loss mitigation: Is foreclosure "help" a smokescreen to shield lenders from legal liability? - 06/19/08 08:27 AM
A million or more homeowners have mortgage loans which were, from the onset, unsuitable for them and have resulted in foreclosure. Many of these foreclosures can be challenged by legal claims for unfair lending practices, fraud, misrepresentation, usury, and violations to state unfair and deceptive acts and practices laws, the Truth … (3 comments)
loss mitigation: Don't Give Equity Thieves a Get Out of Jail Free Card - 06/10/08 11:13 AM
Massive Equity Theft
If you are (or know of a) homeowner at risk of mortgage foreclosure and about to enter into a negotiated loan workout, make certain you fully understand your rights and what rights you may be asked to waive forever in exchange for temporary or long term relief.
In … (2 comments)
loss mitigation: I have a platform: Your Comments Please - 03/16/08 10:47 AM
This past week I've been interviewed on several metropolitan radio talk shows due, in part, to the national release of my new book, Fight Foreclosure! Tomorrow, I'll have a TV segment on FOX Business News. I'd like to use this opportunity not only to express my outrage and fustration, but to offer … (3 comments)
loss mitigation: Puppets on String - 01/21/08 08:49 AM
In recent months I've brought a handful of short sale transactions to the closing table for agents, had two 11th hour implosions where the buyers breached their contract and walked away, and still have about a dozen potential shorts mired in servicer confusion and incompetency. - Last week I had a junior lender call … (5 comments)
loss mitigation: Reversal of Procedures - 03/30/07 11:49 AM
Back in the day when I was working in a national mortgage loan servicer's prototypical loss mit department, I flew to the corporate offices to meet with the newly appointed Sr. VP of asset management. Not promoted from within, but 'a hired gun' we were told by the sheepish, VP of asset … (2 comments)
loss mitigation: For my Kentucky friends.... - 03/13/07 12:28 PM
Thanks for the invite to post on your Group. Since Kentucky, a judicial foreclosure state, has practices and customs which may differ from County to County... I'd ask that any foreclosure/preforeclosure/preforeclosure short sale questions or scenarios you present for discussion/consideration include the specific county in which the property is situated. I'll do my … (1 comments)
loss mitigation: 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)
loss mitigation: 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)
loss mitigation: Honesty and the (preforeclosure) Listening Appointment - 02/26/07 03:20 PM
Honesty is a two way street. Be honest with your Client, and the Client will want to be honest with you... however painful that may be. I was speaking with a broker today who was interested in developing a comprehensive marketing strategy designed to increase the number of preforeclosure listings his office … (0 comments)
loss mitigation: Fridays' FYI: What is a Deed in Lieu of Foreclosure? - 02/23/07 08:39 AM
Each Fridays' Blog will provide (hopefully) useful information regarding the preforeclosure, and foreclosure process. NJ is a judicial foreclosure state. Your state's laws, customs, and practices may differ. I'm not an attorney, and this isn't intended to be anything other than my opinion. Shortly after a (NJ) homeowner misses the third, consecutive, monthly mortgage loan payment, he or she … (7 comments)
loss mitigation: Loss Mitigation & Listings: Perfect Together! - 02/22/07 07:24 AM
Now that remarkable increases in mortgage loan default and foreclosure statistics become media's fodder, loss mitigation becomes a largely repeated, but often misunderstood buzzword. Most experts' talking points suggest the homeowners contact the lender early on to 'workout' their mutual problem implying the homeowner will enjoy continued homeownership. While proactive contact … (5 comments)
loss mitigation: 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)
loss mitigation: 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)
loss mitigation: 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)
loss mitigation: 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)
loss mitigation: 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)
loss mitigation: 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)
All things foreclosure: subprime & predatory lending updates, mortgage origination fraud, loan servicing errors, loss mitigation, preforeclosure sale and preforeclosure short sale transaction construct, etc.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
A million or more homeowners have mortgage loans which were, from the onset, unsuitable for them and have resulted in foreclosure. Many of these foreclosures can be challenged by legal claims for unfair lending practices, fraud, misrepresentation, usury, and violations to state unfair and deceptive acts and practices laws, the Truth … (3 comments)
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