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short sales: New FTC MARS RULE - 01/24/11 06:19 PM
Attorney's Life on MARS
The FTC has issued a final rule that gives federal and state authorities a new tool to combat the increase in deceptive mortgage relief practices.
The final rule does not affect attorneys who provide mortgage assistance relief services (MARS) in connection with the practice of law if certain basic requirements are met, but the FTC warns of MARS providers that try to use attorneys as fronts to avoid state laws.
Over the past three years, the FTC noticed a spike in the number of consumers scammed by MARS providers that charge advanced fees in the hundreds or … (3 comments)
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short sales: Listing Agents: Beware?? - 11/16/10 05:48 PM
Q: In a short sale, do Listing Brokers have a duty to disclose how far underwater the Seller is?
A: If you're in California, the answer may be "yes".
In Holmes v. Summer, G041906 (Cal.App.4th, filed October 6, 2010), a recently decided California appellate case, the court ruled that the sellers' brokers can be held liable for damages and costs incurred by a buyer in a failed transaction when the existing debt on the property exceeded the sale price. The court found that the brokers owed a duty of disclosure to the buyers.
No doubt, Holmes was an extreme case--three deeds … (0 comments)
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short sales: Fannie Mae's New HAFA Program - 07/02/10 03:46 PM
As you may have heard, by August 1, 2010 Fannie Mae and Freddie Mac, the formerly Home Affordable Foreclosure Alternatives Program (HAFA) exempt mortgage giants, are set to implement their own HAFA programs. For borrowers who are eligible for the Home Affordable Modification Program (HAMP) but were unable to secure a Loan Modification on their Fannie or Freddie loan, this is potentially promising news.
Today we’ll examine Fannie’s recently released HAFA Program Summary. Their stated goal with joining the program is to provide financial incentives for and simplify the process of short sales and deed-in-lieu (DIL) options in the face of … (25 comments)
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short sales: Not a First Time Home Buyer? Put an offer on my Short Sale! Now! - 10/28/09 01:07 AM
Last week Buyer's Agent said that a nice couple I had referred to him was putting off buying now until after the tax credit for first-time home buyers was over. They were tired of competing with all the multiple offers going in on properties right now to get take advantage of the FTHB tax credit. They earn too much money to qualify as FTHBs but they do want a deal! As an attorney and realtor with a constant flow of short sale listings, I (of course) said: "Show them short sales." And so he did, and they were the only offer … (3 comments)
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short sales: My First CLE! - 10/23/09 07:51 PM
Yesterday I was the speaker at a Continuing Legal Education (CLE) class on short sales. Hosted by the Karr Tuttle law firm in Seattle, there were 25 or so, Bankruptcy and Real Estate attorneys present. Phew! Though I had an outlined presentation prepared, you never know what you're going to encounter when you're put in a room full of your peers, who happen to be attorneys. I thought I'd share with the blogosphere some of the hot button issues that were discussed at my class.
As both an attorney and Realtor, I spoke a lot about my particular business model from … (1 comments)
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short sales: If you see my name on a listing, it is probably a short sale... - 03/31/09 12:13 PM
I'm an attorney and a Realtor, and I specialize in short sales, loan modifications and all kinds of pre-foreclosure workouts. So if you see my name on a listing, it is probably a short sale. After all, I went into this to do short sales. As an attorney closing REOs for the last 2 years, I knew there was a shortage of capable Real Estate agents handling short sales.
But Agents beware! Not everyone who contacts you is a short sale candidate. As an attorney, I can tell you it is more important to look past the sale and look at … (3 comments)
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short sales: An AR Newbie! - 02/11/09 03:13 PM
New to Active Rain...It's like Online Dating!(A "Humor" Alert)
Well, I've put up my profile, and uploaded my photo. (Did I choose the right one?) I've told you a little bit about myself and what I'm looking for. I've gotten some referrals and I've answered some emails. And then I thought, didn't I just do this? Oh yeah, it was called online dating! Well, here's my first blog post and a toast to many more.
Lynn Arends Attorney | Realtor | CDPEHELPING PEOPLE AVOID FORECLOSURE
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Lynn Arends - Attorney | Designated Broker
Seattle,
WA
More about me…
Lynn Arends Law Group PLLC & Lynn Arends Realty Group
Address: 2100 Westlake Ave North, Suite 201, Seattle, WA, 98109
Office Phone: (206) 282-4848
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