Well, the 2014 tax lien sales in Arizona are complete. I attended the Pima County tax lien sale where over $10 million dollars of tax liens were sold over the course of two days. What was readily apparent from the beginning is that investors looking to fetch high interest rates on tax liens were going … [Read more…]
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…]
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…]
Arizona will receive $1.6 billion of the purported $25 billion joint federal-state settlement with the nation’s five largest mortgage servicers for their role in wide-spread servicer and foreclosure abuses. Arizona Attorney General Tom Horne’s decision to join the broad settlement also means that his office has reached an agreement with Bank of America over allegations … [Read more…]
Democrats on the House oversight committee have apparently been pushing to subpoena the Federal Housing Finance Agency ("FHFA") to obtain an analysis looking at what effects principal reductions would have on Fannie Mae and Freddie Mac. As HousingWire has reported, FHFA Acting Director Edward DeMarco has long defended the agency’s policy of keeping Fannie and … [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…..
Fourteen U.S. mortgage servicers and their affiliates are making available a free, "impartial" Independent Foreclosure Review process (website – Independent Foreclosure Review) to certain of their borrowers, as part of certain consent orders entered into with federal bank regulators, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and … [Read more…]
The Mortgage Electronic Registration System ("MERS") is increasingly under attack from multiple angles. MERS describes itself as "an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked." Created by the real estate finance industry, including many of the largest lenders and Fannie Mae, MERS allegedly "eliminates the need … [Read more…]
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…]
Housing Wire recently reported that the Federal Housing Finance Agency (FHFA) has directed the two government sponsored agencies, Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages. Previously, they maintained different requirements for how their mortgage servicers would treat loan backed by Freddie and Fannie. This new push for alignment may … [Read more…]