Recent Blog Posts

Despite Warnings, Courts See Little Improvement in Foreclosure Filings

The Dunn Law Group — Fri, 06 May 2011 22:39:00 GMT

After a wave of sloppy foreclosure filings forced Courts across the nation to dismiss foreclosure claims brought by banks, lenders say they have improved their practices. However, a survey of judges from across the country seems to disagree.

F. Dana Winslow, a N.Y. State Supreme Court Justice, told the Wall Street Journal that there has been only "a marginal improvement in what is being submitted to the court."

According to the Journal, foreclosure filings in New York have declined sharply since New York State Chief Judge Jonathan Lippman issued an order in October requiring lawyers to sign an affidavit affirming that foreclosure paperwork was properly reviewed and to their knowledge is accurate.

The increased judicial scrutiny on foreclosures is excellent news for borrowers at risk of foreclosure. At the Dunn Law Group, we know how to use this increased judicial scrutiny to the advantage of our clients. We also frequently assist underwater borrowers in Boston and around Massachusetts obtain loan modifications from the nation's largest mortgage servicers. If you are at risk of foreclosure or plan to seek a mortgage modification, call or email us today to discuss how we might help you. (617)725-0033 or mdunn@dunn-lawgroup.com

Lenders Have Until Mid-June to Improve Modification and Foreclosure Practices

The Dunn Law Group — Fri, 06 May 2011 22:17:00 GMT

Federal government regulators have given financial institutions until mid-June to file acceptable plans for improving their loan modification and foreclosure practices. Fannie Mae and Freddie Mac recently released their modified guidelines which were designed to increased successful modifications while ensuring that foreclosures do not drag on.

Fannie and Freddie focused on the following key areas of improvement, and other institutions are expected to follow suit.

1) Borrowers must be assigned a "single point of contact" to speak with regarding their loan modification or foreclosure. This will prevent borrowers from being bounced around from one bank employee to the next when seeking an update or answers to their questions.

2) The lenders must set "appropriate deadlines" for reaching a decision on all loan modifications. Many borrowers have submitted paperwork to get a modification only to have to resubmit several time sensitive documents when deadlines pass.

3) The financial institutions are being required to add employees to ensure "appropriate staffing levels" to deal with the increase in modifications and foreclosures. This should improve customer service at the lenders while speeding up the modification and foreclosure processes.

At The Dunn Law Group we assist underwater borrowers in Boston and around Massachusetts obtain loan modifications from the nation's largest mortgage servicers. Call or email us today to discuss how we might help you. (617)725-0033 or mdunn@dunn-lawgroup.com

MA Supreme Court Affirms Attorneys' Role in Closings

The Dunn Law Group — Fri, 29 Apr 2011 16:02:00 GMT

Earlier this week, the Supreme Judicial Court of Massachusetts released a ruling that strengthened consumer protections in real estate transactions by confirming the role of attorneys in real estate closings.

The case,Real Estate Bar Association (REBA) v. National Estate Information Services (NREIS), pitted local real estate attorneys against a Pittsburgh company that provides services to mortgage lenders across the country. The Plaintiffs argued that many of the services provided by NREIS constituted the unauthorized practice of law. The Court found that the use of NREIS and similar companies left consumers with few protections in what is often the most important purchase they will make in a lifetime.

Justice Margot Botsford, writing for the Court, emphasized the importance of attorneys participating in every stage of the transaction, not simply signing off on the paperwork at the conclusion.

“We consider a closing attorney’s professional and ethical responsibilities to require actions not only at the closing but before and after it as well,’’said Botsford. “We emphasize that the closing attorney possesses an ethical and professional obligation to ensure marketability of title regardless whether the closing attorney personally performs this analysis.’’

The Dunn Law Group recognizes the importance of attorneys in real estate closings and applauds the decision of the Massachusetts Supreme Judicial Court. If you are planning to buy or sell a home or other property in Massachusetts don't hesitate to call or email us today at (617)725-0033 or mdunn@dunn-lawgroup.com to discuss how we might be of service.

A Step in the Right Direction

The Dunn Law Group — Thu, 24 Feb 2011 20:12:00 GMT

According to the Wall Street Jornal, a massive settlement is currently being contemplated by the Obama Administration and several of the nation's largest mortgage servicers that could assist underwater borrowers obtain loan modifications. More on this story can be found here:

http://online.wsj.com/article/SB10001424052748703842004576162813248586844.html

At The Dunn Law Group we assist underwater borrowers in Boston and arround Massachusetts obtain loan modifications from the nations largest mortgage servicers. Call or email us today to discuss how we might help you. (617)725-0033 or mdunn@dunn-lawgroup.com

FCIC Report - Assessment of Conclusion

The Dunn Law Group — Tue, 22 Feb 2011 21:08:00 GMT

On January 27, 2011, the Financial Crisis Inquiry Commission ("FCIC") released its long awaited report on the cause of what has now come to be known as the "Great Recession." A copy of the report can be found here: http://www.fcic.gov/report.

A section in Chapter 22, Part V of the FCIC's Report, entitled "Initiatives to Stem Foreclosure: 'Persistently Disregarded'," should be read by anyone who may be considering seeking a loan modification from their lender without the help of an attorney. It touches upon just some of the pitfalls that borrowers face "going it alone" with their mortgage servicer.

So too should the following section of the same chapter, entitled "Flaws in the Process: 'Speculation and Worst-Case Scenarios'."  It discusses just some of the very real problems found with lenders' claims that they have the right to foreclose on a borrower's home. Without the help of an expericenced attorney to identify these flaws, most (if not all) of these discrepencies will go unnoticed. This is particularly troubling in Massachusetts, where there is no court review of a lender's efforts to foreclose on a borrower's home UNLESS a borrower petitions the Court for such a review by bringing a lawsuit against the lender.

At The Dunn Law Group we navigate our clients through the loan modification process with their lenders and servicers.  If a borrower is faced with foreclosure, we can also help them contest that action. Call or email us today to discuss how we might be able to help you.  (617) 725-0033 or mdunn@dunn-lawgroup.com

February 18, 2011

The Dunn Law Group — Fri, 18 Feb 2011 17:44:00 GMT

An article in today's Wall Street Journal reports that the number of new borrowers more than 30 days delinquent on their mortgage dropped for the first time in more than 2 years (see "Mortgage Delinquencies Decline" WSJ, 2/18/11). While this may appear to be good news, it shadows the more pertinent message conveyed later in the article - that " the number of loans in foreclosure remained at its highest level since the start of the mortgage crisis..."

While lenders blame this on the backlog created by the "robo-signer" crises revealed this past fall, a truer explanation for the overwhelming number of people facing foreclosure is lenders' refusal to work with borrowers to modify the terms of their loan. The paucity of loan modification has little to do with the number of borrower requests for help. Rather, it lies with either the lenders' incompetent mortgage servicing departments or with their ceaseless stream of manufactured excuses for denying qualified borrowers a loan modification- or both. Regardless, the end result is the same - an exorbident number of people needlessly facing foreclosure.

At The Dunn Law Group we deal with your lender for you. We assemple your loan modification package, we hound your lender, and we get you a substantive answer to your loan modification request - usually within 30 - 60 days. Call (617) 725-0033 or email (mdunn@dunn-lawgroup.com) us today to see how we can help you stay in your home.

Welcome to our Boston Real Estate and Litigation Blog

Dunn Law Group — Fri, 11 Feb 2011 18:16:00 GMT

Our lawyers are please to announce the launch of our Real Estate & Litigation blog.