Category Archives: Real Estate/Distressed
← Older posts2013 Short Sale FAQs [Part One]
April 21, 2013 by Phil Querin
The local and national real estate markets have been on the ropes for five years. The third quarter of 2007 was the statistical peak for housing prices in the Portland-Metro area. From that point forward, the real estate market went into a downward spiral from which it has never fully recovered. However, the third quarter [...]
Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales, Tax Issues | Tagged Banks, Deed In Lieu Of Foreclsoure, Deficiency Liability, Distressed Transactions, Fannie & Freddie, Foreclosure, Market Conditions, Mortgages, Real Estate, Realtors, Short SalesMortgage Insurers – Short Sale Shakedown Artists
April 20, 2013 by Phil Querin
I’ve written several blog posts about the mortgage insurance (“MI”) problem. Two of the several posts are found here and here. In many cases, MI is not purchased by the borrower, but by the lender – without the borrower’s knowledge and after the loan has already been made. This type of MI is technically referred [...]
Posted in Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Servicers, Short Sales | Tagged Bank Ethics?, Banks, Distressed Transactions, Short SalesIRS Fresh Start Program
March 19, 2013 by Phil Querin
I just ran across an interesting post on the website JDSupra, authored by attorney Mary Beth Lee, of the San Francisco-based law firm Duane Morris LLP, describing the IRS’s apparent attempt to sell hope rather than sow fear. For those folks still digging out from the financial woes visited upon many over the past five years, [...]
Posted in Financial Crisis, Miscellany, Real Estate/Distressed, Tax Issues | Tagged Market ConditionsAIG – Hapless Victim or Reckless Ingrate? (Part One)
March 3, 2013 by Phil Querin
Background. The Big Banks, their excesses, and the stories of their rapacious greed, are slowly receding into the rearview mirror of memory, like an Elm Street nightmare. We all know how it ended; the federal government bailed them all out to the tune of $445 billion. Some accepted the money begrudgingly, saying they were forced [...]
Posted in Financial Crisis, Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Subprime Crisis, Subprime Mortgages | Tagged Bank Ethics?, Banks, Distressed Transactions, Financial Crisis, Market Conditions, Mortgages, Promissory Notes, Securitization, Wall StreetThe Real Story Behind Justice’s Decision to Sue S&P
February 24, 2013 by Phil Querin
Regrettably, I cannot disclose the source that provided me with this purloined post. ~ PCQ Lead Chief Counsel: “OK, everyone, I think we’re ready to start. You were emailed the agenda last week, so there should be no surprise what today’s topic is: How to convince the American public that we have the cajones to go [...]
Posted in Fannie&Freddie, Financial Crisis, GSEs, Legislation - Federal, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Subprime Mortgages | Tagged Banks, Fannie & Freddie, Financial Crisis, Market Conditions, Securitization, Wall StreetThe Importance of Servicer-Realtor® Relationships in Short Sales
February 9, 2013 by Phil Querin
The online newsletter Mortgage Servicing News carried an interesting article that Realtors® should reprint and carry around in their pocket or purse. It was titled: “Servicer-Realtor Exchanges Can Boom or Bust Short Sales” and can be found online here. The premise of the article is smart, short and simple: Servicers should work closely with good [...]
Posted in Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales | Tagged Distressed Transactions, Market Conditions, Realtors, Short SalesShort Sale Fraud – Hard Time For A Bogus Hardship
February 2, 2013 by Phil Querin
January 29, 2013 was a very bad day for Diane Hathaway. That was the day she pled guilty to bank fraud, committed in the course of securing her lender’s consent to a short sale of her Michigan manse in Gross Pointe Park. The home reportedly carried a $1.4 million mortgage with online bank, Ing Direct,[1] [...]
Posted in Miscellany, Real Estate/Distressed, Short Sales | Tagged Deficiency Liability, Distressed Transactions, Financial Crisis, Market Conditions, Promissory Notes, Short SalesBorrower Exposure to Deficiency Risk
January 28, 2013 by Phil Querin
“To be forewarned is to be forearmed.” The term “deficiency” arises in the context of a borrower’s default to their lender. It refers to the difference between what the lender/servicer recovers, e.g. through short sale, deed-in-lieu-of-foreclosure (“DIL”), or foreclosure, and the total debt owing. Let’s go through each one, and see how and when the [...]
Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Subprime Crisis, Trust Deeds | Tagged Banks, Deficiency Liability, Distressed Transactions, Financial Crisis, Legislation - Oregon, Market Conditions, Modification, Mortgages, Promissory Notes, REOs, Short Sales, Trust DeedsMERS, Niday, and Occam’s Razor
January 20, 2013 by Phil Querin
As I was reading Kelly Harpster’s excellent article on The Housekeeping Report, summarizing the January 9, 2013 oral arguments on the Niday case[1] before the Oregon Supreme Court, I felt I was ringside with Howard Cosell covering an old Ali-Frazier title bout: “Frazier hits Ali with a short left jab, followed by a quick right – Ali feints, dances, bobs, weaves [...]
Posted in Legislation - Oregon, MERS, Miscellany, Real Estate/Distressed, Trust Deeds | Tagged Banks, Foreclosure, MERS, Mortgages, Oregon, Trust Deeds2013 Fiscal Cliff Legislation And Its Impact On The Real Estate Industry
January 17, 2013 by Phil Querin
If the politicians in Washington today were instead the CEOs of private industry, they’d all have been fired by now.” Anonymous [sort of] Introduction. At the end of 2012 we all went over the Fiscal Cliff like Wile E. Coyote. But unlike Wile E., we were able to grab a hold of a small scraggly branch on [...]
Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, GSEs, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Refinancing, REOs, Short Sales | Tagged Banks, Deed In Lieu Of Foreclsoure, Foreclosure, Legislation - Oregon, Mortgages, Oregon, Real Estate, Realtors, Short Sales ← Older posts
