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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 , , , , , ,

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

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 , , , , , , , , , , ,

Solutions to the Foreclosure Mess in Oregon

Posted on by Phil Querin

  Snidely Whiplash, Arch Villain, Rocky & Bullwinkle Cartoon This post follows on the heels of my discussion of Oregon’s Foreclosure problems, here. At this time, we know two things: (a) The lenders and servicers cannot change our trust deed foreclosure law to accommodate their foreclosure practice; and (b) In fact, they likely don’t have […]

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Posted in Foreclosure, Foreclosure Mills, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtors | Tagged , , , , , , , , , , , , ,

Mr. Bevilacqua and the “Brooklyn Bridge Problem”

Posted on by Phil Querin

From the same court that brought us U.S. Bank Association, Trustee v. Ibanez, earlier this year, it now appears we will soon hear from the Massachusetts Supreme Judicial Court again. This time the issue deals with what happens to title after a bank completes a procedurally improper foreclosure. Ibanez ruled that a foreclosure by U.S. […]

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Posted in Foreclosure, Lenders, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Servicers, Trust Deeds | Tagged , , , , , , , ,

Why People Are So Angry At the Lending and Servicing Industries – Part Two

Posted on by Phil Querin

The opinions expressed below are mine alone and do not necessarily reflect the opinions of PMAR, its officers, directors, employees or members.  If anyone should feel that any statements of  fact are incorrect, you are invited to discuss with me. – PCQ Oregon’s Trust Deed Foreclosure Law. It is widely known that during the credit/housing […]

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Posted in Foreclosure, Legislation - Oregon, Lenders, Miscellany, Real Estate General, Real Estate/Distressed | Tagged , , , , , , , , , , , ,

2011 – Realtor® Best Practices For Short Sales

Posted on by Phil Querin

As the Realtor® industry enters into 2011, there is little question but that short sales are going to be around for a while. It will take at least two more years as excess inventory from all sources – banks, distressed owners (current and non-current with lender), unsold new construction, new condos, and sellers waiting on […]

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Posted in Deficiency Liability, Foreclosure, Lenders, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, Tax Issues, Trust Deeds | Tagged , , , , , , , , , , , ,

The REMIC Smoothie

Posted on by Phil Querin

For anyone who has ever negotiated a loan modification, short sale, or deed-in-lieu, you have heard the refrain from the person on other end of the line.  It occurs with such frequency that it has to have been scripted:  “I’ll have to check with ‘The Investor’ and get back to you.” Besides conveying some sense […]

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Posted in Foreclosure, Lenders, Miscellany, Real Estate General, Real Estate/Distressed | Tagged , , , ,

Transparency in NPV Testing

Posted on by Phil Querin

The use of the NPV Test is the most critical part of a loan servicer’s decision to approve or disapprove a borrower’s request for help. Yet there is no accountability to the people most affected by an adverse decision – the borrowers themselves.

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Posted in Legislation - Federal, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed | Tagged , , , , , ,
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