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Posted at 2:43 PM ET, 01/17/2011

Odd allies join forces on Va. mortgage bills

By Rosalind S. Helderman
Rosalind S. Helderman

You know what they say about politics and bedfellows.

A news conference in Richmond on Monday morning might have featured the strangest lineup of political allies of this year's legislative session.

Sen. A. Donald McEachin (D-Richmond), one of the General Assembly's most liberal members, joined with Del. Bob Marshall (R-Prince William), one of the legislature's most conservative members, to urge passage of bills to reform foreclosure procedures in Virginia, including one sponsored by Marshall that would force banks to maintain up-to-date records on Virginia loans in government offices, potentially restraining global trade in these mortgages.

McEachin and Marshall were joined by Del. Robin Abbott (D-Newport News), Sen. J. Chapman Petersen (D-Fairfax) and homeowners who have fought to save their homes from foreclosure.

"We'll begin with my good friend -- although I know you all don't like to believe it -- my good friend Bob Marshall," McEachin said to start the news conference.

"I promise you, we'll resume ideological hostilities as soon as this press conference is over," Marshall said, as he took the microphone. "The fact that we represent such a broad ideological spectrum should tell the public that this is a core value, this is a core issue, this is a core responsibility of government," he added.

Two homeowners spokes as well, including a woman from Greene County who lost her home after making reduced payments in response to an e-mail from her bank alerting her that a loan modification had been approved, only to be told months later that it had actually been denied and she was thousands of dollars behind on her payments.

A Springfield man told of how his home was sold at a foreclosure auction, days after he submitted proper paperwork and payment to become current on his loan.

Marshall's bill faces an early and tough test before a House subcommittee Monday afternoon. The Speaker of the House has indicated that he opposes the measure. However, McEachin has several mortgage-related bills that will be heard later in the session by the state Senate.

By Rosalind S. Helderman  | January 17, 2011; 2:43 PM ET
Categories:  General Assembly 2011, House of Delegates, Rosalind Helderman, State Senate  
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Comments

The most interesting proposal comes form Sen. McEachin who has suggested moving to a judicial foreclosure system. The bill is fairly vague as to the procedures to be followed in such a lawsuit. If those details are worked out in a fair but efficient manner it would be a dramatic and interesting change in Virginia law.

My commentary from a week ago on this issue can be found at
http://northernvirginialawyer.blogspot.com/2011/01/general-assembly-proposals-judicial

Posted by: ppradoslaw | January 17, 2011 8:03 PM | Report abuse


Over the life of a 30 year loan, a $300 per month decrease would equal over $100K in savings. Search the web for "123 Mortgage Refi" website they helped me find 3.118% rate easily. Strongly recommend them for anyone.

Posted by: kathymeeks123 | January 18, 2011 1:50 AM | Report abuse

With all of the problems related to the MERS system and the overall shady and opaque nature that banks want to keep with all of this, I'm not surprised that we're seeing such an initiative. I'm more surprised that we didn't see something along these lines sooner.

Posted by: DmetriKepi | January 18, 2011 2:42 AM | Report abuse

I normally don't disagree with Bob Marshall. This is one of those times that I do.

Where I think the point of the article is missing, is that people invested their savings, so others could have housing.

Those that have housing have a duty to meet their obligations. When they fail to do so, foreclosure proceedings get underway.

When a homeowner is obligated to make paymengts and suddenly stops, and uses the excuse to "see the paperwork," that person is a deadbeat.

Now, if you go to the SEIU webpages (no kidding), they are promulgating this nonsense of "where's the paper" and how to fight foreclosure.

So when you hear the stories about people losing their homes, think about the investor that loaned the money, so the person could have a home and got burned.

It's probably a senior citizen or a state's pension fund.

Better yet, if you loaned someone money and they stiffed you, AND you needed to put the money into living expanses for your family, how would you feel?

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | January 18, 2011 7:34 AM | Report abuse

I normally don't disagree with Bob Marshall. This is one of those times that I do.

Where I think the point of the article is missing, is that people invested their savings, so others could have housing.

Those that have housing have a duty to meet their obligations. When they fail to do so, foreclosure proceedings get underway.

When a homeowner is obligated to make paymengts and suddenly stops, and uses the excuse to "see the paperwork," that person is a deadbeat.

Now, if you go to the SEIU webpages (no kidding), they are promulgating this nonsense of "Where's the paper" and how to fight foreclosure.

So when you hear the stories about people losing their homes, think about the investor that loaned the money, so the person could have a home and got burned.

It's probably a senior citizen or a state's pension fund.

Better yet, if you loaned someone money and they stiffed you, AND you needed to put the money into living expenses for your family, how would you feel?

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | January 18, 2011 7:35 AM | Report abuse

Two homeowners spokes as well, including a woman from Greene County who lost her home after making reduced payments in response to an e-mail from her bank alerting her that a loan modification had been approved, only to be told months later that it had actually been denied and she was thousands of dollars behind on her payments.
--------------------
Okay folks. I walk it as I talk it.

Ma'am, if you have that electronic e-mail (not the paper output) that states that your loan modification was approved, have your attorney contact me at 202-262-0225.

I will provide 10 hours of services ($2,500 value) for you at cost, plus $1.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | January 18, 2011 7:48 AM | Report abuse

All across the country, judges need to cease allowing courtrooms to be used by foreclosure mill lawyers and mortgage servicers who commit fraud, and self-dealings that –RATHER than property returned to the lenders, enable lawyers or their straw buyer acquaintances to unlawfully acquire distressed property.

There are lawyers actually engaged in real estate racketeering through intentional fraudulent pleadings that they file in civil courts and bankruptcy courts on behalf of purported lender-clients –and some are filed via names of defunct mortgage companies.

For decades, it has been PROFITABLE, and FACILE to make use of judicial systems to accomplish multiple and various levels of foreclosure fraud, while also unlawfully rendering families homeless; and mortgage lenders and banks (that receive their with mortgage-default insurance and IRS write-offs), never get the homes. Ultimately, after repeated flips, the homes become sold to Freddie Mac.

Lawyers who are engage in willful foreclosure fraud also unconscionably access "deficiency judgments" against homeowners even though the reason for the deficiency is because their straw buyer friends place unlawful "credit bids." And the lawyers record worthless property deeds after sham foreclosure auctions that impedes title insurance. The list goes on!

Anyone telling people to simply move out NEEDS a wake up call as to what's really going on –including the cause of longterm blighted communities. Fraud foreclosed homes that 'go back' to lenders become put on the market and various channels and outcomes –always unlawful.

Hopefully people continue signing and sharing the petition, “Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers” @ http://chn.ge/eU2zAm, who file foreclosure proceedings in civil as well as bankruptcy courts. And hopefully consumers will heap upon offices of Attorneys General, information / evidence about foreclosure-judicial wrongdoing. *SEE: “Commentary on: “Emerging Battleground on Mortgage Abuses: Foreclosure Mills” @ http://t.co/riJXgou.

Posted by: lawgrace | January 18, 2011 11:32 AM | Report abuse

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