Mass Protest Planned At David Trott’s Posh Real Estate Office in Birmingham

[ridgeabilly]

A group calling itself, “Trott Survivors” is planning a mass protest in front of the offices of Coldwell Banker Weir Manuel, a real estate brokerage owned and operated by former foreclosure fraudster turned Congressional candidate, David Trott.

http://mfi-miami.com/2014/10/mass-pr...estate-office/

[Wesley Mouch]

Article correctly points out that Detroit has 'posh suburb's. Beyond that, political piece.

For example, the two-track criticism. They criticize Trott's firm for 'two track'. Working with a debtor to keep house while moving forward on foreclosure. Well what do you want? Foreclosure WITHOUT efforts to keep people in homes? Geez. They're trying to help. Isn't that what the critics want? Well, you can't satisfy everyone. Some have to have it all, or you're at 'war' with them.

[RapBrown]

A real gem of a guy, allegations too numerous to list, watch this http://www.eclectablog.com/2014/09/v...attention.html

[Wesley Mouch]

A real gem of a guy, allegations too numerous to list, watch this http://www.eclectablog.com/2014/09/v...attention.html

I read the 'allegations'. They are mostly allegations that he is in the foreclosure business. Nothing wrong in that. OMG the guy forecloses on little old ladies. Sad, but necessary.

[RapBrown]

Anti-foreclosure activists like Steve Dibert accuse Trott & Trott of “dual tracking,” simultaneously negotiating a loan modification and pursuing foreclosure. This practice has been subsequently banned by the Consumer Financial Protection Bureau. The company allegedly violated Michigan law by dual tracking Jeff Reed, an ex-Green Beret, without posting the required foreclosure notices or honoring the loan modification Reed negotiated with JPMorgan Chase. The bank eventually fired Trott’s law firm from the case.

Trott’s firm also successfully lobbied the Michigan legislature for changes that make it easier to foreclose, which would boost the company’s profits. In 2009, the state narrowed the appeal process for homeowners; in 2013, the legislature passed a “fast-track foreclosure” law, which could allow a lender to evict within 30 days if the property can be deemed abandoned. Under the law, subjective findings of superficial damage or trash in the yard, or even if the homeowner refuses to consent to allow an interior inspection, can trigger the fast-track process. “It’s built on the premise that homeowners are staying there and damaging property,” said Lorray Brown of the Michigan Poverty Law Program. “Actually they’re trying to desperately keep their house.” The Michigan statute, implemented in January, was deemed so problematic that Governor Rick Snyder added a signing statement recommending changes. But the legislature ignored the request.


“They would not negotiate,” said Ven Johnson, a lawyer with several cases involving judgments obtained by Trott & Trott. “Their position was that if the homeowner wasn’t current, there was no going back. Every single week we would see courtrooms filled with Trott lawyers fighting with people who were begging to just make a partial payment or get an extension. And they would just say no.”

Ethical? Maybe in your world

[DetroiterOnTheWestCoast]

Article correctly points out that Detroit has 'posh suburb's. Beyond that, political piece.

For example, the two-track criticism. They criticize Trott's firm for 'two track'. Working with a debtor to keep house while moving forward on foreclosure. Well what do you want? Foreclosure WITHOUT efforts to keep people in homes? Geez. They're trying to help. Isn't that what the critics want? Well, you can't satisfy everyone. Some have to have it all, or you're at 'war' with them.

The reality of "Dual Tracking" is pretending to work to keep someone in their home, but only really pursuing foreclosure

[RapBrown]

This actully has direct correlation to the foreclosures [[gentrification) going on in Wayne county

[Baselinepunk]

Article correctly points out that Detroit has 'posh suburb's. Beyond that, political piece.

For example, the two-track criticism. They criticize Trott's firm for 'two track'. Working with a debtor to keep house while moving forward on foreclosure. Well what do you want? Foreclosure WITHOUT efforts to keep people in homes? Geez. They're trying to help. Isn't that what the critics want? Well, you can't satisfy everyone. Some have to have it all, or you're at 'war' with them.

Very few people like vultures, Mooooooooch. Especially, those Capitalist Pig Dogs who claim they have the citizenry interests at heart, like this DB Trott. While making money off of people's hardest times is legit, it does not remove the blood on his hands or off of his mouth.

[Baselinepunk]

The reality of "Dual Tracking" is pretending to work to keep someone in their home, but only really pursuing foreclosure

I know a family who fell on some hard times. They were going to walk away from their house after not be able to pay the mortgage and taxes. The bank talked them into a "program" that was geared toward them being able to refinance their home as a means for them to keep it at a new, lower payment. These folks jumped through all of the hoops the banks wanted for a while, and got extra money through additional work [[and had to rely on family to watch their kids while they did this). They finally caught up on everything and felt pretty good about keeping their home; it was one of the folks childhood home at that. So, when the time came to re-fi, the bank turned around and said that these folks didn't qualify for anything and told them to fuck off. So, the bank enticed these folks with false hope; and in the end, if these folks ever wanted to walk away from it, everything was caught up so the bank could have flipped it no problem [[because back taxes were all paid up). Trust me when I say, very few people in this town would shed a tear over one of those bankers, or the lawyers associated, getting hit by a couple of buses after work today.

[Wesley Mouch]

The reality of "Dual Tracking" is pretending to work to keep someone in their home, but only really pursuing foreclosure

Mind police alert.

What reason do you have for thinking Dual Track is not sincere and deciding what is in their individual & corporate minds?

Do you think its fair and appropriate to judge everything based on your opinion of the thoughts of others?

[Danny]

Folks, just don't vote for Trott!!!

[RapBrown]

Mind police alert.

What reason do you have for thinking Dual Track is not sincere and deciding what is in their individual & corporate minds?

Do you think its fair and appropriate to judge everything based on your opinion of the thoughts of others?

Could it possibly be because it's against the law?

[Bham1982]

Well, since Michigan already has some of the most pro-homeowner foreclosure laws in the nation, and since there isn't even a hint of evidence Dave Trott has done anything wrong, I'll assume these are more of the same anti-foreclosure, pro-squatter crazies.

[bailey]

Mind police alert.

What reason do you have for thinking Dual Track is not sincere and deciding what is in their individual & corporate minds?

Do you think its fair and appropriate to judge everything based on your opinion of the thoughts of others?

...because it was so abused it was made illegal.

[bailey]

Well, since Michigan already has some of the most pro-homeowner foreclosure laws in the nation, and since there isn't even a hint of evidence Dave Trott has done anything wrong, I'll assume these are more of the same anti-foreclosure, pro-squatter crazies.

Doing "nothing wrong" is miles different from doing something sleazy. Trott and Trott [[and their competition over in Troy, Orleans &Associates) are nationally known for their less than stellar practices. Trott himself is walking all kinds of conflict of interest lines with owning the entire pipeline from forclosure mill law firm, to property management firms, to title company to real estate company. Hell if I were one of his Bank clients, I'd wonder where his loyalty is.... to getting those houses on the market as fast as possible or protecting my interest in it by working with the borrower.

criticizing the manner in which T&T and Orleans...et al do it IS NOT the same as saying there is something evil about foreclosing on people.

and Michigan is not THAT pro-homowner. Here, unlike other states, banks can seek to collect the deficiency. So, you can be forclosed upon, evicted, and then when the bank sells your house they can still come after you for the difference between what you owed and what it sold for. In many cases that is hundreds of thousands and it's years later.

[BankruptcyGuy]

Anti-foreclosure activists like Steve Dibert accuse Trott & Trott of “dual tracking,” simultaneously negotiating a loan modification and pursuing foreclosure. This practice has been subsequently banned by the Consumer Financial Protection Bureau. The company allegedly violated Michigan law by dual tracking Jeff Reed, an ex-Green Beret, without posting the required foreclosure notices or honoring the loan modification Reed negotiated with JPMorgan Chase. The bank eventually fired Trott’s law firm from the case.

Trott’s firm also successfully lobbied the Michigan legislature for changes that make it easier to foreclose, which would boost the company’s profits. In 2009, the state narrowed the appeal process for homeowners; in 2013, the legislature passed a “fast-track foreclosure” law, which could allow a lender to evict within 30 days if the property can be deemed abandoned. Under the law, subjective findings of superficial damage or trash in the yard, or even if the homeowner refuses to consent to allow an interior inspection, can trigger the fast-track process. “It’s built on the premise that homeowners are staying there and damaging property,” said Lorray Brown of the Michigan Poverty Law Program. “Actually they’re trying to desperately keep their house.” The Michigan statute, implemented in January, was deemed so problematic that Governor Rick Snyder added a signing statement recommending changes. But the legislature ignored the request.


“They would not negotiate,” said Ven Johnson, a lawyer with several cases involving judgments obtained by Trott & Trott. “Their position was that if the homeowner wasn’t current, there was no going back. Every single week we would see courtrooms filled with Trott lawyers fighting with people who were begging to just make a partial payment or get an extension. And they would just say no.”

Ethical? Maybe in your world

Correct me if I'm wrong, but dual tracking was outlawed early in 2014. This matter was from 2011.

And unless I'm mistaken, the law firm follows the direction of their clients. Was the expectation that the law firm would disobey their client's instructions to foreclose?

I don't understand the wrath toward the attorney. Toward large, unresponsive lenders? I understand that. But toward an attorney? Doesn't make sense [[other than an attempt to prevent the Republicans from keeping MI-11).

[bailey]

Correct me if I'm wrong, but dual tracking was outlawed early in 2014. This matter was from 2011.

And unless I'm mistaken, the law firm follows the direction of their clients. Was the expectation that the law firm would disobey their client's instructions to foreclose?

I don't understand the wrath toward the attorney. Toward large, unresponsive lenders? I understand that. But toward an attorney? Doesn't make sense [[other than an attempt to prevent the Republicans from keeping MI-11).

Dual tracking was made illegal because places like T&T were so blatantly abusing the process. People were getting requests for supporting documentation to modify the loan the same day a sheriff is out posting notice of foreclosure. They were being outright lied to.

Unless I'm mistaken, the firm's duty is to protect the client's interest....not feed Trott's pipline of foreclosure related businesses.

[BankruptcyGuy]

Trott himself is walking all kinds of conflict of interest lines with owning the entire pipeline from forclosure mill law firm, to property management firms, to title company to real estate company. Hell if I were one of his Bank clients, I'd wonder where his loyalty is.... to getting those houses on the market as fast as possible or protecting my interest in it by working with the borrower.

criticizing the manner in which T&T and Orleans...et al do it IS NOT the same as saying there is something evil about foreclosing on people.

and Michigan is not THAT pro-homowner. Here, unlike other states, banks can seek to collect the deficiency. So, you can be forclosed upon, evicted, and then when the bank sells your house they can still come after you for the difference between what you owed and what it sold for. In many cases that is hundreds of thousands and it's years later.

Keep in mind that the loan is NOT owned by the servicer, it's owned in little tiny bits by thousands of investors. The servicer is governed by an agreement which requires action in certain situations [[i.e. you must foreclose if the Borrower is X behind). There is absolutely no leeway to some of those situations, if even everyone thinks that the course of action could result in a lower return to the investors.

And while Michigan allows collection of deficiencies, they are rather rare. Most servicers bid in the full amount of the debt at foreclosure, which precludes a deficiency judgment. If the bid is less than the amount owed, the note holder must then pursue a deficiency through a separate court action, where defenses [["hey, you took this action which lowered the value of the house!") are allowed. The deficiency is NOT the difference between the debt and what the house sells for later--the latter is not relevant to the deficiency proceeding.

[[p.s. if the question is "is this a jacked-up way to manage mortgages?", the answer is "you bet.")

[BankruptcyGuy]

Dual tracking was made illegal because places like T&T were so blatantly abusing the process. People were getting requests for supporting documentation to modify the loan the same day a sheriff is out posting notice of an impending sale. They were being outright lied to.

But the article implies what was done was illegal at the time, which it wasn't. Again, keep in mind that the attorney has no say and no control over what the client [[bank/servicer) is doing.

There is no question that the mortgage modification process was a cruel joke. I've helped many clients navigate that process. But don't blame counsel for following their client's instructions.

[bailey]

But the article implies what was done was illegal at the time, which it wasn't. Again, keep in mind that the attorney has no say and no control over what the client [[bank/servicer) is doing.

There is no question that the mortgage modification process was a cruel joke. I've helped many clients navigate that process. But don't blame counsel for following their client's instructions.

I guess that whole MRPC thing might have something to say about when you should and shouldnt follow client's instructions and what you communicate to opposing parties...especially unrepresented ones. I tend to think if you are doing something that is so egregious that it's subsequently made illegal...you MIGHT have been over the ethical line at the time.

really that's my only issue with Trott.

[bailey]

And while Michigan allows collection of deficiencies, they are rather rare. Most servicers bid in the full amount of the debt at foreclosure, which precludes a deficiency judgment. If the bid is less than the amount owed, the note holder must then pursue a deficiency through a separate court action, where defenses [["hey, you took this action which lowered the value of the house!") are allowed. The deficiency is NOT the difference between the debt and what the house sells for later--the latter is not relevant to the deficiency proceeding.

What the what now? A deficiency judgment is a money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying loan in full. Yes they have to go back to court to get one...and they are now doing it more often because people are getting back on their feet and actually have money.

[BankruptcyGuy]

I guess that whole MRPC thing might have something to say about when you should and shouldnt follow client's instructions and what you communicate to opposing parties...especially unrepresented ones. I tend to think if you are doing something that is so egregious that it's subsequently made illegal...you MIGHT have been over the ethical line at the time.

really that's my only issue with Trott.

I'm pretty familiar with the Michigan Rules of Professional Conduct, and dual-tracking is nowhere near the activity for which you would withdraw as counsel. It's a legal position for the servicer to take [[foreclose in the event of default). The real failure is by the servicers--telling customers one thing while doing another. That's not on the lawyer.

The CFPB should mandate response times or procedures for loan modifications--that would be effective regulation.

[BankruptcyGuy]

What the what now? A deficiency judgment is a money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying loan in full. Yes they have to go back to court to get one...and they are now doing it more often because people are getting back on their feet and actually have money.

There is a distinction between the foreclosure bid [[at sheriff's sale) and the ultimate sale of the house by the lender to another buyer. The former sets both the redemption price [[the borrower retains the right to redeem the debt for six months after foreclosure, unless the property is a really low loan to value, or farmland in certain circumstances, in which case it's 12 months). The latter is completely irrelevant to the deficiency. I don't see too many circumstances where residential lenders bid anything less than the full debt.

Here's an example:

House was worth $400,000
Debt is $300,000 [[75% LTV at the time)
House is now worth $200,000
Borrower defaults
The lender can decide how much to bid at the sheriff's sale.
Most lenders choose to bid the full amount of the debt
Some lenders choose to bid the value of the home

If the lender bids the full amount of the debt, a deficiency judgment CANNOT be obtained.
If the lender bids the value of the home, the lender could get a deficiency judgment of up to $100,000.

What's popping up now is situations where there were multiple mortgages, and foreclosures wiped out 2nd mortgages, and 2nd mortgage holders are now pursuing judgments. That's much more common.

At a deficiency judgment proceeding, all types of defenses are available. Bad lender conduct is the most common. Judges are not inclined to reward misbehaving servicers.

[Cincinnati_Kid]

Very few people like vultures, Mooooooooch. Especially, those Capitalist Pig Dogs who claim they have the citizenry interests at heart, like this DB Trott. While making money off of people's hardest times is legit, it does not remove the blood on his hands or off of his mouth.

Well said. Wesley Mouch is everyone's apologist. So sad..... Trott makes money on people's hardships and doesn't lose any sleep over it. Do you think he actually tried to keep someone in their home? We don't need a person like him in Michigan Government. He's working for his own self interests, not the people.

[DetroitPlanner]

Vote for Kerry Benetivolio instead! http://www.youtube.com/watch?v=90asEtTMTm4