maryland reo transactions: The Fannie Mae Addendum DOES NOT say buyer pays seller's title agent - 01/08/15 02:33 AM
This is a plain language addendum that one would think is not that hard to understand, especially by those who claim to be "representing" the seller.   
I have read and re-read this addendum (current version dated 10/7/14) and simply cannot find a single word that says that buyer, if they choose to use their own title agent,  will pay the seller's title agent a "coordination" fee.  Nor can I find a single word that says that the buyer cannot be charged a flat fee commission or "admin" fee on the HUD.
These two issue have arisen over the last several weeks … (0 comments)

maryland reo transactions: SHERLOCK HOLMES HAS NOTHING ON ME!! I A PROFESSIONAL TITLE AGENT - 08/03/11 08:51 AM

I am a PROFESSIONAL TITLE AGENT!
But, I spend my days playing detective!
Today, I am trying to solve the mystery surrounding a missing link in the chain of title. 
While I am a very good detective, having spent the better part of the last 25 years doing just this type thing every day, I am becoming increasingly tired of this role.  
In the current transaction we have a bank owned property that is under contract with a closing date of MAYBE Friday, the 5th of August.  
One would think that since there are not less than 3 title … (2 comments)

maryland reo transactions: I will try to help you, BUT PLEASE STOP YELLING AT ME - 06/15/11 09:06 AM
I am truly humbled by the number of people who read my various blogs and who then pick up the phone to ask me questions.  It is my strongest desire to try to be of assistance to anyone who calls me with a question.  If it is a question I cannot answer, I strive to find the right resource to get the answer and put the caller in touch with that resource.
I took a call yesterday from a woman who had read one of my blogs. Her specific inquiry to me was in relation to what recourse she may have … (0 comments)

maryland reo transactions: 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 reo transactions: ALLY Financial pulls 250 foreclosures in Maryland due to Robo-signing - 01/20/11 04:29 AM
ALLY Financial withdraws 250 foreclosures in Maryland Heard this on my local news last night and wanted to share.
According to a report by the Washington Post, Ally Financial announced Tuesday it is withdrawing all foreclosures in Maryland signed by an employee who admitted to being a "robo-signer."
Jeffery Stephan testified under oath that he signed off on thousands of foreclosure documents every month without verifying their accuracy or signing them in the presence of a notary.
Because of the controversy and potential paperwork errors, Ally has agreed to dismiss and re-file 250 active foreclosure cases in the state that he … (0 comments)

maryland reo transactions: 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 reo transactions: 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 reo transactions: 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)

maryland reo 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)

maryland reo transactions: 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 reo transactions: 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 reo transactions: 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 reo transactions: WATER-SEWER HOOK UP FEES- MARYLAND - 05/11/10 08:18 AM
I reviewed a title today and found that the property was subject to a water-sewer hook up fee payable annually. I have seen these a few times lately and want to bring to the attention of realtors and buyers the fact that these fees run with the land and are a lien on the property.
The documents relating to these fees are usually filed by the developer at the time that they are setting up the subdivision.  In short they impose an annual fee, payable by the record owner of the property, for re-paying the cost of establishing public water and … (0 comments)

maryland reo transactions: THE FANNIE MAE ADDENDUM AND HOME PATH FINANCING - 05/05/10 05:25 AM
Good Morning to all!!
I wanted to share with you a very interesting conversation I had this morning with a first time home buyer in the State of Maryland. 
The buyer called me after reading a few of my blogs here in Activerain relating to the Fannie Mae addendum.  She is purchasing a Fannie Mae property here in Maryland and she is taking a loan through HomePath.  See FAQ's in the link
http://www.fanniemae.com/homepath/homebuyers/faq.jhtmler
Her questions to me were in relation to whether or not she was able to use her own title agent, and whether or not she would lose the seller's credit … (6 comments)

maryland reo transactions: 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)

maryland reo transactions: FREE NO OBLIGATION CONSULTATION (Maryland only) - FORECLOSURES HIT A 5 YEAR HIGH AS REPORTED AT MSNBC.COM - 04/15/10 04:57 AM
Please follow the link to see the full article as reported at MSNBC.com this morning. According to this article more than one million homes will fall into default this year.  www.msnbc.msn.com/id/36547572/ns/business-mortgage_mess
RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.
In all, more than 900,000 households, or one in every 138 homes, received a foreclosure-related notice, RealtyTrac said. The firm based in Irvine, Calif., tracks … (0 comments)

maryland reo transactions: Does the seller really own that property you want to buy out of foreclosure and if they do, do you really want their title agent to conduct your closing? - 04/13/10 07:44 AM
I realize that this is not Monday, but seriously it feels like it.  You know how Monday's can just aggravate the hell out of you? Well that is the kind of day I am having today.
The day started with a query from a listing agent on a property that was being "sold" by Fannie Mae and the buyers agreed to use the seller's title agent for closing services.   The property was to have gone to closing on Monday of next week, BUT, it turns out that the foreclosure attorney made a mistake in the foreclosure and ended up having to … (0 comments)

maryland reo transactions: FOLLOW UP TO FAQ FANNIE MAE ADDENDUM - 03/09/10 06:34 AM
Please see the following link for more details relating to the new Fannie Mae Addendum.  Hopefully it will clarify a few things. 
http://www.talonstuff.com/FNMAForm001Explanation.pdf
Thanks to all
Charlene
(0 comments)

maryland reo transactions: FAQ THE NEW FANNIE MAE ADDENDUM - 03/05/10 06:01 AM
WOW!!
Thank you all for reading my post relating to the new Fannie Mae Addendum, titled NPDC FORM 001 DATED 11-30-09.  I will attempt here to answer some of the questions that have been presented to me over the last week or so from many of you who have called or e-mailed your questions to me.  I want to thank each and every one of you for taking the time to read my blog and to invite you to continue to feel free to call on me.  Naturally, I will be happy to assist you with all of your title and … (9 comments)

maryland reo transactions: FANNIE MAE ADDENDUM FOLLOW UP - 03/02/10 06:33 AM
Thanks to all of you who have contact me recently asking if I can provide a copy of the new addendum.  While I am always happy to share I hesitate to provide a copy of the addendum since I am not sure whether or not other jurisdictions have additional provisions.
For those of you who are able to access eFannieMae, I think you may be able to acquire a copy there. If you are not able to access eFannieMae, please contact a local Fannie Mae listing broker.  They will be able to provide the copy specific to your jurisdiction.
Thank you … (2 comments)

 
CHARLENE PERRY, CLTP, Insuring the Past to Protect Your Future (Key Title Corporation)

CHARLENE PERRY, CLTP

Insuring the Past to Protect Your Future

Perry Hall, MD

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Key Title Corporation

Address: 35 Fulford Avenue, Bel Air, MD, 21014

Office: 410-803-4800

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