Tag Archives: Mortgage

New York Bankruptcy Lawyer Triumphs Over Shoddy Mortgage Lender Practices


New York, NY (PRWEB) March 4, 2010

New York homeowners filing for bankruptcy are breathing a sigh of relief, knowing that the courts are on their side. In a scathing opinion issued recently by US. Bankruptcy Court Judge Martin Glenn, JPMorgan Chase Bank was effectively denied payment of their entire alleged mortgage claim because they refused to prove their ownership of the loan. The case is In re Minbatiwalla, Chapter 13 Case No. 09-15693 (MG) (Bankr.S.D.N.Y. 2009).

Kerman J. Minbatiwalla, a Manhattan homeowner, filed for Chapter 13 bankruptcy to repay his debts over time and save his East Side condominium. Though he was current on his mortgage at the time his case was filed, Minbatiwalla is the poster child for a system gone horrible wrong at the hands of shoddy recordkeeping at his mortgage company.

Minbatiwalla had two mortgages with various JPMorgan Chase entities. On filing of his bankruptcy, Chase Home Finance, LLC filed papers with the court on behalf of U.S. Bank as well as an unknown mortgage trust asking for payment of pre-bankruptcy arrears; a second claim was filed by JP Morgan Chase Bank N.A. also demanding payment of arrears.

Minbatiwallas attorney, Manhattan bankruptcy lawyer David B. Shaev, looked on both documents with suspicion. My client wants to pay his mortgage, but now he doesn’t know who is the rightful recipient of the money. There was nothing but a summary attached, with nothing to indicate which party was which, or to whom the monies should be paid, Shaev said. A string of mortgage trusts and servicers only confused the situation, and we needed to be sure that the property parties would be paid.

Though Shaev demanding more information on the transfer of the loans and the relationships of the parties, he was met with no response. Undeterred, he demanded that the claims for payment be denied in full.

Bankruptcy Court Judge Martin Glenn, in a 26-page written opinion, found that Chases failure to attach documentation and respond to the Shaevs information requests is fatal to their claims for payment. Here it is not clear whether the claim was assigned to Chase, or whether Chase was the original party on the mortgage and the note, Glenn wrote. [T]he Debtor requested additional information from the claimant in October and has received no documents.

A copy of the full opinion is available from the Court’s website here.

This is not the first time Shaev has seen mortgage servicer abuses in the bankruptcy courts. He has recently fought and won in cases against a variety of lenders who have refused to treat bankruptcy debtors with the fairness the law demands.

The homeowner won the battle today, Shaev said on hearing of the decision. But with so much mortgage servicer abuse in bankruptcy, the war wages on.

David B. Shaev is a New York bankruptcy lawyer and partner at Shaev & Fleischman, LLP where he concentrates his practice in the field of protecting consumers in bankruptcy. To find out more, please visit Shaev & Fleischman, LLP. Members of the press may also see past coverage of David here.

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ChoicePoint


Reston, VA (PRWEB) August 4, 2008

The Mortgage Asset Research Institute (MARI), a ChoicePoint (NYSE: CPS) company, today announced the release of the MARI Loan Fraud Alert Service Pro (LFAS Pro). MARI LFAS Pro, with its patent pending technology, assists lenders in discovering fraudulent loan applications prior to funding through a combination of comparative loan application analysis and Identity Risk Management tools. Lenders will now have the ability to have a more comprehensive view of their loan portfolio, not previously available in the market.

MARI’s original LFAS is a comparative loan tool that helps uncover patterns of common mortgage fraud schemes during origination. LFAS Pro takes that process one step further, providing valuable insight into both the identity of applicants and information about industry professionals that comprise the loan transaction, such as the mortgage broker, appraiser and closing attorney. LFAS combines the industry-leading MIDEX credentialing database with ChoicePoint’s Identity Verification tools (widely used in the banking industry for account openings) and adds the advanced capabilities of a comparative analysis loan tool.

“We are extremely excited about LFAS Pro for lenders since many common fraud schemes such as chunking, flipping and multiple closings would be much more evident to lenders in pre-funding,” said Tom Chmielewski, vice president, ChoicePoint Financial Services. “Lenders now have a tool that helps them ensure the loans they are about to make are not tainted by fraudulent activity and detect patterns indicative of fraud within their loan pipeline and other contributed lender pipelines.”

MARI’s enhanced mortgage fraud solution provides a single view into industry-contributed loan transactions through an intuitive user interface. The transparency provided by LFAS Pro helps identify hidden patterns of fraudulent loan schemes perpetrated by applicants, industry insiders and their co-conspirators. By helping identify risk at the earliest stages, lenders can improve overall loan quality, reducing loan processing costs and increasing loan profitability as a result.

LFAS Pro integrates several components of an effective Identity Risk Management program that help determine if a loan transaction may expose a lender to risk by combining services for:

Mortgage Field Services Provider U.S. Best Repair Service Teams Up with 9-1-1 for Kids Charity and NFL Legend Tim Brown at Five Star Conference in Dallas


(PRWEB) September 07, 2013

Over 250 million calls are made to 9-1-1 annually and nearly half of those calls are caused by misuse and abuseprank calls, people asking for information, duplicate calls, people asking for driving directions, and even calls for help finding a lost pet or hurt animal.

In addition to being a waste of costly resources, 9-1-1 misuse and abuse is a major safety issue as emergency lines are limited, which means crime prevention and life-saving solutions are delayed when 9-1-1 operators and first responders are busy dealing with non-emergencies. Thats why the charity 9-1-1 for Kids was created.

9-1-1 for Kids helps educate children about proper 9-1-1 usage. Former Los Angeles/Oakland Raider and future NFL Hall of Fame inductee Tim Brown is the charitys international chairman. Supermodel turned business mogul Kathy Ireland is the Worldwide Ambassador. They have been helping raise awareness through special charity events and fundraising that goes toward educational materials. For example, the charity created a video program for schools that teaches children how calling from a landline is preferred because the location of the call is automatically transmitted to 9-1-1 call centers. Accurate address information is central to coordinating emergency services quickly.

Mobile phones do not transmit location as reliably or efficiently as landlines. In the 1970s, a system was developed–known as Automatic Location Identification (ALI)–to connect landlines to a database program that would transmit addresses to 9-1-1 call centers. Mobile phones often times transmit inaccurate location or no location at all. That is why it is important to use a landline if possible.

This type of education is valuable for children and adults to know. 9-1-1 for Kids executive director Elise Kim says teaching children is the most effective way to inform families about proper 9-1-1 usage because children talk about what they learn to their parents, and they influence adults to behave safely. This protects neighborhoods, argues Kim, because proper 9-1-1 usage allows emergency resources to be directed to real emergencies, making communities safer.

Enter U.S. Best Repair Service, a leading provider of default mortgage field services and general contractor. In the mortgage industry, they specialize in repairing and protecting abandoned bank-owned homes, which attract crime and neighborhood blight if left unkempt. Their services include painting over graffiti, boarding broken windows, maintaining overgrown lawns, and securing hazards like empty pools which are unsafe for curious neighborhood children.

As an advocate for neighborhood safety and a specialist in removing community blight, CEO Mark Zaverl felt 9-1-1 for Kids was a charity that fit well with U.S. Best. Its a cause that affects literally everybody, says Zaverl, or as 9-1-1 for Kids co-founder Elise Kim likes to say, Everybody should care about 9-1-1 education because even if you dont like kids, one day a child could save your life by dialing 9-1-1 for you.

The three seemingly unconnected pioneers–Elise Kim, co-founder and director of 9-1-1 for Kids; Tim Brown, Raider football legend and future NFL Hall of Fame inductee; and Mark Zaverl, founder and CEO of a small handyman service turned national general contractorwill be attending Five Star Conference in Dallas, TX on September 8-10 at the Hilton Anatole for the mortgage servicing industrys largest gathering of its kind to raise awareness for 9-1-1 for Kids and abandoned bank-owned home protection.

Tim Brown will be available on Monday, September 9th, from 12pm to 2pm at booth #112. Media coverage is welcome. Advanced credentialing is necessary for this event. Please contact Mike Gleason for media inquiries:

Mike Gleason

mgleason(at)usbestrepairs(dot)com

714-599-7831 office

949-236-7421 mobile

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