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.

Like The Missing Kiszka, Note Goes Missing

May 16, 2012 By Steve Dibert Leave a Comment

…And The Lawyers Want It Back!

Kimberly Miller, Palm Beach Post

A suburban West Palm Beach foreclosure case has even bank employees confused, with internal emails that question whether the wrong entity is repossessing the house – but that then decide to move forward anyway.

Bank attorneys now want to purge the court file with the messages, which were filed mistakenly. The emails also mention trying to avoid mounting community association fees.

“I think the emails basically say the plaintiff doesn’t own the loan, and it belongs to a different lender,” said attorney Peter Snyder, who is representing Abby Lopez. “It may be Bank of America, or Bank of America could just be the servicer. That’s where it all gets crazy.”

Homeowner advocates say the three email exchanges exemplify one of their biggest concerns – that the wrong bank will take their home.

The concern arose when boom-time loans were repeatedly bundled or broken into pieces and sold by the original lender to trusts, investors or other lenders. As a result, a bank may be responsible for collecting payments and daily loan oversight, but not be the true owner.

The emails in Lopez’s case were filed in October with a sworn “affidavit of indebtedness” that details how much Lopez owes on the mortgage, and asserts that Bank of America is the servicer of the loan.

But Bank of America is not listed as a plaintiff in the case. HSBC Bank USA, “as trustee for the holders of Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-Bar1 Mortgage Pass-Through Certificates,” is the party named as foreclosing on the home.

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

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

JPMorgan Chase Not Pursuing Charges

Like The Missing Kiszka, Note Goes Missing

…And The Lawyers Want It Back!

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

Florida Supremes To Review Pino Case

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