*RARE* Palace On The River in Manasquan, New Jersey - 11/26/11 05:56 PM
A water front home like this is rarely on the market. This 6,500 Ft2, 5 bedroom home sits on 1/2 acre close to the beach in desirable Manasquan, New Jersey. Hardwood and stone floors, 3 fire places, and a master suite that is second to none. Master suite features a master bath with marble walls and floors, jacuzzi tub and massive steam shower.  All rooms have a water view and high ceilings. On the outside, there is a custom built tiki bar with bath for guests and family gathering around the heated pool.
The home is only 60 minutes from downtown … (7 comments)

Ohhhh Boy!!! Another Case of a Foreclosure Sale Gone Bad - 11/23/11 06:25 PM
 
I always stated that a bone fide third party purchaser has a lot of rights when they purchase a property in a foreclosure auction sale. They should have a lot of rights because they did nothing wrong in the transaction and they have every right to assume that they will get good and marketable title.  Of course, they should always perform their own due diligence.
However, recently, The Massachusetts Supreme Court ruled against Francis Bevilacqua. Mr Bevilacqua purchased his home at a foreclosure auction in 2006, but the Court ruled that he never had legal title to the property since … (10 comments)

New GSE Short Sale Guidelines...More Out of Touch B.S. from the Government - 11/22/11 02:28 PM
 
According to Realtor Magazine a product of realtor.com, Fannie Mae and Freddie Mac will be implementing new short sale guidelines after the first of the year.  It appears that everyone involved in a short sale will be liable for “negligent or intentional misrepresentations in the transaction” and will have to sign affidavits stating that they are handling the transaction to federal standards. The addition of the affidavits to the short sale process is designed to help everyone involved in the short sale “identify potential mortgage fraud and [have] a clearer understanding of the intent of all parties involved in the … (27 comments)

Brutal Atrocities at Penn State..and that is not even the WORST of the Story - 11/20/11 06:26 PM
Everyone is probably familiar with the atrocities committed by members of the Penn State football coaching staff against young children. There is little debate that atrocities against children are the worst of all because children cannotdefend themselves and are not armed with knowledge sufficient to understand the emotional and mental harm of the heinous acts being committed against them.
 
No one would consider such ascts as acceptable...probably even the pedofiles themselves realize this.
However, there is an underlying major concern regarding these events that has niot been widely reported.   For days, tgeh campus of Penn State erupted in violent protests … (4 comments)

Pet Peeve When Sarching for Real Estate... - 11/19/11 07:49 PM
I have been looking for a new place in the Giant Litter Box (Las Vegas).  I refer to it as that because everyone visits here and takes a dump and leaves....and instead of lush greenery (admittedly difficult in these climes) they have rocks everywhere that look like litter box pellets.
Anyway, it has been a beautiful past few days and I was leaving for a business trip to Ukraine and then Thanksgiving with my family in New Jersey. Okay, Okay, I appreciate the sentiment that everyone from Jersey has no right to refer to any other place as the "Giant Litter … (19 comments)

4th Part in the Series on Why Short Selling Lenders Cannot Enforce Restrictions - 11/17/11 05:09 PM
 
A few days ago, I wrote a blog about the four reasons why lender restrictions in short sale addenda are unenforceable. To recap, they are:
The Four Components
1.      The restrictions are required without legal “consideration” and are therefore invalid;
2.      The restrictions are voidable because there is no “privity” of contract;
3.      The restrictions cloud title (some states formally prohibit the restrictions);
4.      The restrictions violate the spirit and intention of Uniform Commercial Code.
Today, I will discuss the fourth component of why the restrictions placed by a short selling lender may be unenforceable.  The Uniform Commercial Code is … (2 comments)

Part Three of Why Short Sale Restrictions on a Buyer are Unenforceable - 11/16/11 12:07 AM
 
A few days ago, I wrote a blog about the four reasons why lender restrictions in short sale addenda are unenforceable. To recap, they are:
 
The Four Components
 
1.      The restrictions are required without legal “consideration” and are therefore invalid;
 
2.      The restrictions are voidable because there is no “privity” of contract;
 
3.      The restrictions cloud title (some states formally prohibit the restrictions);
 
4.      The restrictions violate the spirit and intention of Uniform Commercial Code.
 
Today, I will discuss the third component in the four part series.  Many if not most of the restrictions … (5 comments)

A New High in Short Sale Negotiation Lows.....Even for Wells Fargo - 11/11/11 12:20 AM
Some days are so bad that you have to laugh when the day gets even worse. I was on the phone for three hours yesterday with Wells Fargo on a short sale that is in bankruptcy. Normally, I prefer short sales in bankruptcy because the bankruptcy departments have a higher caliber of negotiator and they tend to be more diligent. Not on this one!!! It has been a nightmare!!
Wells Fargo claims that the file was no longer in the bankruptcy department. I advised them that the debtor was still in bankruptcy so there must be some mistake. After two hours, … (7 comments)

2nd Part of the Enforceability of Lender Short Sale Restrictions - 11/09/11 07:02 PM
 
Yesterday, I wrote a blog about the four reasons why lender restrictions in short sale addenda are unenforceable. To recap, they are:
The Four Components
1.      The restrictions are required without legal “consideration” and are therefore invalid;
2.      The restrictions are voidable because there is no “privity” of contract;
3.      The restrictions cloud title (some states formally prohibit the restrictions);
4.      The restrictions violate the spirit and intention of Uniform Commercial Code.
 
Today, I am writing about the second component. The restrictions are unenforceable or voidable because there is no “privity” of contract between the lender and the buyer.  … (3 comments)

Series on the Enforceability of Short Sale Affidavit Restrictions - 11/09/11 02:18 AM
 
The reason that short selling lenders cannot legally enforce their restrictive affidavits has four basic legal components. I will address each in a separate blog because of the length of each component.  
The Four Components
1.      The restrictions are required without legal “consideration” and are therefore invalid;
2.      The restrictions are voidable because there is no “privity” of contract;
3.      The restrictions cloud title (some states formally prohibit the restrictions);
4.      The restrictions violate the spirit and intention of Uniform Commercial Code
 
I.                   Legal Consideration. In order for a promise (or in this case restriction) to be legally … (3 comments)

A New Twist in Negotiating Short Sales - 11/08/11 12:28 AM
 
New twists in negotiating short sales are occurring almost daily.  Frustrated by long delays and lack of success in utilizing others, some investors have entered the negotiation arena.  The concept is fair and simple: investors want some control over the process and many have taken to negotiating the short sale.
Everyone in the industry has an opinion on who should negotiate a short sale. I can say that major lenders (I work as a consulting attorney for two of the largest) do not favor short sales that are negotiated by someone with an interest in the property, or an interest … (6 comments)

Freddie Mac and Federal Government Making Short Sales Nearly Impossible - 11/03/11 04:24 PM
It never seems to get any easier.  Short sales have become increasingly more difficult.  Wells Fargo for example, has included addenda that require an investor buyer to hold a property for 90 days prior to reselling.  This mandate comes from the investor on the note (Freddie Mac).  Here is the hypocrisy: Freddie Mac is not the government as many people believe. However, the government (and taxpayers) have a relationship with Freddie Mac and own a sizable chunk of the company.
Several states have enacted legislation or already have legislation that prohibits such restrictions. I am going to blog about the topic … (3 comments)

 
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Paddy Deighan, J.D. Ph.D

Paddy Deighan J.D. Ph.D 1-949-701-2192

Encino, CA

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Address: 216 W Euclid Ave, Haddonfield, NJ, 08033

Office Phone: (877) 557-9669

Cell Phone: (949) 701-2192

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Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with home owners on all of their distressed property needs tags ---->


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