foreclosure: Make sure your title agent is pulling the COURT FILE just prior to closing. Check out this Show Cause Order - 03/04/11 04:12 AM
ROBO SIGNING NOT THE ONLY ISSUE -CHECK OUT THIS SHOW CAUSE ORDER by CHARLENE PERRY | 2011/03/04 |
JACOB GEESING, et al., *
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Plaintiffs *
*
VS. *
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Defendant *
 IN THE CIRCUIT COURT KENT COUNTY, MARYLAND CASE NO. 14-C- ************************************************************************
SHOW CAUSE ORDER
This Court having received Plaintiff's Affidavit of Deed of Trust Debt dated April
15, 2010 which includes a mathematical error involving a credit in favor of the Defendant
of $12,690.31 which was added to the Defendant's debt, and having before it for
consideration an Order of Ratification and Referral to Auditor, and this Court having
… (3 comments)

foreclosure: A great video presentation on how the banks MAKE money on short sales and REO - 01/20/11 02:40 AM
I got this from a friend today and I was absolutely appalled after viewing it.  This is the BEST ever explaination I have ever seen on the way that banks make money on REO and short sale.  It will make you wonder then, what the heck takes them so long to approve short sales.
It's definately NOT because they are LOSING anything. 
http://www.youtube.com/watch?v=ssl5yb7FewA
This little video clip will make your blood boil, but it will also educate you so that when you are going to make your offer on either a short sale or an REO you are armed with a … (4 comments)

foreclosure: Fannie Mae and Freddie Mac blame mortgage servicers for the foreclosure crisis - 12/03/10 06:37 AM
An article in the Wall Street Journal dated December 1, 2010 reveals that Fannie Mae and Freddie Mac both are placing the blame for the foreclosure crisis on the servicers.  They state, that they, Fannie and Freddie do not service loans and thus are not to blame for the crisis.  They remind us that the collection of mortgage payments are the responsibility of mortgage servicers and law firms with which the companies contract.
The article, written by ZACHARY A. GOLDFARB contains quotes from both Terence Edwards, Executive Vice President for credit portfolio management at Fannie Mae and Donald Bisenius, Executive Vice President … (0 comments)

foreclosure: Regulators admit they erred in foreclosure oversight - 11/09/10 11:18 AM
An article today in the Wall Street Journal reveals that bank regulators knew as long ago as 1998 that there were errors in foreclosures and yet took no steps to act. 
http://www.washingtonpost.com/wp-dyn/content/article/2010/11/07/AR2010110704301_2.html?sid=ST2010110705264
I have actually been writing about foreclosure problems for the better part of this year. Now we hear from the regulators themselves that they basically ignored the problems that had been brought to their attention.
A 2007 study by Kathleen Porter, a University of Iowa law professor, found that servicers often tried to seize people's homes improperly, adding new fees when borrowers wanted to try saving them. She found … (3 comments)

foreclosure: WEEKLY ROUNDUP-THE FORECLOSURE DEBACLE and INSURING YOUR REO PROPERTY - 10/29/10 05:48 AM
I have had a busy week and am feeling a little like I am in "information overload". It seems that, at month end, if a file can go to hell, it certainly will; and this month has been no exception to that rule.  
I have read several new bulletins from various underwriters and several news articles relating to the foreclosure debacle.
As always, I remind you that you need to INSIST that your buyer protect their assets by having their REO transaction handled by a title agent who is very well versed in transferring title out of REO and who has NO AFFILIATION … (0 comments)

foreclosure: I HAVE PRAYED FOR THE BEST BUT AM PREPARED FOR THE WORST - 10/27/10 05:32 AM
It's a nasty day here in Maryland. Rain and humidity in abundance.  Resulting in my feeling a little blah.
My blogs usually consist of some information that I feel pertinent to the industry, but today I am going to talk about this past year and how hard it has been. 
As I look at projections for the remainder of this year I am hopeful that things are starting to turn around and that the market will stabilize and allow me to continue to have a modicum of success, but more importantly to allow me to continue to help people looking to … (0 comments)

foreclosure: FOLLOW UP TO MARYLAND FORECLOSURE FRAUD - 10/26/10 09:13 AM
It's been a long week and I have spent countless hours trying to weed through all of the information that is coming to light here in Maryland relating to foreclosure fraud.
As I had indicated in a previous post, Maryland has in fact begun to investigate fraud in foreclosures statewide.  An emergency measure has been put in place to allow the courts to review thousands of affidavits filed in foreclosure cases, many of which (thousands) have corrective affidavits filed in the cases.  The judges are now able to demand that the attorney present him/herself to the court in person to certify … (1 comments)

foreclosure: MARYLAND REO PURCHASES- TRICK OR TREAT? - 10/18/10 08:03 AM

There have been many articles lately in the news and on-line about the rash of foreclosure "fraud" that seemingly is running rampant in courts across the country.  And there has been much discussion about lenders "freezing" foreclosures nationwide.  While there may well be a "freeze" I can tell you that I received e-mail alerts today advising that more than 30 new properties came on the market today, all of which have gone through foreclosure and all of which are now being sold on the open market by the banks. So while there may be a freeze on new foreclosures, those … (0 comments)

foreclosure: I TOLD YOU SO - 10/14/10 06:22 AM
In October 2008 I sent letters to members of Congress, Fannie Mae, ALTA and MDLTA relating to the fact that the large servicing entities had made decisons to begin to use foreclosure mills nationwide in an effort to streamline their foreclosure processes. In so doing they may well have streamlined the process, but, we all see now just what that has meant to those of us in the title industry as well as for the consuming public.  My particular concern at that time was not so much related to the actual foreclosure filings, but was related to the lack of oversight of the … (0 comments)

foreclosure: AN OPEN LETTER OF CLARIFICATION TO MY REO CLIENTS - 10/04/10 04:56 AM
Dear REO business partner: 
As you are all aware there has been much talk in the news over the last few days relating to whether or not the major title underwriters will allow policies to be issued on property that has been foreclosed upon in the name of JP Morgan/Chase, GMAC and others. 
On Thursday September 30, 2010 I received a bulletin from my underwriter, Old Republic National Title Insurance Company, advising that they would not allow us to write policy on these properties.  And then on Friday, October 1, 2010, I received an updated bulletin from ORT softening their position … (3 comments)

foreclosure: GMAC/ALLY and obtaining Title Insurance - 10/01/10 08:56 AM
I am an REO title specialist.  As such I have reviewed thousands of files for properties that have been foreclosed upon.
I have written here in this forum on many occasions about the use of foreclosure mills in foreclosure transactions. It seems that the public has finally been made aware through the mainstream media of the blatent disregard to following the rules that runs rampant in these foreclosure mills. 
The focus of my practice here is clearing title for properties coming out of foreclosure and acting as seller's liasion in many cases or alternatively, acting on behalf of buyers of properties … (2 comments)

foreclosure: 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)

foreclosure: SHORT SALE FLIPS AND TITLE INSURANCE - 08/20/10 04:03 AM
Short Sale Flips and Title Insurance by CHARLENE PERRY | 2010/08/19 |
I am sure that you all have been asked recently about whether or not you are able or willing to do a short sale Flip/simultaneous closing.  I know I have been asked to do one recently.   
In the instant case I told the client that I would handle both transactions, but reminded them that I had to disclose the "flip" to the short sale lender.  This of course did not please my client but that was my position and I was sticking to it.  I went on … (0 comments)

foreclosure: ANOTHER STORY ON FORECLOSURE MILLS - 08/18/10 09:21 AM

Zach Carter
Economics Editor, AlterNet; Fellow, Campaign for America's Future
Financial giants have figured out yet another way to profit from fraud. After devastating communities across the country with shady subprime loans, the mortgage industry has launched a new assault on America's neighborhoods. Big banks are now outsourcing their foreclosure processing to shady law firms with a history of breaking the law for a quick buck. These foreclosure scammers forge documents, backdate signatures, slap families with thousands of dollars in illegal fees and even foreclosure on borrowers who haven't missed a payment.
Andy Kroll lays out the insanity in a … (0 comments)

foreclosure: 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)

foreclosure: 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)

foreclosure: Fannie Mae Launches new consumer Website-KnowYourOptions.com - 08/04/10 03:41 AM
Fannie Mae announced today that it has launched its new consumer website, KnowYourOptions.com to educate homeowners about their options to avoid foreclosure and how to get help.
The purpose of this website is educate homeowners who may be facing foreclosure. It is a sad fact that many homeowners who are facing foreclosure don't know what resources may be available to them. This web site strives to offer homeowners a one-stop shop for easy to understand consumer friendly information on the range of options for avoiding foreclosure. 
The website is designed to be a compliment to those web sites that many lenders may … (1 comments)

foreclosure: The things that cross your mind when you can't sleep - 07/22/10 04:28 AM
Well I couldn't sleep last night. As is often the case I was thinking about business just before turning in for the night and as a result tossed and turned for hours.  But they were not totally unproductive hours.  I was able to compile a list of related industries that have been severely affected by the housing meltdown, none of which, to my knowledge, have been afforded a bail out by the Federal Government.  So, I thought I would share my list.
Accountants Builders Carpenters Electricians Furniture Stores Groundskeepers Housekeepers Inspectors Lawyers Kitchen remodelers Lighting companies Maids Pest companies Real Estate … (5 comments)

foreclosure: Shame on you Wells Fargo and other too big to fail banks - 07/14/10 05:09 AM
I am so frustrated with these banks who drag their feet for endless months on short sale and loan modifications. Why can't they see that they are not helping the situation for these poor homeowners who's lives have been turned upside down due to an economic crisis that they, the homeowners, had no control over.  As a point in fact, the banks and their unrelenting greed started this ball rolling and now they don't even pretend that they want to help.
I have several short sale transactions floating around my office that have been lingering for months and months.  I know … (4 comments)

foreclosure: 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)