short sales: GMAC SUSPENDS FORECLOSURE OPERATIONS - JUDGMENTS MAY BE VOIDABLE
- 09/21/10 02:11 AM
The Palm Beach Post reported today that GMAC has suspended all pending foreclosures nationwide because of a practice uncovered in Florida that could lead to VOIDABLE foreclosure judgments - thus creating havoc with foreclosure sales and REO sales. The article, GMAC Suspends Foreclosure Evictions and Sales of Seized Property, cites the deposition taken by a Palm Beach County law firm that exposed the practice of affidavits regarding the verification of accuracy of a complaint and information about the loan being summarily signed in conveyor belt fashion. In the affidavits the signor is saying he or she has personal knowledge of the … (12 comments)
short sales: 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)
short sales: WHAT DO I DO? -- I CAN'T PAY MY MORTGAGE
- 01/12/08 01:13 PM
Most Common Question: "What do I do? - I can't pay my mortgage" As an attorney, I receive plenty of telephone calls and visits from people that are no longer able to pay their mortgage on their home or investment property. They all have endless questions and usually tell me they are getting all sorts of advice that they don't like. They come to me to find their BEST solution, and I suppose they hope I am some sort of magician that can create an answer that they like. The analysis of the problem is the first order of business. These questions revolve … (6 comments)
short sales: SHORT SALE TRILOGY
- 01/01/08 12:04 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!) afford … (0 comments)
short sales: SHORT SALE TRILOGY
- 01/01/08 12:03 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!) afford … (1 comments)
short sales: 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)
short sales: Short Sales and Title Insurance - Critical Look at Hybrid Closing Schemes
- 11/27/07 07:46 AM
Recently I have seen various schemes for streamlining the short sale process for the buyer/investor. Some discussions have been somewhat heated and involved concepts like dual contracts or even insolvent borrower creating a Land Trust for use by the investor/buyer. At best, the agreement amongst the blog commentors has been to agree to disagree. First American Title Insurance Company, one of the nation's largest title insurers, distributed a comprehensive instruction memorandum to its title agents in late September and again re-distributed it today (in South Florida). I have received permission to re-print it in this blog. If First American's memorandum can … (6 comments)
short sales: SHORT SALES AND IRS LIENS
- 11/03/07 06:21 AM
SHORT SALES AND IRS LIENS This being my first blog entry, I figured to talk about something simple. In my law practice we see a lot of short sales. Indeed, we offer a service to Realtors and Sellers to process their short sale material with the lenders (without the downward pressure and lowball influence from an investor handling the process). I have worked statewide with lenders - visting their loss mitigation departments and sitting in on committee meetings. Knowing the process is key knowledge to improving the percent of short sale lender approval. Now that you have the approval, what … (4 comments)
short sales: TRUE STORY - Renter forges deed, then conspires to sell house and pocket mortgage proceeds
- 11/03/07 06:19 AM
FRAUD - LOSING YOUR HOME - IDENTITY THEFT It is a day past Halloween, but here is a scary TRUE story: My office is presently working on a case that is so prevalent that I thought posting it on my blog would be helpful. The matter involves a single person who bought a home 5 years ago. It is a nice house, in a great community. He bought is for investment, paying about $400,000 and getting an 80% mortgage. It is his second home in South Florida, and his other home is about 5 miles away, but that is seldom … (3 comments)
short sales: Some Sellers Think They Are ENTITLED To A SHORT SALE
- 11/03/07 03:06 AM
I had just too many borrowers that "should have known better" in the office this week - so I feel very conservative just now - just to the right of Bill O'Reilly. We do a lot of short sales in my law and title agency offices. They come in from all sources - Realtors, referrals, lenders, friends, developers. Some borrowers have one investment property and some have eleven, and all the numbers in between. Most are upside down and don't want to put more good money (if they have any left) into a bad investment. When they ask us to negotiate with the … (10 comments)
short sales: SHORT SALES AND IRS LIENS
- 10/28/07 11:06 PM
This being my first blog entry, I figured I would talk about something simple. In my law practice we see a lot of short sales. Indeed, we offer a service to Realtors and Sellers to process their short sale material with the lenders (without the downward pressure and lowball influence from an investor handling the process). I have worked statewide with lenders - visting their loss mitigation departments and sitting in on committee meetings. Knowing the process is key knowledge to improving the percent of short sale lender approval. Now that you have the approval, what other bug will kill the deal. … (7 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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The Palm Beach Post reported today that GMAC has suspended all pending foreclosures nationwide because of a practice uncovered in Florida that could lead to VOIDABLE foreclosure judgments - thus creating havoc with foreclosure sales and REO sales. The article, GMAC Suspends Foreclosure Evictions and Sales of Seized Property, cites the deposition taken by a Palm Beach County law firm that exposed the practice of affidavits regarding the verification of accuracy of a complaint and information about the loan being summarily signed in conveyor belt fashion. In the affidavits the signor is saying he or she has personal knowledge of the … (12 comments)
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