David Funkhouser and Benjamin Nielsen, attorneys with Quarles & Brady LLP, recently warned in their Commercial Litigation Law Update that Arizona tax lien foreclosures are wreaking havoc on lenders and borrowers. Quarles & Brady represents many large banks and lenders, so it should come as little surprise that they are concerned about the impact of … [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…]
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…]