Category Archives: Deficiency Liability

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2013 Short Sale FAQs [Part One]

Posted on 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 […]

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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 , , , , , , , , , ,

Borrower Exposure to Deficiency Risk

Posted on 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 […]

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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 , , , , , , , , , , ,

2013 Fiscal Cliff Legislation And Its Impact On The Real Estate Industry

Posted on 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 […]

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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 , , , , , , , ,

Belial Bank’s 2012 Holiday Planning Meeting

Posted on by Phil Querin

Following a rough and tumble year in the banking industry, Belial Bank’s feckless fearless leader, B.L. Zebub, believes it is high time to bring some levity and loyalty to the lowly troops who have been tirelessly foreclosing all the Beleaguered Borrowers they may have missed the first and second time around.  Mostly, however, B.L. is […]

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Posted in B. L. Zebub, Belial Bank, Deficiency Liability, Financial Crisis, Foreclosure, Foreclosure Mills, Legislation - Federal, Lenders, Market Conditions, MERS, Real Estate/Distressed, Realtors, REOs, Servicers, Subprime Crisis, Tax Issues | Tagged , , , , , , , , , , , , , , , ,

Distressed Housing FAQs

Posted on by Phil Querin

Question [Hardship Letters].  I am trying to do a short sale.  The bank is asking me for a “hardship letter.”  What is it they are looking for?  Do I have to have some life changing event to qualify for help, such as divorce or some financial calamity? Answer. I rarely, if ever, have seen a […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Miscellany, Real Estate/Distressed | Tagged , , , , , , , , , ,

Strategic Default – Five Years Later

Posted on by Phil Querin

“Some borrowers default because they no longer possess the ability to repay their mortgage loans. However, there is a group of borrowers who may continue to possess the ability to repay but who elect to default for strategic reasons. These borrowers are commonly referred to as “strategic defaulters.” For purposes of this report, strategic defaulters […]

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Posted in Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Servicers, Strategic Default, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,

Short Sale Realtors® – First Do The Numbers!

Posted on by Phil Querin

As a follow-up to my last post on difficult short sales (here), it occurs to me that I should mention the small, but persistent complaint of some seller-clients, who are under the mistaken belief that their Realtor® can and will handle the entire transaction for them.  “Two liens? No problem!  We’ll negotiate everything!”  But in […]

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Posted in Deficiency Liability, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales | Tagged , , , , ,

Distressed Housing, Distressed Marriage

Posted on by Phil Querin

Over the course of the past two and one-half years, I’ve met with hundreds of folks experiencing the trauma of dealing with huge negative equity in their homes.  In lay terms, they’re “underwater” – meaning that the value of their home has dropped below what they paid, and frequently is now less than what they […]

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Posted in Deficiency Liability, Foreclosure, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Tax Issues | Tagged , , , , , , , , ,

SB 1552 – Why Don’t The Big Banks Wanna Play? [Part One]

Posted on by Phil Querin

 “It’s one thing to be stubborn when relying on well-reasoned principle; it’s quite another to be stubborn relying on no principle.” Anonymous [Sort of.]    An interesting, though not surprising, article recently appeared in The Oregonian, titled: “Lenders not engaging in Oregon foreclosure mediation program.”  Before discussing what’s behind the banks’ decision, it is necessary […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Refinancing, Servicers, Trust Deeds | Tagged , , , , , , , , , , , ,

More Nuts and Dolts

Posted on by Phil Querin

Economist [e·con·o·mist; noun] – An expert in the production, distribution and consumption of goods and services, but is a complete idiot when it comes to making good business decisions for homeowners awash in negative equity. Q-Law.com Unabridged Dictionary The following July 26, 2012 article appearing on a default servicing website, dsnews.com[1] caught my attention the […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Miscellany, Real Estate/Distressed, Short Sales, Strategic Default, Subprime Mortgages, Trust Deeds | Tagged , , , , , , ,
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