During the first half of 2018 there was a 15% decline in foreclosure filings nationwide. Foreclosure filings are properties that had a default notice, a scheduled auction, or bank repossession. There were a total of 362,275 foreclosure filings, a far cry from the 1.6 million foreclosure filings eight years ago in the first half of 2010. Even though the overall, nationwide number of foreclosure starts had decreased, there was an increase in foreclosure activity in 88 of 219 me

Before buying a home, a seller has to disclose any major problems regarding the property before the sale. As a buyer, you will want to know everything possible about your soon-to-be property including the physical condition and any problem that may affect the value of the property. Years ago, sellers were allowed to remain silent on potential problems unless they were asked specifically by the buyer. This was under the doctrine of caveat emptor (buyer beware). Colorado is on

Gantenbein Law Firm, Denver, Colorado is proud to announce its attorney, Keith Gantenbein, was named to 2017 Colorado Super Lawyers, Rising Stars list. Congratulations to owner and managing attorney Keith A. Gantenbein Jr, who was selected, named and included on the “2017 Colorado Super Lawyers Rising Stars” list. Super Lawyers is the Thomson Reuters lawyer rating service. To be selected as a Super Lawyer, attorneys are nominated by their peers and evaluated on 12 indicators

Nationwide, home foreclosures have dropped to their lowest level since November 2005. During April 2017, there were 77,049 filings reported in the U.S. This number includes default notices, scheduled auctions and bank repossessions. The figures reflect the lowest number of foreclosures since the housing crisis began. While the drop is significant, at the same time there was a rise in repeat foreclosures. A repeat foreclosure is noted as any property address with the same owne

The Federal Home Loan Mortgage Corporation, known as Freddie Mac, announced last week that it’s selling off non-performing loans to private investors. Freddie Mac is a public government-sponsored enterprise (GSE) headquartered in Virginia. Freddie Mac was created in 1970 to help expand the mortgage market alongside the Federal National Mortgage Association (Fannie Mae). Previously, from 1938 to 1968 Fannie Mae was the only institution that bought mortgages leading to and enco

Last year, in 2016 the Consumer Financial Protection Bureau (CFPB) levied a multi-million dollar fine against PHH Corporation for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks. PHH provides mortgage services to some of the world’s largest financial services firms and is located in New Jersey. PHH then sued the CFPB, challenging the CFPB’s Director Richard Cordray ability to be able to increase their original $6 million fine against PHH

Colorado has joined the new age in providing online foreclosure auctions. Last year, Realauction.com was approached by the Denver Public Trustee’s office and asked to provide Denver with its own auction site. That site is up and running and bringing huge cost savings to Denver and making it easier for more people to be able to bid on the foreclosed properties. Realauction.com runs many foreclosure auctions throughout Florida. One by one, counties in Florida put their foreclos

The Home Affordable Modification Program (HAMP) was introduced in 2009 and established to help homeowners recover from the great housing bubble burst. The HAMP was part of the Making Home Affordable program (MHA) along with the Hardest Hit Fund program (HHF) that was under the Troubled Asset Relief Program (TARP). These programs were part of the Emergency Economic Stabilization Act of 2008 and put into place to help struggling homeowners avoid foreclosure. HAMP and the entire

The number of luxury homes sitting on the global market and not selling is beginning to pile up. It may also be a forewarning of the beginning of another housing bubble getting ready to burst. The last time there was a rise in luxury homes not selling was in 2007 and 2008 - right before the housing crash. Analysts and brokers are warning of another housing bubble due to the high number of luxury homes not selling that they think is a sure ‘bubble signal’. The housing market

A reverse mortgage or home equity conversion mortgage (HECM) was signed into law in 1988 as part of the Housing and Community Development Act of 1987. The HECM is available only to homeowners who are 62 years or older, have equity in their home and the home is the principal residence. In basic terms, under the HECM, the homeowner can access their equity for personal use and not pay a mortgage payment until they die, sell or move out of the home. The homeowner is still respons

On March 15th, the Consumer Financial Protection Bureau (CFPB) requested that a federal district court enter a final judgment and order to shut down StudentLoan Processing.US which is a fictitious business name of Irvine Web Works, Inc and its individual owner, James Krause. The order bans the company and owner from any future involvement in debt relief and student loan services and to pay refunds to thousands of harmed consumers. The CFPB alleged the student debt relief sche

Are the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) really be ending at the end of this year? The Federal Housing Finance Agency (FHFA) Director Mel Watt gave a speech last year on both HAMP and HARP programs. He revealed that HAMP would be finished at the end of 2016. Concerning HARP, Watt said ‘we anticipate that this will also be the final extension for HARP.” Originally set to expire at the end of December 2013, the programs w

The past seven years have been horrendous for millions of homeowners who lost their homes. Somewhere between 7 and 8 million homes were lost. The majority of homes lost to foreclosure were around 6 million. These were mostly due from distressed homeowners who suffered hardships ranging from losing their jobs to serious health issues. Around 2 million homes were sold as a short-sale (sold for less than what was owed) and given back to the lender by a deed-in-lieu (DIL) that a

Goldman Sachs Group, Inc. announced last week they had reached an agreement to resolve an ongoing investigation of the Residential Mortgage-Backed Securities Working Group. The agreement was attained after more than seven years after the worst financial crisis hit the U.S. in which Goldman Sachs played a role. The agreement will conclude any real or potential civil claims from the Department of Justice, New York and Illinois Attorneys General, National Credit Union Administra

Our law office continues to receive numerous calls from homeowners who were scammed by so-called ‘loan modification’ companies. Most of the ‘loan modification scammers have companies based in California, Florida, New York and New Jersey. By the time the homeowner figures out the scam, they’ve lost between $700 and $5,000 on average and/or received a notice they are in foreclosure. Some homeowners have had no idea they’ve been scammed until someone comes to their door with doc

Lenders may offer distressed homeowners the option of a short sale. A short sale is selling a home for less than what is owed on the loan. There are many reasons a seller will choose a short sale as an option; a transfer of employment, divorce, death of a spouse, retirees who want to move or the property is underwater. There are also reasons not to take a short sale. A short sale can have a negative impact on your credit history and score and not allow you to purchase any rea

The Federal Bureau of Investigation (FBI) has declared mortgage fraud as a growing crime threat that is hurting homeowners, businesses and our national economy. The FBI has enacted ways to detect mortgage fraud by collecting and analyzing data. They’ll use this data to identify trends and patterns. Unfortunately, by the time they discover those trends or patterns, damage has already been done. What exactly is mortgage fraud? Mortgage fraud is a misstatement, misrepresentation

Denver Real Estate Attorney Keith Gantenbein is teaching a Continuing Legal Education Class (CLE) today on the new RESPA, TILA guidelines for Loss Mit and Loan Servicing. The event is sponsored by the National Business Institute (NBI). The CLE is titled "Top RESPA, TILA and HMDA Oversights: What the CFPB and State Regulators are Looking For." ; The class will focus on foreclosure defense and loss mitigation regulations and what happens to lenders when they fail to meet those

Cary McEntee, 58, of Virginia Beach was charged with conspiracy to commit mortgage fraud. McEntee and his co-conspirators set up a scheme in Michigan, creating fraudulent real estate transactions using ‘straw buyers’ during 2006 and 2007. (A straw buyer is a person who buys something on behalf of someone else in order to circumvent legal restrictions to enable fraud.) McEntee pled guilty to the charges. The straw buyers were paid to pose as a borrower and apply for a mortgage

Georgia Real Estate investor, David Wedean pled guilty last week for his role in conspiracy to rig bids and commit mail fraud at purchasing real estate foreclosure property auctions. The felony charges against Wedean were filed in April 2015 in the U.S. District Court of Georgia, in Atlanta. Wedean, according to court documents “conspired with other real estate investors to profit by defrauding mortgage holders and property owners”. This is the eighth prosecution in Georgia a