This post provides a brief overview of various defenses to foreclosure available to homeowners in Massachusetts. (Originally posted in abbreviated form by Culik Law here.) 1. Standing to Foreclose – a/k/a “Show Me the Note” For your bank to foreclose, they must be entitled to enforce the promissory note that you signed at the closing. [...]
Federal Judge F. Dennis Saylor, IV of the Worcester division of the United States Court for the District of Massachusetts has recently denied an attempt by Wells Fargo to dismiss homeowners’ claims against it. The issue was whether the trial loan modifications sent by Wells Fargo to homeowners were enforceable contracts. (Culik Law has a [...]
In another blow to the banks, the Massachusetts Supreme Judicial Court (the SJC) released its eagerly awaited opinion in the case of U.S. Bank v. Antonio Ibanez. (The case was combined with a separate case presenting the same issue, Wells Fargo Bank, N.A. v. Mark A. Larace.) Ibanez Decision (January 7, 2010) Video of Oral [...]
Continue Reading →Analysis of Recent Loan Mod Lawsuits Filed vs. Bank of America
December 18, 2010 by CULIK LAW
The New York Times reports that the attorneys general of both Arizona and Nevada have filed major fraud lawsuits against Bank of America, the largest mortgage servicer in the United States, for its failure to comply with loan modification requirements. The Nevada lawsuit claims that Bank of America misled vulnerable homeowners in numerous ways, including [...]
Continue Reading →Considering Walking Away? Weigh the Impact First
May 28, 2010 by CULIK LAW
Before walking away from a foreclosure or underwater property, carefully consider all available options. The tax and credit score impact could greatly inhibit your ability to make a fresh financial start. While there can be advantages to a short sale or taking a deed in lieu of foreclosure, it is best to weigh these options [...]
Continue Reading →Attorney Josef Culik has filed suit today in federal court in Boston, Massachusetts against Bank of America on behalf of a client for violation of the Home Affordable Modification Program (HAMP) and violation of the Fair Debt Collection Practices Act.
Continue Reading →Mortgage Data Makes Trends and Forecast Uncertain
May 20, 2010 by CULIK LAW
“Any way you look at it, extraordinary numbers of people are having trouble paying their mortgage. What is less clear is the extent to which the problem is getting worse, better or is simply holding its own. Data released Wednesday by the Mortgage Bankers Association showed the mortgage delinquency rate rose in the first quarter [...]
Continue Reading →The Other Foreclosure – Tax Sales!
May 19, 2010 by CULIK LAW
“Valentine lost the two-story brick row home after the city sold her debt to investors through a contentious and byzantine legal process called a “tax sale.” This little-known type of foreclosure can enrich investors as growing numbers of property owners struggle to pay their bills. These foreclosed homeowners are not the families making headlines for [...]
Continue Reading →More Foreclosures to Hit Massachusetts
May 19, 2010 by CULIK LAW
“Despite signs that the Bay State housing market is recovering, lenders started many more foreclosures in April than they did a year earlier. Foreclosure petitions, the first step in seizing a home, rose 21 percent to 2,431 last month, according to the Warren Group. While the number of petitions in April slipped 6 percent from [...]
Continue Reading →Tax Surprise for Many Homeowners Walking Away
May 10, 2010 by CULIK LAW
Before walking away from your home that is either in foreclosure or underwater, consider the tax hit that action may present and know your rights and the best option for your situation. Consult a tax attorney or licensed accountant if you have questions or concerns. Check out this article on the subject.
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