Category Archives: Loan Modifications

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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 , , , , , , , ,

Oregon’s Mandatory Mediation Law – The Timelines

Posted on by Phil Querin

Foreclosure today is not what it used to be.  In the past, banks and borrowers tried to avoid foreclosure, since it was a lose-lose proposition for both sides. Today, that is not the case.  With the advent of securitization, Big Banks discovered several things: (1) That they could make loans for which they were promptly […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers | Tagged , , , , , , , , , , ,

Oregon’s SB 1552 Analyzed – Mandatory Mediation and More!

Posted on by Phil Querin

On March 5, 2012, the Oregon Legislature passed a sweeping series of changes to its trust deed foreclosure law, SB 1552.  Once signed by the Governor it will become effective 91 days hence.  What follows is a summary of (a) the new mandatory mediation law that, after the effective date, will apply to the non-judicial […]

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Posted in Deed in Lieu of Foreclosure, Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Mortgage Insurance, Real Estate/Distressed, Short Sales | Tagged , , , , , , ,

Oregon’s Lender Lobby – The “Gut & Stuff”

Posted on by Phil Querin

Well, the stealthy lending lobby is up to its old tricks.  Just as they did in the 2011 Oregon Regular Session, they prefer to work quietly in the cloak room.  But should we be surprised?  Honest work can be conducted in the open, only those fearing detection, confrontation, and truth, operate in the shadows. Senate […]

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Posted in Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Trust Deeds | Tagged , , , , , , , ,

Oregon to Sign on to 50-State AG Settlement

Posted on by Phil Querin

Word has it that Oregon has agreed to sign on to the 50-state attorneys general settlement with five of the country’s largest banks: Bank of America, J.P. Morgan Chase, Wells Fargo, Ally Financial, and Citi Group.  As in all settlements, neither side will be completely satisfied, and this time is no different.  But it is […]

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

‘Living Wills’ For Big Banks?

Posted on by Phil Querin

It has recently been reported that Big Banks must have ‘living wills’ in place by July, 2012.  In estate planning circles, a “living will” is a document one creates in the event they should later become incapacitated or incompetent, and are unable to make important decisions for their long term care.  More to the point […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Refinancing, Servicers | Tagged , , , , , , , ,

Belial Bank’s Conference Call Re: New Year’s Resolutions

Posted on by Phil Querin

As we approach 2012, our friends in the banking, servicing, and title industries are on their last conference call of the year; this time discussing how to put a better face on the banking industry.  Belial Bank’s President and CEO, B.L. Zebub, moderates. He has convened his trusted cronies to consider various schemes to cast […]

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Posted in B. L. Zebub, Belial Bank, Financial Crisis, Foreclosure, GSEs, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Refinancing, Servicers | 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 , , , , , , , , , , , , , ,

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 , , , , , , , , , , , , , , , , ,

“Strategically Default” – What Lenders Tell Borrowers To Do

Posted on by Phil Querin

The risk of ***strategic default is rising among loans that have “always performed,” according to the credit analysts at Moody’s Analytics.  They say as home prices have fallen over the past year, the loan-to-value ratios (LTVs) of so-called always-performing loans – or those that have remained current – have begun to approach, and in many […]

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Posted in Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Short Sales, Strategic Default | Tagged , , , , ,
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