foreclosure

There has been evidence here and there of a marked fall in new foreclosure filings. Lender Processing Services, which handles more than half of the loans serviced in the US, said its revenues in its Default Services Group were down in the final quarter of the year. Why? Its revenues are tied to initial foreclosure filings, and its were off 33%, no doubt in large measure due to the robo signing scandal. Recall that it led many banks to halt foreclosures (some all over the US, others in judicial foreclosure states only) while they inspected the state of play and scrambled to revamp procedures. Banks piously claimed that they found no problems in the correctness of foreclosure actions and that ex making the changes needed to assure affidavits were proper, they were going to be back to business as usual post haste.

Now we already know that that isn’t the case. Since the robosigning scandal broke, foreclosure activity has been down. RealtyTrac reported that foreclosures in January were up only 1% over December levels, which was down 17% from the year prior.

But RealtyTrac captures every foreclosure filing in that particular report, so it is a mix of new foreclosure filings plus additional filings for foreclosures already underway (the number of filings required varies by state, but the minimum number is three, and the number can also be increased if a borrower gets a foreclosure suspended, say by entering into a payment catchup plan, and then has the process restarted later on).

Lynn Syzmoniak of Fraud Digest provides a snapshot for January 1 through January 26 in two counties in Florida, Lee County and Palm Beach County:

Her tally for US Bank over the same period covered only Lee County, but showed similar results: 42 new foreclosures for 2011 versus 143 for 2010.

Now merely eyeballing this sample, and assuming it is representative of Florida (Syzmoniak says other counties show similar patterns), it’s clear the decline is bigger than the 33% fall that LPS mentioned for the fourth quarter of 2010 or the 17% figure from RealtyTrac.

There are reasons why Florida might show a steeper fall than other states. First, the state AG has been investigating all the major foreclosure mills in the state. Some, like the Law Offices of David Stern, have effectively folded. So there could be a bit of disarray simply due to the loss of some processing capacity.

Second, Florida, like New York, has implemented a rule requiring that attorneys verify information provided in foreclosures. That might seem to be merely ceremonial, since lawyers are already responsible for the accuracy of information provided to the court. But I am advised that this measure is more than mere belt and suspenders; it apparently would have the effect of lowering the bar for opposing counsel calling for Rule 11 sanctions if he thought the foreclosing attorney was submitting bogus documents or information. That rule did became effective February 11, 2010 (hat tip Lisa Epstein), and the foreclosure mills have tried to escape compliance. I’d imagine in the wake of the robo signing scandal, their clients are becoming less tolerant of this sort of thing.

If this pattern holds across at least across judicial foreclosure states, it suggests what we have long argued: that failures to convey loans as required by securitization documents are widespread, if not pervasive. Now that servicers and foreclosure mills are finding that a lot of judges no longer take them at their word, which means they increasingly have to provide documentation, they may be finding that a lot of their records do not pass muster. And while document fabrication was once an easy way out, that strategy is a lot riskier than it used to be.

Reader input welcome. Do you have any local data on the level of new foreclosures in 2011 versus same period 2010?

"No TKO's will be accepted"

~

Check out this letter sent from "Foreclosure Stoppage" Attorney George Babcock to opposing counsel Mark Harmon...

Dear Mr. Harmon,

Please 
be advised  that  I have been retained by Mr. Conley  regarding  the
notice of illegal foreclosure  you mailed  to him on February 4, 2011.
The chain of title to this properly and  the note is like a walk down 
the yellow  brick road.  Is Harmon  Law the Wizard of Title? You
display  extreme  indifference to the law by noticing a foreclosure  on
this property. As you know,  I take great pride in defending my
clients  against  the evil forces that guide your actions. Mr. Conley 
is a personal friend. It is my intention to be even more pugilistic in
this matter.  It is disgusting  and  I will make sure  that whoever 
violates  his property rights is knocked out of the ring. No TKO's will
be accepted. A full  fledged,  right cross to the chin of the beast.

I
look  forward to a response although  I am quite certain  you will not
engage me as is your habit. Send your minions that  I may  lay waste 
to them before me.

I hope  that this letter  is circulated  as
has been your habit in the past. I like my enemy  to know  that I am at
its doorstep.

Very  truly yours,

George  E. Babcock, Esquire

Actual letter below...

But first, some background on Mark Harman...

AG investigating Newton law firm's foreclosure work

Harmon
Law Offices, a Newton firm that specializes in foreclosures, is being
investigated by the state attorney general's office for allegedly
unlawfully evicting residents from bank-owned properties.

State
officials want to determine whether Harmon Law failed to comply with a
new Massachusetts law that protects tenants living in foreclosed homes
from eviction, a spokesman for Attorney General Martha Coakley said
today. more here...

Plantation foreclosure company's director quits amid investigation ...

Mark
P. Harmon has resigned as a director at the Plantation foreclosure
processing company with ties to David J. Stern's law practice, as the
Massachusetts Attorney General said it is investigating whether
Harmon's firm illegally evicted tenants from repossessed homes in that
state.

Harmon's resignation, announced by DJSP Enterprises Inc.
on Monday, comes as the beleagured company said it is laying off
another 198 employees, bringing the total to 300 within the past two
weeks. more here...

For more on "Foreclosure Stoppage" attorney George Babcock click here...

 

4closureFraud.org

 

Foreclosure Fight Club Lawyer Letter

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