Archive for the ‘Bank Foreclosures’ Category

St. Louis bank challenges new foreclosure bill

Thursday, September 20th, 2012

According to a lender’s court filing, St. Louis County is trying to misuse the official’s power of the state of Missouri, to increase the foreclosure bill for banks in the area. The bank filed a class action lawsuit against St. Louis County, the Missouri Department of Insurance and Finance in the county’s court.

The bank’s complaint says that some St. Louis City Council members are misusing the police power of the state that came with the new regulations recently adopted that targets banks who are set to increase their REO home inventory.

According to the court documents, the lender wants the recent foreclosure and mandatory mediation law, or Bill 174, to be tossed out, due to its inconsistency to State of Missouri laws. The main issue is that the new law raises the foreclosure bill of a bank owned home, because it requires a mediation meeting between the distressed borrower and the bank, before proceeding with foreclosure.

As the filing points out, the Bill would add an extra $1 million in direct costs for banks as it imposes two fines or penalties, on a bank that wants to foreclose on a housing unit.

The first fine is $100, the price paid for a mediation coordinator, which is due because the distressed borrower has defaulted on the loan, but the borrower isn’t charged with any penalty, from the bank’s perspective.

The second fine is $350, paid when a borrower expresses his need for a mediation or moratorium. From the bank’s perspective, the lender hasn’t been properly informed about the justification of the latter fine, and they aren’t willing to pay it.

According to the filing, the recently passed bill makes foreclosing illegal in St. Louis County. However state law enables lenders to proceed with foreclosure without paying any fine, in just three weeks after publication. In addition, the bank claims the bill will allow distressed homeowners to live in their homes for free, as this bill opens loopholes for homeowners ready to abuse the mediation period of the process.

 

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Communicating With Bank Of America On Your Short Sale Will Be Speedy And Easy Together With Our Team

Wednesday, February 1st, 2012

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