Readers have asked for more in-depth information on short sale compliance for both investors and the real estate agents and brokers working with them, as well as third party negotiators.
On January 13-15, 2011 (just ten days away), I am conducting the most intensive, California-specific short sale education and training that likely will be held this year focusing Read the rest of this entry »
It’s “politics as usual” in California – more publicity than substance.
On December 20, 2011 the California Attorney General’s office announced a settlement with Wells Fargo Bank (WFB) “worth more than $2 billion to Californians with risky adjustable-rate mortgages.” It didn’t say that this value is possibly attained only IF all eligible borrowers complete the modification process, accept Read the rest of this entry »
Yesterday’s “big news” in California, and even national, real estate news was about the “$2 billion” settlement reached between the California Attorney General and Wells Fargo Bank regarding “pick-a-pay” loans. It made for good publicity but does it make for any benefit to borrowers?
Registered readers can get your own copy of the “settlement” (actually titled as an “Assurance”) Read the rest of this entry »
A Federal District Court once again affirms what those of us involved with short sales and loan modifications have been experiencing all along: It’s Okay To Be Unfair With Borrowers When You’re The Bank.
On December 13, 2010, a federal district court in Oregon found in Vida vs. OneWest Bank FSB that the borrower does not have a private right Read the rest of this entry »
A major real estate research company released a four page report yesterday (November 22, 2010) providing a significant look into the size of both listed REO (“real estate owned” by banks after foreclosure) and the increasing size of the “shadow inventory.” Shadow inventory consists of properties taken back by lenders through foreclosure but which are not yet on the Read the rest of this entry »
What starts in California often spreads east across the country. Will that be the case for California’s new short sale anti-deficiency law?
On August 19, 2010, the California Legislature approved Senate Bill 931 (SB 931) which added Section 580e to the Code of Civil Procedure (CCP §580e). It expands existing anti-deficiency laws regarding loans secured by dwellings of Read the rest of this entry »
Are sellers, brokers and buyers in a short sale transaction being set up by the big banks?
Most lenders routinely require that the seller, listing agent and often the buyer and their agent sign some kind of certification, representation, or declaration/affidavit that the short transaction is being conducted at “fair market value” (FMV) or “market value” or “based on Read the rest of this entry »
Until two or three years ago, short sales “negotiation” was the purview of a small niche of real estate agents, attorneys and investors. Depending upon the particular market, real estate agents advise me that anywhere from 30–50% of the properties on the market (which includes properties which are not on the MLS) at any given time may be Read the rest of this entry »
Here we go again.
Freddie Mac is out lumping legitimate resale transactions in with the fraudulent ones in order to deflect accountability for its massive loan losses due to buying loans it had to know were bogus.
I’m tired of exposing their fallacies and lack of effective reasoning, but apparently they aren’t tired of exposing themself. Maybe they are getting Read the rest of this entry »
There’s a lot of discussion and warnings in residential real estate circles regarding various forms of “short sale fraud.” Unfortunately, too much of it neglects realistic market analysis and results in labeling legitimate business practices as “fraud.”
Usual disclaimer: this is a lengthy post because it provides in-depth analysis of complex issues. It’s not just repetition of brief Read the rest of this entry »
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