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Common Mistakes in Mortgage Refinancing »

Earlier, I described what a “Right of Rescission” is in the context of a mortgage refinance.  A summary review of the cases in my office show some of the common mistakes that lenders (and attorneys) make when exxecuting mortgage refinance documents.  A typical Notice of Right of Recission is found here.
An obvious common mistake is [...]

Connecticut Requires Mediation In All Residential Foreclosures »

On June 19, 2008, Connecticut’s Governor, Jodi Rell, executed a Bill passed by the General Assembly establishing a Foreclosure Mediation Program in the Superior Court system.  Effective on July 1st and continuing for a period of two years only, every foreclosure of residential real estate must be accompanied by a proscribed Notice of Availability of [...]

What Is The Right of Rescission? »

When you borrow money against a home you already own, the Federal government is there trying to help you avoid making a serious or costly mistake.  The Federal Truth In Lending Act (in effect since 1979) requires that you receive a three business day “cooling off” period after you sign the mortgage papers to decide [...]

Mortgage Not Recorded? No Problem. »

The concept of recording mortgage documents in a central place should be pretty obvious.  By recording the mortgage, the world at large will known if there is lien against a certain piece of property.  This guards against the risk that the borrower might sell the property without paying the mortgage and it guards against other [...]

Is the Government Feeding the Foreclosure Mess? »

There is no doubt that the current economy is lackluster at best. There seems to be no shortage of finger-pointing for the blame and there are as many ideas to fix the problem as there are fingers pointing. Some will even deny that there is a problem. Many of the programs and [...]

Foreclosures Continue to Rise, But Some Areas Are Eerily Calm »

Private statistics show that foreclosure filings continue to increase nationally. In April 2008, the number of homes facing foreclosure rose 65% over the same period last year. Nearly a quarter million homeowners received a foreclosure notice last month according to RealtyTrac, a company based in Irvine, California. Nonetheless, has the calm come [...]

What is the Difference Between My Interest Rate and the APR? »

When shopping for a mortgage loan, most consumers are concerned with the interest rate of the loan. Within the past five years, interest rates on mortgages have hit historical lows and many home loans have been made. But there is more to a mortgage loan than the interest rate and a careful shopper [...]

Housing Slump May Exceed The Great Depression »

It’s no secret that the current economic troubles were brought about by the bursting housing bubble. Professor Robert Shiller of Yale University performed a study of housing prices from the 1890’s to the present and found that the bubble was much larger than previously thought. The New York Times published an extensive article [...]

News Flash! Ten Percent of All Homeowners Owe More Than They Own »

In 2006, approximately 5% of all homeowners in the United States owed more on their home than it was worth.  ABC News is reporting that the statistics for 2007 show 10% of all homeowners owe more than their home is worth. This number has not been seen since the Great Depression of 1929 [...]

The Unseen Victims of Foreclosure »

As more and more homes are foreclosed and families are forced from their homes, municipalities have been required to deal with the resulting problems.  Several large cities have filed suit against the lenders alleging that they fail to care for the now-empty properties.  Now towns of all sizes are finding a epidemic of [...]