Foreclosure deeds recorded in the past week

January 21, 2008

(c/p CCD)

199 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office in the past week (January 14 through January 18).

US Bank (28)
Deutsche Bank (26)
Wells Fargo (23)
Department of HUD (20)
Federal National Mortgage Assn (11)
Bank of New York (9)
Federal Home Loan Mortgage Corp (6)
HSBC Bank (6)
GMAC (6)

Here’s who filed five or more:

(Previous week.)

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Foreclosure deeds recorded last week

January 7, 2008

(c/p CCD)

100 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 31 through January 4).

New Year’s Eve and January 2 had minimal filings, but by Thursday the lenders’ lawyers were getting back to business.

Here’s who filed five or more:

US Bank (15)
Deutsche Bank (14)
Wells Fargo (10)
Department of HUD (7)
Federal National Mortgage Assn (6)
Bank of New York (5)

(Previous week.)

Also last week:

On New Year’s Eve, the last day of a very bad year, 135 foreclosed homes were added to 2007’s “sold at auction” total by the County Sheriff; and

197 new foreclosure cases were filed in Cuyahoga County Common Pleas Court… the last 33 foreclosures of 2007, and the first 164 of 2008.

(If you’re looking for straws in the wind, 164 new foreclosures in the first three business days of 2008 is just six fewer than were filed in the same three days of 2007.)


Over 15,000 foreclosures filed in Cuyahoga County in 2007

January 2, 2008

There were 15,297 foreclosure cases initiated in Cuyahoga Common Pleas Court in 2007, compared to 14,078 in 2006, according to the Court’s online docket.

At the other end of the foreclosure process, 10,160 sheriff’s deeds (completed foreclosures) were filed with the County Recorder in 2007, compared to 5,517 in 2006.

According to the 2000 Census, Cuyahoga County has about 430,000 residential structures, including 335,000 single-family homes. So the number of foreclosure cases filed in the last two years equalled about 7% of the county’s total housing stock.


Source: Common Pleas Court docket and County
Recorder’s database, both on line.

(c/p CCD)


Foreclosure deeds recorded last week

December 24, 2007

(c/p CCD)

183 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 17 through December 21).

Here’s who filed five or more of them:

Deutsche Bank (19)
US Bank (19)
Wells Fargo (16)
Department of HUD (15)
Federal National Mortgage Assn (14)
HSBC Bank (11)
Bank of New York (8)
Household Realty (8)
JP Morgan Chase (7)
Third Federal (6)

(Previous week.)

Christmas Eve at the Justice Center: According to the Sheriff’s online database, after various last minute withdrawals a total of 169 foreclosed properties were still scheduled for auction this morning in the Justice Center Auditorium. (That’s not counting a million-dollar package of thirty parcels, including some unsold houses, at the Ashbury Towers development site at West 53rd and Walworth.)

Among this morning’s biggest Grinches… excuse me, plaintiffs: US Bank with 28 sales, Wells Fargo with 23, Deutsche Bank with 19, and JP Morgan Chase with 12.

To all these wonderful folks and their busy, busy lawyers, here’s hoping you get home from the office in time for a lovely holiday.

And that you have a home to go home to.


Foreclosure deeds recorded last week

December 19, 2007

(c/p CCD

206 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 10 through December 14).

Here’s who filed five or more of them:

Department of HUD (28)
Deutsche Bank (25)
Federal National Mortgage Assn (24)
US Bank (15)
Wells Fargo (14)
Bank of New York (10)
HSBC Bank (7)
Lasalle Bank (6)
Federal Home Loan Mortgage Corp (5)
Household Realty (5)

(Previous week.)


Boyko foreclosure decision snowballs… avalanche on the way?

December 10, 2007

From the beginning of 2007 through last Thursday, December 6, Deutsche Bank was the plaintiff in 1,625 foreclosure cases in Cuyahoga County Common Pleas Court , according to the Court’s online database.

Wells Fargo was the plaintiff in 1,429 foreclosures cases in the same period; US Bank in 1,069; JP Morgan Chase in 1,049.

In most of these cases — as well as the 676 filed by the Bank of New York, the 609 filed by HSBC Bank, and thousands more — the bank named as plaintiff was not the actual lender or mortgage holder. As in this Deutsche Bank case, the named plaintiff was usually the “trustee” for a “securitized investment pool” of thousands of mortgages, with ownership interests in the pool held by unnamed shareholders.

All of which makes this story in Saturday’s Cincinnati Enquirer really interesting:

Last week, a Hamilton County Common Pleas Court judge ruled that Wells Fargo Bank couldn’t foreclose on the Byrds’ North College Hill home because its lawyers didn’t prove that Wells Fargo was the legal owner of the mortgage.

The judge said the foreclosure lawsuit was filed before Wells Fargo owned the mortgage – thus, the suit was premature.

The ruling – the first of its kind by a state court judge in Ohio since the subprime mortgage crisis erupted this year – could have profound implications on how foreclosures are handled in Ohio, which leads the nation in the percentage of mortgages in foreclosure. The local ruling comes as three federal court judges – in Cleveland, Dayton and Columbus – have issued similar opinions in foreclosure cases in the last month…

Ohio Attorney General Marc Dann has already seized on that decision in an effort to slow foreclosure filings throughout the state.

He filed motions Friday in seven Hamilton County cases – and several more in Butler, Montgomery, Franklin and Delaware counties – asking judges to scrutinize each foreclosure case.

The issue is known as the “real party in interest” rule, which says that a plaintiff must prove that it has a stake in a lawsuit in order to file it.

As millions of subprime mortgages are sold and resold on Wall Street, the real “party in interest” isn’t always obvious. Often, the holder of the mortgage note – the legal document that gives a lender the right to take someone’s home for not making loan payments – is different from the servicing company, or the bank that takes the mortgage payments.

It’s unclear how far-reaching the effect of the orders will be. But a recent analysis by University of Iowa law professor Katherine M. Porter found that 40 percent of the 1,733 foreclosures she studied did not contain proof that the plaintiff owned the mortgage.

I’d already heard rumors that several Cuyahoga County Common Pleas judges are considering similar actions in the wake of U.S. District Court Judge Boyko’s now-famous ruling three weeks ago.

Now it looks like AG Dann may be trying to turn this snowball effect into an avalanche.

What happens if Common Pleas judges start throwing out foreclosure cases en masse where trustees haven’t fully documented their “real party in interest” standing? Literally thousands of Cuyahoga County foreclosures may have to be re-filed by Deutsche Bank, Wells Fargo, et al. Assuming they can come up with the documents in most cases, this process still could throw a big, costly wrench into the Unstoppable Foreclosure Machine.

You can be sure that defendants’ attorneys and advocates are looking feverishly for ways to take advantage of this unexpected holiday gift.

(c/p CCD)


Foreclosure deeds recorded last week

December 10, 2007

(c/p CCD

171 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 3 through December 7).

Here’s who filed five or more of them:

Deutsche Bank (24)
Department of HUD (23)
Wells Fargo (18)
US Bank (15)
Federal National Mortgage Assn (15)
HSBC Bank (11)
Bank of New York (8)
Household Realty (7)
GMAC (5)
Department of VA (5)

(Previous week.)