Independent Foreclosure Review Check

On May 31, 2013, in Foreclosure, by Robbie L. Vaughn, Esq.

Independent Foreclosure Review

Many people have called our office because they are/were in foreclosure and recently received an Independent Foreclosure Review check. Most of them ask the following questions:

Why am I receiving this Independent Foreclosure Review Check?

An agreement, providing for Independent Foreclosure Review, was reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with several mortgage servicers.

The Independent Foreclosure Review is supposed to determine whether homeowners, who were in foreclosure between January 1, 2009 and December 31, 2010, suffered financial injury because of “errors” made by their mortgage servicer during the home foreclosure process .

This agreement includes the following Mortgage servicers, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

The above Servicers have agreed to pay a total of $3.6 billion in cash payments to eligible borrowers. The payment amounts appear to vary.

And the #1 question…

Can I cash my Independent Foreclosure Review Check?

Maybe!

The checks we have seen state the following:

The payment is final.
There is no process to appeal.
“By cashing or depositing the check, you do not waive any legal claims against your servicer and you may pursue additional actions related to your foreclosure.”

Therefore, it does not appear that you have anything to lose by cashing your Independent Foreclosure Review check. HOWEVER, you should seek legal advice from an attorney who is fully aware of your current situation.

Foreclosure Defense Attorneys in Mineola

The above is not legal advice, but the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you! Call (516) 858-2620 to schedule an appointment with an attorney.

Public Safety Exception to Miranda Warnings

On April 21, 2013, in Criminal, Message/News Board, by Robbie L. Vaughn, Esq.

Miranda Warnings

Miranda Warnings and the Public Safety Exception*

When Miranda Warnings must be given:

1. Miranda Warnings must be given prior to any questioning if you have Custodial Interrogation by Authorities (CIA)**:

Custody – Custody involves a significant deprivation of freedom of movement and occurs when a person is not free to leave. Orozco v. Texas 394 Us. 324 (1969)

Interrogation – Interrogation includes not only questioning by express words, but by any words or actions that police should know are reasonably likely to elicit an incriminating response. Rhode Island v. Innis 446 U.S. 291 (1980).

Authorities – Only government agents are authorities and required to advise a suspect of his Miranda rights. However, if the seizure or questioning was instigated or closely supervised by the police, then this might constitute sufficient state involvement requiring Miranda warnings.

** All 3 must be present to require Miranda Warnings.

PUBLIC SAFETY EXCEPTION

Under the Public Safety Exception:

1. The police may ask questions, of a suspect who is in custody, without first giving Miranda warnings when an imminent threat to public safety exists, such as a loaded gun in a public place, a bomb, a missing kidnap victim, or a victim being held hostage. New York v. Quarles, 467 U.S. 649 (l984).

2. The public safety exception can be applied when the concern is for an individual and not just the public; where an individual’s life is at stake. Some courts have referred to concern of an individual as opposed to the public as the “Rescue Doctrine” or the “Emergency Exception.”

Public Safety Exception example:

The police were stopped by a woman who had just been raped and advised that the perpetrator had run into a nearby supermarket. Upon entering the supermarket the suspect fitting the perpetrator’s description, fled to the back of the store. Upon confronting and frisking the suspect, who was wearing an empty shoulder holster, the arresting officer asked:

“Where is the gun?” without administering Miranda warnings. The suspect pointed to a carton and stated, “Over there.”

The statement and the gun were deemed admissible. New York v. Quarles, supra.

*The above is only a small portion of a presentation that I gave earlier this year on Miranda Warnings. I do not claim to be a Miranda expert, but I do believe the above provides a basic explanation of the Public Safety Exception to Miranda Warnings.

Long Island Criminal Attorneys

The Law Firm of Vaughn, Weber & Prakope, PLLC, can be reached at (516) 858-2620.

Tagged with: custodial interrogation • huntington criminal attorney • imminent threat • miranda rights • miranda warnings • nassau county criminal attorney • public safety • suffolk county criminal attorney

No Documentation Loan Modification

On April 18, 2013, in Foreclosure, by Robbie L. Vaughn, Esq.

No Documentation Loan Modification

Fannie Mae and Freddie Mac to offer No Documentation Loan Modification Program

The Program

Fannie Mae and Freddie Mac will offer a simplified loan modification process. Beginning July 01, 2013, servicers will be required to offer borrowers who are at least 90 days, but not more than 24 months, delinquent on their mortgage a trial modification without requiring financial or hardship documentation.

If the homeowner makes three timely trial modification mortgage payments, their mortgage will be permanently modified. Additionally, homeowners who provide documentation of their finances and hardship could receive “a modification with additional savings.”

The Eligibility Requirements:

“The loan must be owned or guaranteed by Fannie Mae or Freddie Mac. Homeowners must be 90 days to 24 months delinquent, and have a first lien mortgage that is at least 12 months old with a loan to value ratio equal to or greater than 80 percent. Loans that have been modified at least two times previously are not eligible. Click on these links to see if your loan is owned or guaranteed by Fannie Mae or Freddie Mac.” The program ends August 01, 2015.

Our View

This appears to be a good initial program. This program has the potential to help many homeowners avoid foreclosure. While much remains to be seen, we do like the following aspects of the program:

No documentation– Many of our clients get frustrated and exasperated by the constant requests to provide the same documents over and over again.
No action required– Servicers will contact the homeowners directly. Homeowners will not have to hire a third-party to help them with the loan modification (equals more savings for the homeowner).
Length of trial modification– Three months is a reasonable amount of time. We have seen some trial modification go on for 6 months or more (this can be very stressful for the homeowner).
Investment properties are eligible.

Read the full press release here.

New York Foreclosure Defense Attorneys

We are here to assist you! Call (516) 858-2620 to schedule an appointment with the Law Firm of Vaughn, Weber & Prakope, PLLC.

Tagged with: eligibility requirements • fannie mae and freddie mac • Foreclosure • investment properties • loan modification • mortgage payments • no doc loan mod • no documentation loan modification • trial loan modification

Joint Bank Accounts

On April 18, 2013, in Bankruptcy, Estate planning, by Robbie L. Vaughn, Esq.

Joint Bank Accounts

Are Joint Bank Accounts Good or Bad?

It depends!

Estate Planning

Joint bank accounts can be good from an estate planning perspective. Upon the death of one of the joint owners, the funds in the account automatically pass to the surviving account holder by operation of law.

Bankruptcy

Joint bank accounts can be a problem when it comes to filing bankruptcy. The monies in the joint account are considered fully owned by each person named on the account. Therefore, the joint account holder who files bankruptcy may be required to exempt all funds in the joint bank account, or risk losing a portion of those funds to creditors.

Note: Your specific situation may bring forth additional concerns about, and/or benefits to having a joint bank account. It is always good to get information and/or guidance pertaining to your specific situation.

Attorney in Mineola

The Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you! Call (516) 858-2620 to schedule an appointment.

Tagged with: creditors • estate planning • filing bankruptcy • joint bank accounts

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