Review Mortgage Lenders

Fidelity Mortgage

Fidelity Mortgage - Grand Junction Colorado

Fidelity Mortgage Grand Junction was founded with the philosophy that the customer should always come first in mortgage lending. Since our doors ...

Here's why closing the sale of a condo has suddenly become harder for an association

The processing of buyer’s and seller’s escrow-related requirements has turned what was a one- or two-day process into a two-week ordeal with possible legal ramifications for the signatories. What’s more, sometimes the questionnaires are just too complicated for our small association to complete.

What can we do about all this, and why is this even going on? Should we just purchase a fidelity bond to make at least that headache go away?

Perhaps the Legislature could pass a law adding the HOA monthly fees to the owner’s monthly mortgage payment and property taxes. Wouldn’t that satisfy lenders’ concern that all fees and taxes are being paid and accounted for?

Answer: It appears lenders are getting more skittish about issuing mortgages to buyers of condominium units as the real estate market recovers from the housing bust, a time when lenders experienced a spate of foreclosures. Now, with prices once again reaching record levels, banks and other mortgage lenders look to be taking steps to protect themselves.

JP Morgan-Chase paid its billions in fines for mortgage fraud by ...

The original settlement came from the Obama-era policy of not prosecuting finance executives for criminal acts , preferring to extract huge fines from the institutions.

In February 2012, JP Morgan-Chase agreed to pay $5.1B in restitution for its mortgage fraud, which included widescale foreclosures on people who were not even Morgan-Chase customers -- the company forged documents that allowed them to seize random houses and sell them out from under their owners on the strength of "robo-signed" paperwork produced by sleazy boiler-rooms where untrained people rubberstamped paperwork after less than 3 seconds' worth of scrutiny.

The $4.2B that Morgan-Chase was supposed to pay in kind was to come in the form of debt forgiveness to borrowers who were about to lose their homes, but rather than do this, Morgan-Chase found a way to forgive the loans of people who didn't owe Chase any money (!), and to pull a list of other baroque cons that threw cities into chaos and revictimized people who'd lost their houses due to Morgan-Chase's brutal foreclosure policies.

Fidelity Mortgage sells a mortgage on Doug's home to Enterprise Bank.Enterprise erroneously pays the real esta

te taxes on the home. When Enterprise demands reimbursment, Doug refuses, arguing that no contract exists that obligates him to reimburse the bank. What legal theory might Enterprise use to get its money from Doug?

Was there an escrow account set up for taxes in the original loan with Fidelity? If not, chances are Doug also paid the taxes to the county unless Enterprise brought it to Doug's attention that they had already paid them.