Category Archives: Deficiency Liability

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Belial Bank Discusses Principal Write-Downs

Posted on by Phil Querin

Following the National Mortgage Settlement, B.L. Zebub, Belial Bank’s once fearless leader, is waffling on whether to jump into the fray, and start writing down the mortgage balances for his Beleaguered Borrowers.  Not that the milk of human kindness flows through his icy veins – he’s just trying to figure out an “angle” so he […]

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Posted in B. L. Zebub, Belial Bank, Deficiency Liability, Foreclosure, GSEs, Legislation - Federal, Loan Modifications, Miscellany, Real Estate/Distressed | Tagged , , , , , , , ,

Distressed Housing: This Too Shall Pass

Posted on by Phil Querin

[Caveats: 1. The following information is solely based upon Oregon law.  Residents from other states should not assume their laws will result in the same outcome. 2. This post is for informational purposes only and should not be relied upon as “legal advice” for your particular situation.  In all cases, you should consult with your […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Miscellany, Real Estate/Distressed, Tax Issues, Trust Deeds | Tagged , , , , , , , , , , ,

Do You Know Who Just Read Your Hardship Letter?

Posted on by Phil Querin

  Have you ever been curious about what “test” the Big Banks apply when deciding to allow short sales?  I have.  What follows is my analysis only.  Readers are free to disagree; but remember, a couple of anecdotal stories overheard at a cocktail party, do not a trend make.  There are rules and there are […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Lenders, Loan Modifications, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, Refinancing, Servicers, Short Sales | Tagged , , , , , , , , , , , , , ,

An Alternative To Judicial Foreclosures In Oregon

Posted on by Phil Querin

The Conundrum. In Oregon we have a foreclosure conundrum:  ORS 86.735(1) requires lenders to record all successive trust deed assignments when non-judicially foreclosing a trust deed.  However, lenders have routinely either lost, never created, or destroyed, their trust deed assignment documents during the securitization frenzy of 2005 – 2007. This means that starting with the subprime […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Trust Deeds | Tagged , , , , , ,

HARP 2.0 – Old Wine In New Bottles

Posted on by Phil Querin

In my earlier post I was critical of the Obama Administration’s second run at jumpstarting the woefully inadequate Home Affordable Refinance Program or “HARP.”  As pointed out in my post, HARP had been an abysmal failure since its inception in 2009.  Then, on September 8, 2011, in the course of rolling out the American Jobs […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Market Conditions, Miscellany, Real Estate/Distressed, Refinancing | Tagged , , , , , , , ,

Distressed Homeowners’ Bill of Rights

Posted on by Phil Querin

Having counseled approximately two hundred Oregon homeowners drowning in negative equity, I have discovered that many, if not most, believe that somehow their lenders can literally swoop down and take not only their home, but all of their bank accounts, savings, retirement funds, and/or daily wages.  In truth, the only real power most banks have […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Short Sales, Strategic Default, Trust Deeds | Tagged , , , , , , , , , , , , , , , , ,

In Defense of Borrower Default

Posted on by Phil Querin

In common parlance today, a “default” denotes either nonperformance – or inadequate performance – that falls short of a written rule, guideline, or criterion.  It is not something that, by itself, can be judged or evaluated absent the presence of a measuring stick. While a breach of contract is an objective characterization of someone’s failure […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Miscellany, Real Estate/Distressed, Strategic Default, Trust Deeds | Tagged , , , , , , , , , , , ,

Short Sale Trap: Mortgage Insurance [Part Two]

Posted on by Phil Querin

In a recent post on mortgage insurance (“MI”), I addressed what I saw as a problem, but didn’t yet fully understand the depth of it, so just issued a cautionary warning to Realtors® and sellers that they should find out, in advance, if MI was obtained on the underlying loan.  The reason for this warning […]

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Posted in Deficiency Liability, Foreclosure, Lenders, Miscellany, Mortgage Insurance, Real Estate General, Real Estate/Distressed, Realtors, Short Sales | Tagged , , , , , , , , , , ,

Oregon House Bill 2916 – Will It Speed Up Short Sales?

Posted on by Phil Querin

The Oregon Legislature has recently passed, and the Governor has signed, House Bill 2916.  Here’s a quick summary: It applies to lenders who hold mortgage or trust deed on property consisting of one to four family dwellings, one of which the borrower occupies as their primary residence; It applies to “Residual Debt” which is the […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Trust Deeds | Tagged , , , , , , , , , ,

Oregon Foreclosure FAQs

Posted on by Phil Querin

Although there is an abundance of useful information on the Internet, it can become confusing to many.  So I thought I’d post some of the most common questions I receive.  It is my hope that perhaps those folks who are worried about a possible foreclosure of their home, will read this post and find that […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Lenders, Market Conditions, Real Estate General, Real Estate/Distressed, Tax Issues, Trust Deeds | Tagged , , , , , , , ,
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