In a recent California case (as reported by firsttuesday) “an owner of property defaulted on a mortgage encumbering the property, causing the lender to record a notice of default (NOD). Prior to the trustee’s sale, the owner’s loan broker arranging financing to pay off the delinquent mortgage requested the lender postpone the trustee’s sale, which… CONTINUE
Now Who Takes It in the Shorts on a Short Sale?
In July, the California legislature passed SB 458, which revised Ca Code Civ Procedure 580e to prevent “short sale” deficiencies on second position loans. So, here’s the rub. No one knows for certain if it is retroactive. If you closed a deal in 2010, and the Bank has not yet sued for a deficiency on… CONTINUE
Just How Much FHA Hogwash Can We Swallow?
The latest and greatest news is that FHA will allow borrowers who are unemployed up to one year of deferred mortgage payment relief (read: live for free) while they get back on their feet. This represents about 4% of the troubled California mortgages. Fannie Mae and Freddie Mac loans are NOT included in this program…. CONTINUE
BofA Settlement or Snore?
“The goal is to reinstate as many borrowers in a modification that performs well,” said Tony Meola, a servicing executive with Bank of America. “It also is likely to lead to faster resolution in those unfortunate situations where foreclosure is inevitable. While not a desirable outcome, the recovery of the housing markets depends on moving… CONTINUE
In Recovery or Intensive Care?
The Allen Matkins/UCLA Anderson Forecast states that real estate “investors” are optimistic and buying up “class A” properties at above market value. The Orange County Register wonders is this is the beginning of a new real estate “bubble.” Only for bubble brains, I’d say. At the conference of bankers (senior asset managers for three SF… CONTINUE
Short Sales – no liability for second’s ?
SB 458 – effective July 11, states no liability will inure to sellers of short sale 1-4 unit properties in California with respect to second position loans. (Recall that first position loans sold short lost recourse liability becasue of SB 931 in 2010). Good news? Or bad? Some say it will actually hurt sales in… CONTINUE
A New Federal Agency for Consumer Protection … Riiiiiiight.
Oh, please. Let’s all hold hands and sing Kumbaya. When has the government EVER been good at something like this? And ALL “consumer finance” (student loans?, credit cards?, mortgages?, annuities?, 90-day lay away programs for mattresses?) will be governed, watched over, regulated by this one Gi-Huge-ic, government bureaucracy. Yup. The same people that brought us… CONTINUE
FTS says “No” to MARS? – Baloney!
It’s all so much fluff and bother. A “great victory” is achieved by the “National real estate interests.” The FTC announces it won’t seek redress for MARS violations against real estate professional s doing ‘short sales.’ HELLO….. ANYBODY OUT THERE? The FTC lost jurisdiction to enforce when the Consumer Financial Protection Agency took over. The… CONTINUE
BMI = BFF
Holmes v. Summer. The Listing Agent’s doom. In October of 2010 the California Court of Appeal came out with a ruling that says the Listing Agent is liable to a non-client buyer (read that carefully!) For failure to disclose material facts effecting value or desirability of a residential property. Now, how the hell will a… CONTINUE
These Boots (and Mortgages) are Made for Walking (Away)
Some people still wonder if they should walk away from their loans – to simply stop paying and let the Bank foreclose. Others are prevented from doing so – solely by the image of their Grandfather scolding them to keep their promises to the Banks – and continue to make payments on mortgages on houses… CONTINUE
“Sticky” Prices or “Stupid” Prices?
Sellers (and listing brokers?) of residential real estate seem stuck in the ‘olden days’ of value. They are stuck with the old price. It’s the “sticky price” problem. They seem to ignore a reality: Value is based on CASH PRICING. Yup. Those REO speculator investor buyers are setting the new market value of EVERYTHING. And… CONTINUE
Good News Everybody! The “Great Recession” ended 2 YEARS ago. Technically…
The recession is over…technically. Californians who consider the condition of the state’s economy today will generally agree we are in the throes of an ongoing real estate recession. To those who are unemployed or delinquent on their mortgage — millions of Californians — the term recession is synonymous with personal financial hardship. The media laughed… CONTINUE
- « Previous Page
- 1
- …
- 5
- 6
- 7
- 8
- 9
- …
- 22
- Next Page »
