after multiple rejections, often taking only days or weeks instead of months or years.  The strategy involves detailed analysis of the client’s existing loan, threatening action against banks unwilling to resolve the client’s case, and proactive communication to get all sides of the loan aligned.  With this process Kassas Law has proved over a 90% responsive rate from lenders with the ADR process; nine out of ten lenders are willing to consider or engage in fair and transparent negotiation once ADR is initiated because of the attention to detail and extensive research that is performed for each client.

In the case of one client, the Lender had given her the runaround without success for two years. Kassas Law’s analysis helped resolve title issues, structure her case, and in court helped her to directly show the judge it was in the Lender’s best interest to modify the loan rather than selling at auction…to which the Lender’s defense had nothing to say. The lender offered to restructure the mortgage shortly after with a low capped rate, new payment lowered by $800 monthly, and having not been able to make a mortgage payment in three years the client was overjoyed and kept their house. However this is a rare instance which went to court, the majority of Kassas’ success stories are accomplished through pre-litigation without setting foot in a courtroom.

In a second example, the client came to Kassas after a year of trying to get a loan modification alone and was $15,000 behind in mortgage payments. He had been sold an expensive mortgage that was supposed to take care of his original problems, but after ADR analysis was performed it was clear that loan was predatory with no net tangible benefit for the client. Kassas took action, filed complaints, engaged the lender, and 16 days from start to finish the client received a restructured loan from the Lender. The result was a reduced monthly payment by $500 but more importantly included a principal reduction of over $100,000.

In many cases the client had tried for a modification over months and years without success which Kassas resolved in days, just by analyzing the loan with sophisticated tools like the REST Report and then executing a clear strategy with the Lender.  Recently banks have been shown to be not acting in the best interest of their homeowner customers, some hiding predatory loans with apathy.  This is resolved by the ADR program which “encourages” Lenders to reevaluate the loan and take the action they should have at the beginning of the homeowner’s hardship.

The success of Kassas Law’s ADR program comes against the background of increasingly bad news for the industry. Zillow.com has reported home values continued falling between Q4 and Q1 quarters, the sharpest drop since 2008, and overall home prices have been falling for 57 straight months. Foreclosure re-sales reached a new peak in March 2011, representing over 23 percent of all sales during the month compared to only 17 percent in March the previous year. In 2010 one out of every 1,000 homes in the country was lost due to foreclosure, and supply and demand indicates the housing market will not hit bottom for many more months.

“Even while foreclosures are soaring, we are proving that a strategy of pre-litigation gets results and saves homes,” says Anthony Kassas, founder and lead attorney of Kassas Law. “We’ve focused the ADR program so it gets the bank’s attention and forces action because they know we’re serious, and our success stories show we are getting results.”

About Kassas Law

Kassas Law is a highly regarded law firm providing client-focused, interdisciplinary services that result in high-value legal counsel for our clients. Anthony Kassas, Esq. founder and lead attorney at Kassas Law has been advocating for everyday Americans in areas that encompass the full range of consumer legal services, bankruptcy, real estate litigation, and default resolution. For more information visit our website: kassaslaw.com.

CONTACT: Kassas Law Staff, info@kassaslaw.com

Web Site: http://www.kassaslaw.com

Loan Mod Software is Best Option for Homeowners

Loan Mod Software is Best Option for Homeowners-Image via Wikipedia

As hundreds of homeowners face home foreclosures during these difficult times, new foreclosure software got an approval and positive feedback from distressed homeowners who are in need of assistance for home loan modification from their lenders.

The new foreclosure software, REST Report from RESTreport.com provides a comprehensive report on borrower’s Net Present Value (NPV) of different Government Loan Modification Programs, along with interest rates, monthly payments, and loan terms.

One of the satisfied borrowers, Alicia David said, “I was affected by the financial crunch and my furniture business slumped. The capital I used in my business was from my home loan and now I can’t pay it. I had to do something or else I will be evicted in my own home. And then I found out RESTReport.com from a friend and did my own research in the net so I contacted them.”

“I contacted my lawyer, presented the REST Report to my bank together with my application, and the rest is history. They modified my loan!” David exclaimed.

Rest Report provided an up-to-date NVP analysis as required by the United States Department of Treasury and built on the same software used by major banks to determine borrower’s eligibility. Rest Report informs the borrowers if they qualify for the government’s Home Affordable Modification Program (HAMP) for loan modification. Borrowers denied for loan modification would also be prepared to appeal if they have a REST Report in hand.

In the initial screening using the foreclosure software, if borrowers do not qualify for HAMP loan modification, REST Report also provide reasons why borrowers failed and proposes possible terms when applying for an in-house modification program if the bank or lender has such.

One of the reasons why lots of homeowner used REST Report is the savings they can get. It informs the borrowers right away on what to do next thus simplifying the complicated process of getting loan modification thus saving time and money.

Known internet figure Martin Andelman of Mandelman Matters shared that after spending ten months learning and working with REST Report foreclosure software, he recommended that all homeowners should get their own REST Report because as he mentioned, it is a game changer, the real deal.

“I wouldn’t even consider starting the process of getting my loan modified until I had my own REST Report, and I can’t imagine anyone wanting to pursue a loan modification without it,” Andelman added.

REST Report can be reached through their website, http://restreport.com or call 1-888-543-4340 for free consultation.

Mortgage Foreclosure Crisis Continues

Mortgage Foreclosure Crisis Continues

Mortgage Foreclosure Crisis Continues-Image via Wikipedia

State and Local Elected Representatives Help Celebrate the Ribbon Cutting of the New Location of CDA Law Center, after achieving over 2,000 Loan Modifications Negotiated.

As the mortgage foreclosure crisis continues virtually unabated, there is little help coming from Congress for struggling homeowners. Despite giving the banks trillions of dollars in bailouts and interest free loans, the Obama HAMP program, which launched in 2009 and was expected to help 3-4 million homeowners, has a little over 500,000 borrowers who are in active permanent modification according to the U.S. Treasury Department. Statistics from Treasury show that close to 75% of people who apply for a HAMP modifications are denied by their bank.

Despite clear eligibility guidelines establish by Treasury, many borrowers find that banks lose their paperwork or never render a decision, adding to their frustration. Struggling borrowers endure unfulfilled promises of help for months or even years, while the banks simultaneously try to foreclose on their home. Others face trial modifications that exceed the 3 month “Trial Period” required by HAMP guidelines, in many of these cases banks will not convert them into permanent modifications. The problem, critics say, is that mortgage servicers face no penalties for violating program guidelines, because HAMP is voluntary.   According to Prentiss Cox, a law professor at the University of Minnesota. “The fundamental flaw from the beginning was presuming the people who caused the mortgage crisis were somehow going to act in the public interest.” “What was needed was, We just bailed you out with a trillion dollars, and in return, we’re going to hit you in the head with a two-by-four if you don’t [act in the public interest],” said Professor Cox.

We spoke to Robert G. Scurrah, Senior Attorney at CDA Law Center in Mission Viejo, California, who was celebrating a Ribbon Cutting and the modification of over 2,000 loans over the past three years at his new offices in Mission Viejo, California, who said: “We have found that lender abuses of the HAMP program have caused significant damage in our community.   Each new foreclosure not only displaces a local family, but erodes our tax base and further reduces property values in a time that homeowners can least afford it.  Moreover, most clients who retain our firm to achieve their modification in a negotiation with their bank, have tried by themselves to modify their loans for months or even years without success, despite being told by our government that all they had to do was ‘call their bank for help’.  Borrowers get strung along needlessly by banks, while more missed payments or partial “trial payments” keep piling up, causing the borrower’s arrearage to be so large, that it falls outside of investor guidelines to modify.  This in turn leads to the home being foreclosed upon. The banks purposefully don’t disclose that HAMP ‘trial payments’ are not applied towards a borrower’s delinquency, and only a permanent modification will stop the foreclosure process.”

Mayor Dave Leckness of Mission Viejo, Martin Payne District Representative for Senator Mimi Walters, Steven Lamotte, District Representative for Assemblywoman Diane Harkey, Jordan Gonzales Field Representative to Assemblyman Jeff Miller, and the South Orange County Chamber of Commerce were at  CDA Law Center participating in the dedication their new offices while celebrating saving over 2,000 homes from foreclosure. All of our elected officials say their offices receive numerous calls from constituents, complaining about the modification abuses by the banks.

Borrowers also need to beware of the many scammers peddling Forensic Loan Audits, out-of-state attorneys, non-lawyer loan modification companies, and pay-up-front scams that are in violation of both California’s SB-94 and the Federal Trade Commission’s Final MARS Rule. Consumers need to even be wary of some California attorneys, as noted in the recent Fraud Alerts from the Department of Real Estate and the California BAR regarding Mass Joinder lawsuits. Consumer Advocates advise borrowers to fully research any company or firm they hire to avoid falling victim to a scam or predatory individuals, as being diligent will help prevent desperate homeowners from being scammed by predatory companies or individuals.

“Consumers do not know where to turn for reliable ethical help,” says attorney Robert Scurrah.  “CDA Law Center has achieved loan modifications for thousands of our clients, despite some of being denied 6 or 7 times by their bank before coming to us. It’s a difficult process that most borrowers generally do not have the financial background to fully understand, and they often take advice from their banks often to their detriment.”

Approximately seven million mortgages in the United States are currently in the “late payment” phase. This is a delinquency rate over eight percent of all mortgages. Over 30% of all mortgages currently in a foreclosure process are over 24 months delinquent (source: Foreclosure Backlog Rises Aid Falls 3/30/11 HousingPredictor).  The S&P/Case-Shiller index of property prices says that property prices in 20 major American cities dropped 3.1% in January , 2011. According to RealtyTac, “foreclosure filings will jump 20% this year, making 2011 the potential peak in the foreclosure crisis.”

If you would like more information on this topic or to schedule a prospective client interview with Robert G. Scurrah, Senior Attorney for CDA Law Center located in Mission Viejo California, please call Bill Baskin at 949-379-8008 or email Bill at bbaskin@cdalawcenter.com

Contact: Bill Baskin
Tel: 949-379-8008
Email: bbaskin@cdalawcenter.com

http://www.cdalawcenter.com

New Foreclosure Software to Help Borrowers Save Their Home

New Foreclosure Software to Help Borrowers Save Their Home-Image via Wikipedia

A new powerful tool to help homeowners save their home from foreclosure was recently launched and introduced to homeowners who are in the process of obtaining a successful loan modification and other debt related issues to equip themselves before they present their applications to the lender.

The new tool, called REST report, evaluates borrower as to whether they pass or do not pass the Net Present Value (NPV) Test before they have gone through the long uncertain process of applying for help. It is a version of the same software used by major banks and servicer to determine if you qualify for a foreclosure prevention government assistance plan. This software was developed in concert with the U.S. Treasury Department’s guidelines for use by lenders and servicers when determining loan modification approval or denial.

Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows. Lenders have been using these secretive NPV tests with increasing regularity and they are likely playing a role in unnecessary foreclosures.

Your REST Report will show the (NPV) Net Present Value of various Government Loan Modification Programs, along with interest rates, monthly payments, and loan terms. The REST loan disposition and analysis system runs proprietary algorithms, NPV analytics, and accesses numerous property valuation databases.

“Homeowners can now use REST Report to assess workout options and represent financial outcomes resulting from a variety of modification and foreclosure scenarios. Prior to the availability of REST Reports, lenders held all the cards in the negotiation of mortgage terms. Homeowners can now engage in a modification process with as much information as their lenders, giving them a much better chance at a positive outcome,” Todd Alexander, the consumer debt advocate of Rest Report said.

“We are now empowering our homeowners take control of their mortgage issues. We are providing them knowledge regarding the future of their home loan so they can take action before they lose their precious home. They can take action before it’s too late,” Alexander added.

The REST Report runs the most up to date NPV analytics as required by the United States Department of Treasury, and it is built on the same platform lender uses to determine homeowner’s eligibility. It also compares the value of a dollar today to the value of that same dollar in the future, taking inflation and returns into account.

Alexander also shared that what most borrowers do not understand is that a <a href=”http://restreport.com/“>loan modification<a/> is more than just a simple adjustment to the loan which makes the payments affordable; it is a complicated financial analysis for the lender and the servicer. All loan modification must pass many variables in order to be approved by the lender and qualify for government incentives. It is complicated and convoluted but the REST Report helps you get your answers.

To know more of what REST Report can offer, visit their website now at http://restreport.com or call 1-888-543-4340 for free consultation.

Foreclosures Hit Million Mark for One Service Company

Foreclosures Hit Million Mark for One Service Company-Image via Wikipedia

Compliance with changing and complex regulations has become a huge challenge for default servicers in 2011 and few have the technology to enforce consistent, compliant and accurate policy decisions.

DecisionReady, a provider of default servicing compliance solutions, announced it now has reviewed one million delinquent residential mortgage loans for loss mitigation and foreclosure process and policy compliance for leading servicers. The DecisionReady technology platform offers end-to-end compliance for every stage of default servicing—from early stage delinquency through loss mitigation, foreclosure and the post-sale process.

In today’s servicing environment, ever-changing state and federal regulations and myriad government programs have introduced unprecedented complexity around servicer policy definitions and the related challenge of implementing compliant default servicing programs. The rising complexity of delinquent mortgage loans, and their escalating volume, also has resulted in a significant increase in both direct and indirect servicing costs. Servicers need to respond by changing their servicing process, adding more associates and implementing new technologies.

DecisionReady’s software technology allows servicers to ensure that their associates are adhering to the latest servicer guidelines and supplemental directives. The solution provides for global deployment of new policies and procedures very quickly, and it simplifies training. The decisions made on each loan by each associate are documented for quality control reviews, investor forensic audits and portfolio analytics. The platform facilitates the easy customization of rules to conform to each servicer’s individual policies and their interpretation of investor guidelines.

And DecisionReady can respond quickly to help servicers meet new regulatory and compliance issues. Last year, the company within a few weeks developed a software module for its technology platform enabling servicers to respond to robo-signing issues by managing the review and execution of the affidavit of indebtedness documents.

The DecisionReady Compliance Suite is available to servicers through web-based software, which complements the major servicing systems. It includes modules for collections, loss mitigation, and foreclosure compliance for multiple investors including Fannie Mae, Freddie Mac, and HUD. Each module helps servicers comply with the numerous regulations in default servicing.

“Exhausting all available home retention options prior to proceeding with foreclosure is a complex and key decision point for all servicers,” said Ravi Ramanathan, chief executive officer of DecisionReady. “The investor guidelines around topics such as sufficient customer outreach leave much room for interpretation. When has the servicer done enough to meet the guidelines? It’s such challenges and complexities that was the impetus to form the company in 2010.”

DecisionReady has more than 7,000 servicer associates in the United States and offshore using its technology. The solution manages a multitude of decision points for each loan, incorporating hundreds of loan level data elements from core servicing systems to ensure compliance. The technology has enabled DecisionReady’s servicer clients to more than double the caseload for each associate while increasing the accuracy of the decisions they are making and achieving accuracy rates of more than 99 percent. The technology enables the company’s clients to globally implement and consistently enforce servicing policies as a simple extension to existing servicing systems.

Dan Mahler, chief strategy officer of default servicing solutions at DecisionReady, noted, “Our technology makes sure that every time a servicer has to consider a homeowner for a loan modification or a short sale they are following the exact same sequence of procedural steps, conforming to the timelines and in the right fashion as dictated by investors and regulators. Our senior management team has decades of experience in mortgage banking, mortgage technology and default servicing.” Mahler spent 13 years in senior management positions in default servicing before co-founding DecisionReady.

The DecisionReady Compliance Suite offers comprehensive solutions and consistent policy enforcement in collections, loss mitigation, short sale, pre-foreclosure review, foreclosure sale date postponement and the review and execution of affidavit of indebtedness documents to prevent robo-signings.

About DecisionReady:

Founded in 2010, DecisionReady provides end-to-end policy and process compliance solutions for default servicing. The DecisionReady cloud computing technology platform enables more than 7,000 servicing associates in the U.S. and offshore to make hundreds of consistent, compliant policy decisions per loan each day. The platform has introduced new efficiencies to default servicing that have enabled servicers to more than double the loan caseload per associate, while achieving accuracy rates as high as 99 percent.  DecisionReady’s senior management team has decades of experience in mortgage banking, mortgage technology and default servicing. Over one million loan reviews have been completed on the DecisionReady platform. For more information, please visit www.DecisionReadySolutions.com or call (800) 340-3935.

PRESS CONTACT
Rosalie Berg
Strategic Vantage Marketing & Public Relations
(305) 971-5352
RosalieBerg@StrategicVantage.com

Mortgage Originations Up 14%

Final 2010 numbers show loan originations increase higher than expected from 2009

The 2010 numbers are in for one of the nation’s fastest-growing financial services companies.

Foundation Financial Group increased its 2010 mortgage originations by 14 percent year-over-year from the company’s previous record-setting numbers in 2009. Meanwhile, the mortgage industry-tracking source, mortgagestats.com, reports that the top 10 U.S. mortgage lenders’ originations are down almost 21 percent in 2010.

“All of the credit for our record-breaking year goes to the outstanding team at Foundation Financial Group,” CEO Mark Boyer said. “Our human resources staff continues to recruit and train excellent employees who are dedicated to making Foundation Financial Group the best financial services company in the U.S. Our managers work toward this goal daily.”

Boyer expects growth to continue into 2011 at Foundation Financial Group, which will open its sixth sales center on Jan. 31 in Rochester, N.Y. The center is currently looking to hire an initial Rochester team of 50 employees and will grow within a year to employ 100 workers.

“It’s going to be an exciting year for Foundation Financial Group,” Boyer said. “We’ve already launched new services and plan to expand into Illinois during the second quarter as well.”

On Jan. 3, Foundation Financial Group began offering additional financial services, including insurance, wealth management and tax services, through affiliate companies under the Foundation Financial Group umbrella. The move will result in additional job creation.

About Foundation Financial Group

Foundation Financial Group, one of the nation’s fastest-growing financial services companies, specializes in mortgage lending, property and casualty insurance, life insurance, wealth management and retirement planning, and personal and corporate tax services. Expanding in 2011, Foundation Financial Group operates six regional centers in Atlanta; Charlotte, N.C.; Jacksonville, Fla.; Raleigh, N.C.; Rochester, N.Y.; and Savannah, Ga. Foundation Financial Group maintains mortgage operations headquarters in Atlanta and executive headquarters in Jacksonville. Founded in Atlanta in 1998, Foundation Financial Group offers mortgage refinancing and first-time buyer lending through traditional financing, as well as Federal Housing Administration and other government-backed home loan programs. Foundation Financial Group enjoys an industry-leading Federal Housing Administration compare ratio and an A+ rating from the Better Business Bureau, the highest accreditation the BBB gives. For more information, call 866-334-1001 or go to http://www.onlineffg.com.

Media Contact:
James S. Brodsky
Foundation Financial Group
888-750-1780

CONTACT: James S. Brodsky, Foundation Financial Group, +1-888-750-1780

Web Site: http://www.onlineffg.com

Florida Foreclosures: New Fix Ordered by Courts

Florida Foreclosures: New Fix Ordered by Courts

Florida Foreclosures: New Fix Ordered by Courts-Image via Wikipedia

The Collins Center’s successful mortgage mediation program is expanding to include pre-file foreclosure cases. The new pre-file program is available to certain homeowners with delinquent and defaulted mortgages that are approaching the foreclosure filing stage.

“This pre-file program is a game changer,” said Ned Pope, director of the program. “We’re bringing together homeowners and mortgage lenders before a foreclosure filing, saving homeowners, lenders, and our overburdened state courts time and money.”

Fannie Mae has mandated that its servicers participate in pre-file mediation on its Florida loans that are eligible for the program. As a result of various court administrative orders, a loan is eligible for the Collins Center’s Fannie Mae pre-file mediation program if the property is homesteaded and located in one of the judicial circuits in which the Collins Center also performs post-file mediations.

How Pre-File Mediation Works:

The Pre-Filing Mortgage Mediation program will be initiated by the lender upon the 65th day of delinquency, at which point the lender will refer the loan to the Collins Center for a determination of the loan’s eligibility for the pre-file program. If eligible, the Collins Center arranges financial counseling for the homeowner and schedules a mediation appointment with the homeowner and the lender’s representative. The mediation sessions are facilitated by civil court certified mediators.

About the Collins Center’s Mortgage Foreclosure Mediation Program:

The Collins Center for Public Policy is a statewide nonprofit organization. It also manages foreclosure mediation programs in the 1st, 10th, 11th, 12th, 14th, and 19th judicial circuits. Since the Center’s foreclosure mediation program began in March 2009, the Center has managed more than 11,000 mediations. The post-file mediation program will continue in concert with the new pre-file program, operating in the same judicial circuits, with no up-front costs to borrowers or to Florida taxpayers.

“The foreclosure crisis hit our state like a ton of bricks,” said Rod Petrey, President of the Collins Center. “Through this innovative program we will reduce the amount of foreclosure filings in our state and give more Floridians an opportunity to try to stay in their home.”

For more information, visit www.CollinsCenter.org

CONTACT: Kevin Cate, 850.219.0082 x 2610

CONTACT: Kevin Cate, +1-850-219-0082 x 2610

Web Site: http://www.collinscenter.org

Pending compliance with New Jersey Chief Justice Stuart Rabner’s requirement that six lenders appear on January 19th in state Superior Court in Trenton to “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceedings,” New Jersey homeowners are seeking foreclosure defense as banks continue to process foreclosure actions.

“It just goes to show how far the banks will pressure a home owner even as the courts warn them against further improper conduct.”

According to Joshua Denbeaux of Denbeaux & Denbeaux, a Westwood New Jersey law firm specializing in foreclosure defense, a client he represents received notification that foreclosure proceedings would be continued while the New Jersey Supreme Court waits for banks to “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceedings,” as was stated in the December 20th filing in the Superior Court of New Jersey Chancery Division, General Equity Part Mercer County, Docket No. F-059553-10 which requires six lenders to appear on January 19th in state Superior Court in Trenton.

“It just goes to show how far the banks will pressure a home owner even as the courts warn them against further improper conduct,” says Josh Denbeaux of Denbeaux and Denbeaux, a leading New Jersey lawyer specializing in foreclosure defense, who is working with home owners to protect their homes from New Jersey foreclosure fraud.

While homeowners are being subjected to the “dual track” process of foreclosure proceedings continuing even while working on a home loan modification, the New Jersey Supreme Court ‘s pronouncement as stated in the December 20th filing in the Superior Court of New Jersey Chancery Division, General Equity Part Mercer County, Docket No. F-059553-10 by Judge Mary Jacobson may bring closer scrutiny into the practices of One West Bank and other home mortgage lenders and subject them to further sanctions, as well as suspending precessing for orders, judgments, writs of execution and Sheriff’s sales.

Judge Jacobson’s order directs ” the named foreclosure plaintiffs to show cause why the court should not suspend the ministerial duties of the Office of Foreclosure and the Superior Court Clerk’s Office regarding the processing of certain uncontested residential mortgage foreclosure actions , stay Sheriff’s sales in those foreclosure actions, appoint a Special Master Pursuant to Rule 4:41-1 to investigate questionable practices and appointing an attorney to appear in support of the proposed relief.”

In the December 1st Senate Banking, Housing, and Urban Affairs Committee Hearing, representatives of the Treasury Department, the Federal Reserve Board, and Fannie Mae and Freddie Mac testified on the mortgage crisis as it is related to shady foreclosure and lending practices, and mentioned the “dual track process”.

On December 20th , the New Jersey Supreme Court ordered that six national major banking institutions implicated in robo-signing activities: Ally Financial, formerly GMAC; BAC Home Loan Servicing LP, a subsidiary of Bank of America; JP Morgan Chase’s Chase Home Finance LLC; OneWest Bank, formerly IndyMac Federal Bank, Wells Fargo Financial New Jersey and CitiResidential Living, a subsidiary of Citibank must “demonstrate affirmatively that there are no irregularities in their handling of foreclosure proceeding”, or face significant sanctions

“Robo-signers” are mortgage lender/service employees who sign hundreds—in some cases thousands – of affidavits submitted in support of foreclosure claims without any personal knowledge of the information contained in the affidavits. “Robo-signing” can also refer to improper notarizing practices or backdating.

Joshua Denbeaux, of Denbeaux & Denbeaux, located at 366 Kinderkamack Road, Westwood New Jersey, has been investigating unconscionable closing practices by lenders throughout New Jersey and practices civil litigation, with a concentration in mortgage foreclosure, business, insurance coverage and employment litigation. They can be reached at (201) 664-8855 and by email at pr(at)denbeauxlaw(dot)com or visit http://www.denbeauxlaw.com

Real Estate: Chinese Drywall Still a Major Issue in Several StatesThe Chinese Drywall Complaint Center fears time is running out to get all Knauf Tianjin toxic Chinese drywall homes identified in Florida, Alabama, Mississippi, Louisiana, and the metro areas of Houston, and Austin Texas. The group has the same fear for homeowners living in homes with toxic Taishan Chinese drywall. The group says, “our greatest worry is these defendants in the national class action, will be the only two toxic Chinese drywall makers to settle with completely innocent US homeowners.” They say,” we are begging homeowners to share this press release with their neighbors, if Knauf Tianjin toxic Chinese drywall, or toxic Taishan Chinese drywall has been discovered in your subdivision, or condominium project.” The Chinese Drywall Complaint Center says, “we also need to identify all buyers of Florida-AS IS-bank foreclosures, who purchased anytime after February 2009, with no disclosure of toxic Chinese drywall. We fear there are 1000’s of victims of this in Florida, and we need to get these victims identified immediately.” For more information, please call the Chinese Drywall Complaint Center anytime at 866-714-6466, or contact the group via its web site at http://ChineseDrywallComplaintCenter.com

we are begging homeowners to share this press release with their neighbors, if Knauf Tianjin toxic Chinese drywall, or toxic Taishan Chinese drywall has been discovered in your subdivision, or condominium project.

The Chinese Drywall Complaint Center is the one of the best branded sources on the Internet regarding the US Chinese drywall disaster, and it is the absolute best branded source for Knauf Tianjin, or Taishan toxic Chinese drywall. The group is urging all homeowners in Florida, Alabama, Mississippi, Louisiana, Virginia, and the Houston/Austin metro areas of Texas, to call them, if they live in a home built, or remodeled between late 2004, and early 2007, if they have had numerous air conditioning coil failures, or if their copper pipes, or copper electrical wires have turned black. Black, or corroded copper pipes are one of the best symptoms of toxic Chinese drywall. The group says, “because homebuilders were intermixing US made drywall, with toxic Chinese drywall in the US Southeast, we think the actual numbers of Knauf Tianjin, or Taishan toxic Chinese drywall homes is in the 100,000’s in this region alone.” They say, “because of lack of news coverage, we fear many homeowners do not understand the dire need to get the homeowners with Knauf Tianjin, or Taishan identified now.” For more information about symptoms of toxic Chinese drywall, for pictures of Knauf Tianjin, or Taishan toxic Chinese drywall, or easy to do self inspection suggestions please visit the Chinese Drywall Complaint Center’s web site at http://ChineseDrywallComplaintCenter.com

Special Note: The Chinese Drywall Complaint Center is open for business during the holidays, and would be more than happy to assist any homeowner in Florida, Alabama, Mississippi, Louisiana, Virginia, or Southeast Texas, with their questions about anything related to toxic Chinese drywall.

The Chinese Drywall Complaint Center is also saying, “we know banks, or loan servicing companies have been selling toxic Chinese drywall home foreclosures in Florida, and Texas-As IS-no mention of the fact the house contains toxic Chinese drywall.” The group says,”we believe banks, or loan servicing companies failing to disclose toxic Chinese drywall in their Florida, or Texas home foreclosures is reprehensible.” They say, “we want to hear from every victim, who purchased one of these-As Is-home bank foreclosures anytime after February 2009, only later to discover the home contained toxic Chinese drywall.” For more information please call the Chinese Drywall Complaint Center anytime at 866-714-6466, or contact the group via their web site at http://ChineseDrywallComplaintCenter.com

(United States District Court-Eastern District of Louisiana MDL Case #2047)

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