MFI-Miami Blog

Australian-Owned Specialized Loan Servicing Defies Trump COVID-19 Foreclosure Moratorium. SLS Wants Your House!  It appears Australia is sending a big “FUCK YOU, AMERICA! WE’RE TAKING YOUR HOMES!” to American homeowners. Although, both countries seem to be in the middle of the COVID-19 pandemic. Australian-owned Specialized Loan Servicing apparently has no problem issuing demands to Americans like they are  Humungus and his roving band of mutants from  The Road Warrior . The non-bank lender is owned by Australia-based  Computershare  has a long history of jerking around homeowners. SLS is defying Trump’s 90-day foreclosure moratorium by proceeding with filing foreclosures across the United States. MFI-Miami has received nearly two dozen calls from homeowners with SLS mortgages from California to South Carolina saying they have been served in the past week. Read more at MFI-Miami

Four More American Banks To Follow BofA’s Lead By Offering Relief To Homeowners Affected By The Coronavirus Four more American banks are  offering to defer mortgage payments  for 90 days due to the coronavirus crisis. The four banks include JPMorgan Chase, Wells Fargo, Citibank, and US Bank. The four American banks follow Bank of America. However, Bank of America’s plan is to work homeowners on a month-to-month basis until the crisis is over. Homeowners with Fannie Mae, Freddie Mac, and FHA loans are already eligible.  JP Morgan Chase, US Bank, Wells Fargo, and Citibank will postpone foreclosures. They will also offer forbearance on mortgage payments for 90 days. In addition,  200+ state-chartered banks and credit unions in California  have also agreed to the mortgage relief.  The four banks made their announcement as 3 million new unemployment claims were filed in the week of March 14 – 21.  In addition, authorities in at least 20 states have ordered residents to stay h

Federal Reserve Goes On A “Sex & The City” Style Shopping Spree For Mortgage Debt The Federal Reserve  pledged on Monday  to buy unlimited amounts of Treasuries and mortgage-backed bonds to stabilize the mortgage markets. The Fed hopes it will have the same effect as when it rescued the economy in 2008. The Federal Reserve set a budget last week of  $700 billion in bond purchases . However, it blew through half that amount in less than five days. The Fed launched three rounds of bond-buying more after the 2008 financial crisis. The Fed’s aim was to save the housing market and stimulate economic growth. The first phase helped to drive  mortgage rates  below 5%. The goal of the central bank isn’t to  push down mortgage rates.  Lower rates are the likely consequence of the Federal Reserve going on a mortgage-backed securities shopping spree.  Read more at MFI-Miami

Billionaire Real Estate Investor Says US Commercial Mortgage Market On The Brink Of Collapse Because Of COVID-19  Billionaire Tom Barrack says the  US commercial mortgage market is  on the brink of collapse  because of the coronavirus crisis. The CEO of Colony Capital said the economic ‘domino effect’ could dwarf the Great Depression. Barrack also said the impact on the US economy has caused high-performing mortgage loans to decrease in value. As a result, he urged Congress to provide $500 billion to allow for loans and repurchasing.  In a  Medium  post on Sunday, he said the impact on the US economy due to the coronavirus pandemic and the subsequent public health measures taken in response to it has caused high-performing mortgage loans to decrease in value. Barrack is a longtime friend of President Donald Trump. He warned loan defaults would escalate systematically. Read more at MFI-Miami

Mortgage Servicers Expect Annihilation Due To The Coronavirus And Are Lining Up For Trump Bailouts Mortgage servicers are already waiting in line for their corporate welfare checks from the Trump administration. The Mortgage Bankers Association said deferred and late mortgage payments because of the coronavirus could  trigger a financial nightmare for mortgage servicers. Fannie Mae and Freddie Mac have instructed servicers to suspend all foreclosure actions and evictions for at least 60 days.  HUD who handles FHA  mortgage loans  also soon followed suit. However,  not all mortgage loans  are included in the Trump Administration moratorium.  The MBA sent a  letter  to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell begging the government for a bailout.  MBA CEO Robert D. Broeksmit asked for the Federal Reserve and Treasury to develop a liquidity plan to support the mortgage servicing sector. Read more at MFI-Miami

New York State Orders Mortgage Servicers To Give 90-Day COVID-19 Mortgage Relief To New York Homeowners  Governor Andrew Cuomo and New York State  orders lenders and mortgage servicers  to step up their mortgage relief efforts. The New York Department of Financial Services demanded servicers let certain residents skip their mortgage payments for 90 days. Cuomo announced the statewide 90-day mortgage relief period on Thursday. NYDFSis directing mortgage servicers to offer several options to the state’s residents: Waiving mortgage payments based on financial hardship No negative reporting to credit bureaus Grace period for loan modification No late payment fees or online payment fees Postponing or suspending foreclosures NYDFS also sent  letters  to the mortgage servicers that operate in the state: An increasing number of individuals are experiencing a sizeable disruption in their everyday lives. The economic impact to consumers is considerable and the outbreak will

Bank Of America Offers Coronavirus Relief To Bank of America Mortgage Customers Bank of America mortgage customers affected by the Coronavirus will be getting a break. The bank announced Thursday afternoon it was offering relief for consumers and small business clients impacted by the coronavirus. According  to the bank , Bank of America mortgage and home equity customers can request to defer their payments for up to 6 months while the virus crisis rages. The bank would then add the mortgage payments to the end of their loan. Basically, borrowers can get a break on their payments but will have to make those payments eventually. Bank of America stated the payment deferral will be available on a case-by-case basis. The bank stated the payment deferral program can also be extended on a month-to-month term. Read more at MFI-Miami

The 60-Day Trump Foreclosure Moratorium Does Not Apply To All Mortgages. Non-GSE Loans And Non-FHA Loans Not Part Of The Moratorium The 60-Day Trump Foreclosure Moratorium that  President Trump announced Wednesday  applies to most but not all mortgages. President Trump announced HUDis suspending all foreclosures and evictions for 60 days. The HUD foreclosure and eviction moratoriums are for all single-family homeowners with FHA-insured mortgages. That matches the policy announced Wednesday by FHFA regarding Fannie Mae and Freddie Mac mortgages. FHFA oversees Fannie Mae and Freddie Mac. The FHFA moratorium includes foreclosures and evictions on all single-family mortgages backed by Fannie Mae or Freddie Mac. Read more at MFI-Miami

Mortgage Servicers Ignoring Demands From FHFA That They Offer Homeowners Coronavirus Mortgage Relief Are Mortgage servicers ignoring demands from FHFA Director Mark Calabria? Believe it or not, they are and the FHFA is not happy. Calabria along with Fannie Mae and Freddie Mac leadership was forced to notify mortgage servicers of their obligations to their customers affected by the Coronavirus pandemic. Calabria told the media last week: For borrowers that may be experiencing hardship, I encourage you to reach out to your servicer.  FHA is also is taking steps to aid borrowers. Especially borrowers who are struggling to make mortgage payments due to the COVID-19 pandemic: FHA’s suite of loss mitigation options provides solutions that mortgagees should offer to distressed borrowers to help prevent them from going into foreclosure. Read more at MFI-Miami  

New York Coronavirus Update: Cuomo And Albany Say, “Full Steam Ahead!” For Foreclosure Lawsuits And Auctions! New York Coronavirus update!  The coronavirus pandemic has shut down NYS and local governments except for essential personnel. The pandemic has also shut down schools. Office buildings and businesses are closed. As a result, people can’t go to work.  Yet, the courts are open in a limited fashion across New York. Attorneys can still file documents and yes, they can still file foreclosure complaints. Albeit, electronically. The NYS court system is still moving ahead with foreclosure filings and foreclosure auctions.  Several counties including the boroughs of New York City have enacted eviction moratoriums. However, the courts are still chugging along with foreclosure lawsuits and auctions. The NYS court system is allowing banks to ram foreclosures through in less than 6 months. Read more at MFI-Miami

Will Bail Bondsman Wayne David Collins Rat You Out To Law Enforcement? Miami bail bondsman Wayne David Collins likes to boast about his cozy relationships with law enforcement types. But will Wayne David Collins rat you out to them? If it means getting himself out of trouble or putting money in his pocket, you better believe he would. The  former Henry Hill wannabe  from Rhode Island is so enamored by law enforcement types that he shook down other bail bondsmen in South Florida to financially support the election of former and now  disgraced Broward County Sheriff Scott Israel . Collins especially likes to brag to his bail bond clients about his tight relationship with the FBI in South Florida.  Read More At MFI-Miami

Foreclosure Defense Myths That People Want To Keep Believing Thanks To Pretender Savior Neil Garfield  I am constantly debunking a plethora of foreclosure defense myths from potential clients. Finance bloggers like myself have written over the past decade that these bizarre and inaccurate claims don’t work. Yet, they seem to persist thanks to  pretender savior Neil Garfield and his Living Lies website . Garfield likes to make distressed homeowners think they can play Ben Matlock and walk away with a debt-free house. Garfield Groupies have mostly delusional entitled suburbanites who think they are entitled to a free house. They are trying to figure out an angle to make it happen. Then blame their lender or “Corrupt judges when it doesn’t happen. Your chances of scoring a free house are 1:150 if you are following the gobbledegook from  Neil Garfield’s Living Lies  website. Garfield has no experience in mortgage lending nor is he a “Wall Street Insider” like he claims. Finance

Homeowner Alert: Lenders Are Using Private Investigators To Dig Up Dirt On You When It Comes Time To Foreclosure! MFI-Miami has issued a homeowner alert after learning lenders are harassing homeowners in New York. Wall Street lenders are getting more and more sophisticated with their surveillance of their customers. They are walking the thin line of invading a homeowner’s privacy. New York homeowners have been contacting us and it seems as if lenders are hiring private investigators to spy on and harass homeowners.  New York homeowners also report spotting people in trees across from their homes with binoculars. Homeowners also allege they have been tailed driving to work by “child molester” looking windowless work vans.  Read more at MFI-Miami

Psycho Mark Stopa Goes On A Redneck Rampage! Stopa Sues 15 People For Posting Links And Blogs About His Disbarment. Psycho Mark Stopa just won’t stop with the temper tantrums. First, it was the judicial system. Now, it’s his critics.  From December 31, 2019, until January 16, 2020, Stopa filed 15 frivolous lawsuits against people across Florida who posted links or wrote blogs about his law license being revoked. The lawsuits included 13 lawyers and 2 bloggers including me. Ironically, Florida’s favorite psycho lawyer did not sue any of us for defamation. Instead, Stopa sued us with bizarre claims that we were all trying to profit from his downfall and for using his name.  Read more at MFI-Miami

Wells Fargo Warning! Can Wells Fargo Home Mortgage Validate Your Mortgage Debt? Probably Not! Steve Dibert, CEO of internationally-renowned mortgage fraud investigation firm  MFI-Miami , announced today that  MFI-Miami  has discovered serious flaws in the way Wells Fargo  Home Mortgage  validates debt owed by homeowners. As a result, MFI-Miami has issued a Wells Fargo Warning to homeowners.  MFI-Miami CEO Steve Dibert: Homeowners need to request their complete mortgage transaction histories from Wells Fargo Home Mortgage and review them. If there is missing information or if something doesn’t look right, they need to contact a lawyer or a properly trained mortgage fraud expert immediately! MFI-Miami  has examined nearly 200 transaction histories from mortgage loans currently serviced by Wells Fargo Home Mortgage since 2016. Nearly 175 of these contained serious accounting flaws in the transaction histories. These flaws would call into question the amount homeowners owe on