The OTHER Part of the Story!
An article from Collections and Credit Risk highlights a fact that astonishes me. The number of properties that were foreclosed on in August of 2010 rose 25% as compared to August of 2009. Contributing factors include (but are not limited to) mortgage resets, rampant unemployment, the elimination of the 1st time home buyer credit and […]
Hot Potato!
Yves Smith reports about an addendum that those purchasing bank owned properties that you need to read before dealing with Wells Fargo Properties. Everyone has heard of the faulty foreclosures that are being reviewed across the US. What you may not have heard are the potential title defects that may sprout up days, months, years […]
Bring on the Pain!!
Steve Brown from the Dallas Morning News brings us an article that is on point. Politicians from seemingly every state have called for foreclosure moratoriums. While moratoriums stall foreclosures they don’t stop them. It’s kind of like applying a Spiderman Band Aid to a gaping chest wound. It might stop a drip or two, but […]
Those Sneaky Politicians!
Jia Lynn Yang and Ariana Eunjung Cha, both reporters from the Washington Post, bring us an article that boggles ones mind! Apparently Rep. Robert B. Aderholt (R-Ala.) introduced a bill that, “… critics say would have made it easier to evict homeowners who missed their payments.” Interestingly enough the bill passed the house and senate […]
Law Firms…Cutting Corners???
Drew Griffin and Jessi Joseph from CNN bring us an article that speaks to the power and money behind lenders, servicing companies and the investors that own all the underwater notes. Rather than handle foreclosures the correct way, they pay attorneys to jam foreclosures down the throats of consumers and courts alike. While measures are […]
Judges Fight Back!
By now, everyone has heard of “robo signing” parties at the law firms that are representing the banks. Employees were signing documents in droves having no clue as to the validity of the documents. Surojit Chatterjee reports that the chief judge for the New York State Court of Appeals is holding the lawyers that are […]
Sheriff Halts Foreclosure Evictions
Don Babwin from the Associated Press reports on how a Sheriff is mixing it up with the banks. Cook County (Chicago) Sheriff Tom Dart issued a moratorium on foreclosure evictions recently. He has stated that unless he is provided documentation, from Bank of America, JP Morgan Chase and GMAC/Ally, he will not carry out evictions. […]
Should I Stay Current?
“Should I stay current on my mortgage payments?” is one of the most common questions asked when working with short sales. My answer is that the decision rests solely on the shoulders of the home owner. The reality is that lenders (and their investors) will approve short sales whether you are current on your mortgage […]
The Truth About HAMP
Michael Kraus wrote an opinion about the governments HAMP program. His opinion is one that is shared by many. HAMP continues to be a dismal failure. Mr. Kraus points out, “I am not the only one who is down on HAMP.” The Special Inspector General for the Troubled Asset Relief Fund (SIGTARP), Neil Barofsky, released […]
Years Upon Years Upon Years!
Jon Prior from NuWire Investors brings us an article that highlights the dire position that our housing market is in and will be in for years to come. There are 7 MILLION properties that must be cleared from the system in order to bring some stabilization to the market. Fitch Ratings estimates that this will […]
Pay those Dues!
Benny Kass from the Washington Post brings us an article that you need to read. The point of the article is that home owners associations are foreclosing to recover past due dues, even though they are in junior lien position. The HOA or condo association typically forecloses, takes title and then rents the unit out […]
Judges Lowering Boom on Foreclosure Sloppiness, But at a Cost…
Ashby Jones from the Wall Street Journal brings us an interesting article which has an obvious take but also an interesting twist. Judges are elected officials. As a result, judges will do what it takes to get re-elected. Where this surfaces in the housing industry is when the judge challenges a lenders ability to foreclose. […]