People having trouble paying their mortgage or who maybe need to get mortgage loan modifications should see a HUD- certified housing counselor first! While these folks are not lawyers, helping people hang onto their homes if they can is their job, so they are familiar with the programs for loan modification and their requirements. And, because they are government-funded, they do not charge clients for their services. Click here to find one near where you live: http://www.cbs.state.or.us/dfcs/ml/foreclosure/counselors.html.
This case illustrates the shortcomings, even the dangers, of the once mighty global secondary mortgage loan market, with its arcane methods of doing business, conceived by ambitious, super-sophisticated, big-brained, short-sighted financiers and their lawyers, who did not realize that they were creating a Frankenstein for everybody involved except the lawyers. Based on the number of somewhat similar cases pending in various federal and state courts, the roof has come crashing down, and its restoration remains in doubt.
In the complicated world of the high risk mortgage industry as it existed at all times here pertinent, the answer to a question as simple as “who is the owner of a mortgage?” is not always apparent from a review of the land records where the real property is located. In fact, the term “owner” may mean “a hundred owners” involved in a joint or divided undertaking or investment where the original homeowner-borrower is unaware of who the “real” “owners” are. This complexity is exacerbated when the “owner” or “owners” begin to split up and transfer the mortgage and note willy-nilly, often effectuating the transfer by simply endorsing the note in blank, affixing an allonge to it, and assuming that the mortgage security and right to foreclose will pass with the note by operation of law.
Duke v. Nationstar Mortg., L.L.C., 893 F.Supp.2d 1238, 2012 WL 3852121, N.D.Ala., August 30, 2012
Pam Martens covers all things Wall Street, and if you want to stay in a permanent state of despair about the country generally, and economic fairness specifically, you should read it religiously. She has been covering the Senate hearings on the foreclosure “settlement” and you won’t believe this:
Not to put too fine a point on it, it appears that the banks engineered a deal where they get to decide who they scammed, and then they get to call one dollar 500 dollars. (I wonder if I can repay my own mortgage using that kind of accounting?) For that matter, if they can find a million dollar mortgage out there they can convert a dollar into a thousand dollars. Plus, and why is this no surprise, they can get this rosy outcome by comforting the most comfortable among those they scammed (or decide that they scammed, and they are incentivized to decide they scammed the rich) while ignoring the most strained. What a great country.
Sharing with permission a real day-brightener I just got after sending a conclusion of engagement letter:
I guess that that particular salutation is appropriate on more than one level, given that we are "breaking up."
I have a pretty good vocabulary, but words fail me when I attempt to convey my deep appreciation for your help. During the holiday season you gave E____ and me the greatest gift one can bestow on another...hope. We felt lost and beleaguered, set upon by what we felt would be the first of many debt collection wolves who would pick us clean for the rest of our lives. E_____'s finding you was serendipitous; your calm reassurance and competence gave us the hope that there was a way out of our difficulties that would give us a life and allow us to move on. I cannot ever thank you enough for that.
You would be surprised what kind of connections one makes, even out here in the sticks. Now that I am in a high-level position, I am suddenly and regularly finding myself in meetings with politicians, police chiefs, and all manner of other people from all over the state, including Salem. Our program is state-funded, so I will have plenty of contact with folks out your way. Believe me, they will hear your name whenever I can get a chance to work it into a conversation.
You can always feel free to use my name as a consumer reference. I would be happy to endorse you as a counselor that anyone with problems like ours would be fortunate to have on their side.
E_____ has been giving debt collectors your name and the calls have slowed down. She may be consulting you for further advice on what to do in her situation.
I wish you all the best going forward, John, and I hope that you can realize, even in a small way, how very much you have helped us.
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At last---a clear, readable, well-formatted version of the complete set of the Oregon Admin Rules now online
OregonAdminRules.org is a free public service to Oregon attorneys and all Oregonians, provided by a partnership of
OregonAdminRules.org was inspired by the refreshing ease and error-reducing readability of OregonLaws.org. Now the Oregon Admin Rules, which are often at least as important to the public and practitioners as statutes, are available in a readily accessible, readable form as well.
Tremendous editorial by the SF Chronicle. A real breath of fresh air and truthtelling about the chains that pre-dispute arbitration clauses create. Funny, businesses love to spin about how great arbitration is, but they don't want you to be able to choose or decline it. What is it that they know that makes them think that, if you have a choice, you won't choose arbitration?
"New mortgage rules designed to cut down on risky mortgages and avoid another foreclosure crisis take effect today.
The rules, created as a result of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, have been a moving target, especially in the past year. They’ve been tweaked and clarified as the Consumer Financial Protection Bureau sought to cut risk without cutting too far into consumers’ access to credit.
But now that the rules are finalized and in effect, here’s a look at how they’re expected to affect homeowners and homebuyers. . . ."
The federal student loan system has become so bloated and rife with abuse of borrowers by debt collectors that I'm forced to conclude that the only people who should borrow to pay for schooling are those who could afford to pay for the schooling without borrowing if they chose. This story tells the tale, a ruthless firm that gets nice contracts to squeeze student-loan debtors, complete with morals that make the Sopranos enforcers look like choirboys.
John Gear Law Office LLC; John@JohnGearLaw.com and SalemConsumerLaw.com. My office is in the Security Building in downtown Salem at 161 High St. SE, across from the Elsinore Theater, a half-block south of Marion County Courthouse, just south of State Street. I'm in Suite 208B. There is abundant, free, on-street parking throughout downtown. I am only licensed to practice law in Oregon. This site may be considered advertising under Oregon State Bar rules.------ I don't give legal advice on this site. I'm not your attorney unless we have met in person and you have hired me by entering into a representation agreement with me. While I do want you to consider me when you seek an attorney, you should not hire any attorney based on brochures, websites, advertising, or other promotional materials. All original content on this site is Copyright John Gear, 2010-2014.
John Gear Law Office LLC; 503-339-7787; John@JohnGearLaw.com. My office is in Suite 208B of the Security Building in downtown Salem. That's at 161 High St. SE, across from the Elsinore Theatre, just a block south of Marion County Courthouse. There is abundant, free, 2-hour on-street parking throughout downtown. #### #### #### Lawyerly fine print: Licensed in Oregon. This site may be considered advertising under Oregon State Bar rules. There is no legal advice given or intended on my site. I'm not your attorney unless we have met in person and entered into a representation agreement; while I hope you will consider me when you seek an attorney, you should not hire any attorney based on brochures, websites, advertising, or other promotional materials.