The Arizona Supreme Court just issued an Opinion in BMO Harris Bank, N.A. v. Wildwood Creek Ranch, LLC, holding that Arizona’s residential anti-deficiency statute, Arizona Revised Statute Section 33-814(G), does not bar a deficiency judgment against an owner of vacant property. The Court specified that for the anti-deficiency protections to apply, a “dwelling” must have … [Read more…]
A recent article by Jann Swanson of the Mortgage News Daily reports on a troubling “tetrad of housing landmines” that could usher in a new wave of foreclosure activity. Pulling from a from Octavio Nuiry’s Housing Landmines: Are Mortgage Flare Ups Coming Soon?, Swanson reports that while foreclosure activity is waning nationwide, a new wave … [Read more…]
It is interesting that some attribute the phrase “Monkey on my back” to an older phrase: “Monkey on the roof,” which referred to one’s mortgage. Well, call it a monkey or a 900-pound gorilla – either way – Bank of America just loosed some kind of opposable-thumb animal from its back. One troubling aspect of … [Read more…]
While most reports show an improving housing market, it seems that the fallout from the housing borrowing binge has yet to fully materialize. According to Reuter’s Peter Rudegeair, “U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to … [Read more…]
The Mortgage Electronic Registration System (MERS) was created by the mortgage industry to fast-track the loan assignment process and helped bypass the burden of having to record every assignment. MERS was a perfect solution during the mortgage securitization frenzy. When the housing bubble imploded and foreclosure activity went through the roof, MERS found itself the target … [Read more…]
Joseph Smith, the monitor of the National Mortgage Settlement has reported that the five major banks have officially fulfilled the consumer relief obligations of the National Mortgage Settlement. He further reported that the banks have provided more than $50 billion of gross relief, which allegedly equates to more than $20 billion in credited relief. Smith … [Read more…]
The New York Times recently reported that when homeowners went to cash checks coming from the National Mortgage Settlement, the checks bounced – yes bounced. Ronnie Edward, whose home was sold in a foreclosure auction, apparently waited three years for his $3,000 check. When it arrived, he went to his local bank in Tennessee, only … [Read more…]
So, the election is over and the "fiscal cliff" is awaiting. Will The Mortgage Forgiveness Debt Relief Act of 2007 (the "Act") be extended? Given its bi-partisan support in the past, I would venture to say that it likely will be extended another year. The extension of the Act is a concern for many given … [Read more…]
‘short sale’ ‘tax lien foreclosure attorney’ ‘tax liens’ ‘Arizona tax lien foreclosure attorney’ ‘robo signing’ ‘deed in lieu of foreclosure’ ‘buy and bail’ ‘Arizona real estate attorney’ ‘Tucson real estate attorney’
The Arizona Court of Appeals in Phoenix recently ruled in Independent Mortgage Company v. Alaburda, that Arizona’s anti-deficiency law (A.R.S. Section 33-814(G)) protects a borrower who has a fractional interest in a vacation home. The Alaburdas purchased a 1/10th fractional interest in a single-family residential condo in the exclusive Villas at Seven Canyons in Sedona. … [Read more…]