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Be wary of Short Sale Recourse Provisions
Many Upside Down property owners seek to sell their property and avoid foreclosure through a “Short-Sale”. It’s called this because the amount a Buyer is willing to pay is “short” of enough money to...
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Is Seller liable to Buyer in walking away from a Short Sale?
Short Sales are a difficult process at best and they are made worse by numerous uncertainties, most particularly in the case of lenders demanding further payment from the Sellers. Faced with such...
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Where’s the Help in HAFA?
As readers of my Blog know, there has been very, very little help provided by any government programs that theoretically are to help troubled homeowners keep their homes. Even less help has been...
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IS THERE RECOURSE AFTER SHORT SALE?
One of the most critical and least known questions facing sellers, agents and lenders is whether the lender can really come after a borrower for a deficiency after a Short Sale. While the answers may...
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WHAT’S WITH WELLS FARGO? Foreclosure actions seem to ignore California law
The rights and responsibilities of lenders in dealing with upside-down loans are governed by State as well as Federal law. In all cases, lenders must act “in good faith and with fair dealing” and...
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ARE MODIFICATIONS OR SHORT SALES POSSIBLE WITH ONEWEST BANK?
One of the most common complaints we hear from upside-down owners is that lenders are non-responsive to their requests for loan modification or short sale. Documents are getting lost, or the lender...
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Will the States compel Loan Modifications?
On October 3rd, I wrote about the stoppage of foreclosures across the country as a result of the discovery lender’s use of “robo-signers” in preparing fraudulent foreclosure documents. As expected,...
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WHY NOW MAY BE THE BEST TIME TO BUY REAL ESTATE
As any observer of the real estate market knows, property pricing remains in the dumps with most sales being either short sales or foreclosures and REO’s. While the economy in general appears to be...
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MARS RULE POSES CHALLENGE FOR REALTORS
The FTC’s Mortgage Assistance Relief (MARS) Rule which took full effect on January 1, 2011 is designed to help distressed homeowners avoid mortgage relief scams through a combination of: 1) an Advance...
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