The Home Equity Theft Reporter: Buy Back Agreement In Foreclosure Rescue Sale Leaseback Deals To Be Presumed An Equitable Mortgage, Says Proposed Florida Statute

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I write this commentary to challenge short sale and loan modification agents to encourage their mortgage victim prospects to spend the necessary money on a proper mortgage examination (as above) BEFORE undertaking any short sale or loan modification effort. The reason should seem obvious, but I’ll explain it anyway.

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(Reuters) – Bank of America Corp (BAC.N) is close to a deal with the U.S. Department of Justice to pay more than $16.5 billion to end investigations into mortgage securities that the bank and. companies it bought sold in the run-up to the financial crisis, a person familiar with the matter said on Wednesday.

Home in places like Florida as well as other States should understand that a Foreclosure is – The legal mechanism by which the mortgage lender ends the "equity of redemption" by having a judge determine the amount of debt and a specific date, usually in 30 or 60 days to pay the money, and if not paid by that date, the judge allows the clerk to auction the property.

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foreclosure sale n. the actual forced sale of real property at a public auction (often on the courthouse steps following public notice posted at the courthouse and published in a local newspaper) after foreclosure on that property as security under a mortgage or deed of trust for a loan that is substantially delinqu.

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