© 2020 by Nordic Star Law. All rights reserved. No Attorney Client Relationship. 

Recent Posts

As you may recall, after the 2008 market crash and recession I wrote a handful of Law Review columns strongly criticizing institutional lenders for dealing unfairly with their borrowers. I met with innocent homeowners, many who were talked into filing applications for loan modifications, only afterwards to be foreclosed on by the lender. Most lost their homes. The foreclosing lenders did just fine.

HOMEOWNER BILL OF RIGHTS

In 2012, California enacted the California Homeowner Bill of Rights to address what I candidly describe as abuse, even fraud, by institutional len...

A California federal judge has certified a nationwide class of Wells Fargo mortgage borrowers who say the bank breached its contract by denying them home loan modifications, while excluding proposed subclasses of borrowers bringing consumer protection, wrongful foreclosure and emotional distress claims.

In partially granting the certification bid Wednesday, U.S. District Judge William Alsup approved a class definition that encompasses Wells Fargo mortgage borrowers who qualified for a home loan modification between 2010 and 2018 but were not offered it due to a soft...

The California company that evicted a group of homeless mothers from a West Oakland, California, home this week is the force behind a sprawling national home-flipping operation. Through a related entity, the company, Wedgewood Properties, also benefited from a controversial government program to offload distressed, federally insured loans to investors.

Early Tuesday morning, sheriff’s deputies evicted the group Moms 4 Housing, who were occupying a foreclosed, investor-owned home in West Oakland. In November, the four women and their children moved into a home that h...

A former Fannie Mae employee will spend more than the next six years in prison after being found guilty of accepting more than a million dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

Back in January 2018, Shirene Hernandez was charged with accepting bribes for steering foreclosures to certain brokers and even allegedly buying some foreclosures herself at below market value.

And nearly a year ago, Hernandez was found guilty of two wire fraud counts that involved the deprivation of honest services...

From Freddie Mac’s weekly survey: The 30-year, fixed-rate averaged 3.64%, eight big basis points lower than last week. The 15-year, fixed-rate averaged 3.07%, nine basis points down from last week.

The Mortgage Bankers Association reported a 1.5% decrease in loan application volume from two weeks earlier.

Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $510,400 loan, last year’s payment was $239 higher than this week’s payment of $2,332.

What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages withou...

November held some of the lowest foreclosure stats in a decade, according to Black Knight. Black Knight’s First Look at November 2019 foreclosure data revealed that November’s 33,500 foreclosure starts represented a 26% year-over-year decline, alongside the lowest monthly volume since 2000.

Additionally, the national foreclosure rate fell by 3% month-over-month. While delinquencies rose seasonally, delinquency levels are still nearly 5% below last year’s level. Prepayment activity fell 19% from October’s six-year high due to both seasonal declines in home-sale-relat...

Default notices, scheduled auctions or bank repossessions jumped 13 percent month-over-month during October 2019, according to a report from ATTOM Data Solutions.

The 55,197 foreclosure filings in October were down 17 percent from one year ago, ATTOM found.

“While foreclosure activity across the United States rose in October, in looking at historical trends, October numbers tend to increase as lenders may be pushing filings through the pipeline before the holiday season,” ATTOM Chief Product Officer Todd Teta said in a release. “The latest number is still below where...

ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its October 2019 U.S. Foreclosure Market Report, which shows there were a total of 55,197 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in October 2019, up 13 percent from the previous month but down 17 percent from a year ago.

"While foreclosure activity across the United States rose in October, in looking at historical trends, October nu...

An opinion recently published by California’s Second Appellate District — Gietzen v. Covenant RE Management, Inc. — addresses the impact of foreclosure on the rights of a third party beneficiary to a lease.

Facts: commercial tenant obtains judgment against landlord limited partnership; tries to amend judgment to include landlord’s general partner
 

Yolanda’s Inc. owned and operated a restaurant in the Seabridge Shopping Center in Oxnard, and leased space from a limited partnership (Rocklin Covenant Group, LP) and a related LLC.  Yolanda’s president Rod Gietzen p...

Three officers of a mortgage company have been arrested on a 121-count felony indictment for allegedly operating a mortgage fraud scheme that mostly targeted seniors and resulted in losses of more than $7 million, state Attorney General Xavier Becerra announced Friday.

The specific counts against Steven Rogers, Robert Sedlar and Audrey Gan include conspiracy, grand theft, elder abuse, filing false or forged documents in a public office and engaging in a prohibited act as a foreclosure consultant.

The victims, many of whom were elderly and in financial distress,sought...

Three people associated with Grand View Financial LLC have been indicted for running a mortgage fraud scheme throughout California, including San Diego County.

The scam targeted many elderly and financially distressed homeowners by promising mortgage and foreclosure relief, with combined losses totaling $7 million, according to California Attorney General Xavier Becerra.

“Individuals who prey on vulnerable communities to enrich themselves will be held accountable by the California Department of Justice,” said Becerra in a statement released Friday.

Steven Rogers, Robe...

Please reload

Please reload

Archive