Upside Down Mortgage

Archive for September, 2009

Mortgage Relief Department

Question: let the houses go and file for banktrupcy?

I used to have a few houses that an investor took "subject to" and I hold the mortgage .Now, this investor is starting to default on the mortgage of at least one house that I know of, and the house is in foreclosure. I also get calls from the codes violations department about possible liens on the other properties. My credit is shot as a result of this investor (and my own bad choices), and I also have a couple of houses on my own . One homesteaded (with not much equity) and one rented that is $300 a month upside down. I also have credit card debts, an upaid car and no job (I'm on unemployment)... so, as you can see I fee I'm heading to a disaster. I'm willing to let everything go for the peace of mind! Can liens be attached to my homestead home? I feel that chapter 7 is my answer, considering I cannot pay anything, really... My money is running out, and I can't take the stress anymore. Any ideas of relief? Foreclosures? Banktrupcies?

Answer: Talk to a BK attorney in your area. soon and see what your options are..

Dems Demand Bailout Reform

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Mortgage Fraud Practice Note

From: New York attorney Gary E. Rosenberg (personal injury and accident attorney and lawyer; serving Brooklyn Queens Bronx; Queens Injury Lawyer)

In Re: Bertram Brown

Please pay attention to this timeline:

December 15, 1954 - Bertram Brown is admitted to the practice of law in the State of New York.

On May 5, 2004 - a complaint was made by Lucia Santiago that Bertram Brown had represented the Santiago family in the sale of real property in Richmond Hill that netted proceeds of $61,498.35. Bertram Brown allegedly put the money into his personal bank account and spent some.

July 21, 2004 - a complaint was made that Bertram Brown took $74,000 of client funds, which he denies. A judge makes this complaint against him. Allegedly he sold a property for an estate (of a dead person) and kept the money from the sale, depositing it into his personal bank account, which money was supposed to go to the deceased's heirs.

December 8, 2004 - a complaint was made by Janice Ryan who hired Bertram Brown to represent her in a foreclosure proceeding and to get her mortgage with Chase Manhattan Bank reinstated. The mortgage was $85,000 in arrears at that time. In order to facilitate the reinstatement, Ryan entrusted Bertram Brown with $73,069.00. After the bank rejected the application for reinstatement of the mortgage, Bertram Brown advised Ryan to file for chapter 13 bankruptcy protection. Bertram Brown also suggested he retain the money to hide it for the duration of the bankruptcy proceedings (which is bankruptcy fraud). Once Ryan demanded the return of the funds, however, Bertram Brown repaid only $7,500.00, and only after repeated demands. The checks totaling the $7,500.00 were drawn from Bertram Brown's private account.

September 27, 2005 - Bertram Brown is immediately suspended from the practice of law, even before the charges against him are finally decided. This is to protect the public.

Further proceedings are held.

The Court notes:

"This Court's order of suspension was entered on September 27, 2005, and was served via overnight mail on [Bertram Brown's] then counsel in the afternoon of September 28th. On September 30th, [Bertram Brown] appeared before New York Civil Court Judge Jeffrey Oing, on behalf of his client Third Avenue Wireless, Inc. According to an affidavit from [Bertram Brown's] adversary, [Bertram Brown] appeared that day and made an application for an adjournment so that he could prepare and submit opposition papers to a motion, and entered into a stipulation adjourning the motion for that purpose.

On October 3, 2005, the adversary telephoned [Bertram Brown] asking him if he was suspended. [Bertram Brown] initially did not admit to it, indicating that the Committee was only looking into allegations, but when pressed, finally admitted he was indeed suspended. On or about October 17, 2005, [Bertram Brown] served the Committee with his affidavit of compliance with the order of suspension as required by 22 NYCRR 603.14(a)(I), swearing therein that he had fully complied with the provisions of the suspension order and the rules.

Nevertheless, two days later, on October 19, 2005, [Bertram Brown] again appeared in court on behalf of a client, Virginia Khublall, this time before Queens Supreme Court Justice Allan B. Weiss. Prior to the call of the calender, [Bertram Brown] engaged in negotiations with his opponent. [Bertram Brown] then appeared on behalf of the plaintiff never alerting the court or his adversary to the fact that he was interimly suspended. While [Bertram Brown] eventually advised opposing counsel that he had to be substituted because of a disciplinary "problem", he did not do so until Friday, October 21, during a settlement discussion. To date, [Bertram Brown] has never advised counsel that he has been suspended."

October 25, 2005 - Bertram Brown is questioned under oath anjd denies that he practiced law

in the Khublall matter because he had informed his client that he had been suspended before the court appearance and only appeared in court to obtain an adjournment.

November 2, 2005 - a complaint was made by Andrea Conyers alleging that Bertram Brown, among other things, had been holding a real estate buyer's down payment in the amount of $30,000 since November 2004. Bertram Brown claims the money is preserved intact and had been returned ott he buyer's attorneys, but his bank records reflect that from October 14 through November 7, 2005 (after the effective date of his suspension), he made six withdrawals to himself totaling $24,000, causing the balance in his account to fall below the amount required to be maintained on behalf of that third-party buyer.

April 13, 2006 - Bertram Brown is disbarred (loses his law license) for good.

You would think this would be the end of this matter, but it's not.

January 2007 - Bertram Brown is caught representing a client in The Bronx while using the name and credentials of a former associate, then again in Queens in September using the same alias. Both times, he is punished only with probation.

January 2009 - Bertram Brown, 81 years-old, surrenders to Brooklyn prosecutors for allegedly using a phony name to represent a client in a housing-court case. He was caught representing a Brooklyn landlord in a suit brought against him by a tenant. He faces mandatory jail time if he's convicted of another felony.

Comment: Does anyone think to check if he's mentally competent?

About the Author:

FREE books & reports! Get more information about New York car accidents and personal injury by requesting attorney & author Gary Rosenberg's FREE books: “Warning! Things That Can Destroy Your Car Accident Case (And the Insurance Companies Already Know These Things)” and “Good Lawyers Don’t Call You First” at http://www.greatlegalbooks.com . For more information and FREE reports, visit http://www.garyrosenberg-law.com/freelibrary.html .

Source - Lawyer Can't Stop Practicing, Even After the Judges Tell Him to Stop

Real Estate & Mortgage 8 - Foreclosure Meltdown Fraud & Scams Dec08 - Foreclosure Sharks & Scams

Subprime Home Equity Loans

The mortgage industry is hurting from the collapse of the subprime lending, but the credit card companies are learning to take advantage of the situation. Be careful what you borrow, whether it is for a house or for personal expenses.

Credit card companies have found that those who have fallen prey of the subprime lending market are good candidates for credit cards. As these individuals fall behind on their mortgage payments, they try to make ends meet in another way. Many are turning to the new credit card offers they are getting in the mail to receive the help they need to get by.

The use of credit cards in this situation is becoming increasingly prevalent since most of these consumers cannot refinance their homes or receive home equity loans. Credit card debt becomes the only means of receiving further loans.

This is an unfortunate situation for those who are suffering from bad mortgage loans, as they are now adding to their debt rather than paying it down in an attempt to avoid foreclosure. Foreclosure is a very scary possibility, and it seems worth the extra credit card debt to avoid.

Defaulting on a credit card by not paying on it for 180 days puts the debt in the hands of some type of collection agency. The collection agency will pursue the debt from you and are known to pester those who owe them money. Add this to the risk of foreclosure, and you are in a very uncomfortable position.

If you are worrying about defaulting on your credit card bills, talk to a credit counselor about what options you have available. A counselor can review your situation and provide you the proper information and assistance to get headed in the right direction financially. Through credit counseling you may be able to lower your credit card interest rates and even become current on those accounts that are heading to delinquency by using a program set up with your credit card companies.

By getting on track to pay down your credit card debt, you increase the likelihood of having the funds necessary to avoid foreclosure on your home. Talk to a credit counselor to get the credit card debt help that you need.

About the Author:

Ronnica Rothe is a graduate with honors from the University of Oklahoma and a current student at Southeastern Baptist Theological Seminary. She works with stopccdebt.com to help individuals get out of debt and reach their financial goals.

Source - Credit Cards Thrive in Subprime Collapse

Mr Mortgage - Home Equity Delinquencies Surge