The Mortgage Debt Relief Act of 2007 has survived the "fiscal cliff," which will invariably lead to a continued increase in the number of short sales nationwide. The "fiscal cliff" deal will extend the Act for another year, meaning that homeowners who receive debt forgiveness resulting from a foreclosure, deed in lieu, or short sale … [Read more…]
Anyone who has been involved in dealing with banks in the realm of loan modification have come to accept (at least at some level) that banks move with glacial speed. Well, for those with a high credit score who actually just want to close a loan – this may be the way to go…..
The Arizona Supreme Court just weighed in on the issue of attorney’s fees in tax lien foreclosure cases. Under Arizona Revised Statutes section 42-18206 (2010), a tax lien purchaser is entitled to a judgment for costs and reasonable attorney fees if the delinquent taxpayer redeems the lien after the purchaser commences a foreclosure action. After … [Read more…]
I took three different calls this past week from homeowners who have sought the assistance of Bank of America’s servicing subsidiary, BAC Home Loans Solutions, for a loan modification. What most unsuspecting homeowners do not realize is that BAC simply has no vested interest in actually making good on the false promises it continues to … [Read more…]
A great article by Don Lee – Tribune Washington Bureau – highlights how underwater mortgages are a serious contributor to the dismal performance of the national economy. It is estimated that there are 15 million homeowners who are undewater on their mortgages, many of whom can and continue to pay on their mortgage, but have … [Read more…]
A San Diego police officer and his wife recently pleaded not guilty to accusations that they trashed their foreclosed home in Riverside County, taking $44,000 in appliances and fixtures with them when they moved out. Both have been charged with one felony count of damaging or carrying away items from a foreclosed property. Damage was … [Read more…]
On October 20, 2010, the White House issued the following Fact Sheet: FACT SHEET: Federal Government Efforts to Support Accountability, Stability and Clarity in the Housing Market Today the Department of Housing and Urban Development, the Department of the Treasury, the Department of Justice, the Board of Governors of the Federal Reserve System, the Office … [Read more…]
The Federal Housing Finance Agency, which has served as the conservator of Fannie Mae and Freddie Mac since 2008, is looking to recoup on serious losses that the government sponsored entities have suffered as a result of their heavy purchases of mortgage-backed securities during the hey days of the real estate bubble. The FHFA has … [Read more…]
MERS or the Mortgage Electronic Registration Systems, little known before the foreclosure tsunami struck, was developed in the early 1990’s by a number of financial entities, including Bank of America, Countrywide, Fannie Mae, and Freddie Mac, allegedly to allow consumers to pay less for mortgage loans, streamline the mortgage process through electronic commerce, and eliminate … [Read more…]
In an effort to curb the predatory practices of certain "loan modification" companies, claiming to offer loan modification services for an upfront fee, the Arizona Legislature recently passed several laws with some good sized teeth – codified at A.R.S. Sections 44-1378-1378.08. A.R.S. Section 44-1378.02, for example, prevents a "foreclosure consultant," as defined in A.R.S. Section 44-1378, … [Read more…]