foreclosure: "Fraudclosure" MUST READ! - 11/11/10 11:20 AM
Matt Tabbi of Rolling Stone has an expose of the "Fraudclosure" that our nation's largest banks are performing that should raise your blood pressure. If this situation is allowed to continue, then there's no hope for the U.S. It's a long read, but well worth the effort. You owe it to yourself to read this, especially if you're planning on remaining in business as a Realtor. If this situation isn't taken seriously, it could well mean the end of the real estate industry.
Matt makes the point that, despite the average American thinking that the deadbeat homeowners have it coming to … (4 comments)

foreclosure: Steps Needed to Save Home-Ownership - 10/16/10 03:30 AM
This needs to go viral. Please help by forwarding to everyone you know. We all must demand quick action in order to forestall a major financial melt-down. Our government is resisting trying to solve this problem. The current mortgage mess has the potential to take our banking system down totally and to stop almost all economic activity in the housing sector.
There are four different groups which need attention to solve the problem. They are the homeowners, the banks, the investors who purchased the Mortgage Backed Securities, and the County governments. Here's what we think is necessary to solve the issue.
(51 comments)

foreclosure: Will the Massive Mortgage Mess Mean the End of Mortgages? - 10/14/10 08:43 AM
The only entity which has the legal standing to foreclose on a homeowner is the note-holder. The note is the actual IOU signed by the homeowner promising to pay back the loan. In the old days, before Mortgage Backed Securities (MBS), most loans were kept locally by the originating bank and the banks held the notes and, thus, could easily foreclose.
One of the reasons for Mortgage Backed Securities is that the bonds created could have different levels of security. Bonds which held high-quality mortgages would be relatively safe, bonds which were based on sub-prime mortgages would be more risky, but … (2 comments)

foreclosure: Will it become too expensive for banks to foreclose? - 09/24/10 08:44 AM
Just when we'd all heard that housing indications were trending upward, today's new home sales number came in at a lackluster 288,000 units annually. This is essentially unchanged from July's number.
Total housing supply fell to 206,000 which is the lowest level since 1968. The problem is that sales have slipped, perhaps due to the loss of buyers who were persuaded to purchase earlier in the year by the tax rebate stimulus. This oversupply led to a decline in the median price which slipped 0.6% to a new seven-year low of $204,700.
The potential of the rapidly increasing shadow inventory of … (0 comments)

foreclosure: Title problems may interfere with foreclosure actions. - 09/20/10 09:11 AM
A recent court case in Florida signifies problems for banks wanting to foreclose. A bank filed for foreclosure and submitted an assignment of mortgage as basis for the case. The court found that the mortgage was carried on the books of Fannie Mae and, thus, didn't belong to the servicing bank. Apparently only Fannie Mae, the owner of the mortgage, had the right to foreclose, yet the servicing bank filed the case. The judge found that the servicing bank's actions amount to a knowing deception and are therefore fraud. How often does this type of fraud occur? Are there a large number of … (30 comments)

 
Eric Martell, Ph.D. (RE/MAX Properties SW, Inc.)

Eric Martell

Ph.D.

Orlando, FL

More about me…

RE/MAX Properties SW, Inc.

Address: 6985 Wallace Road, Orlando, FL, 32819

Office: 407(352) 580-0618

Mobile: (407) 947-3617

Seller & Buyer education, articles about real estate, tools for agents, website tips and tricks, funny real estate stories, commentary about today's world, philosophical musings, humor, personal development, psychology, and general junk.


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