deficiency: BEWARE STRATEGIC MORTGAGE DEFAULT? FANNIE AND FREDDIE LOOKING FOR YOU! - 10/20/13 09:47 AM
For those homeowners and former homeowners that did a “strategic default” or just ignored (OR ARE IGNORING) the mortgage foreclosure filed against their property, a strong wake-up call occurred last month when Fannie and Freddie were told to start collecting on these potential income sources to shore up their own financial condition – that means they need to get deficiency judgments from borrowers that walked away from their homes and collect on them!
Deficiency judgments are available in “recourse” states where a foreclosure occurred and the amount of the value of the property at the time of the foreclosure sale was … (3 comments)

deficiency: Back to Basics - a Review of Short Sales - 05/04/08 12:42 PM
Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new.  When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales".  Since they have been around so long, I did some digging with my old pals that were the executives I worked with in the loan workout and REO department of this national lender (the lender has since been merged into Bank of America).
I found one in Atlanta, and another in Washington.  Our discussion about short … (66 comments)

deficiency: SHORT SALE PRIMER - REVIEW OF THE BASICS - 05/03/08 02:09 PM
Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new.  When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales".  Since they have been around so long, I did some digging with my old pals that were the executives I worked with in the loan workout and REO department of this national lender (the lender has since been merged into Bank of America).
I found one in Atlanta, and another in Washington.  Our discussion about short sales showed that … (1 comments)

deficiency: SELLERS ALWAYS HAVE INCOME FROM A SHORT SALE / DIL / AND MAYBE A FORECLOSURE - 04/16/08 10:20 AM
CANCELLATION OF DEBT INCOME - WHAT IF THERE IS NO 1099?
When DON'T you have to report forgiven debt as income?
One of the biggest issues that potential short sellers and those in foreclosure ask me is whether they have to get a 1099 for any forgiven debt from their lender.  Without a single exception so far, every debtor (borrower) has assumed that if they can avoid a report from their lender that they are being forgiven a portion of the mortgage debt, they will not have to report any income nor pay any income tax on that forgiven debt.
While … (49 comments)

deficiency: CALLING ALL ETHICAL LOAN OFFICERS - HELLO? ANYONE THERE? - 04/09/08 02:23 PM
Calling All Ethical Loan Officers - Hello?  Anyone There?
Every day I field questions about short sales, foreclosures and real estate investing.  I represent developers, lenders, buyers, sellers, the sharks and the lambs.  All have different work for me and all need different solutions.  Today a call came in that was as they call it - "Over The Top"!  It compels this article on loan officers and how some continue to intentionally contribute to the financial credit mess our industry is experiencing.  The names are fictitious but the scenario unfortunately is something I have heard often.
Here is how it went.
Mr. Smith called … (8 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY) Rainmaker large

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

Email Me

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog. var _clustrmaps = {'url' : 'http://activerain.com/rpzaretsky', 'user' : 949532, 'server' : '3', 'id' : 'clustrmaps-widget', 'version' : 1, 'date' : '2011-11-03', 'lang' : 'en', 'corners' : 'square' };(function (){ var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'http://www3.clustrmaps.com/counter/map.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x);})();


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