Steve Albin's Blog

Baum firm had brought foreclosure proceedings against.

Steve Albin (Realty Investors LLC) — Sun, 30 Oct 2011 07:40:21 -0700

On Friday, the law firm of Steven J. Baum threw a Halloween party.The firm, which is located near Buffalo, is what is commonly referred to as a “foreclosure mill” firm, meaning it represents banks and mortgage servicers as they attempt to foreclose on homeowners and evict them from their homes. Steven J. Baum is, in fact, the largest such firm in New York; it represents virtually all the giant mortgage lenders, including Citigroup, JPMorgan Chase, Bank of America and Wells Fargo. http://www.nytimes.com/2011/10/29/opinion/what-the-costumes-reveal.html?_r=1

Are Sellers Withdrawing?

Steve Albin (Realty Investors LLC) — Fri, 28 Oct 2011 11:25:08 -0700

Today's News, Are Sellers Withdrawing? Written by: Just Listed Knoxville .com Friday Mon, October 28, 2011

A decline in inventories is normal at this time of the year as real estate markets buckle down for the fall and winter season. But the 20 percent plus drop in new single family listing from last quarter time suggests something else is going on.

According to data released by Just Listed Knoxville .com the Knoxville MLS area new listings of for-sale single family homes, declined 20 percent from last quarter, and are 18 percent lower compared to the same quarter one year ago.

The inventory picture painted by Just Listed Knoxville .com s unique database of more than tracks more than 30,000 property listings.

Just Listed Knoxville .com rely on listing data direct from MLS. One of the advantages of listing data is that it’s remarkably timely; when listings come and go is tracked virtually to the minute. Usually listings depart because there’s a contract or a closed sale, but these days departures also could be owners taking their properties off the market or simply not listing in the first place or to wait for better times. Keeping properties off the market for the near term may be a good idea for everyone concerned concluded the Just Listed Knoxville .com.

JustListedKnoxville.com is an alliance of independent licensed real estate agents and locally owned, independently operated real estate firms and agents with in those firms spanning a nine-county marketing area. Alliance Members bring 76 years of continuous real estate service to the community. The alliance shares the area's finest interactive systems and marketing programs offering state of the art professional consumer centered real estate services... access from anywhere at any time.

Buy House, Get a Visa

Steve Albin (Realty Investors LLC) — Thu, 20 Oct 2011 10:47:41 -0700

To fuel this demand, the proposed measure would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate—a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out.

http://online.wsj.com/article/SB10001424052970203752604576641421449460968.html?mod=googlenews_wsj

Bank of America approves permanent loan modification. Homeowner makes payments. Trustee sale set Oct. 19th.

Steve Albin (Realty Investors LLC) — Sat, 01 Oct 2011 06:47:01 -0700

A homeowner from Tennessee called me today in a panic because she had just been notified that Bank of America is planning to sell her home at auction on October 19th. She was very upset, and even downright scared, truth be told. She’s disabled and has lived in the home for the past 16 years. She doesn’t know where she’d go, and doesn’t see how she could possibly move out in under a month. MORE http://mandelman.ml-implode.com/2011/09/bank-of-america-approves-permanent-loan-modification-homeowner-makes-payments-trustee-sale-set-oct-19th/

National Association of Realtors Lobbying Stats, 2011

Steve Albin (Realty Investors LLC) — Fri, 30 Sep 2011 08:19:02 -0700

The National Association of Realtors represents the nation’s real estate industry. While the bulk of its issues tend to deal with property management and control, the group also lobbies members of Congress and the administration on virtually every issue facing business, including health care reform, bankruptcy legislation and tax cuts. One of its biggest issues in recent years has been a move toward deregulating the financial services industry. For years, real estate agents have successfully warded off attempts by banking interests to delve into the sale and management of property. One of the keys to the group’s success: It supports Democrats and Republicans almost equally. Lobbying Stats, 2011

Total spent on lobbying:	$10,153,173
Number of lobbyists hired:	33
Number of current revolving door personnel:	5
Number of bills mentioned:	104

Realty Executives Phoenix Realty Executives will be filing a Chapter 11 reorganization.

Steve Albin (Realty Investors LLC) — Sun, 01 May 2011 17:50:26 -0700

Realty Executives Phoenix. Lockouts at offices, a lawsuit by an office building owner, and Friday’s announcement that Realty Executives will be filing a ChRealty Executives Phoenix. Lockouts at offices, a lawsuit by an office building owner, and Friday’s announcement that Realty Executives will be filing a Chapter 11 reorganization. apter 11 reorganization. http://www.phoenixrealestateguy.com/an-open-letter-to-phoenix-realty-executives-agents/

Century21 Realtor in China, dead from overworking says family

Steve Albin (Realty Investors LLC) — Sun, 17 Apr 2011 10:42:31 -0700

(China) Zhou Yu, 28, a Jiangsu Province native and Century21 branch manager was found dead in his apartment earlier this week. Family members claim Yu’s death was caused by overwork and fatigue, although no determination has been made yet as to the official cause of death http://agentgenius.com/real-estate-news-events/century21-realtor-in-china-dead-from-overwork-says-family/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+AGNewsMag+%28Real+Estate+News+-+AGBeat%29

Jury Awards Homeowner $21 Million In Mortgage Lawsuit

Steve Albin (Realty Investors LLC) — Thu, 07 Apr 2011 10:31:01 -0700

U.S. Army sergeant David Brash was awarded the damages in March, after a Columbus, Ga. jury found that PHH Mortgage, the country's eighth largestmortgage servicer, had incorrectly reported Brash to credit score companies as "seriously delinquent" despite the fact that all his mortgage payments had been automatically deducted from his paycheck. http://www.huffingtonpost.com/2011/03/30/david-brash-phh-mortgage_n_842707.html

SWAT Team Evicts Grandmother,

Steve Albin (Realty Investors LLC) — Tue, 05 Apr 2011 06:41:54 -0700

Bank of America released a statement in response to the controversy saying Lennon had fallen behind on her payments, becoming delinquent. In turn, TBLT's Ryan Acuff said that while Lennon was delinquent on payments to Countrywide and Bank of America, she had "not only met with the Housing Council, the local HUD approved mortgage counselors, but attempted to engage with Bank of America."

"[T]he fact remains," Acuff continued, "that Bank of America refused her attempts to pay and efforts to negotiate modifications to her mortgage for the reasons stated above."

http://www.huffingtonpost.com/2011/04/04/foreclosure-grandma-swat-team_n_844348.html

Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million

Steve Albin (Realty Investors LLC) — Thu, 24 Mar 2011 07:29:03 -0700

Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million http://techcrunch.com/2010/09/21/move-threewide-listhub/

Agent Walks In On Couple At Home Showing

Steve Albin (Realty Investors LLC) — Wed, 02 Mar 2011 10:02:35 -0800

A local realtor who was trying to show a home over the weekend said she walked into a show she did not want to see.

Police said April Espinosa was inside the Southwest Albuquerque home having sex with an unnamed man.

Espinosa told the realtor it used to be her grandparent’s home but they had recently lost it to foreclosure.

Police said they found a stolen car in the backyard with Espinosa’s things inside.

She is charged with breaking and entering and car theft. http://www.krqe.com/dpp/news/crime/realtor-finds-unwanted-guests-in-home

Charges Filed Against Man Who Attacked Agent

Steve Albin (Realty Investors LLC) — Thu, 20 Jan 2011 09:32:45 -0800

SAN ANTONIO -- New charges have been filed against a man already under arrest for beating and trying to kidnap a San Antonio realtor.

Emilio Maldonado is now charged with aggravated kidnapping. He had already been charged with aggravated assault with a deadly weapon. Police say Maldonado attacked realtor Janice Tisdale, who was showing him a house near Camp Bullis back in December. Five students driving by saw the attack and stopped to help Tisdale.

"We saw Ms. Tisdale waving her hands, and it looked like she needed some help," said Stephen Mery, who was one of the students who helped Tisdale. "So, we turned around and rolled down the windows and heard her screaming help me help me."

As of Friday morning, Maldonado was still behind bars. His bond has been set at $75,000. He is due in court at the end of the month.

http://www.woai.com/news/local/story/More-charges-filed-again-man-accused-of-attacking/mVMtITuC0Ey18Y7OrstBqw.cspx

Identity Theft Victim Can't Convince Freddie Mac He Owns His Home

Steve Albin (Realty Investors LLC) — Tue, 11 Jan 2011 06:24:34 -0800

"The builder took out a mortgage on the house in Ty's name. Then he turned around and maintained the mortgage until Ty came back and bought that house," Foley said. "This builder sounds like a pretty slick dude and I would love to see him making little rocks out of big ones someplace."

http://www.huffingtonpost.com/2011/01/07/identity-theft-victim-freddie-mac-home_n_805757.html

BOA is threatening to proceed with foreclosure on a house that was NEVER late

Steve Albin (Realty Investors LLC) — Fri, 31 Dec 2010 06:59:01 -0800

BOA is threatening to proceed with foreclosure on a house that was NEVER late or in risk of default. No one at BOA can find where this letter came from, but admits, that somewhere in there system, some department at BOA thinks we are to be foreclosed on. This is just proof that BOA is far too large to be of any benefit to themselves or the consumer.”

http://ctwatchdog.com/2010/12/24/bank-of-americas-christmas-present-foreclose-even-though-not-a-payment-missed

The Truth leaks out... the banks are robbing you and are in fact bankrupt!

Steve Albin (Realty Investors LLC) — Sat, 20 Nov 2010 11:28:18 -0800

Adam Levitin Tells Congress: Citigroup, Bank Of America, JPMorgan & Wells Fargo Are All Insolvent

http://www.youtube.com/watch?v=EjTZOekaQlE

Here’s Foreclosure Mom’s rap… nothing further need be said… watch it. And if you’re going to try to get your loan modified, get a REST Report…

Steve Albin (Realty Investors LLC) — Sat, 20 Nov 2010 10:17:25 -0800

Here’s Foreclosure Mom’s rap… nothing further need be said… watch it. And if you’re going to try to get your loan modified, get a REST Report… http://www.youtube.com/watch?v=GPPRaKIO-jA

Short Sale Disclosure Ruling Raises Other Questions by Bob Hunt

Steve Albin (Realty Investors LLC) — Tue, 09 Nov 2010 13:33:57 -0800

Suppose you had a listing and that, because of some fact about either the seller(s) or the property, you believed that any transaction would stand a greater than normal chance of failing to close. (Yes, I've had one of those too.) Would you have a duty to disclose those circumstances to a prospective buyer even before they entered into contract? Apparently, "yes", if you do business in California's 4th Appellate District .http://realtytimes.com/rtpages/20101109_shortsale.htm

The giant Bank of America, for instance, has bid in Florida tax lien sales using colorful names such as Bennu, LLC, named after a mythical bird said to be the soul of the ancient Egyptian sun god.

Steve Albin (Realty Investors LLC) — Mon, 18 Oct 2010 09:38:32 -0700

The giant Bank of America, for instance, has bid in Florida tax lien sales using colorful names such as Bennu, LLC, named after a mythical bird said to be the soul of the ancient Egyptian sun god.

http://www.huffingtonpost.com/2010/10/18/the-new-tax-man-big-banks_n_766169.html?igoogle=1

Over the last year, Bank of America, which received $45 billion in these taxpayer funds in 2008 and 2009, has bought liens on properties in scores of municipalities in at least a dozen states. Bank of America repaid the government in 2009.

Tennessee Outlaws Owner Financing of Home Ownership

Steve Albin (Realty Investors LLC) — Mon, 27 Sep 2010 12:41:21 -0700

QUESTION Whether the Tennessee Residential Lending, Brokerage and Servicing Act, Tenn. Code Ann. §§ 45-13-101, et seq., requires an individual investment property owner to obtain a license before the individual may engage in seller-financing when he or she sells the investment property?

OPINION An individual investment property owner who provides a purchaser with financing that qualifies as a “residential mortgage loan” must be licensed under Tenn. Code Ann. §§ 45-13-201, et seq., unless a statutory exception applies. Additionally, such an individual who provides such financing for compensation or gain or in the expectation of compensation or gain must be licensed under Tenn. Code Ann. §§ 45-13-301, et seq., unless a statutory exception applies. ANALYSIS http://gsmar.org/FORMS_PDF/TAR_AG_Opinion-Seller_Financing.pdf

Buy Owner real estate firm is liquidating as the housing market continues to struggle

Steve Albin (Realty Investors LLC) — Mon, 20 Sep 2010 21:11:52 -0700

Latest victim of real estate slump -- Buy Owner

A high-profile do-it-yourself real estate company remains open while a buyer is sought for its assets.

1,326 Dead People Claimed First Time Home Buyer Credit

Steve Albin (Realty Investors LLC) — Fri, 10 Sep 2010 10:50:33 -0700

Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.

According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.

It is also taking a look at all those deceased taxpayers who received credits. The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.

http://money.cnn.com/2010/09/09/real_estate/who_repays_tax_credit/index.htm

Proposed Lowe’s Drywall Settlement Offers Small Payouts to Victims, Big Fees for Attorney

Steve Albin (Realty Investors LLC) — Thu, 12 Aug 2010 09:30:10 -0700

The $6.5 million settlement would pay relatively small amounts to individuals who had the tainted drywall in their homes. But the handful of attorneys who quietly negotiated the deal will receive a separate payment of $2.1 million. Victims will be compensated mostly in Lowe’s gift cards, offered in the amounts of $50, $250 or $2,000, depending on the level of documentation they can provide. Those who can prove they’ve suffered more than $2,000 in damages may also receive up to $2,500 in cash.

http://www.propublica.org/article/lowes-drywall-settlement-small-payouts-to-victims-big-fees-for-attorneys

New Real Estate Sale Tax

Steve Albin (Realty Investors LLC) — Mon, 02 Aug 2010 14:51:25 -0700

Fact or fiction? The health-care law and real estate tax: First, it is not a sales tax, nor does it impose any transfer or recordation tax. It is called a Medicare tax because the money received will be allocated to the Medicare Trust Fund, which is part of the Social Security system. Watch for the amounts of income to be lowered soon

Link: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/15/AR2010071506964.html

Cast Your Vote For A Deserving Family

Steve Albin (Realty Investors LLC) — Sat, 26 Jun 2010 09:12:59 -0700

Cast Your Vote For A Deserving Family
Don't miss your opportunity to do a good deed this summer and help out a deserving family! Pigeon Forge is helping families take back their vacations this summer, and we're doing it one family at a time. You can join the fun by visiting MyPigeonForge.com and voting for a family whose story you find the most compelling. Dozens of stories are posted and your vote could make someone's year! Based on votes received, Pigeon Forge is awarding prizes all summer long, and each prize will include a visit to Pigeon Forge. Prizes were awarded at the end of April and May, and now we're focused on finding winners for June and July. At the end of June, 10 families with the highest vote counts each will receive $6,600 to help with car payments. In addition to the cash prize, each winner also receives a trip to Pigeon Forge! And the prize for July ... even bigger! Click here to learn how we're helping take back vacations, read the stories and vote for a deserving family.

New $50,000 From Taxpayers for to give out fixed-rate, low-interest loans to unemployed people facing foreclosure so they can continue to make their mortgage payments for up to two-years

Steve Albin (Realty Investors LLC) — Wed, 23 Jun 2010 17:49:28 -0700

As House and Senate negotiators continue to work out differences in their versions of bank reform, a House proposal to have $3 billion used to help unemployed homeowners avoid foreclosure. The measure would allocate the funds to the Department of Housing and Urban Affairs, which would use the funds to give out fixed-rate, low-interest loans to unemployed people facing foreclosure so they can continue to make their mortgage payments for up to two-years. However, the aggregate amount of assistance for any homeowner is prohibited from exceeding $50,000.

http://www.marketwatch.com/story/house-eyes-fee-to-pay-for-3-bln-for-unemployed-2010-06-23