AUGUST 2008

Foreclosure Defense

Stated Income Loans, Income Overstated and TILA Rescission

June 1st, 2008
“Article written by one of the most knowledgeable Attorneys’ in this area of law”

Remember that rescission doesn't mean you give back the house. It doesn't even mean you have to give back the money to the lender against whom you are rescinding --- THAT obligation commences AFTER the lender admits to the rescission or it is otherwise decreed and then it is reduced by the refunds of points, interest, closing costs you paid plus damages and attorney fees you ...
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posted by MORTGAGE AUDIT SERVICE August 24, 2008 9:25 PM

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Prohibiting “Foreclosure Consultants”

Those Who Say They Can Get Your Loan Modified, Prevent, Postpone, Or Reverse The Effect Of Such Foreclosure With Your Lender For A Fee.

On July 23, 2008 the U.S. House of Representatives passed the most comprehensive response yet to the American mortgage crisis by a vote of 272-152. The American Housing Rescue & Foreclosure Prevention Act, H.R. 3221, is intended to help families facing foreclosure keep their homes, help other families avoid foreclosures in the future, and help the recovery of communities harmed by empty homes caught in the ...
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posted by MORTGAGE AUDIT SERVICE August 24, 2008 9:12 PM

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Lenders Fraud on Consumer Borrowers

10/30/2007 Ninth Circuit Court

Wall Street Lender "Aided and Abetted"
Subprime Lenders Fraud on Consumer Borrowers

We get a new twist: “aiding and abetting fraud” liability of secured lenders to a bankrupt subprime lender. In a recent decision of great import, the Ninth Circuit has held that the lender’s lender can be stuck with huge tort liability—as a virtual co-conspirator in its borrower’s fraud upon consumers.

The Ninth Circuit Case
In re First Alliance Mortgage Co., 471 F.3d 977 (9th Cir. 12/8/06), First Alliance was a subprime mortgage lender to home-equity-rich borrowers ...
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posted by MORTGAGE AUDIT SERVICE August 24, 2008 9:03 PM

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