The Long Short Sales
There are homeowners that, when faced with the prospect of a foreclosure, attempt to sell their home instead. If the home is underwater, as is the case in many areas in the US, especially in California, Nevada, Arizona and Florida, the proceeds from the sale will not be sufficient to pay off the loan and [...]
Banks Lose Foreclosure Case in Massachusetts High Court – What it Could Mean to Investors
You might have heard about the Massachusetts High-Court case in which Wells Fargo and US Bancorp lost a foreclosure case. See Bloomberg story by Thom Weidlich dated 1/7/2011.
The ground for their loss was that they had transferred the mortgages to a securitized mortgage backed pool (as most banks do) but failed to do it properly [...]
Arizona Anti-Deficiency Law and the new SB 1271 Legislation
A couple of months ago we held a tele-seminar with attorney Bill Kozub out of Phoenix, AZ.
Bill talked about the anti-deficiency law in the state of Arizona and how it is quite generous in protecting the borrowers against deficiencies in many cases when it relates to single family homes on regular sized lots (under 2.5 [...]
Missing Note Forestalls Foreclosure in Florida
Here is an interesting article sent to me by Liam Gillen from Orlando. It is from the Orlando Sentinel and is written by Mitch Stacy from Associated Press with a copyright to the Orlando Sentinel.
This is again a reminder of an issue that has been discussed a lot – that many banks have lost the [...]
Citi, J.P Morgan Agree to Foreclosure Moratorium
This is all over the news today. This particular report comes from MEENA THIRUVENGADAM of the Wall Street Journal. Please see the article below.
I suspect all this wonderful stuff is for homeowners only. It will be interesting to see if there is a specific program for investment properties (my guess is no). The other point [...]
Jerry Jackson of the Orlando Sentinel on Fannie Mae Short Sale Pilot
This was sent to me by Liam Gillen, one of our Orlando realtors. it’s an article in the Orlando Sentinel about Fannie Mae running a pilot to speed short sales processes considerably. This holds promise to everyone thinking of doing a short sale. if the pilot succeeds, hopefully the program will become widespread and cut [...]
