maryland foreclosures: The diagnosis is in- It's not good - It's contagious and you may have the FEVER too - 03/16/11 06:39 AM
It's official.   I have spring fever!!
I have been feeling a little distracted and could not figure out just what was going on so I made an appointment with the Dr.  She told me that I was relatively healthy, but that I had probably had THE FEVER.   Evidently, this FEVER is running rampant locally and I have had the misfortune of catching it. 
For those of you who are not familiar with the FEVER let me tell you what the symptoms are:
Constantly checking your watch Constantly making excuses to go outside.  Such things as taking the trash out, getting … (1 comments)

maryland foreclosures: Success in the Rain- An interview on foreclosure fraud in Maryland and forged Deeds - 03/09/11 07:06 AM
Another Maryland foreclosure mill accused of fraud- Now it's the Deeds by CHARLENE PERRY | 2011/03/09 |
It was my honor to have been interviewed and quoted for this article by Jamie Smith-Hopkins of The Baltimore Sun which was in today's edition. (3-9-11)
www.baltimoresun.com/business/real-estate/bs-bz-foreclosure-complaints-20110307,0,5388979.story
I took a call yesterday from Jamie Smith-Hopkins, reporter for the Baltimore Sun, who writes about real estate in Maryland.  
Ms. Smith-Hopkins has read my blogs here and wanted my input on the state of foreclosures in Maryland and in particular how the allegations of deeds being executed by other than the named trustee would affect our industry. I listened … (4 comments)

maryland foreclosures: 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., *
*
Plaintiffs *
*
VS. *
*
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)

maryland foreclosures: Yesterday we had HSBC and today it's SunTrust-it will just never end I fear. - 03/03/11 04:46 AM
 
And now we have SunTrust and HSBC by CHARLENE PERRY | 2011/03/03 |
Yesterday I read that HSBC was suspending all of it's foreclosures nationwide as a result in deficiencies in their foreclosure process and then today, I read this:
An internal review by SunTrust Banks, Inc. has uncovered problems with the paperwork in thousands of foreclosure cases, according to the Atlanta-based company's annual regulatory filing with the Securities and Exchange Commission.
"We recently conducted an assessment of our foreclosure process in all states," SunTrust explained in the report. "Our review indicated approximately 4,000 files...contained documents with technical issues in … (1 comments)

maryland foreclosures: THE PITFALLS OF MICROLENDING- THE TALE OF THE FORECLOSURE OF A GOAT - 02/24/11 04:52 AM
Many of you may have heard about micro-lending but because it is generally a tool used by persons in countries like Pakistan, India and Bolivia really never gave it much thought.  Neither had I until I recently read an article on Source of Title http://www.sourceoftitle.com
This short article reveals the potential pitfalls of micro-lending in a way that while was not meant to be humorous, for some reason just really made me laugh.  I do not feel good about my reaction, but that was my honest reaction.  But, then, I started to really think about this issue and read a bit … (0 comments)

maryland foreclosures: Fannie Mae REWARDS foreclosure mills in Maryland for dismissed foreclosure files - 01/21/11 03:38 AM
This has got to be the most ridiculous thing I have ever heard.
Yesterday I wrote about 250 Maryland foreclosures being dismissed because of shoddy foreclosure work, liars affidavits and robo-signing and then today I read from Housing Wire.....
Fannie Mae will increase the maximum allowable fee servicers can pay Maryland foreclosure attorneys to $1,300 from $950 for mortgage loans referred to them on or after Feb. 1.
But wait, it gets better!! The reason they need a raise is because they need to do more work in Maryland in order to correct deficiencies. 
A recent decision in Maryland courts … (2 comments)

maryland foreclosures: 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)

maryland foreclosures: 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)

maryland foreclosures: 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)

maryland foreclosures: I tried to take the weekend off, but..... - 10/12/10 06:23 AM
I really did.  I intentionally did not turn on the TV to watch the news, I did not spend a lot of time on-line trolling for information relating to foreclosures, but..
I took two calls yesteday from home because I closed my office for the holiday.  I know, I know, it was a minor holiday in a lot of people's mind, but I am just exhausted from all of this foreclosure mess.
As you know I am an REO title specialist. I have worked for many years with large banks and REO firms and as such have maybe more of an … (0 comments)

maryland foreclosures: 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)

maryland foreclosures: FREE MONEY TO BUYERS AND TO REALTORS- FANNIE MAE HOMEPATH ANNOUNCEMENT - 09/23/10 04:22 AM
 
 
Fannie Mae announced today that it will be offering incentives to Buyers beginning on September 23 through December 31, 2010.  The buyers will be offered an incentive of UP TO 3.5% of the final sales price which can be used toward closing cost assistance, including a home warranty, if desired and available.
The property sale must close on or before December 31, 2010 and withing 60 days of offer acceptance. The buyer must be an owner occupant and you must submit an owner occupant certification The offer of up to 3.5% is considered a seller contribution and as such … (2 comments)

maryland foreclosures: 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)

maryland foreclosures: 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)

maryland foreclosures: REO ADDENDUMS and COUNTER OFFERS - 07/15/10 07:58 AM
It came to my attention yesterday that while most REO addendums floating around these days specifically state that the buyer may use their own title agent there a number of asset managers who are countering with a statement that the buyer MUST (or sometimes, because of RESPA) WILL use the seller's title agent.
In most instances the buyers and their agents know no better than to accept this counter offer and will go ahead and accept the counter offer without question. YOU DON'T HAVE TO ACCEPT THAT COUNTER. It is possible that the listing agent will tell you that the asset manager thinks the transaction … (1 comments)

maryland foreclosures: 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)

maryland foreclosures: FINANCIAL REFORM OVERHAUL TO CHANGE THE WAY IN WHICH LENDERS ARE COMPENSATED-WHAT A NOVEL CONCEPT - 05/27/10 07:19 AM
I read a good article in the Washington Post today written by Dina ElBoghdady.  In the article Ms. ElBoghdady reports that are several provisions in the legislation that are designed to change the way in which lenders are compensated.  The provisions wiould hold lenders responsible for the loans they make and would require them to make loans only to consumers who can repay them. What a novel concept!
"It would have been unthinkable to get through financial reform without addressing the mortgage market because this is why were are in the mess we're in," said Julia Gordon, senior policy counsel … (0 comments)

maryland foreclosures: FANNIE MAE OFFERS POD CASTS FOR HOMEBUYERS - 05/14/10 03:27 PM
Fannie Mae announced today that it will offer two new resources for home buyers and real estate professionals. 
A HomePath Buyers Guide and podcast series.  The buyers guide will help home buyers to navigate the process of purchasing a home.  The information will include basic home buying and HomePath financing information FAQ's about the sales process, and a new home buyers checklist.
The HomePath podcast series will address many new and changing topics relating to Fannie Mae and the real estate industry.
The first three topics to be offered will be Fannie Mae 101, HomePath 101 and HomePath financing.  You may … (0 comments)

maryland foreclosures: New foreclosure rules in Maryland effective June 1, 2010 - 05/13/10 01:42 PM
The Maryland General Assembly has recently ended it's session for the year and the Maryland Land Title Association was following many of the bills very closely.  Of particular interest to everyone in Maryland was the passage of HB 472 FORECLOSURE PROCEDURES-FORECLOSURE MEDIATION. 
These new rules will significantly alter the time lines for foreclosures in Maryland. 
The passage of this bill will significantly change the way in which foreclosures for OWNER OCCUPIED HOMES which are being used as PRINCIPAL RESIDENCE are handled in Maryland.  New rules will now require that the lender must provide, or attempt to provide, the homeowner with loss mitigation alternatives to foreclosure … (2 comments)

maryland foreclosures: SHODDY FORECLOSURE WORK BY FORECLOSURE MILLS A REAL THREAT TO THE CONSUMER - 04/30/10 04:59 AM
The huge number of foreclosures that have been initiated over the last year, (with millions more to come this year) have given rise to a concern that the foreclosure mills are not providing quality service and that consumers will be the ones to suffer as a result of the less than stellar performance by foreclosure mills nationwide.  It was with great interest that I read a very informative blog yesterday, which I have reposted here in it's entirety with permission from the author, Slade Smith.   Please visit Slade's blog for even more information.
Printed from Source of Title, www.sourceoftitle.com.
 
… (0 comments)