In The Beginning… In 2010, when I started my solo real estate practice, QUERIN LAW, LLC, and launched my website, Q-Law.com, I had high hopes and aspirations, as discussed in my initial Mission Statement, here.  Did I know, understand or appreciate what I was undertaking? No. But, after three years, I could not be more pleased.

Initially, it was my idea to continue to practice real estate law in much the same fashion as I had for the past 38 years, sans litigation.  I knew I wanted to be more accessible to smaller clients than was possible at a big firm. This is not to say that big firms don’t or won’t represent small clients – but the cost of representation, including the administrative cost of simply opening a file, running a conflicts check, etc. makes no sense if the representation will only span one to two hours.

Continue reading “Mission Statement- 2013”

ExplosionThe latest from http://www.protectoregonhomes.com/ this week:

“Thanks to your advocacy and efforts by the Oregon Association of REALTORS®, the attempt to raise taxes by $275 million through House Bill 2456-A was defeated earlier this afternoon.

Instead, the House of Representatives adopted the “Minority Report” carried by Representative Berger (R-Salem), which eliminates offshore tax havens and dedicates the savings to mental health programs. This adopted version of the legislation was offered as an alternative to the House leadership plan to raise taxes and does not include efforts to limit or eliminate itemized deductions for certain Oregonians.”

For more on this defeat, see this link in here.

iStock_000010654155SmallThis set of FAQs is a continuation of a series of Q&As based upon the most current short sale information.  The link to Part One can be found here. ~ PCQ

11.     Question: What is a HAFA short sale?

Answer:   This government program has been around since late 2009, and was touted as one that would “streamline” the short sale process.  Initially, it was intended only for borrowers coming out of unsuccessful loan mods.  That does not Continue reading “2013 Short Sale FAQs [Part Two]”

FAQs

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 of 2012 was the first time since the third quarter of 2007 that home prices have actually increased over the prior year.  Bend, Oregon is experiencing the same resurgence.

So for those homeowners still awash in negative equity, 2013 may be the last and best year to complete a short sale with a minimum of adverse consequences.  This is especially true since this year we know that if a home is short sold [or foreclosed, or deeded back in lieu of foreclosure] the seller will not have to pay income tax on the cancelled debt.[1]  We don’t know if the forgiveness law will be extended into 2014. The extension for this year was not even announced until early January 2013, causing a lot of anxiety for homeowners who were unable to complete their short sales by December 31, 2012.

What follows are a series of FAQs based upon the latest information I have acquired while consulting with homeowners on their foreclosure avoidance options. ~ PCQ Continue reading “2013 Short Sale FAQs [Part One]”

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 to as “credit enhancement”, and is bought by the originating lender, say Countrywide [now Bank of America] as the loan is being bundled with millions of dollars of similar mortgages, and sold to investors through a process called “securitization.” Since MI insures the ultimate owner of the loan, i.e. the investor, this enhancement makes it more attractive in the pool of securitized loans being sold. And by placing MI on the mortgages bundled and sold, the ratings agencies, such as S&P and Moodys, give the bonds better investment ratings. Continue reading “Mortgage Insurers – Short Sale Shakedown Artists”

“Waaaaaa”

It’s no secret that I have little sympathy for Standard and Poors and the other ratings agencies.  Like carnival barkers at the securitization circus, S&P, Moodys and to a lesser degree Fitch, gave rosy ratings to the securitized bonds that made the Big Banks Big Money. For background on the scam, see my posts, here, here, and here. Continue reading “S&P Comes Out Swinging – Sort Of”

“Never let a serious crisis go to waste.” Rham Emanuel [PCQ Translation: Take advantage of  economic tragedy to regulate the lives and activities of more citizens than you ever dreamed possible.”]

What is the SAFE Act?

SAFE is the acronym for The Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Although it is federal legislation that was enacted in response to the national credit and mortgage crises, it requires each state to enact regulatory legislation.  On August 30, 2011, HUD published its Final Rule for SAFE. Continue reading “Seller Carry-Back Transactions in Oregon – Are They SAFE?”

Introduction. The numbers continue to be good – to a point.  However, there are some anomalies in the Portland-Metro marketplace, specifically, housing inventory.  According to the monthly RMLS™ Market Action letter, Oregon’s largest multiple listing service, “(a)ctive inventory continues at historic lows—unsold inventory remains low at 4.5 months.”  As a reminder, the “inventory” as measured by months: “…is calculated by dividing the Active Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes.”  In the vernacular, the inventory calculation is the “burn rate” – i.e., the rate at which it would take to sell all homes listed for sale in a specified month, based upon the number of closings in that same month.  Continue reading “The Portland-Metro Housing Stats for February 2013 – Good News or Bad News?”

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, I recommend reading Ms. Lee’s excellent description of the program here, and then consulting a tax professional for further assistance. – PCQ

Introduction. After three years of counseling folks in the throes of making a distressed housing decision, I have to honestly ask myself if loan modification today is a prudent, wise, or productive endeavor.  Regrettably, in most – though not all – cases, the answer is an emphatic “No.”  Of the many consumer advocates, attorneys, and counselors out there, I may be in the minority.  But I suspect that of the many consumers who have gone through the modification process, I am in the majority. Continue reading “The Myth of Lender Modification”