Hood & Lay, LLC

12/21/2020

Today, HUD announced a moratorium on foreclosures of HUD backed mortgages until February 28, 2021. This is a longer extension than for GSE loans. “The moratorium applies to the initiation of foreclosures and to foreclosures in process."

12/19/2019

As reverse mortgages end, heirs are left with heartache

As reverse mortgages end, heirs are left with heartache

After a death, heirs who want to pay off reverse mortgages to hold onto a family home can be stymied by a seemingly endless cycle of problems.

12/16/2019

Wells Fargo settles with Philadelphia over discriminatory lending allegations - HousingWire

https://www.housingwire.com/articles/wells-fargo-settles-with-philadelphia-over-discriminatory-lending-allegations/

Back in 2017, Philadelphia sued Wells Fargo, claiming the bank engaged in discriminatory lending. The bank denied the city’s “unsubstantiated accusations” and claimed it would “vigorously defend” itself against the allegations, but 18 months later, the bank is settling with the city.

09/30/2019

Fannie, Freddie will retain $45B in capital in first step toward privatization

Fannie, Freddie will retain $45B in capital in first step toward privatization

The move to alter the government's preferred stock purchase agreements is the first major one under FHFA Director Mark Calabria's tenure to wind down the conservatorship of the government-sponsored enterprises.

09/16/2019

Jury awards $101,000 to Portland man who sued Wells Fargo for not fixing credit report due to ID theft

Jury awards $101,000 to Portland man who sued Wells Fargo for not fixing credit report due to ID theft

“A consumer should not have to sue a bank like Wells Fargo to get it to do what the law requires,’’ said Attorney Robert S. Sola, on behalf o the plaintiff, Matthew Sponer, during his closing argument. “They ignored all the information in their own record.’’

09/11/2019

Ditech Deal With Homeowners Paves Way for $1.8 Billion Sale

Ditech Deal With Homeowners Paves Way for $1.8 Billion Sale

Bankrupt mortgage servicer Ditech Holding Corp. cleared the way for the $1.8 billion sales of its businesses by agreeing on Tuesday to preserve some homeowner claims like the right to fix mistakes on their loans.

09/10/2019

National Consumer Law Center

National Consumer Law Center

"I will repeat myself until I’m blue in the face: Credit monitoring isn’t worth it. It doesn’t prevent identity theft," says NCLC attorney Chi Chi Wu. "And all of this credit monitoring money is going to Experian credit bureau! So why is the FTC deliberately driving people and putting in barriers to line the pockets of Experian?"

08/29/2019

Ditech Sale Blocked by Homeowner Claims of Botched Mortgages

Garrity wrote in his decision that Ditech failed to satisfy sections of the bankruptcy code by limiting homeowners’ ability to assert their rights against the buyer, as well as other issues. “For those reasons, the Debtors’ request for confirmation of the Second Amended Plan is denied,” Garrity wrote in his decision.

Bankrupt mortgage servicer Ditech Holding Corp. saw its reorganization plan rejected on Wednesday after a federal judge ruled the company couldn’t sell its mortgage-servicing rights and reverse-mortgage business free and clear of consumer claims.

08/28/2019

The Alabama legislature recently amended the statute regarding District Court jurisdiction. The amendment will significantly change the procedure for lawsuits filed in District Court.

Beginning September 1, 2019, the jurisdictional limit in District Court will increase from $10,000.00 to $20,000.00. That means that cases can be brought in District Court in which recovery being sought is $20,000.00 or less. The amendment also creates “concurrent jurisdiction” between District Courts and Circuit Courts. Essentially, if Plaintiff seeks an amount between $6,000.00 and $20,000.00, the Defendant can “remove” the case to Circuit Court, requesting a jury trial.

If the Defendant wants to remove a case to Circuit Court, it must do so within thirty (30) days from the date of service. A word of caution: Removal to Circuit Court by a Defendant automatically eliminates the $20,000.00 jurisdictional limit on damages.

Therefore, if a Defendant elects to remove the case to Circuit Court, and requests a jury trial, recovery is no longer limited to $20,000.00.

08/28/2019

116

The ABA House of Delegates on Tuesday approved a resolution encouraging courts and bar associations to review their policies on the use and admittance of cellphones in courthouses.

Resolution 116, which passed overwhelmingly by delegates at the ABA Annual Meeting in San Francisco, asks that these policies balance security risks posed by cellphone use with the needs of litigants, particularly those who represent themselves.

The Litigation Section, which sponsored the resolution, also opposes policies that unduly burden litigants or force litigants to leave their cellphones in locations outside of the courthouse that are unsecure or charge a storage fee.

Diversity and Inclusion Goal III Report Evaluating representation and demographics are critical actions in the legal profession. The Diversity and Inclusion Center has just published the 2019 Goal III Report, which provides an overview of the demographics of the ABA's volunteer leaders.

08/28/2019

Want to Fight Foreclosure? Good Luck After Ditech’s Bankruptcy

Want to Fight Foreclosure? Good Luck After Ditech’s Bankruptcy

More than 4,000 homeowners have complained to federal agencies in the past year about Ditech Financial LLC, including allegations that the bankrupt mortgage servicer failed to properly credit payments and wrongly foreclosed on their homes.

06/11/2019

The U.S. Court of Appeals for the Eleventh Circuit is seeking public comment on whether to reappoint four U.S. Bankruptcy Court judges in Alabama and Florida, Law.com reported. All four are on 14-year terms expiring in early 2020. All four are up for another 14-year term. “Upon reappointment, the incumbent would continue to exercise the jurisdiction of a bankruptcy judge as specified in United States Code title 28, United States Code title 11, and the Bankruptcy Amendment and Federal Judgeship Act of 1984,” the Eleventh Circuit said on Friday. “In bankruptcy cases and proceedings referred by the district court, the incumbent would continue to perform the duties of a bankruptcy judge that might include holding status conferences, conducting hearings and trials, making final determinations, entering orders and judgments, and submitting proposed findings of fact and conclusions of law to the district court.” The Eleventh Circuit invited “members of the bar and the public” to “to submit written comments for consideration by the Court of Appeals concerning the reappointment.” Comments must be sent to Circuit Executive James Gerstenlauer, Eleventh Circuit Court of Appeals, 56 Forsyth St., N.W. Atlanta, GA 30303. The deadline is July 22.

06/05/2019

Chase is bringing forced arbitration clauses back to its most popular credit cards

Chase is bringing forced arbitration clauses back to its most popular credit cards

Consumers may be able to opt out of the change, but could find other banks following suit.

06/03/2019

Hospital Lien Legislation Signed by Gov. Ivey

A new hospital lien statute was signed by the Governor and is now law. The new statute provides that unless the hospital’s contract with the insurer requires otherwise, the hospital must file on the patient’s insurance before filing the lien, and must provide all contractual allowances in favor of the patient.

The new law also changes where the lien is to be filed and provides the lien is filed in the county where the hospital provided the services.

11/16/2018

Whiskey Myers

Whiskey Myers

Birmingham, AL! We’ll see ya’ll January 24th at Iron City! Tickets are on sale now.

12/18/2017

Private Collection of Some Overdue Federal Taxes Starts in April Those Affected Will Hear First From IRS IRS Will Still Handle Most Tax Debts | Internal Revenue Service

Private Collection of Some Overdue Federal Taxes Starts in April Those Affected Will Hear First From IRS IRS Will Still Handle Most Tax Debts https://t.co/NIrsOICeMj

IR-2017-74, April 4, 2017 — Starting this month, the IRS will begin sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies.

12/18/2017

Miami Judge Threatens Major Mortgage Company Lawyers With Criminal Charges for Hiding Documents

Miami Judge Threatens Major Mortgage Company Lawyers With Criminal Charges for Hiding Documents https://t.co/FhOxLzHzhh via @miaminewtimes

Ditech, one of America's largest home-loan companies, achieved fame in the 1990s with TV commercials that showed its competitors complaining they had "lost another loan to Ditech." The company largely vanished during the 2008 housing crisis but has since rebounded and remains one of the largest mort...

11/29/2017

Wells Fargo Is Dubbed a Repeat Offender and Faces New Wrath From Its Regulator

Bank regulator warns Wells Fargo, citing practices in auto insurance and mortgage lending https://t.co/oItqxAy8ei via @WSJ

A federal regulator has advised Wells Fargo’s board that it is weighing a formal enforcement action against the bank over improprieties in its auto insurance and mortgage operations.

11/23/2017

JPMorgan hired ex-cons, gave them access to customer data: watchdog

JPMorgan hired ex-cons, gave them access to customer data: watchdog https://t.co/MCHCiJcxv0 via @nypost

JPMorgan Chase hired ex-cons into jobs that could access clients’ bank-account information as it failed to properly screen thousands of employees for more than eight years, according to an industry…

11/21/2017

Equifax breach already taking a toll on consumers

Equifax breach already taking a toll on consumers https://t.co/iBLKzNPYGM

Criminals are using the stolen information from the Equifax breach to apply for mortgages and commit other financial fraud, a new class-action suit alleges.

11/19/2017

5 Flaws That Kill Student Loan Collection Lawsuits

5 Flaws That Kill Student Loan Collection Lawsuits https://t.co/nhxaZK9ojW

Creditors file tens of thousands of lawsuits each year. Here are defenses that have halted collection cases.

11/19/2017

Banks delayed foreclosures to influence discussion of Dodd-Frank, paper finds

Banks delayed foreclosures to influence discussion of Dodd-Frank, paper finds https://t.co/a0F3o4O0KE

Foreclosure starts were delayed in order to influence politicians’ views on financial-services reform legislation, according to an academic paper.

11/09/2017

The CFPB Just Sued a Crooked Mortgage Servicer, but Indicted Itself

The CFPB Just Sued a Crooked Mortgage Servicer, but Indicted Itself via @thenation https://t.co/OZyl6cGxot

The lawsuit against Ocwen is welcome, but should have happened four years ago.

10/12/2017

Hacked again? After investigation, Equifax says no

Hacked again? After investigation, Equifax says no https://t.co/UT47rUd1Sr

Equifax's website was under the control of attackers trying to trick visitors into installing fraudulent Adobe Flash updates.

10/10/2017

Mortgage Servicer Ocwen Settles With State Regulators Over Escrow Claims

Mortgage Servicer Ocwen Settles With State Regulators Over Escrow Claims https://t.co/6D5Exkiggh via @dbreview

As part of the deals, Ocwen must hire an auditor for an escrow review of about 8,000 to 10,000 loans.

10/10/2017

Wells Fargo Offering Refunds Nationwide for Improper Mortgage Fees — ProPublica

Wells Fargo offering refunds nationwide for improper mortgage fees https://t.co/ICYrRHBbWf

The bank’s practice of making customers pay for delays that were its own fault, first reported by ProPublica, was more far-reaching than previously known.

09/21/2017

Retweeted Montgomery VLP (@MontgomeryVLP):

TODAY is a FREE LEGAL CLINIC at 3pm @ Community Action Center, 1100 Adams Avenue. Please be present by 4:30 p.m. No appointment is necessary

09/21/2017

Hurricanes likely to create domino effect of claims, litigation - Business Insurance

https://t.co/mkzbga9w81

Hurricanes Harvey and Irma will likely cause a litany of claims and litigation beyond the obvious flooding and wind damage, according to several attorneys.

09/21/2017

Errant Equifax tweet sends breach victims to site flagged for phishing

Errant Equifax tweet sends breach victims to site flagged for phishing https://t.co/uscJgk9AFH

Beleaguered credit agency Equifax tweeted a link to a would-be phishing site to a victim of its massive breach rather than the breach information site it intended.

09/20/2017

Retweeted Justice Don Willett (@JusticeWillett):

Please RT & spread the word.

This legal aid hotline connects low-income Floridians impacted by Hurricane Irma w/ free legal help. https://t.co/Ls5oTeoBM0

09/14/2017

BlueBorne Bluetooth Attack Puts 5 Billion Devices at Risk

https://t.co/qaVwA0YyYm

This technique could allow an attacker to take control of affected devices, access corporate networks, and spread malware.

09/14/2017

Fannie Mae, Freddie Mac cut mortgage modification interest rate to lowest level of 2017

https://t.co/GOzJXOS6UG

For the third time this year, Fannie Mae and Freddie Mac are lowering the benchmark interest rate for standard mortgage modifications. And unlike last time, both of the government-sponsored enterprises are changing their respective benchmark rates at the same time.

09/14/2017

What Consumers Should Do to Get Fair Insurance Claims Payments in the Wake of Hurricane Irma · Consumer Federation of America

https://t.co/0c6aCa8dkN

CFA offers tips on how to file claims to get all you are entitled to from your insurance company in the wake of Hurricane Irma.

09/14/2017

Retweeted The Florida Bar (@theflabar):

ANNOUNCEMENT: Free Legal Assistance Available For Florida Hurricane Survivors - 1-866-550-2929

Full details: https://t.co/alKO2bH1GN https://t.co/VE258yCeKN

09/01/2017

acis.alabama.gov

We are happy to share an appellate victory with you in our battle with Wells Fargo and other lenders. Today, the Alabama Supreme Court released its opinion in Ex parte Trenton Turner, Jr., and Donna Turner holding that lenders must strictly comply with notice requirements as a contractual condition precedent to acceleration of a mortgage debt. This is a huge victory for a mortgage borrowers' Strict Compliance Defense regarding breach letters in Alabama. In this case Wells Fargo failed to send our clients a notice that strictly complied with the requirements of paragraph 22 of the" industry standard Freddie/ Fannie form" mortgage. Nonetheless, Wells Fargo proceeded with nonjudicial foreclosure on the property in 2012 and filed suit to eject our clients, the Turners. The Turners hired our firm to defend the suit. We argued Wells Fargo failed to prove strict compliance with the notice requirements of with paragraph 22 as a condition precedent to acceleration and foreclosure. Wells Fargo argued that Alabama law only requires substantial compliance with the notice provision, and the trial court agreed. The Alabama Court of Civil Appeals affirmed the ruling. We then petitioned the ruling to the Alabama Supreme Court, which granted our Writ and reversed the lower court holding that "Wells Fargo failed to provide the Turners with proper notice under the mortgage. Accordingly, because Wells Fargo failed to comply with the requirements of the mortgage, the mortgage sale conducted on February 27, 2012, failed." This has been a long hard fight. Ring the victory bell for Ken Lay and his great work!

https://acis.alabama.gov/displaydocs.cfm?no=823389&event=5030LBUNV