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foreclosure: Foreclosure's alphabet soup - 07/22/08 06:33 AM
Before the practice of mortgage securitization became the darling of Wall Street, borrowers knew if they didn't make their payments, their loans could be foreclosed by either a local or national bank, credit union, FNMA, or FHLMC. They also were told, emphatically, to contact their lender who would embrace their desire to keep their homes … (0 comments)
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foreclosure: Q: a burdensome mortgage & DIL - 08/02/07 03:18 PM
July 31, 2007
A Burdensome Mortgage
By JAY ROMANO, The New York Times
Q. We are buying a new home from a builder who is providing the financing, but we have not sold our current home yet. We believe our asking price is less than what the current home is worth, but we … (2 comments)
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foreclosure: Same old, same old. With a bullet. - 07/25/07 12:54 PM
I had an interesting conversation last week with a group of folks who live in Barnstable County, Massachussets, about the record number of foreclosures in their area. The consensus was to place the blame on subprime mortgages... but truth be told the real culprit continues to be our nation's increasing insolvency. The … (4 comments)
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foreclosure: Commentary on NJ's Foreclosure Consulting and Anti-fraud Act - 06/17/07 06:09 AM
A bill seeking to identify and regulate abusive and predatory preforeclosure acquisition practices has been proposed in NJ. The text of the proposed legislation may be found posted herein.
A boilerplate letter to be sent to NJ legislators as part of an opposition campaign to the legislation has been crafted by local … (2 comments)
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foreclosure: Apples, Oranges, and sometimes Lemons: Subprime vs. Predatory - 03/31/07 10:00 AM
Apples, Oranges, and sometimes Lemons: Subprime vs. Predatory
I was at a party last nite when I handed a promotional plastic credit card to a friend. Having all the physical characteristics of a real credit card, it read Maxed-Out! The regular readers of my Blog may recall Maxed Out! is a just released … (3 comments)
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foreclosure: Has anyone read, "Mortgage Payment Reset: Issues and Impact? - 03/22/07 07:44 AM
Has anyone read Dr. Christopher Cagan's 3/19/07 research paper, "Mortgage Payment Reset: Issues and Impact? He is the director of research and analytics for First American CoreLogic, and crunched a lot of numbers to provide an insight into what his crunched numbers suggest will happen to adjustable rate loans as their intro … (2 comments)
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foreclosure: Tax Implications of a Deed in Lieu of Foreclosure (or short sale) - 03/13/07 04:16 PM
Q. Are there tax implications when an owner gives a lender a deed in lieu of foreclosure to avoid a foreclosure proceeding?
My answer included information about preforeclosure short sales, too, but the reporter chose not to include this information. Frankly, I haven't seen too many DILs. Many people are under the … (13 comments)
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foreclosure: MLM foreclosure "help" - 03/04/07 10:15 AM
Sometimes, the offer of a helping hand is really a cement lifejacket in disguise.
We've all seen the ads: free foreclosure help, stop foreclosure, foreclosure solutions, mortgage mediators, save your home, etc. Have you ever read our recently enacted Clear Skys Initiatives? Despite its proactive title, it has weakened many parts of the Clean … (4 comments)
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foreclosure: Can you keep your American Dream? - 03/01/07 03:49 PM
Can you keep your American dream?
The American dream of homeownership, (bigger is better) cheap mortgage money, and relaxed lending criteria has kept our economy chugging along. Everywhere you look there are programs and seminars for "first time" homeowners or "low income" buyers offered by housing organizations, real estate brokers, mortgage brokers, … (3 comments)
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foreclosure: Home Equity Theft Protection Act - 03/01/07 08:22 AM
With tortoise-like pace, states are considering, then enacting legislation to curtail predatory lending, and deceptive realty practices. California has strict criteria governing how "foreclosure consultants" conduct business with financially distressed homeowners. Maryland's new laws and document recording systems seek to limit the extent to which speculative investors make front end profits at … (1 comments)
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foreclosure: Selling a Short Sale to the Seller - 02/27/07 08:00 AM
Why would a Homeowner even consider a short sale? What's in it for them?
We know that one of the conditions of short sale approval, a non-negotiable provision, is the Seller receive ZERO PROCEEDS from the sale. So if the Seller gets nothing, why would they agree to do it?
Why would … (18 comments)
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foreclosure: Evictions anyone? - 02/19/07 09:29 AM
My website is boring. No bells or whistles. No cool graphics. Yeah, it serves up information and may be interesting if you happen to need the type of info I write about, but there isn't anything eye-catching, memorable, or "sticky-worthy" about the site visit. Frankly, it's a jumbled mess. But … (4 comments)
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foreclosure: Affordable Housing? Not quite. - 02/18/07 08:45 AM
"Affordable Housing " is supposed to be just that. Affordable. Though many homes designated as affordable start out that way, they can end up foreclosed, and sold by the sheriff on the courthouse steps. Many foreclosure narratives share common threads. Many feature single, working Moms. Moms working full time hours, and … (2 comments)
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foreclosure: I joined this Group (Giving Back) because.... - 02/11/07 08:34 AM
I joined this Group (Giving Back) because....
As the executive director of a non profit, charitable organization, I know that many local, service oriented charities are overburdened, understaffed, under funded, and under appreciated. Some years they spend five dollars for every dollar raised... oftentimes going into to debt themselves just to serve the … (4 comments)
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foreclosure: The Perfect Storm - Get ready to short sale! - 02/09/07 09:35 PM
There looms a perfect storm on the horizon, a storm that will highlight the need for realty professionals to fully understand the construct of successful preforeclosure short sale transactions.
scheduled expoding ARM resets (subprime 80/20s, ARMs, interest only, etc.)the increase in minimum monthly credit card payments, and not so coincidentally, changes in … (20 comments)
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foreclosure: ForeclosureFocus: New Bankruptcy Dynamic - 02/09/07 10:27 AM
I've seen some terrific information made available on AR, and I'd like to contribute. For those of you interested in a collection of current articles on mortgage foreclosure, predatory lending, and pending legislation, here is a Yahoo Site with an updated collection of articles. In the links section, there is a diagram describing … (4 comments)
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foreclosure: mortgage origination fraud case in Anywhere, USA - 02/08/07 12:52 PM
Here's an example of a origination fraud scheme I've uncovered in Florida last month involving a mortgage broker, real estate broker, and an appraisal trainee. This type of fraud happens everyday, but is not always reported upon. The property is in Florida, but it could just as well be Anywhere, USA. … (21 comments)
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foreclosure: Preforeclosure Listing Workshop - 02/08/07 07:04 AM
The nonprofit, preforeclosure housing counseling organization, S.P.O.C.H., choreographs preforeclosure, and preforeclosure short sales. As a mutually beneficial service to realty professionals, we have developed a "Preforeclosure Listing Workshop" after which we could train a selected agent to be your 'short sale pro', and provide short sale transaction support. We also can assist in the … (0 comments)
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foreclosure: USA_Dave's TOP TEN SIGNS A HOMEOWNER IS FACING FORECLOSURE - 02/07/07 11:28 AM
USA_Dave's Top 10 Signs a Homeowner Faces Mortgage Foreclosure
#10. Your name and address appear on several creative real estate investment internet sites, and now the mailman needs a handtruck to deliver your daily mail.
#9. Perfect strangers begin showing up at your door with cameras, measuring tapes, and color swatches.
#8. After reading … (4 comments)
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foreclosure: If you find a Client in financial trouble... - 02/06/07 07:28 AM
Tough times ahead? Tough times now! Personal savings are at historic lows (in the negative) while borrowing is at an all time high! Jobs, once secure, are being lost to automation and offshore employers. The minimum payment requirements for credit cards has doubled while personal bankruptcy plans are harder to get … (0 comments)
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All things foreclosure: subprime & predatory lending updates, mortgage origination fraud, loan servicing errors, loss mitigation, preforeclosure sale and preforeclosure short sale transaction construct, etc.
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