Want to know how sick the system is? Below is just part of one day's analysis of the status of mortgage foreclosures we answered and are monitoring. As you know, we were recently forced to start charging a flat fee of $150 to answer and monitor these cases. I have 2 full time people doing this. I think we just passed a BILLION Dollars in foreclosure defenses, over 3,200 at about $300k each...
Here is how to read them:
date-initials of my employee-action taken-followup
FC= foreclosure; MSJ= Motion for Summary Judgement' OC= Opposing Counsel.
This is absolutely sickening! When we call the plaintiffs lawyers, they pull the file and move; if not they only move if their clients scream at them, and because Uncle Sam is bailing everybody out , what do the "lenders" care? They've already raped the investors, and sliced and sliced up the packages of these worthless mortgages.
The lawyers for the plaintiffs are totally under water, and their clients don't really want the properties anyway, what with having to pay back assessments, ongoing assessments, property taxes, maintenance &tc., &tc......
These matters are moving at about the speed of molasses, which is why I beat the drum about moving aggressively against delinquent owners, and having clients consider authorization of their own foreclosures even when the first mortgage holder starts foreclosure. This is done on a not to exceed fee of $1500, including costs. We can usually go start to finish in 5-7 months and the associations can then rent out the properties. Remember, no guarantees, but if your association sits on it's hands, you will get death by slicing
I believe it will get worse as the lenders all wait for Uncle sam to see how much they can sucker the taxpayers for in a bailout. Current valuation is about 22 cents on the dollar wait, it gets worse, I think we are half way through, maybe. Just wait until all of the resets on loans come this year, and all of the foreclosed properties get on the market at 50% of their former "value."
12-06-07-GT-Opened Mtg FC file. XXXXXX's office answered complaint 10-11-07.
docket pulled - nothing since answered filed. Check status 2mos.
02-20-08-GT-Per Gail, OC is awaiting hearing date for MSJ. Check status
2mos.
08-08-08-GW-Pulled docket nothing since April. Status 2 mo
08-29-08-GW- MSJ filed. check 1 mo for hearing date
02-02-09-GW- Nothing on docket since 8/08. Check 2 mos
2-06-07-GT-Opened Mtg FC file. XXXXXXX's office answered complaint 10-11-07.
docket pulled - nothing since answered filed. Check status 2mos.
02-20-08-GT-Per Gail, OC is awaiting hearing date for MSJ. Check status
2mos.
08-08-08-GW-Pulled docket nothing since April. Status 2 mo
08-29-08-GW- MSJ filed. check 1 mo for hearing date
02-02-09-GW- Nothing on docket since 8/08. Check 2 mos
04-09-08 LAP Answered Complaint. Check status 3 mos.
08-08-08-GW- Pulled docket. Nothing since April. Check 2 mos
11-21-08-GW- MSJ filed. Check 2 mos for hearing date
02-09-09-GW- Check 2 mos for hearing
12-03-07-GT-Answered Mtg FC complaint. Check status 3mos.
03-04-08-GT-MSJ was set for 02-28-08. Check status 2mos.
08-13-08-GW- Sale date Septemebr 8, 2008. Check 1 mo for CT
09-09-08-GW- OC filed Motion to cancel sale. Check 1 mo for resch.
02-09-09-GW-Case reopened 9/08. Nothing filed since 9/08. Check 3 mos
03-16-08-GT-Gail answered Mtg FC complaint 03-07-08. Check status 3mos.
08-08-08-GW- Pulled docket. Service being perfected. Check 2 mo
02-09-09-GW- MSJ filed 11/08. Check 1 mo for hearing
03-16-08-GT-Gail answered Mtg FC complaint 02-12-08. Check status 3mos.
05-22-08-GT-MSJ hearing set for 07-03-08. Check status 2mo.
08-08-08-GW-Pulled docket. Nothing since April. Check 2 mos
02-09-09-GW- Pulled docket. MSJ filed 4/08 nothing since. Emailed atty for
status
03-16-08-GT-Gail answered Mtg FC complaint 03-04-08. Check status 3mos.
04-20-08-GT-Owner filed BK 04-09-08.
08-20-08-GW-OC filed Amended Amts Due and Owing. Check status 2 mos
08-22-08-GW-BKR discharged July 20, 2008.
02-09-09-GW- Defaults being filed 1/09. Check 2 mos for MSJ
11-21-07-GT-Answered Mtg FC complaint. Check status 2mos.
01-28-08-GT-Stern's office is perfecting service and entering defaults.
Check status 2mos.
08-08-08-GW- Nothing on docket since December. Check 2 mos
02-09-09-GW- Cas dismissed 8/14/08. File closed
11-16-07-GT-File pulled for case status update. Docket shows no movement
since 04-03-07.
11-28-07-GT-Emailed status request to Echevarria.
11-29-07-GT-Per plaintiff's atty, this file is on BK hold. Check status
3mos.
03-04-08-GT-No movement on docket since 04-03-07. File to Gail to call OC.
03-07-08-GT-Per Gail's email from OC, file is still on BK hold. BK is
active. Check status 3mos.
10-24-08-Amending MSJ Check 3 mos for hearing Check 2 mos
02-05-09-GW- BKR terminated. Check 2 mos
02-09-09-GW- 10/08-Lenders atty amending MSJ and reschedule sale date.
03-09-08-GT-Gail answered Mtg FC complaint 02-12-08. Check status 3mos.
06-27-08-GW-Sale date 7/23/08. Check 1 mo for CT. No fax sent per Kathy.
08-04-08-GW-Sale to third part for $99,700. Check 1 mo for CT
4-18-08 LAP Answered Complaint. Check status 3 mos.
02-09-09-GW- Nothng on docket since 7/08. Check 2mos
12-27-07-GT-Answered Mtg FC complaint. Check status 2mos.
03-02-08-GT-OC is preparing defaults. Check status 2mos.
04-09-08-GT-BK filed 03-31-08.
05-22-08-GT-File was administratively closed but NOT dismissed. Check status
2mos.
09-18-08-GW-9/18/08 Hearing cancelled per phone call 9/17 from OC office.
Check status 2 mos
09-30-08-GW-Hearing cancelled. check 2 mos for reschedule
02-09-09-GW-Nothing on docket since 9/08. Court has the file as closed. No
dismissal filed. Check 2 mos
12-17-07-GT-Answered Mtg FC complaint. Check status 2mos.
03-02-08-GT-OC is preparing for defaults. Check status 2mos.
07-17-08-GW- Check status 2 mo
08-04-08-GW-MSJ hearing for 7/31/08 cancelled. Check status 2 mos
02-09-09-GW- Hearing cancelled. Notingo n docket since 7/08. Check 2 mos
01-07-08-GT-Answered Mtg FC complaint. Check status 2mos.
02-04-08-GT-Owner is in BK.
03-09-08-GT-File is on BK hold. Check status 3mos.
06-15-08-GT-BK was discharged 03-24-08. OC is restarting the Mtg FC action.
Check status 2mos.
06-18-08-GW-MSJ hearing 7/17/08. Check 1 month after.
09-15-08-GW- Hearing cancelled. check 2 mos for reset.
11-01-08-GW-MSJ filed Check 2 mos for hearing date
02-09-09-GW-MSJ hearing 4/21/09. Check 1 mo for sale date
01-21-08-GT-Answered Mtg FC complaint. Check status 3mos.
07-17-08-GW-Service being perfected. Check 2 mo
02-09-09-GW- Noting on docket since 6/08. called lender atty they are
preparing the MSJ in about a month Check 1 mo
09-10-08-GT-Opened FC file. Ran clerk search - clear. Ready for TS.
10-03-08-GT-Have not rec'd TS back from Mike. Check status 2wks.
10-09-08-GT-Updated clerk search - Mtg FC found. File converted to Mtg FC.
Check status 3mos.
10/28/08-GW-Ans Complaint. Check status 3 mos
03-18-08 LAP Answer Complaint - Check status 3 mos.
08-04-08-GW-MSJ hearing 9/22/08. Check 1 mo for sale date
10-18-08-GW-MSJ hearing 11/4/08. Check 2 mos for sale date
11-13-08-GW- Sale date 12/5/08. Check 1 month for CT
11-18-08-GW- Bankruptcy filed 11/5/08. Check 3 mos
12-01-08-GW- Foreclosure sale cancelled Check 2 mos
02-09-09-GW- Nothing on docket since 12/08. Check 2 mo
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