Category Archives: Short Sales

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Oregon’s Shadow Inventory – The “New Normal”?

Posted on by Phil Querin

The sad reality is that negative equity, short sales, and foreclosures, will likely be around for quite a while.  “Negative equity”, which is the excess by which total debt encumbering the home exceeds its present fair market value, is almost becoming a fact of life. We know from the RMLS™ Market Action report that average […]

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Posted in Foreclosure, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Trust Deeds | Tagged , , , , , , , , , ,

MERS Musings – James v. ReconTrust, Bank of America, et. al. Analyzed [Part One]

Posted on by Phil Querin

“[The defendant banks] categorize [the plaintiff borrowers] as ‘strategic defaulters’ who are riding out their admitted default by raising frivolous legal challenges while continuing to live in the subject property rent-free until foreclosure of the Deed of Trust, knowing that they will be immunized by the OTDA from any deficiency judgment upon eventual foreclosure. – Hon. […]

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Posted in Bankruptcy, Belial Bank, Foreclosure, HyperLynx, Mortgage Insurance, Real Estate/Distressed, Short Sales, Tax Issues | 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 , , , , ,

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 , , , , , , , , , , ,

Triage Time At Belial Bank – U.S. Bank vs. Flynn

Posted on by Phil Querin

“…any assignments of the beneficial interest must be recorded in order for a non-judicial foreclosure to comply with the Oregon Trust Deed Act.  The defendant [borrower] presented evidence in Exhibit 104 that by December 4, 2009, and apparently through December 11, 2010, Freddie Mac was the owner of the mortgage and therefore the holder of […]

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Posted in Belial Bank, Foreclosure Mills, Miscellany, Real Estate/Distressed, Servicers, Short Sales, Trust Deeds | 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 , , , , , , , , , ,
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