cradle to grave transactions: THE FANNIE MAE ADDENDUM REVISITED-MY GOOD DEED OF THE DAY, I SAVED THE BUYER $800.00 - 09/10/10 08:19 AM
I got a call today from a buyer who is using the services of the seller's "Preferred Provider".  She called me because she was heading to closing this afternoon on a property she is buying in Maryland,  and her realtor sent her a copy of the HUD-1 to review.  The poor buyer was immediately thrown by the fact that the "Preferred Provider" has pushed all of the transfer taxes and stamps over to the buyer's side.  When questioned, the "Preferred Provider" said this is is how Fannie Mae does it.  We must note that this particular provider is  either owned or controlled … (0 comments)

cradle to grave transactions: FANNIE MAE SERVICING ANNOUNCEMENT - 08/13/10 08:37 AM
Servicing Guide, Part VII, Section 501.03: Allowable Attorney Fees, and Part VIII,Section 104.04: Attorney (or Trustee) Fees
Effective September 1, 2010, Fannie Mae is prohibiting servicers from directly or indirectly requiring or encouraging attorneys or trustees to use specified vendors in connection with Fannie Mae referrals, including, but not limited to, title companies, posting and publication vendors, and service of process vendors.  Attorneys and trustees must be allowed to select vendors of their choice based on their assessment of factors such as the cost efficiency, quality, reliability, and timeliness of the services provided by the vendor.
Fannie Mae is also reminding … (1 comments)

cradle to grave transactions: CLASS ACTION LAW SUIT-I READ THE COMPLAINT AGAIN LAST NIGHT AND..... - 08/05/10 05:02 AM
 I wish I could say that any of the allegations in this complaint surprised me, but, nope, no surprise at all. 
As an REO title specialist in Maryland I have seen HUNDREDS of cases like this where there was an assignment out of MERS into the "note holder" stuck smack in the middle of the chain of title, filed sometime "around" the filing date of the foreclosure. I must admit however that not once did my attorney abstractors question the validity of these documents. Nor, evidently, did the court as all of these sales were ratified with the court and the … (6 comments)

cradle to grave transactions: Class Action law suit filed against Florida foreclosure mill-A shining example why NOT TO allow the seller's title agent conduct your closing - 08/04/10 09:33 AM
Recently a 7.5 Billion Dollar class action law suit was filed against a Florida foreclosure firm alleging that they particpated in fraud when filing thousands of foreclosures in the State of Florida. To read the complaint, click here:
http://mattweidnerlaw.com/blog/wp-content/uploads/2010/07/sternclassaction.pdf
The Defendant Firm's attorneys primarily represent plaintiffs in foreclosure actions. Based upon statements by its owner and co-Defendant, David J. Stern, the Defendant Firm in 2008 and 2009 filed between 4000 and 7000 new foreclosure actions in the State of Florida per month. Beginning in or about 1999, the Defendant Firm joined with Defendant Merscorp, Inc., and other conspirators in the fraudulent scheme and … (15 comments)

cradle to grave transactions: TODAY'S TITLE DEFECT.... - 06/30/10 04:48 AM
Today's title defect... 
As usual coming out of a foreclosure we have reviewed the title and found a defect....
I have long ago learned that you have to READ every document that is presented to you in a title report when the property has been foreclosed upon.  This situation is no different, but for the fact that the foreclosure attorney did not READ the title deed.
The title deed clearly states that the property is owned by A & B as tenants by the entirties, with REMAINDER to C.  A predeceases B.  B then dies and the property is foreclosed upon.  A … (0 comments)

cradle to grave transactions: Seller's title agents in REO transactions - 12/07/09 07:25 AM
 
Well, I wish I could say that it's been a month of no title issue relating to seller's title agents not doing what needs to be done to clear title.  In the past month we have had delays on at least 5 files due to the fact that the seller's title agents did not clear title.  Of course, as is always the case, these were all properties being transferred out of foreclousre.  In one particular instance we found that the foreclosure sale was not even ratified yet and the seller's title agent was nagging us to get the deal to … (0 comments)