Show the note conference in Arizona

If you have lots of time to spare, you can watch this 1 hour seminar on the legal ins-and-outs of the mortgage industry and on how so many cases of foreclosure are rather weak because of the way many of the banks got sloppy with transferring the title of the note as the loan was constantly passed around various financial institutions.

With dozens of people forging the names of "bank executives" like Linda Green for the likes of Bank of America, Wells Fargo, Chase and Countrywide, it's easy for homeowners to request the bank to show the note and to show proper foreclosure documents---If the signatures on the documents were forged, the homeowner might be able to buy themselves a few extra months while the wheels of justice grind slowly.

As always, be sure to consult an attorney for legal advice that is tailored for your own state.

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Man Forecloses on Wells Fargo with a QWR

Recently various media outlets including the Consumerist and USA Today have published articles on Patrick Rodgers a Philadelphia homeowner who was having a ton of problems with Wells Fargo concerning his mortgage.

In 2002, Rodgers paid $180,000 for his nice little house in Pennsylvania and then the Bank wanted him to insure it for 1 million. It also charged him for two home inspections when nobody came over to inspect the house.

Patrick called dozens of times and had no luck in getting any response to resolve his loan issues... Consequently, he went online and did a little bit of legal research. He then decided to write to Wells Fargo with a Qualified Written Request (QWR)... Banks have 60 days to respond to these requests, and if they don't they can be sued for $1,000. Needless to say, the executives at Wells Fargo ignored Mr. Rodgers' requests, and so he took them to small claims court. Nobody showed up---so he got summary judgment. Since the bank still didn't pay, he had the local sheriff serve papers to the local mortgage brokers office in order to auction off items within the office to raise the $1,100 fine.

Low and behold, after the Sheriff's notice and tons of media attention... Wells Fargo ended up contacting the man and had a 40 minute conversation... It will be interesting to see how this issue ends up closing.

Moral of the story, if you're looking to delay your foreclosure process or annoy your bank, you should research this case some more; learn about the Qualified Written Request process and get a little litigious on your mortgage company.

Banks Can't Foreclose on Some Homeowners in Massachusetts

Bloomberg recently reported that the Massachusetts Supreme court ruled against Wells Fargo and US Bancorp.

Essentially, the high court agreed with a lower courts ruling that the foreclosure process the banks imposed against some lenders was not valid because the banks could not prove that they were indeed owners of the note.

The judges acknowledged that the families were not paying their monthly mortgage payment; but unless the financial firms can "show the note" or otherwise prove that they were holders of the mortgage during the time of the foreclosure, then the proceedings can not go through.

Such judicial voiding of foreclosures is getting more and more common has homeowners' lawyers are asking the Countrywides & Bank of Americas of the world to "Produce the note"... At the very least such strategies may delay your eviction a few weeks or months, or as in extreme cases (such as those in metro-Boston) the foreclosures will be thrown out.

Is Bank of America Resuming Foreclosures?

According to CNN, Bank of America (which purchased Countrywide) said this Friday that it is going to resume foreclosing on homeowners who have fallen behind on their monthly payments.

"We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country," said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans, in a statement. "The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market."

The bank said it plans to proceed with 16,000 foreclosures this month, though it will observe a "holiday suspension" of sales and evictions from Dec. 20 to Jan. 2.

So if you don't get a foreclosure notice by December 19th, that means that you may be able to get another two weeks. I'm guessing that the bank executives just don't want the company to have negative press that would be associated with kicking people out onto the street during Christmas time.