For a brief history of the multiple extensions of the The Mortgage Debt Relief Act of 2007 (“the Act”), go to my June 2017 post here. I predicted at the time that it would be extended through 2018; but I also predicted that news of the extension would be slow in coming, because this law – which no politician in their right mind would actively oppose – was a small bit player in the horse-trading that takes place at the end of each year for tax extenders,  and often is not finally settled until early the following year. Then, once the legislation is passed, it is applied retroactively to January 1 of the preceding year. Continue reading “Mortgage Debt Relief Act Extended Through 2018 – Finally!”

Creditcard and the houseLike the pig through the python, we are still seeing homeowners slowly going through the unpleasant process of foreclosure, seven years after the housing and credit crash began, in earnest, in 2008. Yes, there are fewer than before, but they cause the same trauma and upset they always have. However, some things have changed today.  For example, some banks and servicers have gone back to doing non-judicial sale, which materially speeds up the process.

Accordingly, I thought I’d update my Foreclosure FAQs for 2015.  For those still plagued with questions about the process, this may provide some help and information to make it more understandable and less fearsome.  Go to link here.  Good luck!  ~PCQ

Crossing FingerAccording to a recent article in, titled “Ocwen posts open letter and apology to borrowers,” the widely reviled Ocwen, apparently (sob) guilt-ridden because it, once again, was caught doing what it does best –  taking advantage of the little guy. Continue reading “Ocwen’s Heartfelt Apology – Ummm, Right!”

Take the Bonus and RunIn January 2013, the Federal Trade Commission (“FTC”) published a study titled “The Structure and Practices of the Debt Buying Industry.”  The full report can be found here. It makes very interesting reading, and confirms a few things I’ve always suspected.

The reason this information appeals to me is that in some instances, homeowners involved in some form of distressed housing event, such as a short sale, are unable to get the lender or servicer to waive the unpaid balance of the debt, i.e. the difference between the lender’s net recovery in the short sale and the full amount of the debt due [often including thousands of dollars of accrued interest].

When asked by clients what they should do, I tell them the decision is theirs…but to me the choice is clear. Here’s why: Continue reading “Pssst! Wanna Buy Some Unpaid Mortgage Debt – Only 4 Cents On The Dollar!”

Thumbs down02“…the United States is still producing around $800 billion a year less in goods and services than it would if the economy were at full health, and as a result millions of people aren’t working who would be if conditions were better.” Neil Irwin, senior economics correspondent, N.Y. Times, Aug. 4, 2014.

If the U.S. economy were a person, we’d characterize them as suffering from chronic malaise, interrupted by occasional bursts of vitality. In a recent N.Y. Times article subtitled “A Recovery in Need of a Recovery” (here), author, Neil Irwin, the paper’s senior economics correspondent, does an excellent job identifying and discussing those sectors of the economy in need of a Venti Americano, with a few extra shots of caffeine. Continue reading “America’s Economic Malaise And The Importance Of Real Estate”

FAQs PicFor those folks still holding their breath about whether the Mortgage Forgiveness Tax Relief Act (“the Act”) will be extended, there are strong signs that it will occur. 
On, Thursday, April 3, 2014, the Senate Finance Committee, chaired by Sen. Ron Wyden D-Or, took up the “tax extenders” issue, which includes the Act. Tax extenders” is a fancy term for political pork served up for certain favored groups that have the ear of various politicians.  But rather than being accused of doling out permanent tax breaks for special interests, these perks are created on a “temporary” basis [wink, wink], and then quietly “extended” annually ad infinitumContinue reading “Will The Mortgage Forgiveness Act Be Extended?”

Chart02As 2013 recedes in the rear-view mirror of memory, I thought it high time to ask what were some of the significant developments of the year, and what do they bode for the real estate industry in 2014? I’ve identified the following five data points I believe are most worthy of discussion. They are arranged in no particular order of importance. ~PCQ 

The Portland-Metro Real Estate MarketUnless you’ve been on the Moon for the past 15 months, it’s hard to ignore the pleasant truth – the market is much improved.  But by no means is it fully recovered. It’s off life support, but still recuperating. There are certain aspects of today’s real estate market that continue to be in need of improvement. [For rest of article go to link here.]

dracula-gogos“Ocwen, Ocwen, Ocwen.” What a peculiar sounding name for a large company!  Does it have some noble Greek meaning? Or perhaps a venerated Roman god high on the Pantheon of deities? Surely, a quick Google search will provide an etymology, and the mystery will be solved. Right?  No, Nada, Nyet!  There is nothing; just a name with no provenance.  But wait!  One genealogy site shows there to be a single birth record of someone with the name of “Ocwen.” However, that’s it. The trail abruptly ends. No other births, no family records, no divorces, no death notices.  Just an odd name, a cipher, existing in a peculiar jumble of discordant letters.  Hmmm.  Sounds slightly demonic, like something from a Dracula script; the undead – existing to suck the life from its victims.  Given the Ocwen we see today, perhaps that isn’t too far from the truth….[Continue here.]

FAQs PicFor those folks experiencing, or about to experience, a “1099 event” resulting from a short sale, deed-in-lieu-of-foreclosure or foreclosure in 2014, these are harrowing times. Will Congress extend the Mortgage Forgiveness Debt Relief Act and Debt Cancellation law (the “Forgiveness Law”)? It was enacted in 2007 so that homeowners would not be taxed on the cancellation of debt that occurs when they dispose of a home that is “underwater,” i.e. the home’s mortgage exceeds its value. Continue reading “Querin Law Update: Will The Tax Forgiveness Law Be Extended to 2014?”

New YearIt’s a New Year! Time to look back from whence we came, and look forward to 2014. ~PCQ 

From Infant to Toddler. The Q-Law website site is now four years old.  While still a toddler, it now has developed the features and personality of its father – satirical, acerbic, outspoken, contentious, caustic, etc., etc. I couldn’t be a prouder parent! Continue reading “Q-Law Mission Statement: 2014”