Foreclosure Notes 4/8/13 – 4/11/13

VICTORY!! Atlanta woman wins home back after wrongful eviction (Occupy Our Homes)

Atlanta homeowner Sherrye Calhoun has won a major victory this week from Chase Bank! After Sherrye was wrongfully evicted from her home of 30 years last summer, neighbors and supporters helped her move her belongings back in and pledged to defend her from further actions by the sherriff or the bank. After organizing support and putting pressure on the bank to investigate their wrongdoing, Chase finally decided to sell the home back to Sherrye for $1!…

Sherrye Calhoun’s story is rare and perhaps precedent setting victory in the South.

Occupy Sacramento still making noise (News Review)

Last Thursday, March 28, two women chained themselves to an old stagecoach in the lobby of the Wells Fargo building on Capitol Mall, while a couple dozen fellow Occupy Sacramento and Occupy Stockton activists protested what they viewed to be the bank’s unethical foreclosure practices in California…

An Occupy Sacramento staple who goes by the name “Faygo” told SN&R last month that the group continues to hold its weekly general-assembly meeting on Sunday afternoons outside of City Hall, with about a dozen people usually showing up.

Judge stops eviction of homeowner with disabilities (Worker’s World)

Detroit – S. Baxter Jones appeared before U.S. Bankruptcy Judge Walter Shapero on April 4 in a desperate attempt to stop his eviction from his home. Shapero, in a move that stunned many attorneys, gave Jones a 30-day adjournment, thus keeping the homeowner with disabilities from becoming another victim of Wells Fargo Bank and the federal government’s Fannie Mae agency…

udge Shapero overruled the objections of the attorney for Fannie Mae, who listed all the “proper” legal steps taken by her client to put Jones out of his home. The judge agreed that the law was clear, but stated that “the law isn’t everything.” He ordered the 30-day adjournment until the court could appoint an attorney to assist Jones on a pro bono basis.

Elizabeth Warren Gets Fed & OCC To Admit They Protect Banks (Daily Kos)

Warren – So you’ve made decision to protect the banks, but not the families that have been foreclosed against?

Ashton – Yes.

Fed/OCC: $3.6B in Checks from Foreclosure Pact Start Apr 12 (MNI)

The Federal Reserve and the Office of the Comptroller of the Currency Tuesday announced that those 4.2 million people eligible to share in a $3.6 billion settlement regarding foreclosure issues reached earlier this year with some major banks should start seeing their checks from $300 to $125,000 arriving after April 12…

The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo…

In most cases, borrowers will receive a letter with an enclosed check sent by the Paying Agent-Rust Consulting, Inc…

Foreclosure Review Finds Potentially Widespread Errors (Huffington Post)

Nearly a third of all foreclosed borrowers who faced proceedings brought by the biggest U.S. mortgage companies during the height of the housing crisis came to the brink of losing their homes due to potential bank errors or under now-banned practices, regulators have revealed.

Close to 1.2 million borrowers, or about 30 percent of the more than 3.9 million households whose properties were foreclosed on by 11 leading financial institutions in 2009 and 2010, had to battle potentially wrongful efforts to seize their homes despite not having defaulted on their loans, being protected under a host of federal laws, or having been in good standing under bank-approved plans to either restructure their mortgages or temporarily delay required payments.

… The estimates, disclosed Tuesday, far exceed projections made over the past few years…

Foreclosures returning to pre-housing bust levels (CNN Money)

Last month, banks repossessed just under 44,000 homes, within striking distance of the pre-housing bust monthly average. At the height of the housing meltdown, in September 2010, repossessions topped 100,000 a month…

For the past couple of years, foreclosures have been on the decline as homeowners seek alternatives like short sales, in which they sell their home for less than what they owe and the bank agrees to forgive the difference. The deals are preferred by the banks over foreclosures and have less of a negative impact on consumers’ credit scores.

But now even the need to turn to short sales is waning. These deals accounted for 10% of sales in February versus 14% a year earlier, according to the National Association of Realtors.

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