MFI-Miami Blog

Small New York Landlords Are Drowning In Debt Thanks To Governor Andrew Cuomo’s COVID-19 Landlord-Tenant Policies Small New York landlords are in big trouble. They are hemorrhaging money thanks in part to Governor Andrew Cuomo. Cuomo signed an eviction moratorium as part of his executive order combating COVID-19. The executive order bars  New York landlords from evicting people  for non-payment of rent until August. As a result, landlords are paying for maintenance and repairs out of their own pocket. Now, landlords are running out of money like everything else.  Not all landlords are high-powered real-estate executives who manage hundreds of buildings. Most are smaller landlords. They own one or a handful of properties. Smaller landlords operate on slim margins. They lack the cash reserves or access to credit to weather a prolonged economic pause from the COVID-19 pandemic. Small landlords often barely eeked out a profit. Most small landlords have the costs that include ...

The New York Shakedown! New York Governor Andrew Cuomo Says Visiting Healthcare Heroes Must Pay NYS Income Taxes The New york Shakedown is back and this time Cuomo has health care workers in his sights. Health care heroes came from around the country to help fight the coronavirus outbreak in New York. Now Cuomo and the state of New York say these heroes will have to pay state income taxes. The taxes would also affect Samaritan’s Purse and other Christian aid organizations. They set up a temporary hospital in Central Park. Cuomo said: We’re not in a position to provide any subsidies right now because we have a $13 billion deficit. So there’s a lot of good things I’d like to do. If we get federal funding, we can do it. But it would be irresponsible for me to sit here looking at a $13 billion deficit and say I’m gonna spend more money.  The issue first arose when  Samaritan’s Purse  was setting up its emergency field hospital. The charity’s comptro...

Mac Properties Tells Tenants Affected By COVID-19, “PAY UP OR GET THE EFF OUT!” Mac Properties is using heavy-handed tactics in Chicago during the pandemic to ensure renters pay up. The company owned by Antheus Capital also got creative with doing evictions. The company decided to do themselves after the Cook County Sheriff stopped serving them on tenants. Mac Properties is one of the few landlords still proceeding with evictions. The property management arm of Antheus Capital owns 5,000 units across Chicago. Mac Properties is beginning to anger tenants by demanding they sign  nondisclosure agreements  before discussing rent-payment plans. Despite the pandemic, Mac has not granted rent forgiveness. Instead, it has outlined a policy that includes allowing residents to pursue  “a path to lease termination”  or to move into a cheaper unit. Court records show the company filed two eviction claims in recent weeks in addition to the nine it sent in March. The ...

CORONAVIRUS MORTGAGE FORBEARANCE WARNING! FHA-OIG Busts Mortgage Servicers Deceiving Homeowners  MFI-Miami has issued a  Coronavirus Mortgage Forbearance Warning!  The FHA-OIG has issued a scathing report saying mortgage servicers are deceiving homeowners about Coronavirus Mortgage forbearance programs. HUD and FHA refused to publicly say which mortgage servicers were deceiving homeowners. However, they did say they have put them on notice.  HUD-OIG said it reviewed the websites of the top 30 FHA servicers. These mortgage servicers account for 90.5% of all servicing on FHA loans. The CARES Act stipulates that a borrower can request a 180-day forbearance by FHA or a GSE lender if they are experiencing a COVID-19-related hardship. Read more at MFI-Miami 

MFI-Miami Launches The Fay Servicing COVID-19 Foreclosure Defense Hotline! Call Us At 888.737.6344 MFI-Miami has created the Fay Servicing COVID-19 Foreclosure Defense Hotline. If you're facing foreclosure from Fay Servicing during these perilous times during the coronavirus pandemic, we can help. Call 888.737.6344. The coronavirus pandemic has put America is in a crisis. MFI-Miami is doing our part to help during these perilous times. Unfortunately, Fay Servicing doesn't see it that way. They have ignored President Trump's call for a payment and foreclosure moratorium. Yes, we know this for a fact. An MFI-Miami client was served with a foreclosure lawsuit by Fay Servicing during this national emergency. As a result, MFI-Miami has created a foreclosure defense team exclusively for Fay Servicing. The team's focus will solely be on helping homeowners develop strategies to fight Fay Servicing! The Fay Servicing COVID-19 Foreclosure Defense Hotlin...

Call The Rushmore Loan Management COVID-19 Foreclosure Defense Hotline At 888.737.6344  MFI-Miami has created a Rushmore Loan Management COVID-19 Foreclosure Defense Hotline. If you're facing foreclosure from Rushmore Loan Management during these perilous times the coronavirus, we can help. Call 888.737.6344. The coronavirus pandemic has put America is in a crisis. MFI-Miami is doing our part to help during these perilous times. Unfortunately, Rushmore Loan Management doesn't see it that way. They have ignored President Trump's call for a payment and foreclosure moratorium. Yes, we know this for a fact. An MFI-Miami client was served with a foreclosure lawsuit by Rushmore Loan Management during this national emergency. As a result, MFI-Miami has created a foreclosure defense team exclusively for Rushmore Loan Management. The team's focus will solely be on helping homeowners develop strategies to fight Rushmore Loan Management! The Rushmore Loa...

SLS Has Ignored President Trump’s Foreclosure Moratorium! So MFI-Miami Created The Specialized Loan Servicing Foreclosure Hotline!  MFI-Miami has created a Specialized Loan Servicing Foreclosure Hotline. If you’re facing foreclosure from  Australian-owned  Specialized Loan Servicing during these perilous times the coronavirus, we can help. Call  888.737.6344. The coronavirus pandemic has put America is in a crisis. MFI-Miami is doing our part to help during these perilous times. Unfortunately, Australian-owned Specialized Loan Servicing ( SLS)  doesn’t see it that way. They have ignored President Trump’s call for a payment and foreclosure moratorium. Yes, we know this for a fact. An MFI-Miami client was served with a foreclosure lawsuit by  SLS  during this national emergency. Read more at MFI-Miami

Bank of America Executive Busted Berating Employees Who Wanted To Work From Home Over COVID-19 Fears Bank of America Executive Fabrizio Gallo Leaked audio has revealed a Bank of America executive Fabrizio Gallo was caught berating traders who planned to work from home during the  coronavirus  pandemic. CNBC obtained a leaked recording of the shocking remarks. Financial experts have also called the comments cold-blooded. The head of Bank of America’s Global Head of Equities told the bank’s top equity and equity derivatives traders that long-term remote work would not be an option on the March 25 conference call. Gallo said in the recording: Of course, we are going to entertain special cases but not the ‘I don’t feel comfortable, sorry.’ It doesn’t work that way over the long term. At some point in time, one has to make a decision. And we cannot provide proper and orderly markets if 99 percent of the population decides they don’t feel comfortable. Read more at M...

Hoping To Get A Coronavirus Stimulus Check? Here are 10 Reasons You May Not Get One I bet you have your eye on that 70-inch flat-screen TV at Walmart, huh? You’re counting down the days for your coronavirus stimulus check to buy it. Well, my friend, get your hopes up and spend that money yet. Why? You may not be getting that $1200 that President Trump promised you. Here are five reasons you may not get one: 1. College Students And Their Parents Who Still Claim You As A Dependent Won’t Receive A Coronvirus Stimulus Check You won’t get a check if someone else claims you as a dependent on their taxes. The bad news is neither will mom and dad if you’re a college student. Nearly 20 million college students who are claimed by their parents as dependents are ineligible to get checks. They won’t get checks and their parents won’t get an extra $500. Read more at MFI-Miami

Your Neighborhood Drug Dealer And Pimp Are Getting Free Money From The Trump Coronavirus Stimulus Package  Your  neighborhood drug dealer and pimp  are happier than a Green Beret with a chokehold on an Arab terrorist. Why? The hastily put together Trump Coronavirus Stimulus Package is giving them up to $3,000. That’s right. You’re not the only one getting free money from Trump. The guy down the street you tell your teenage daughter to stay away from is getting one too. Trust me, he’s going to use it to get her hooked on crack or heroin and profit from pimping her out. I know, I’ve seen it happen down here in South Florida.  Most drug dealers live in  FHA Section 8 housing  or have  low-cost CRA or FHA mortgages . This means they need to file tax returns every year to qualify for benefits. Thus, like most eligible Americans, they qualify for a stimulus check. $3,000 buys a lot of crack, meth, and opiates on the wholesale market especially h...

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 state...

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. ...

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 considerab...

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