The Arizona Supreme Court just weighed in on the issue of attorney’s fees in tax lien foreclosure cases. Under Arizona Revised Statutes section 42-18206 (2010), a tax lien purchaser is entitled to a judgment for costs and reasonable attorney fees if the delinquent taxpayer redeems the lien after the purchaser commences a foreclosure action. After … [Read more…]
I took three different calls this past week from homeowners who have sought the assistance of Bank of America’s servicing subsidiary, BAC Home Loans Solutions, for a loan modification. What most unsuspecting homeowners do not realize is that BAC simply has no vested interest in actually making good on the false promises it continues to … [Read more…]
Arizona Attorney General Terry Goddard announced that on December 17, 2010, his Office filed a lawsuit against Bank of America and its affiliated companies alleging violations of the Arizona Consumer Fraud Act and violations of the consent judgment entered in March 2009 between Arizona and the Countrywide companies owned by Bank of America. The lawsuit, … [Read more…]
The Federal Housing Finance Agency, which has served as the conservator of Fannie Mae and Freddie Mac since 2008, is looking to recoup on serious losses that the government sponsored entities have suffered as a result of their heavy purchases of mortgage-backed securities during the hey days of the real estate bubble. The FHFA has … [Read more…]
MERS or the Mortgage Electronic Registration Systems, little known before the foreclosure tsunami struck, was developed in the early 1990’s by a number of financial entities, including Bank of America, Countrywide, Fannie Mae, and Freddie Mac, allegedly to allow consumers to pay less for mortgage loans, streamline the mortgage process through electronic commerce, and eliminate … [Read more…]
Let’s start out with this – I’m incensed today. The newest cottage industry to crop up in the wake of the foreclosure tsunami are the loan modifiers. Many of the most notorious loan modification companies were headed by the same individuals that were all to happy to originate loans that never should have been considered … [Read more…]
In one of my prior blog posts (April 6, 2010 – "Tax Lien Foreclosure: Ready, Willing, and Able to Redeem"), I wrote about an unpublished Memorandum Decision from the Arizona Court of Appeals, Division 2 – Leveraged Land, Montgomery, v. Hodges, 2 CA-CV 2009-0057. In that Decision, the Court overturned a default judgment that a tax … [Read more…]
It never ceases to amaze me how astute and opportunistic people can be when it comes to making money. In the Arizona tax lien foreclosure realm, there exists a group of opportunistic investors that derisively have been called "bottom feeders" or "title raiders." What these people do is comb public records to find pending tax … [Read more…]
Tax lien investors need to understand the importance of sub-taxing their tax liens in Arizona. When a tax lien investor purchases a tax lien at the February Pima County tax lien sale, for example, that investor then has the right to purchase the next year’s delinquent taxes if the owner does not pay the subsequent … [Read more…]
Bank of America, which bought Countrywide Financial for $4 billion in stock in early 2008, has come under pressure from the Massachusetts Attorney General, as a result of Countrywide’s notorious lending practices. Bank of America’s move is part of an agreement to settle claims over certain high-risk loans made by Countrywide. See link to Wall … [Read more…]