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…]
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…]
A long-vaunted settlement arising from the sixteen-month 50-state investigation into faulty bank foreclosure practices, which has perpetually been imminent, has finally concluded. The deal was struck between federal banking officials, 49 states Attorneys General, and the five largest mortgage servicers – Bank of America Corp., JPMorgan Chase Co., Wells Fargo Co., Citigroup Inc., and Ally … [Read more…]
Let’s start out with this – I’m incensed today. The newest cottage industry to crop up in the wake of the foreclosure tsunami are the loan modifiers. Many of the most notorious loan modification companies were headed by the same individuals that were all to happy to originate loans that never should have been considered … [Read more…]
In one of my prior blog posts (April 6, 2010 – "Tax Lien Foreclosure: Ready, Willing, and Able to Redeem"), I wrote about an unpublished Memorandum Decision from the Arizona Court of Appeals, Division 2 – Leveraged Land, Montgomery, v. Hodges, 2 CA-CV 2009-0057. In that Decision, the Court overturned a default judgment that a tax … [Read more…]