real estate attorney: FORECLOSURE EXPRESS vs THE LITTLE ENGINE THAT COULD - IN COURT SHORT SALE SUCCESS!
- 03/27/11 07:11 AM
In another prime example of the FORECLOSURE EXPRESS vs. THE LITTLE ENGINE THAT COULD, this past week I defeated a lender's counter argument as to why the foreclosure sale scheduled for that day should proceed, even though the lender issued its short sale approval letter. The issue was that the lender issued the short sale approval letter with a typo in the loan number. No big deal you would think, but after 5 business days of waiting to get it fixed so the short sale could immediately close, the lender couldn't get it done - maybe they ran out of ink … (46 comments)
real estate attorney: MORTGAGE IS NOT AN OBLIGATION TO PAY - COMMON MISTAKEN ADVICE BY AGENTS
- 03/08/11 01:46 AM
Today I received a question from a trusted broker about the result of a foreclosure of a first mortgage upon the second mortgage. He told me that many brokers / agents provide advice to their clients (and non-clients) that if the first mortgage forecloses, the second mortgage gets nothing and is wiped out. Without getting into the discussion of whether giving that advice is legal advice or not - the first thing to realize is that the advice is absolutely correct. The second thing to consider is that the advice is totally incorrect. Let me explain. A mortgage is actually two … (55 comments)
real estate attorney: THE BANK CHANGED THE LOCKS!
- 05/04/08 06:25 AM
There is discussion on Active Rain from time to time on whether in a short sale it is advisable to move out of the house. The real issue is the clause in the mortgage that says the bank can change the locks on the house if it is "abandoned". The exact phrase from the Fannie Mae Single Family mortgage form says, 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in … (27 comments)
real estate attorney: A-T-T-O-R-N-E-Y Spells T-R-O-U-B-L-E in Short Sale
- 05/03/08 03:11 PM
Sad Facts about Attorney Misconduct in a Short Sale Being an attorney carries a heavy burden when representing a client. Watch any case for attorney misconduct that goes to a criminal trial and you will see the attorney usually get the most severe penalty. This is because the attorney is held to a certain reverence of trust amongst the public. An abuse of this trust is a serious offense to the sanctity of the concept of having an attorney represent his client's interest to the best of his ability and without being guided by any personal agenda. A case this week concerning a … (19 comments)
real estate attorney: 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)
real estate attorney: CREDIT REPORTING AND SHORT SALES / FORECLOSURES - REVISITED
- 04/03/08 02:17 AM
I received an email on my quest to find the real answers to the incessant question of how a foreclosure vs. short sale vs. deed in lieu all affect the credit report of the borrower. The email I recieved was from the President of a Florida credit counseling service and it was a response to my request that he review the previoius blog posting on How Does a Short Sale Affect Credit Scores. Here is the crux of what he said: What you stated in your blog and the question that you posed seems right on target. What we have found in counseling, educating … (11 comments)
real estate attorney: CHAINED TO THE HOUSE - DIVORCE SOLUTIONS INVOLVING SHORT SALES
- 03/26/08 03:15 PM
DIVORCE - CHAINS TO THE UPSIDE DOWN HOUSE VALUE CAN BE BROKEN!!! (edit/delete) Chained to your home and can't get a divorce? You are not alone! A major problem with divorcing couples is that they cannot sell the marital home. They think they are forced to stay in a difficult relationship or marriage. Today's economic climate is terribly impacting couples (or former significant others) from terminating their relationships. Divorce attorneys call these people "roommate marriages". There is no difference between roommate marriages and real marriages that stay married. But let me digress to give the full view of the problem. In recent years … (12 comments)
real estate attorney: DIVORCE - CHAINS TO THE UPSIDE DOWN HOUSE VALUE CAN BE BROKEN!!!
- 03/26/08 03:08 PM
Chained to your home and can't get a divorce? You are not alone! A major problem with divorcing couples is that they cannot sell the marital home. They think they are forced to stay in a difficult relationship or marriage. Today's economic climate is terribly impacting couples (or former significant others) from terminating their relationships. Divorce attorneys call these people "roommate marriages". There is no difference between roommate marriages and real marriages that stay married. But let me digress to give the full view of the problem. In recent years I have seen people come to me that got married and … (2 comments)
real estate attorney: Flipping Short Sales - Questionable Methods
- 03/18/08 03:05 PM
SHORT SALE FLIP - QUESTIONABLE METHODS This article is a follow up to an issue discussed in December titled Short Sales and Title Insurance - Critical Look at Hybrid Closing Schemes. I am representing an ultimate buyer on a short sale "flip" that raised some eyebrows and got me to looking carefully on how it is put together. The ultimate buyer came to me to assist in legal representation and I was very surprised on how it was structured to the utter disadvantage to the ultimate buyer. In this example, the ultimate buyer is my client; the seller is the flipping buyer; and … (9 comments)
real estate attorney: SHORT SALE TRILOGY
- 01/01/08 12:02 PM
We get at least one call a day at my office on short sales. It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means. This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on! For the short sale to work I like to think of the process as the coupling of a trilogy. #1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) … (11 comments)
real estate attorney: BORROWERS FACING FORECLOSURE OFTEN OVERPAY - STUDY FINDS
- 11/09/07 01:44 AM
Is our system of foreclosure out of control? Are the banks acting fiduciarily to their borrowers in the loan management process - are they requred to? Here is an interesting article from this week thanks to the American Bar Association - Your comments on this site are welcome! http://www.abajournal.com/news/borrowers_facing_foreclosure_often_overpay_study_finds Richard Zaretsky, Esq., Richard P. Zaretsky, P.A., rpz99@florida-counsel.com 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Florida 33401
… (1 comments)
real estate attorney: Beware the White Knight!
- 11/04/07 12:44 AM
Beware the WHITE KNIGHT - R. Ford McDonald, Senior Claims Counsel at Attorneys Title Insurance Fund, wrote an article on this subject recently and I would like to share some of the tidbits from it. Apparently there are lots of "White Knight Claims" being made against title insurance policies. Here are some of the fact patterns: 1. Fraud in the Inducement: A homeowner who is in financial distress for non-payment of the mortgage or taxes or whatever, is contacted by a company that promises to "save you from foreclosure" or whatever. They promise the homeowner that they will help them … (6 comments)
Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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In another prime example of the FORECLOSURE EXPRESS vs. THE LITTLE ENGINE THAT COULD, this past week I defeated a lender's counter argument as to why the foreclosure sale scheduled for that day should proceed, even though the lender issued its short sale approval letter.
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