California Law Says Mortgage Fraud Will Not Be Tolerated As Homeowners Start To See The National Mortgage Settlement Is Working


Minneapolis, Minnesota (PRWEB) July 03, 2012

Stepping ahead to lead other states, California lawmakers approve the pending legislation, to write into law much of the national mortgage settlement negotiated this year with the nations top five banks. According to California Department of Justice, CA will become the first state to make the National Mortgage Settlement law, “The Assembly approved the legislation on a 53-25 vote, and the Senate followed by voting 25-13”. The two key bills containing major refinance reform are AB 278 (Eng/Feuer/Mitchell) and SB 900 (Leno/Corbett/DeSaulnier/Evans) and have been thoroughly considered by a legislative conference committee. See attachment for details.

Home Destination has helped many a homeowner through a foreclosure or short sale in the last few years. Today one of her clients believes they are be a victim of banking mortgage fraud and is asking for help on how to proceed.

Jenna Thuening, owner of Home Destination, urges distressed home owners that, “If you are a homeowner struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that the National Mortgage Settlement could help you. Not every homeowner will qualify for relief under this settlement. Those who do qualify may receive various forms of relief according to their individual circumstances. Homeowners who may have been wronged shouldn’ give up, taking action may make all the difference in saving a home and stopping one more unnecessary foreclosure.”

California’s new legislation “will require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while they consider alternatives to foreclosures. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law. The protections would benefit all California homeowners, not just those whose mortgages are with the five banks that signed the national settlement.”

While banks thought this was too broad, the legislation also imposes a $ 7,500 civil penalty per loan when the lender has filed unverified documents — a practice known as “robo-signing.”

“Passing these key elements of the Homeowner Bill of Rights represents a significant step forward for struggling homeowners,” Attorney General Kamala Harris said in a statement. “These common-sense reforms will require banks to treat California homeowners more fairly and bring more transparency and accountability to their practices in our state. Responsible homeowners will have a better shot to keep their homes.”

Found encouraging to homeowners across the nation, real estate justice was also served in Alabama on June 28th, as reported by The Department of Justice. “A federal grand jury in Mobile, Ala., returned an indictment today against two real estate investors and their company, charging them with participating in conspiracies to rig bids and commit mail fraud, at public real estate foreclosure auctions.”

Mortgage fraud was not tolerated in the case of home owner Lynn Szymoniak either. She is one of six Americans who have successfully been awarded in the national foreclosure settlement. “Finalized earlier this year, as a result of whistleblower suits. In total, they collected $ 46.5 million”, according to the Justice Department. Cnnmoney.com reported on June 2, 2012, “The other five came from within the industry, such as an appraiser who helped the government show that Countrywide Financial had been inflating home appraisals to collect higher claims from FHA. Other whistleblowers exposed banks overcharging veterans who had mortgages guaranteed by the Department of Veterans Affairs.” Szymoniak will get $ 18 million from the governments $ 95 million award in her lawsuit.

We are seeing state governments and judges stand up strong to make mortgage fraud wrongs stop robbing hurting homeowners. Homeowners who could benefit from talking to a Certified Distressed Property Expert, may contact Jenna Thuening today.







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George K. Demopulos, RA, SRA, of Nationwide AMC Lincoln Appraisal & Settlement Services Speaks at MBREA Event Breakfast with the Experts

North Providence, RI (PRWEB) June 29, 2012

Real Estate Appraisers united on Tuesday at the Sheraton Four Points Hotel in Norwood, MA, to discuss important issues and market trends at an MBREA (Massachusetts Board of Real Estate Appraisers) Educational Seminar, Breakfast with the Experts: Current Market Conditions. The panel was comprised of several expert speakers, including George Demopulos, RA, SRA, President and Chief Corporate for Lincoln Appraisal & Settlement Services, a Certified Residential Appraiser in 5 New England States, with over 15 years of experience in the industry.

The purpose of the MBREA seminar, fully titled, Breakfast with the Experts: Current Market Conditions: The Fragmentation of New Englands Residential Real Estate Markets in 2012, was to discuss markets that are beginning to experience a significant strengthening in demand, and the resulting positive change in property values. George Demopulos spoke on behalf of Lincoln Appraisal & Settlement Services, specifically discussing his company’s experience and providing guidance to appraisers on how to appropriately document market change to meet lender and investor guidelines. The seminar ended with an open forum question and answer session.

George Demopulos is an active member of the MBREA, founded in 1934, which strives to support, promote and encourage the highest level of professionalism and ethical appraisal standards. All MBREA instructors are seasoned professionals, who have a demonstrated ability to teach and who possess a significant amount of practical knowledge. MBREA is the only state appraisal association that has been named a sponsor of the Appraisal Foundation, and its members have played important roles in the formulation of USPAP standards and the development of licensing qualifications.

George Demopulos, RA, SRA has extensive appraisal experience in all aspects of appraising including: Retail, REO/Foreclosure, Complex Properties, Field and Desk Reviews, Appraisal Compliance, etc. Over the years George has served as a Supervisory Appraiser for many industry Appraiser Trainees and currently oversees Lincoln Appraisal & Settlement Services Nationwide Corporate Appraisal Network (NCAN) Evaluation Team which manages 6,000+ Appraisers Nationwide. George has hundreds of hours of class experience and has attended many of the industry’s top conferences through the years. In addition to the MBREA, George belongs to many industry organizations including; The Appraisal Institute (Associate Member), NAMB (The National Association of Mortgage Brokers), RIAR (The Rhode Island Association of Realtors) and NAR (The National Association of Realtors).

Lincoln Appraisal & Settlement Services is a National Appraisal Management company, offering a full suite of residential and commercial valuations throughout the United States, including Puerto Rico. With their newest partnership, sister company Lincoln Abstract & Settlement Services, Lincoln Appraisal is now able to provide exceptional title, closing and escrow assistance to national, regional, and statewide lenders and brokers. Lincoln Appraisal is currently licensed to provide appraisal management services in all states that require state licensure, and as new states adopt AMC licensing requirements, Lincoln Appraisal is committed to obtaining all new state licenses as needed.

George will also be speaking at the 2012 Appraisal Institute Annual Meeting at the Loews Coronado Bay Hotel in San Diego, CA in August, 2012.

ABOUT LINCOLN APPRAISAL

Founded in 1998, Lincoln Appraisal & Settlement Services, headquartered in North Providence, RI, is a national Appraisal Management (AMC) and Settlement Services Company. Lincoln Appraisal provides a full suite of residential, commercial, and specialized appraisal services to the real estate industry throughout the United States and Puerto Rico. Additional information can be obtained by visiting http://www.lincolnappraisal.com.







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