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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 , , , , , , , , , ,

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