Tax Lien Foreclosure: The Danger of Competing Lien Holders
Tucson Arizona foreclosure ‘tax lien foreclosure’ ‘SB 1070’ attorney ‘land use’ ‘real estate’
Author: admin
Stemming the Tide of Foreclosures: Principal Reduction
Bank of America, which bought Countrywide Financial for $4 billion in stock in early 2008, has come under pressure from the Massachusetts Attorney General, as a result of Countrywide’s notorious lending practices. Bank of America’s move is part of an agreement to settle claims over certain high-risk loans made by Countrywide. See link to Wall … [Read more…]
Tax Lien Foreclosure: Ready, Willing, and Able to Redeem
In the tax lien foreclosure world, appropriate service of process is absolutely crucial. Consider what is at stake in a tax lien foreclosure case – the potential forfeiture of the right of the owner of a property to pay off their delinquent property taxes, which practically speaking means the likely loss of their property. If … [Read more…]
Tax Lien Foreclosures – Recovery of Attorney’s Fees
The Arizona legislature, probably with some good ol’ vested interest prodding, provides a nice little mechanism to insulate tax lien investors from some of their down-side risk. Under A.R.S. Section 42-18206, any person who redeems a tax lien after they have been personally served with a complaint seeking to foreclose their right to redeem then … [Read more…]
The Walk Away
University of Arizona College of Law Professor Brent T. White has stirred quite a bit of controversy over his recent article in the Arizona Legal Studies entitled "Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis." His basic thesis is that despite the increasing number of homeowners walking … [Read more…]
The Jumbo Wave
It seems that the small glimmer of hope that everyone is hoping for in the housing market is not likely to come anytime soon. Mathew Padilla has posted an excellent blog article discussing that the discussion of another wave of foreclosure implies that the current wave has already receded. Sam Khater, a senior economist with … [Read more…]
Protecting Tenants at Foreclosure Act of 2009
On May 20, 2009, President Obama signed into law Senate Bill 896, also known as the "Helping Families Save Their Homes Act of 2009." Section 702 of that Act – the "Protecting Tenants at Foreclosure Act" is very broad in scope and affects the ability of the new owner of certain foreclosure property (including Section … [Read more…]
Looks Like No Bankruptcy Foie Gras Power For Judges
When I hear the term "cram down" authority in the bankruptcy context, I keep picturing some poor mortgage lender warily stepping into a bankruptcy judge’s chambers only to have a long metal pipe shoved down his throat until the lender is willing to give in on a loan modification. Only a month ago it appeared that … [Read more…]
We’re Not Leaving!!!
As the foreclosure wave has grown into a tsunami-like crisis, advocacy groups such as the Association of Community Organizations for Reform Now (ACORN) have taken to the streets in campaigns to lobby legislators about implementing new regulations that will help stem the foreclosure crisis and curtail predatory lending. When I left the Pima County courthouse … [Read more…]
Cramdown Authority
It is clear that that lending industry has been slow to confront the ever-widening foreclosure crisis that began to pick up steam in 2007. Indeed, Sandor E. Samuels, the former chief legal officer of Countrywide Financial was quoted as saying "We are going to keep making these loans [subprime teaser loans] until the last second … [Read more…]