Real Estate & Property Law

Judges Crack Down on Law Firm ‘Foreclosure Mills’

Judges across the country are noticing deficiencies in foreclosure suits, some of them filed by law firms that handle thousands of cases a year. Such high-volume “foreclosure mills” typically receive a set amount for each case; the pay in Ohio, for example, is $1,000 a case, the Wall Street Journal…

Nov 30, 2007 2:51 PM CST

Alert Solo Catches Clerk’s Error, Derails 200 Christmastime Evictions

More than 200 Florida homeowners facing foreclosure got an early Christmas present from an alert Miami solo—the ability to remain in their homes through the holiday. Solo Scott Jay was discussing a partition case with co-counsel when he noticed a problem: A clerk had inadvertently counted Veteran’s Day in the…

Nov 28, 2007 3:10 PM CST

Obscure Ore. Law: Don’t Dig for Artifacts

An Oregon bottle collector had no idea that his seemingly innocent hobby of looking for old glass around outhouses could violate state law. But then local media featured him in news reports. Soon afterward, 44-year-old Dale Mlasko received a letter from the Oregon State Preservation Office, reports the Mail Tribune,…

Nov 21, 2007 1:02 AM CST

Bill Would Give Free Housing Lawyers to N.Y. Elderly

“Would you send your grandmother to court without a lawyer?” That is the question displayed on signs held by supporters of a proposed law to give older residents facing eviction or foreclosure a right to a lawyer in New York City’s housing court. Councilwoman Rosie Mendez has introduced the bill…

Nov 16, 2007 4:01 PM CST

Mortgage Protection Bill Passes House

The U.S. House has passed a bill that helps protect homeowners from risky home loans, but the legislation faces some opposition in the Senate. The bill would fine lenders who steer borrowers to risky loans when other financing is available, the Associated Press reports. It would also bar excessive fees…

Nov 16, 2007 3:41 PM CST

‘Law School 101’ Could Help Struggling Homeowners

The requirements of legal standing could help homeowners facing foreclosure on their homes. A federal judge in Cleveland recently tossed 14 foreclosure cases because Deutsche Bank National Trust Co. could not prove ownership of the properties, the New York Times reports. The bank is trustee for investors in pools of…

Nov 15, 2007 3:36 PM CST

N.Y. Lawyer Stole $24M, Gets 10 Years

Updated: It isn’t every dishonest lawyer who manages to steal $24 million. But Anthony Bellettieri, a former real estate practitioner in wealthy Westchester County, N.Y., pleaded guilty earlier this year to doing so and was sentenced yesterday by a federal judge to a 10-year prison term. The onetime partner of…

Nov 14, 2007 8:05 PM CST

Fla. Mortgage Fraud Monolith: Building Had Most Bad Deals

Although there has been an explosion of mortgage foreclosures throughout the country during the past year, one 43-story building in Miami’s international banking district is at what could be considered ground zero in this real estate debacle. It is, reports Reuters, perhaps the most mortgage fraud-riddled residential building in the…

Nov 13, 2007 4:03 PM CST

Are New U.S. Accounting Rules Bad News for Banks?

The last few months have not been good ones for the global banking industry, as rapidly rising mortgage defaults sparked a credit crisis. But the situation may get even worse before it gets better. And, if so, new U.S. accounting standards may be one big reason why, a British columnist…

Nov 12, 2007 8:10 PM CST

Landowners Lose, Lawyers Win in Adverse Possession Fight

The centuries-old doctrine of adverse possession is alive and well–and benefiting two lawyers in Boulder, Colo. An attempt to change the law in New York failed when Gov. Eliot Spitzer vetoed a bill this summer that would have barred the claim from homeowners who trample on land they know is…

Nov 12, 2007 2:03 PM CST

‘Green’ Industry: Environmental Law

For those seeking a “green” career, law practice offers an increasing number of opportunities. In a list of 10 industries with “great green potential,” the current issue of E magazine ranks as No. 5 the field of environmental law. (Other fields, such as land use and planning, which is also…

Nov 8, 2007 10:19 PM CST

Former Freddie Mac CEO Settles for $16.4M

A few weeks into what was expected to be a lengthy trial before an administrative law judge, a former chairman and chief executive of Freddie Mac has agreed to settle his case for $16.4 million, without admitting liability. While a stunning sum, the $16.4 million is a fraction of the…

Nov 8, 2007 1:33 AM CST

N.Y. Mortgage Appraisal Probe Spotlights Fannie Mae & Freddie Mac

Updated: New York’s top law enforcement officer obviously isn’t afraid to take on the big guys. Having filed suit last week against one of the nation’s biggest mortgage lenders over an alleged scheme to promote inflated appraisals, in alleged violation of lending regulations, state Attorney General Andrew Cuomo is now…

Nov 7, 2007 9:12 PM CST

New Bankruptcy Law Ups Real Estate Woes

If you’re seeing board-ups or overgrown lawns on some homes in your neighborhood, bankruptcy reform may well be one reason why. New creditor-friendly bankruptcy provisions enacted in 2005 make it harder for individuals in over their heads to get relief from their credit-card debts. And that, in turn, is making…

Nov 5, 2007 4:07 PM CST

NY State Suit: Lender-Appraiser Scheme Inflated Home Values

In violation of federal lending regulations, a major real estate appraisal company and two of the nation’s biggest savings and loans participated in a scheme to inflate the value of homes throughout the country, contends a lawsuit filed by New York’s attorney general. It accuses eAppraiseIT, a division of First…

Nov 1, 2007 5:25 PM CDT