Another RE Scam to beware of... - 10/29/10 07:06 PM
Last week our local paper bestowed their 'Raspberry' award to a SoCal based attorney by the name of Michael T. Pines. Pines qualified for this award by virtue of the fact that his business model apparently involves advising clients who have been through foreclosure and been evicted from a home to break back into the home and set up residency. Of the four families he has recently convinced that his advice is sound, he has accompanied them to the house with attendant locksmith and whatever press he can scrounge up.
He garnered a couple headlines.
But most figured it for … (67 comments)

Southwest California Housing Report - September - 10/29/10 05:51 PM
10 city report View more documents from Southwest Riverside County Association of Realtors.                   The opinions in this commentary are strictly Gene Wunderlich's personal opinions. While any reasonable and/or rational indivdual should agree wholeheartedly, the opinons reflected herein may not necessarily be those of the Southwest Riverside County AOR,  or any local or state government or other mental institution. … (0 comments)

Southwest California Voter Guide - 10/29/10 05:31 PM

 
 
 
 
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How can you lose something you never had to begin with? - 10/29/10 03:04 PM
How can you lose something you never had to begin with?
That's the question that comes to mind when I read the Administrations continuing attack on housing. In Monday's Wall Street Journal, another front page article states 'Key Tax Breaks At Risk As Panel Looks At Cuts'. First sentence 'Sacrosanct tax breaks, including deductions on mortgage interest, remain on the table...' The article goes on to say '...these and other breaks cost the government about $1 trillion a year'. (emphasis mine).
But if the government never had these revenues to begin with, at least in the case of the MID, how … (6 comments)

Terminate private transfer fees? Send your remarks here: - 10/25/10 01:56 PM
The Center for Regulatory Effectiveness Solicits Public Comment on Three Public Policy Issues Associated with the FHFA Proposed Private Transfer Fee Guidance  The Federal Home Finance Authority has proposed guidance which would terminate the use of Private Transfer Fees.  Private Transfer Fees are paid each time a property is sold and are often used for community benefit programs. Private transfer fees have also been used to provide a continual source of income for developers and investors. The FHFA has received in excess of 2,500 comments. While the FHFA is reviewing these comments  the Center for Regulatory Effectiveness is asking the public and … (3 comments)

Folks, If it sounds too good to be true... A Raspberry for you. - 10/25/10 01:32 PM
The Californian today bestowed a raspberry entitled:
The "Uncommon Law' award.
A raspberry to attorney Michael T. Pines, who has been advising his clients to break into their foreclosed homes.
Pines claims the actions are justified because lenders committed loan fraud and violated the Truth in Lending Act of 1968. A bankruptcy judge called his ideas frivolous and ordered him to pay $16,430 in legal fees to the defendants in one case for wasting their time. Other local real estate lawyers are skeptical about his interpretation of the law.
While not every homeowner facing foreclosure is a victim, many are. They … (4 comments)

New Anti-deficiency protection for short-sellers in CA. - 10/12/10 04:14 PM
 
 A ray of good news for homeowners in California. Lame-Duck Arnie actually signed a bill that will provide some relief for short-sellers starting 1/1/11. 
Existing law prohibits a deficiency judgment by the holder of a first trust deed on a property that has sold through foreclosure. SB931 extends that protection to short-sellers of a property as well. If the holder of a first trust deed or mortgage gives written consent to a short sale, that lender is obligated to accept the sale proceeds and discharge the remaining amount owed (the deficiency). Prior to this law, lenders could pursue a homeowner … (0 comments)