The deadline to seek an Independent Foreclosure Review has been extended. You now have until December 31, 2012 to file a claim to determine if you are eligible to receive up to $125,000.
Archive for the ‘Mortgages & Foreclosures’:
October 11th, 2012
Foreclosure Abuse Victims May be Eligible to Receive up to $125,000 through the Independent Foreclosure Review Process
July 11th, 2012
If you were involved in a foreclosure process between January 1, 2009 and December 31, 2010, you may be eligible to receive up to $125,000 through the Independent Foreclosure Review process (“IFR”). The IFR was created by a number of federal agencies to provide borrowers with the opportunity to have their foreclosure process reviewed for errors or other problems that may have caused financial injury. Borrowers may be eligible to receive relief under both the IFR and the $26 Billion settlement reached by the States with various financial institutions. The deadline to apply for an independent review under the IFR is Sunday, September 30, 2012.
Borrowers: Foreclosed, Struggling or Underwater? You May be Eligible for Portion of $26 Billion Settlement
April 20th, 2012
In February 2012, 49 states, including Michigan, reached a $26 Billion settlement with five of the nation’s largest mortgage lenders over foreclosure practices previously utilized by these financial institutions. Earlier this month, the settlement was approved by a federal judge. The settlement is designed to provide restitution to borrowers who were improperly foreclosed on between 2008 and 2011. In addition, borrowers who are currently struggling with their mortgage payments or have homes that are underwater may be eligible to receive assistance from the settlement fund. Ultimately, the settlement may provide relief and assistance to countless borrowers struggling with our current housing crisis.
November 17th, 2011
November 10′s posting, below, predicted that the Michigan Supreme Court would deny leave to appeal from a decision regarding MERS’ right to foreclose by advertisement. As a lifetime Michigan resident, one should have known better to try to predict a Supreme Court’s decision. Doing so is like trying to predict our Great Lakes-influenced weather.
November 10th, 2011
The Michigan Supreme Court heard arguments today on whether it should grant an application for leave to appeal from and reverse the Michigan Court of Appeals April 21, 2011 opinion in Residential Funding Co. LLC v. Saurman ["Saurman"] which held that Mortgage Electronic Registration Systems ["MERS"], a “nominee” [agent] of a lender and holder of a mortgage, lacked the legal authority to foreclose upon that mortgage by advertisement under Michigan law. Saurman held that because MERS failed to meet the statutory requirements for foreclosure by advertisement, the MERS foreclosures were void ab initio.
September 8th, 2011
On August 25, 2011 the Michigan Court of Appeals published a final opinion in Richard v. Schneiderman & Sherman, P.C., No. 297353. (The court had previously issued an opinion on August 11, 2011 which it later vacated on August 22, 2011.) The opinion is important because it confirms that Saurman (previously discussed on this blog) is retroactive in nature; however, it limits the application of Saurman by requiring a mortgagor to challenge the foreclosure by advertisement during the foreclosure or eviction proceedings. The court specifically points out that that if the foreclosed property has already been sold to a bona fide purchaser then Saurman does not apply.
August 2nd, 2011
The Michigan Court of Appeals has issued a decision that will affect thousands of Michigan properties. In the consolidated case of Residential Funding Co, LLC v Suaman, April 21, 2011 (NO. 290248 and 291443), the Court of Appeals examined the question of whether foreclosures instituted by Mortgage Electronic Registration System (“MERS”) could properly be foreclosed under Michigan’s foreclosure by advertisement statute. MERS was developed as system allowing mortgage lenders to more quickly buy and sell mortgage debt in the marketplace. Many of the larger banks utilize MERS as their agent for mortgages. MERS has instituted a large percentage of the foreclosures by advertisement currently underway in Michigan.