FTC investigating Ocwen

 Consumer Law, Foreclosure  Comments Off on FTC investigating Ocwen
Mar 072011
 

Ocwen Financial is one of the largest mortgage loan servicers in the U.S.  Several of my clients have loans being serviced by Ocwen, and some of their loan servicing stories seem to have been written by Kafka.  Now, the FTC is apparently investigating Ocwen’s operations and foreclosure practices, as they are doing with several other large […]

Comments Sought on Indiana Foreclosure Task Force’s Proposal on Foreclosure Requirements

 Consumer Law, Foreclosure  Comments Off on Comments Sought on Indiana Foreclosure Task Force’s Proposal on Foreclosure Requirements
Feb 282011
 

The Indiana Supreme Court is now seeking public comments on the Mortgage Foreclosure Best Practices submitted by the Indiana Attorney General and the Indiana Foreclosure Task Force in January (see my original post on the proposals here).  I urge all Indiana homeowners and the attorneys that represent them to weigh in on the proposals, especially considering […]

NEWS FLASH: There are “weaknesses” in the foreclosure process!

 Consumer Law, Foreclosure  Comments Off on NEWS FLASH: There are “weaknesses” in the foreclosure process!
Feb 172011
 

Well, the government has finally realized the obvious.  And they want to do something about it.  Maybe.  Sorta.  Well….we’ll see.   Today, John Walsh (this one, not that one – although maybe it should have been) will be presenting the resultsof the OCC’s investigation of the mortgage servicing industry to a Senate Banking Panel.  As part of […]

Full Disclosure

 Consumer Law  Comments Off on Full Disclosure
Feb 162011
 

The Indiana Court of Appeals has issued a significant opinion regarding Sales Disclosures, changing the rules for when a buyer can pursue a seller for a misrepresentation on a sales disclosure.  As recently as 2009, the rule was that a buyer could not recover from a seller for the seller’s misrepresentations on a sales disclosure form […]

Crawling Away from Your Indiana Home

 Bankruptcy, Consumer Law, Foreclosure, Indiana  Comments Off on Crawling Away from Your Indiana Home
Feb 072011
 

Last week, Ryan Grimm of the Huffington Post (you know, the online news channel that just sold itself to AOL) did a piece called “Learning to Walk: Fear, Shame and Your Underwater Mortgage” where he wrote about his conversations with people who were thinking about walking away from their homes and the mortgages dragging them […]

GOP Trying to Repeal HAMP

 Consumer Law, Foreclosure  Comments Off on GOP Trying to Repeal HAMP
Feb 072011
 

Three House Republicans have introduced legislation to repeal the Home Affordable Modification Program (“HAMP”), calling it a “colossal failure,” and seconding an inspector general report that found the program ultimately left many participating homeowners worse off.  Under the proposed bill, the unspent HAMP money would be returned to the Treasury to pay down the national […]

Indiana Foreclosure Task Force Proposes More Stringent Foreclosure Requirements

 Consumer Law, Foreclosure, Indiana  Comments Off on Indiana Foreclosure Task Force Proposes More Stringent Foreclosure Requirements
Jan 042011
 

A foreclosure-prevention task force established by the Indiana Supreme Court has developed a list of guidelines to provide assurances to lenders, servicers, courts and borrowers that state and federal laws are being followed for the protection of homeowners. If adopted by the Indiana Supreme Court, the following protections would become mandatory for all residential foreclosures […]

Arizona and Nevada Suing Bank of America for Failing to Modify former Countrywide Mortgages

 Foreclosure  Comments Off on Arizona and Nevada Suing Bank of America for Failing to Modify former Countrywide Mortgages
Dec 202010
 

Nevada and Arizona have had enough of BoA’s antics. Both states have sued BoA for deceiving homeowners trying to get modifications. According to the complaints, BoA (falsely) told some homeowners they would not be foreclosed on while their loan modification applications were being reviewed, failed to act on the modifications within a specific time, made […]

Get to Know Thyself – There’s more out there than you think!

 Consumer Law, Credit Reporting  Comments Off on Get to Know Thyself – There’s more out there than you think!
Nov 222010
 

By now, most of us know that the “Big 3” credit reporting companies (Experian, Transunion, and Equifax) are required by the Fair and Accurate Credit Transactions Act (FACT Act) to provide each consumer a free copy of his or her credit report once every 12 months. These free annual reports from the Big 3 are […]

Indiana Consumers in Distress, and on the Edge

 Bankruptcy, Consumer Law, Foreclosure, Indiana  Comments Off on Indiana Consumers in Distress, and on the Edge
Nov 192010
 

The Indianapolis Star is reporting that Indiana’s Consumer Distress Index (CDI) fell to 60.68 in the last quarter, from 62.61 in the previous quarter and down from 62.32 a year ago. The CDI is a quarterly measure of the financial condition of the average American consumer. A rating between 60 to 69 indicates that “the […]