The REMIC Smoothie
October 31, 2010
For anyone who has ever negotiated a loan modification, short sale, or deed-in-lieu, you have heard the refrain from the person on other end of
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For anyone who has ever negotiated a loan modification, short sale, or deed-in-lieu, you have heard the refrain from the person on other end of
Much has been made lately of the claims that lenders have intentionally or negligently relied upon bogus documents when foreclosing folks out of their homes.
For the big banks, another nail in the foreclosure coffin: The Portland Business Journal reports today: “Oregon Attorney General John Kroger announced Wednesday that Oregon
Well, these are interesting times. One would have thought short-cutting the lending process by making poorly underwritten loans would have been a wake-up call to lenders. Apparently not. Now the entire lending industry is caught short-cutting the foreclosure process as well. Read on.
Read digestable summaries of real estate information on the national and local fronts in Snippets.
It seems that the same shortcuts banks took in making “no-doc” loans are surfacing today as they are foreclosing them.
Fannie Mae provides on its website a Hardship Affidavit for homeowners to use as a part of the HAMP loan modification process. Predictably, the standard
The use of the NPV Test is the most critical part of a loan servicer’s decision to approve or disapprove a borrower’s request for help. Yet there is no accountability to the people most affected by an adverse decision – the borrowers themselves.
Fannie Mae has created a new term to refer to owners who fail to pay their home loan when – in Fannie’s opinion – they can “afford” to do so. They call these events “strategic defaults” and promise retribution. But what Fannie calls “strategic” is really just a distressed owner’s prudent business decision about what’s best for his/her family.
After the few short months since starting my solo real estate practice, I have met with dozens of folks experiencing the trauma of dealing with
