Deputy Gets Fired For Lying About Income On Mortgage App In 2007

May 19, 2012 By Steve Dibert Leave a Comment

JPMorgan Chase Not Pursuing Charges

Steve Dibert, MFI-Miami

Call me a cynic or maybe it’s just because I know more about the mortgage industry than most people but something doesn’t add up about the story that appeared the local news in Naples yesterday. It was about Collier County Sheriff’s Deputy, Michael Kovar being terminated for lying about his income on a mortgage application he filled out back in 2007 for a house he wanted to buy and flip. He claimed his income from his side business of flipping homes was an additional $510,000 a year when in reality it was $88,000. The house later went into default with a $500,000 deficiency. After the foreclosure process was completed, JPMorgan Chase stated they were not going to pursue the deficiency.

Soon after, the Collier County Sheriff’s Department began digging through Michael Kovar’s finances for an undisclosed reason and discovered his mortgage application and in March of this year Kovar for “unlawful or improper conduct” and “failing to pay just debts.”

Now don’t get me wrong, I’m not condoning Michael Kovar for misrepresenting his income on his mortgage application and he should be punished. However, unlike most cases where homeowners get caught misrepresenting their income, lenders are more than eager to convict but in this case especially on a loan this size but JPMorgan Chase refuses to. Why?

According to WINK News, JPMorgan Chase took a $500,000 loss on the property but did they? It may appear that way on the public record but as anyone who follows my blogs knows, looks can be deceiving. JPMorgan Chases says they’re not pursuing Michael Kovar for the deficiency. Did they really take a $500,000 loss on the file? Probably not. There are two probable reasons why Chase isn’t pursuing this. The loan was insured and JPMorgan Chase got paid off by the insurance policy or they felt that if the matter was litigated they couldn’t prove enough of an ownership interest in the note and/or mortgage under Florida law to legally foreclose. So that begs the question, is this debt legitimate?

The Collier County Sheriff’s office is sophisticated enough to know this. Michael Kovar’s termination sounds more like a case of the department wanting to terminate his employment using this as an excuse.

Woman’s 2-Year Battle Against Robo-signing Gets Mortgage Wiped Out

May 13, 2012 By Steve Dibert Leave a Comment

View more videos at: http://nbcmiami.com.

Trina Robinson and Karen Franklin, NBC Miami

A South Florida woman succeeded with the unheard of when she was able to get her mortgage wiped out by a lender.

In an effort to save her mother’s home, Idania Castro waged a two-year battle with the bank.

“The mortgage got wiped out, so I have no mortgage payment, everything was completely satisfied,” Castro said.

The woman, who took it upon herself to go through every document related to the mortgage, finally discovered robo-signing. She said the signatures on her foreclosure documents appeared to have been signed by different people.

“The signatures varied five times and it made me suspicious,” she said.

With the help of attorney Omar Arcia, she won her case. The lender decided to stop all legal proceedings against her because the documents were deemed fraudulent . Castro now owes nothing.

Florida Supremes To Review Pino Case

May 9, 2012 By Steve Dibert Leave a Comment

Kimberly Miller, Palm Beach Post

An unassuming drywall hanger from Greenacres has banks warning of a “widespread financial crisis” if the Florida Supreme Court favors him in a landmark foreclosure case justices will hear this week.

Plucked out of the 4th District Court of Appeal, Roman Pino v. the Bank of New York is the first significant foreclosure complaint to be heard by the high court since the state’s legendary housing collapse.

It’s particularly unusual because the 41-year-old Pino had already settled the case when the Supreme Court decided in December to take up a legal question it said could affect the mortgage foreclosure crisis statewide.

At issue is whether a bank can escape punishment for filing flawed or fraudulent documents in a case by voluntarily dismissing it. (A voluntary dismissal allows the bank to refile at a later date.)

That’s what Royal Palm Beach-based foreclosure defense attorney Tom Ice said happened when he challenged a document created by the Law Offices of David J. Stern and sought to question employees about its veracity. On the eve of those depositions, the bank moved to dismiss the case, blocking the court’s ability to address any sanctions.

“The objective here was to hide from punishment for the wrongdoing,” Ice said.

While the confidential settlement between Pino and his lender will remain unaffected by the high court’s decision, law professors say the question goes straight to the integrity of Florida’s judiciary.

“Here you have the highest state court in a state ravaged by foreclosures deciding on their own to address this issue, and that is significant,” said Michael Allan Wolf, a University of Florida property law professor. “They seem to be anxious to enter the fray on this, and there is no question this is a fascinating topic.”

Filed Under: Florida, Mortgage News Tagged With: bank neglect, economic meltdown, financial crisis, florida foreclosure fraud, florida foreclosure mill law firms, Florida foreclosure mills, Florida Foreclosure Mitigation, florida foreclosures, Florida robo-signing, Florida Supreme Court, foreclosure, foreclosure backlog, foreclosure cases, foreclosure crisis, foreclosure defense, foreclosure filings, foreclosure fraud, foreclosure help, foreclosure help florida, foreclosure mills, foreclosure rescue, foreclosures, homeowner bankruptcy, Housing Crisis, illegal foreclosures, Mortgage Crisis, mortgage fraud, mortgage help, mortgages, Palm Beach County, robo-signing, Roman Pino v. the Bank of New York, thomas Ice

If Nevada AG Says It’s Doc Fraud Why Doesn’t Florida Barbie?

January 15, 2012 By Steve Dibert Leave a Comment

Is signing foreclosure documents for others forgery?

Kimberly Miller, Palm Beach Post

Florida Attorney General Pam Bondi

The Nevada attorney general calls signing another person’s name on documents used to repossess a home “forgery” and a “scheme.”

Michigan’s attorney general launched a criminal investigation that includes whether “falsified signatures” were used in foreclosure cases.

But Theresa Edwards and June Clarkson were forced to resign their jobs as foreclosure fraud investigators for the Florida Attorney General’s Office, in part, for referring to so-called “surrogate signing” as forgery.

According to a Florida Inspector General report that cleared Attorney General Pam Bondi’s office of wrongdoing in the firings, the duo repeatedly used the word “forgery” in a 2010 presentation that included documents from the Jacksonville-based Lender Processing Services. The company complained and drew the attention of economic crimes boss Richard Lawson.

Lawson says in the inspector general’s Jan. 6 report that surrogate signing as it relates to Lender Processing Services, also called LPS, is not forgery, which requires an intent to defraud. The practice was authorized by the company, more evidence, Lawson said, that no forgery occurred.

Homeowner advocates who support Edwards and Clarkson are now questioning portions of the 83-page report. They point to the LPS signature issue as an example of what they say is Florida’s resistance to go after foreclosure fraud.

Big paperwork processor

“Theresa Edwards and June Clarkson were fired for aggressively investigating these practices,” said Palm Beach County homeowner Lynn Szymoniak, who is in foreclosure. ” Are these practices really OK in the opinion of the chief financial officer and the attorney general?”

Deputy Gets Fired For Lying About Income On Mortgage App In 2007

JPMorgan Chase Not Pursuing Charges

Woman’s 2-Year Battle Against Robo-signing Gets Mortgage Wiped Out

Florida Supremes To Review Pino Case

If Nevada AG Says It’s Doc Fraud Why Doesn’t Florida Barbie?

Is signing foreclosure documents for others forgery?

Translation

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