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Latest News
Wachovia Employee Money Maker: Finance, Foreclose, Flip |
Sunday, 15 August 2010 |
Brian Causey part of loan scheme to sell Columbus County mobile homes
Brian Causey, who worked for Wachovia bank in Wilmington, along with Mayo, Fluharty and Ford falsified information such as employment history, income, assets and credit letters to underwrite loans between 1998 to sometime in the 2000s, according to a news release from the U.S. Attorney's Office and federal court documents... All told, 60 loans were issued with lenders losing more than $3.5 million, according to the complaint. Additionally, all but one of the loans was foreclosed on. Later on, in early 2000, Rooks, Williams and others started buying up the foreclosed properties and flipping â or reselling them quickly â for inflated prices. |
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Sunday, 01 August 2010 |
HOA Foreclosures; Necessary Tool or Extortion Racket?
It was no accident that the two examples of HOA foreclosures cited at the beginning of this article occurred in Texas. Without a doubt, Texas has become the epicenter for HOA foreclosures. Part of the reason is the tremendous population growth of the state since 1980, second only to Florida. This surge in population led to enormous homebuilding and nearly all of these homes were in subdivisions with homeowner associations that all owners were compelled to join. Today, there are roughly 30,000 HOAs in Texas. If Texas is the epicenter of the HOA foreclosure debacle, Houston and Harris County where it is located is ground zero. A website founded by Beanie Adolph nearly ten years ago and whose database research is done by volunteers has researched what has been occurring in the Houston metro area. The following chart, posted on its website, reveals its findings. |
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Consumer Binding Arbitration Clauses my be a thing of the past |
Sunday, 01 August 2010 |
Widely used arbitration quietly closes doors of protest for consumers
Most consumer contracts include clauses that require you to take any disputes with the auto dealership, phone company or retailer to an arbitrator â one chosen by the business. You can't take the business to court. You might not even be able to take part in a class action lawsuit with others who have similar complaints. And the arbitrator's decision â with no explanation â is generally final.Consumers often aren't aware of this because the clauses are buried in the fine print of contracts. And even those who know what to look for say it's almost impossible to avoid arbitration mandates when signing up for a product or service. |
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Bad County Plan - Homeowners Pay $7,731 for Bad Street by Obra/Sivage |
Thursday, 29 July 2010 |
Homeowners get help
Ventura Heights' road woes sparked the countywide survey that was outlined at Commissioner's Court on Tuesday. Residents of the neighborhood, in an unincorporated area near Converse, implored officials â again â to remedy their plight. Officials offered several long-term options. One plan would have the budget-strapped county assume responsibility for Ventura Heights' roads, making all taxpayers responsible for maintenance. In other scenarios, a special district could be formed where a road maintenance tax would be imposed for 30 years; or residents could be required to pay a share of the upkeep. In May, the county estimated it would cost $1.3 million to bring Ventura Heights' streets into compliance at a cost of $7,731.84 for each of the 170 homes. |
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'You pay, you pay, and you pay.' |
Thursday, 29 July 2010 |
Pothole problem turns into Ventura Heights blame game
"From the beginning it's been, the homeowners, 'You pay, you pay, and you pay.' There is nothing new. There is no change in that. And what upsets us the most is that somebody dropped the ball. The ball was dropped at county, and we are being blamed for it," says resident Kent Butler. Residents in the neighborhood say the dispute has turned into one big blame game. |
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Tell Elected Officials to Stop HOA Foreclosures |
Tuesday, 27 July 2010 |
Petition to end HOA foreclosures in Texas
Texas is one of the worst ranking states, with among the highest record for HOA foreclosures. Texas is also one of the fastest foreclosure states with only a 180 day redemption period. |
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County takes steps to hold builders responsible for street failures |
Thursday, 22 July 2010 |
Bexar County targets neighborhoods with street problems
Green says her staff started compiling the long list of neighborhoods with street deficiencies three months ago. Of the 121 communities, 48 subdivisions are in Bexar County Precinct 1, 16 subdivisions are in Precinct 2, 27 neighborhoods are in Precinct 3 and Precinct 4 had 30 subdivisions on the list... |
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NPR - HOA's Massive Foreclosure Business Booming by Texas Design |
Saturday, 17 July 2010 |
Not So Neighborly Associations Foreclosing On Homes
Capt. Mike Clauer was serving in Iraq last year as company commander of an Army National Guard plans. We thought we were so far ahead, and now it's like we're starting unit assigned to escort convoys. It was exceedingly dangerous work â explosive devices buried in the road were a constant threat to the lives of Clauer and his men... And in 33 states, an HOA does not need to go before a judge to collect on the liens. It's called nonjudicial foreclosure, and in practice it means a house can be sold on the courthouse steps with no judge or arbitrator involved. In Texas the process period is a mere 27 days â the shortest of any state. David Kahne, a Houston lawyer who advises homeowners, says that in Texas, the law is so weighted in favor of HOAs, he advises people that instead of hiring him, they should call their association and beg for mercy. In addition to representing Dallas, Carona owns the largest HOA management company in the country â Associa, which has more than 100 offices, 6,000 employees and 7,000 HOA clients in 30 states and Mexico. Carona defends the rights of HOAs to foreclose for delinquent dues, even for small amounts. |
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Bexar County Suffers with 535 Defective Neighborhood Street Failure |
Saturday, 17 July 2010 |
Patchwork fix could come for neighborhood's pothole-filled streets |
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The rich likely to walk away from bad deal homes |
Saturday, 10 July 2010 |
Biggest Defaulters on Mortgages Are the Rich
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population. More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic. By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent. |
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County Commissioners Frustrated Over Developers and Builders Substandard Construction |
Thursday, 01 July 2010 |
Can County Get Ventura Heights Out Of Lien Times?
That's County Judge Nelson Wolff in yesterday's Bexar County Commissioners Court expressing his frustration with flimsy state law that allows for messes to develop like the one currently found in Ventura Heights, an unincorporated subdivision...they are wary of opening what Precinct 2 Commissioner Paul Elizondo called "a Pandora's box" among the 122 units throughout Bexar County experiencing similar problems. "We cannot make decisions in a vacuum that are not considerate of the big picture," said Adkisson, and the big picture is that the county doesn't have the millions of dollars needed to fix problems caused by developers who cut and run...Adkisson said he's also very supportive of investigating, as is Wolff. "We need to go after somebody on this," said Wolff, "how are [the homeowners] to know who's responsible for the streets?" |
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Dangers of New Subdivision Streets |
Thursday, 01 July 2010 |
Huge pothole problems in Northeast side neighborhood
"It was like I was falling off a cliff," said Terri Lucas. Lucas accidentally drove her car through a 5-foot-wide pothole Thursday afternoon. The 7-inch deep hole damaged her car's motor and body. "I was going very slowly, driving down Heights Valley, and all of a sudden I ended up in a pothole." Neighbors in that area have complained about the unsafe, pothole-filled streets for months, without satisfactory action. |
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San Antonio Besieged by Developer and Builder Defects |
Thursday, 01 July 2010 |
Residents expected to pay $8,000 to fix potholes
The Ventura Heights subdivision has a problem with potholes. It turns out the developer never properly installed the streets or had them inspected and approved by Bexar County. Residents have complained for years about the huge potholes. The only solution given to them so far requires they pay $8000 each. Bexar County estimates it will cost more than a million dollars to bring the streets into compliance.
James Muñoz KENS 5 Reports |
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Condominium Condemned for code violations and shoddy construction |
Wednesday, 30 June 2010 |
Builder Fazio reportedly owes millions
The Norristown developer who built a 26-unit condominium building on Sandy Street that was condemned last month for numerous construction problems has had financial problems dating back to at least 2007. R. Bruce Fazio owes $2,450,000 to the St. Edmondâs Federal Savings Bank for the unpaid balance of a revolving construction loan granted to finance construction of 770 Sandy St. Norristown officials condemned the four-story building for numerous code violations, fire safety problems and alleged shoddy construction. Eight condominium owners and 15 renters were evicted by code enforcement after a contentious hearing in Montgomery County Common Pleas Court. |
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New Mexico AG & Police No Help For Homebuyers |
Wednesday, 30 June 2010 |
Homebuilders left without refunds
After a building company had to shut its doors in 2009, they assured everyone that they would pay back all the hopeful homebuilders they left without a roof over their heads. Nearly a year later, a KRQE News 13 investigation shows more than a dozen people are still without their refunds. The Kummets were not the only ones with complaints. The Kummets, as well as 12 others, filed complaints with the Attorney General's office. The complaints were similar - with one customer claiming they were left without $170,000. The Attorney General started to investigate. However, a year later, the office decided to pass on the case and not prosecute Wallen Builders. |
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