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…]
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…]
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…]
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…]
RealtyTrac just released its 2008 U.S. Foreclosure Market Report, which reported that there were a total of 3,157,806 foreclosure filings (default notices, auction sale notices, and bank repossessions) on 2,330,483 properties during 2008. That was an 81 percent increase over 2007 and a 225 percent increase over 2006. To get a feel for the breadth … [Read more…]
So a borrower defaults under a promissory note and the deed of trust. Normally, the lender in that circumstance will exercise the power of sale clause in the deed of trust and begin the foreclosure process by noticing a trustee’s sale. However, the lender may also choose to call the note due and accelerate the … [Read more…]