FORECLOSURE EXPRESS vs THE LITTLE ENGINE THAT COULD - IN COURT SHORT SALE SUCCESS! - 03/27/11 02:11 PM
In another prime example of the FORECLOSURE EXPRESS vs. THE LITTLE ENGINE THAT COULD, this past week I defeated a lender's counter argument as to why the foreclosure sale scheduled for that day should proceed, even though the lender issued its short sale approval letter.
The issue was that the lender issued the short sale approval letter with a typo in the loan number.  No big deal you would think, but after 5 business days of waiting to get it fixed so the short sale could immediately close, the lender couldn't get it done - maybe they ran out of ink … (45 comments)

DO LENDERS MAKE SHORT SALE DEMANDS THAT ARE ILLEGAL? - 03/13/11 09:48 PM
I am very troubled by the actions of lenders in their encouragement of surreptitious dealing, especially by second lenders, regarding the distribution of proceeds of a short sale to the detriment of first lenders.
Below is a Suntrust Mortgage document recently received from Suntrust that is being provided and required to be signed by the BUYER of the property.  The transaction demanded by Suntrust is as follows (the numbers have been changed somewhat to mask the actual transaction):
Purchase Price as stated on the contract is $625,000; Required addendum to the Contract that Buyer will pay to Suntrust in addition to the Purchase Price, … (17 comments)

MORTGAGE IS NOT AN OBLIGATION TO PAY - COMMON MISTAKEN ADVICE BY AGENTS - 03/08/11 09:46 AM
Today I received a question from a trusted broker about the result of a foreclosure of a first mortgage upon the second mortgage.  He told me that many brokers / agents provide advice to their clients (and non-clients) that if the first mortgage forecloses, the second mortgage gets nothing and is wiped out.
Without getting into the discussion of whether giving that advice is legal advice or not - the first thing to realize is that the advice is absolutely correct.  The second thing to consider is that the advice is totally incorrect.
Let me explain.
A mortgage is actually two … (55 comments)

 
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Richard Zaretsky, Florida Real Estate Attorney

West Palm Beach, FL

More about me…

Richard P. Zaretsky P.A. - Board Certified Real Estate Atty

Address: 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Fl, 33401

Office Phone: (561) 689-6660 x 107

Cell Phone: (561) 329-2279

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Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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