MFI-Miami Blog

Champion Mortgage To Evict New York Reverse Mortgage Fraud Victim Ron Brophy And His Wife  Was Champion Mortgage hiding a dirty little secret when they decided to foreclose on Ron Brophy? Or was Champion Mortgage just ignorant of the origination fraud hidden in the file? Now Champion Mortgage and its parent company, Nationstar could find themselves in the crosshairs of a False Claims Act lawsuit from HUD. HUD loves pursuing lenders who pull origination fraud on FHA insured loans.  How Ron Brophy Became A Victim Of Reverse Mortgage Fraud [caption id="attachment_33340" align="alignleft" width="436"] It is clear that Ron Brophy is a victim of Reverse Mortgage fraud. The question is did Champion Mortgage know about before they began foreclosure proceedings against him? [/caption] When Ron Brophy signed his reverse mortgage documents in 2009 little did he know 1 st Reverse Financial committed origination fraud.  1 st Reverse Financ...

The End Is Near For New Yorkers Living For Free. New York Foreclosure Litigation Times Drop From 48 Months To 6 Months The end is near for New York homeowners hoping to take advantage of the state's notorious long foreclosure litigation time.  New York foreclosure litigation times have dropped off dramatically in the past year. The Empire State had an average foreclosure litigation time of 36-48 months in 2015. The average foreclosure litigation time in New York is now 6 months. Multiple factors on the federal and state level have attributed to this drastic cut.  The End of HAMP The Home Affordable Modification Program was launched in 2009 in answer to the financial crisis.  Economists believed that foreclosures were losing proposition for everybody involved. Lenders would face long-term losses from a foreclosed mortgage instead of negotiating more favorable terms with the homeowner. Foreclosures also drag down the value of surroun...

Federal Housing Finance Agency Says It Wants An Alternative To the FICO Credit Scoring System Federal Housing Finance Agency Director Mel Watt is looking at an alternative to the FICO credit scoring system. Yet, he told the Mortgage Bankers Association not to hold their breath waiting for Fannie Mae and Freddie Mac.  Watt said that the Federal Housing Finance Agency is seriously considering moving beyond using only FICO credit scores.  Watt told the Mortgage Bankers: I initially thought this decision would be relatively easy to make. After all, we all believe that competition is good. However, the more we looked into this issue, the more complicated it became. Watt explained why the decision to move to alternative credit scoring models is complex. He used a series of questions to illustrate his point: Read more at MFI-Miami

The Bank of America Foreclosure Defense Team With A Track Record Of Body Slamming Bank of America MFI-Miami has created a specialized Bank of America Foreclosure Defense Team just for BofA customers. The team's focus will solely on developing strategies for homeowners to defeat BofA in a foreclosure battle. MFI-Miami will also give homeowners their own personalized Ditech Foreclosure Defense Team!  We are the only foreclosure and mortgage experts with the resources to successfully challenge BofA. Our competitors show off one or two victories against BofA. They can't beat our track record. How do we know this? Because we have the 10-year track record  to prove it!  MFI-Miami's Bank of America Foreclosure Defense Team is Bank of America's worst nightmare. Why? MFI-Miami has successfully challenged some of their most arrogant foreclosure mill lawyers. For nearly 10-years, MFI-Miami CEO Steve Dibert has developed a reputation of bringing Bank of Americ...

Lender Disorganization Prevented 70% More Homeowners From Getting HAMP Modifications  Non-HAMP lenders thought they could make more money playing hardball with homeowners only to lose in the end. When President Barack Obama was inaugurated in 2009 he faced an economic crisis this country had not seen in nearly 80 years.  He launched a multi-billion-dollar effort known as HAMP to stem the flood of home foreclosures. The White House launched the Home Affordable Modification Program or HAMP. The aim of HAMP was to help families keep their homes. The program offered incentives to banks and loan-servicing companies to modify mortgages of troubled borrowers. Economists believed that foreclosures were losing proposition for everybody involved. Lenders would face long-term losses from a foreclosed mortgage instead of negotiating more favorable terms with the homeowner. Foreclosures also drag down the value of surrounding properties by creating a cascade of lower values ...

Disgraced Movie Mogul And Alleged Rapist Harvey Weinstein Pulls His Hamptons Mansion Off The Market Harvey Weinstein and Georgina Chapman The world of disgraced movie mogul and alleged serial rapist Harvey Weinstein continues to collapse. News of dozens of women accusing the former mogul of sexual harassment and rape has now impacted his real estate holdings. It appears no one wants to purchase his 9,000 square foot Hamptons mansion. Harvey Weinstein and his estranged wife, Georgina Chapman  listed the mansion  in Amagansett for $12.4 million in July. However,  Sotheby’s International Realty  broker Frank Newbold says the property in Amagansett is now off the market,  Town & Country  reported. The de-listing of the property comes at the same time as the couple’s separation. Chapman announced their separation after an explosive New York Times story exposed decades of alleged abuse by dozens of women. Read more at  MFI-Mi...

A New York Bankruptcy Does NOT Stop A New York Foreclosure! You could find yourself hiring a foreclosure attorney after wasting thousands of dollars on a New York bankruptcy lawyer. You could also find yourself with both a foreclosure and a bankruptcy on your credit report. Most New York bankruptcy lawyers also won't explain to you that a bankruptcy stains your credit report for ten years. A foreclosure only stays on your credit report for 7 years. You can also qualify for a new mortgage within 2-3 years after a foreclosure. As a result, negotiating a loan modification with a foreclosure attorney or walking away is a better strategy. That is unless you have a New York bankruptcy lawyer who understands foreclosures. Re-Affirming Your Mortgage In Bankruptcy Most New York Bankruptcy Lawyers will convince you to reaffirm your mortgage. When you sit down with your New York Bankruptcy Lawyer they will discuss reaffirming your mortgage in foreclosure. Reaffirming yo...

The Only Chase Bank Foreclosure Defense Team That Has Brought Chase Bank To Their Knees! You need the only aggressive Chase Bank foreclosure defense team that has brought Chase Bank to their knees multiple times! Yes. You heard that right! The Chase Bank Foreclosure Defense Team at MFI-Miami has brought the mighty JPMorgan Chase to their knees not once but multiple times. MFI-Miami successfully stopped  JPMorgan Chase from illegally foreclosing on retired Green Beret Jeff Reed . Steve Dibert was also successful in removing Detroit-based foreclosure mill attorney David Trott as JPMorgan Chase’s lead counsel on the case. Attorney Daniel Milian  and MFI-Miami forced JPMorgan Chase to voluntarily dismiss with prejudice a foreclosure action against Olympia Zacharakis in 2015.  MFI-Miami's research proved the endorsement stamped on the note by a Washington Mutual executive was fraudulent. Steve Dibert proved the mortgage note had been endo...

Credit Union National Association Sues Equifax On Behalf Of  Its Members Over Losses From Data Breach The Credit Union National Association is suing Equifax on behalf of its members. CUNA filed the lawsuit last week in Federal Court in Atlanta. The suit seeks to recover the costs borne by credit unions in the aftermath of the Equifax's security breach. The lead plaintiffs are the Army Aviation Center Federal Credit Union, the Greater Cincinnati Credit Union, and CUNA. CUNA President/CEO Jim Nussle told Housing Wire: We filed this lawsuit because our member credit unions are very concerned about the effects of this breach. Everything from re-issuing compromised cards to adding uncertainty to the loan underwriting process. Credit unions will bear substantial costs dealing with the fallout from this breach. This lawsuit is a step toward recouping those costs. In the lawsuit alleges Equifax's negligent handling of consumers’ personal i...

Real Estate Investors Flock To California Ahead Of Legalization Of Recreational Ganja Real estate investors are flocking to California as the golden state is about the legalize recreational ganja use. The state will begin issuing temporary licenses for “cannabis commercial activity” on Jan. 1, 2018. Permanent licensing to follow within 120 days. This highly anticipated event is attracting private real estate investors from across the U.S. California represents an enormous opportunity for ganja investors to enter the sixth largest market in the world. State And Local Governments Are Cashing In On Taxing Ganja The combined market for legal medical and adult cannabis use is projected to grow from $2.76 billion in 2015 to $6.5 billion by 2020 according to a report co-produced by  New Frontier Data  and  ARCVIEW Market Research . That’s not even figuring in revenue from real estate, technology development or the overall economic impact of the cannabis marke...

DOJ Alleges Former Deutsche Bank Executive Fraudulently Sold $1.4 Billion Worth Of Residential Mortgage-Backed Securities The Department of Justice has filed a civil complaint against Paul Mangione. Mangione is the former Head of subprime trading at Deutsche Bank.  The DOJ alleges Mangione engaged in fraud by misrepresenting the characteristics of loans in two residential mortgage-backed securities. As a result, investors incurred hundreds of millions of dollars in losses.  This suit is brought pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The DOJ is seeking an appropriate civil penalty. Mangione allegedly engaged in a fraudulent scheme to sell ACE 2007-HE4 and ACE 2007-HE5. The trusts had an alleged value of $1.4 Billion dollars in securities.  In addition, investors were allegedly misled to have misled by Mangione about the quality of the loans backing the securitizations. The complaint also alle...

Higher University Tuition Costs Are Driving Students To Schools Overseas Where Tuition Ranges From Free To 30% Of American Universities Higher university tuition and student loan costs are forcing American students to study abroad. University tuition has skyrocketed in the United States over the past 20 years. University tuition in the United States averages roughly  $10,000 to nearly $50,000 , per academic year.  Granted, it depends on the school choice. That price tag is shocking compared to the cost of universities abroad. Many universities in Europe are free. If they do charge tuition, it averages about 30% of American universities. Tuition at the most prestigious university in Japan, the University of Tokyo is $4,750 per year for foreign students. The University of Tokyo is one of the most prestigious universities in Asia. Therefore, it's no surprise that there’s been a rise in American students earning degrees abroad. University tuition i...

Federal Courts Have Provided Spouses Not Named On Reverse Mortgages Protections From Foreclosure Non-Borrower Spouses whose names were not on Reverse Mortgages were pretty screwed when the spouse died. However, in 2013, the federal court in the District of Columbia handed down a landmark ruling. The ruling recognized the need to protect surviving spouses in this situation. Bennett et al. v. Donovan  forced FHA to change the rules of reverse mortgages to better protect non-borrower spouses when their the borrower passes away. Reverse Mortgages Reverse mortgages allow older homeowners to draw upon the equity in their home. This type of mortgage is different from a traditional mortgage because, instead of you paying the bank, the bank pays you. The payment to the borrower comes in the form of a lump sum, monthly amounts, or a line of credit. Read more here Check us out on Facebook

The IRS Awarded Equifax A $7.25 Million No-Bid Contract To Verify Taxpayer Identities and Prevent Identity Theft The IRS will pay Equifax $7.25 million to verify taxpayer identities and help prevent fraud. The no-bid contract was awarded after Equifax announced it had been a victim of a massive security breach. A security breach that exposed personal information of as many as 145.5 million Americans. The IRS hired the credit reporting agency to verify taxpayer identity and assist in ongoing identity verification at the IRS  according to the award. The notice describes the contract as a sole source order. This means the IRS felt Equifax is the only company deemed capable of providing the service. Read more here

HECM Reverse Mortgage Rules Allow Non-Borrower Spouses Of Reverse Mortgage Borrowers To Remain In The Home FHA announced changes to its HECM Reverse Mortgage rules two years ago. Yet, many people are unaware that these changes in the HECM program allow non-borrowing spouses to stay in their homes after the last surviving borrower dies. FHA released new guidance  to its reverse mortgage rules earlier this year allowing FHA-approved lenders to delay foreclosure proceedings against non-borrowing spouses. Non-borrower spouses will be allowed to stay in the home in the event of the death of the borrower. FHA is now expanding on those HECM Reverse Mortgage rules for its Home Equity Conversion Mortgage program. The new policy allows lenders to submit claims on HECMs with non-borrowing spouses on loans assigned before August 4, 2014. Read more here  HECM Reverse Mortgage Rules Check us out on Facebook: Reverse Mortgage Foreclosure ...