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Ditech Bankruptcy Liquidation Plan In Jeopardy

ditech bankruptcy

Ditech Bankruptcy Liquidation Plan In Trouble As New York AG Investigates Shady RMS Servicing Practices

The New York Attorney General has filed a brief in the Ditech bankruptcy case. AG Letitia James objected to the Ditech bankruptcy liquidation plan. She argues that the plan will strip homeowners of their rights.

James also argues that Ditech and Reverse Mortgage Solutions are using bankruptcy protection to circumvent statutory protections for homeowners.

The brief also states said that the Ditech has more than 880 foreclosure actions pending in New York. This includes 642 forward and 239 reverse mortgages. The current Ditech bankruptcy liquidation plan threatens to sweep these homeowners’ claims and defenses under the rug.

ditech bankruptcy

James asserts:

A free and clear sale of the Debtors’ mortgage assets would erase the key defenses of homeowners in the foreclosure process. 

The brief also claims that Ditech is the subject of numerous consumer complaints. 83 New York homeowners have filed complaints against Ditech and Reverse Mortgage Solutions with the Federal Trade Commission alleging servicer abuses. The current Ditech bankruptcy liquidation plan would be extinguished.

James also stated in a release issued by her office:

Bankruptcy Court should never be used as a tool to unjustly oust New Yorkers from their homes. Ditech’s action is an illegal attempt to strip hundreds of homeowners of their legitimate claims and eviscerate New York’s carefully created foreclosure process. 

The attorney general also said her office is currently investigating RMS. Ditech plans to sell RMS to Mortgage Assets Management.

In the brief, James also says her office has an open investigation into RMS’ servicing practices following multiple complaints. The complaints focus on unnecessary foreclosures mostly related to RMS’ early payment of property taxes.

However, the attorney general’s office provided no other details regarding the investigation in its release. A follow-up story will run when more details come to light.


Rockland County Foreclosure Defense! Call 888.574.7771

Rockland County Foreclosures Demand A Rockland County Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Rockland County foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Nassau County foreclosures.

Steve Stutman’s Rockland County foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

nassau county foreclosure defense

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Rockland County foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


Orange County NY Foreclosure Defense! Call 888.574.7771

Orange County NY Foreclosure Defense

Orange County NY Foreclosures Demand An Aggressive Orange County NY Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Orange County NY foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Orange County foreclosures.

Steve Stutman’s Orange County NY foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

Orange County NY foreclosure defense

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Orange County NY foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


Manhattan Foreclosure Defense! Call 888.574.7771

manhattan foreclosure defense

Manhattan Foreclosures Demand An Aggressive Manhattan Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Manhattan foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Manhattan foreclosures.

Steve Stutman’s Manhattan foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

westchester foreclosures

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Manhattan foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


Waterstone Mortgage Now Offering No Credit Score Mortgages

Waterstone Mortgage

Waterstone Mortgage Now Offering No Credit Score Mortgages. Is This A Game Changer?

Waterstone MortgageUp until now, if you had bad or no credit history you couldn’t get a mortgage. Wisconsin-based Waterstone Mortgage announced yesterday that it is now lending to borrowers who do not have a credit history. Waterstone Mortgage is making the program is available in the 48 states.

The company is calling its program, the “Non-Traditional Credit Program.”

The company says it will use other payment history indicators. They will consider other forms of payment history. This includes cell phone bills, rent, and utilities when underwriting a borrower.

The company is using data from the CFPB to justify its program. The company claims 45 million Americans have no credit score or outdated credit history. The three main credit reporting bureaus exclude utility bills and rent.

That means that approximately 18% of the adult American population is credit invisible.

Senior Vice President Kim Newby of Waterstone Mortgage told HousingWire:

While a credit score is certainly very useful for determining a homebuyer’s ability to pay their mortgage payment, other payment indicators can be extremely telling. Of course, the Non-Traditional Credit Program is ideal for borrowers who only use cash, debit, or personal checks on a regular basis. But it’s also designed for those who have had credit cards or loans in the past, but who haven’t utilized credit in more than two years. Also, recent immigrants who haven’t yet established a credit score in the United States could benefit from this program, as well as young adults and recent college graduates who are just beginning to build their credit.

Waterstone Mortgage also states borrowers without credit scores can also qualify for conventional, FHA, USDA, or VA loan options.

Read more at MFI-Miami


Reverse Mortgage Solutions Sale Could Leave Seniors Abandoned

Bank of America Warns Ditech’s Sale of Reverse Mortgage Solutions Could Leave Seniors Abandoned

Ditech Holdings announced last month that it had entered into an agreement to sell Reverse Mortgage Solutions. Ditech is selling the reverse mortgage unit as part of its bankruptcy restructuring. However, Bank of America is objecting to the sale.

Bank of America has a servicing agreement with Reverse Mortgage Solutions. They filed a motion in the bankruptcy court objecting to the deal as it currently stands. They also allege that it threatens to abandon the thousands of elderly borrowers whose reverse mortgages are being serviced by RMS.

Ditech’s current deal has it selling off the stock and assets of RMS to Mortgage Assets Management.

Bank of America claims the sale does not uphold its agreement with RMS. BofA also states their agreement stipulates that RMS provides them with extensive lead time to establish other servicing arrangements of its borrowers.

Bank of America exited originating HECM business in 2011. Consequently, they sold their servicing rights of its reverse loans to RMS.

Reverse Mortgage Solutions services thousands of reverse mortgage loans for borrowers with an average age of 81.

The current agreement makes RMS the single point of contact for these borrowers. This means that the servicer plays a crucial role in helping these elderly borrowers manage their loan.

Read more at MFI-Miami


Brooklyn Foreclosure Defense! Call 888.574.7771

Brooklyn Foreclosure Defense

Brooklyn Foreclosures Demand An Aggressive Brooklyn Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Brooklyn foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Brooklyn foreclosures.

Steve Stutman’s Brooklyn foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

westchester foreclosures

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Brooklyn foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


Long Island Foreclosure Defense! Call 888.574.7771

long island foreclosure defense

Long Island Foreclosures Demand An Aggressive Long Island Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Long Island foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Long Island foreclosures.

Steve Stutman’s Long Island foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

westchester foreclosures

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Long Island foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


Nassau County Foreclosure Defense! Call 888.574.7771

Nassau County Foreclosure Defense

Nassau County Foreclosures Demand An Aggressive Nassau County Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Nassau County foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Nassau County foreclosures.

Steve Stutman’s Nassau County foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

nassau county foreclosure defense

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Nassau County foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


Aggressive Bronx Foreclosure Defense! Call 888.574.7771

Bronx foreclosure defense

Bronx Foreclosures Demand An Aggressive Bronx Foreclosure Defense

The Law Office of Steven Stutman has created the most aggressive Bronx foreclosure defense team New York has ever seen! We are the only foreclosure and mortgage experts with the strength to successfully beat Bronx foreclosures.

Steve Stutman’s Bronx foreclosure defense team has become a lender’s worst nightmare. Why? He has successfully challenged some of the most arrogant foreclosure mill lawyers and Wall Street lenders in New York.

For nearly 40-years, Steve Stutman has developed a reputation of bringing Wall Street banks to their knees. He has even humiliated bank lawyers and made bank executives sob like babies during depositions. 

westchester foreclosures

Steve Stutman has also helped keep lenders from discriminating against Latin American homeowners and people of African and Caribbean descent. In addition, he has helped keep 9/11 survivors and military combat veterans in their homes. 

Furthermore, The Law Office of Steven Stutman also has access to some of the top forensic accountants and former FBI agents available. He can also call on mortgage compliance experts and collateralized debt experts if needed. 

As a result, this gives Attorney Stutman unparalleled strength to challenge any mortgage lender in any New York courtroom. 

We bring the most assertive Bronx foreclosure defense team to you! Steve Stutman likes to fight the Wall Street banks! He spent nearly forty years in the world of lending and knows the Achille’s heel of all the major lenders. 

Steve Stutman has helped hundreds of people in New York successfully stay in their homes. 

Call us at 888.574.7771. You can also check us out on Facebook


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