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Ocwen’s Heartfelt Apology – Ummm, Right!

Posted on by Phil Querin

According to a recent article in housingwire.com, 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.

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Posted in Miscellany, Q-Rants, Real Estate/Distressed, Residential Housiing, Servicers | Tagged , ,

2013 Short Sale FAQs [Part One]

Posted on by Phil Querin

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 […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales, Tax Issues | Tagged , , , , , , , , , ,

Mortgage Insurers – Short Sale Shakedown Artists

Posted on by Phil Querin

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 […]

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Posted in Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Servicers, Short Sales | Tagged , , ,

AIG – Hapless Victim or Reckless Ingrate? (Part One)

Posted on by Phil Querin

Background.  The Big Banks, their excesses, and the stories of their rapacious greed, are slowly receding into the rearview mirror of memory, like an Elm Street nightmare. We all know how it ended; the federal government bailed them all out to the tune of $445 billion.  Some accepted the money begrudgingly, saying they were forced […]

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Posted in Financial Crisis, Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,

The Importance of Servicer-Realtor® Relationships in Short Sales

Posted on by Phil Querin

The online newsletter Mortgage Servicing News carried an interesting article that Realtors® should reprint and carry around in their pocket or purse.  It was titled: “Servicer-Realtor Exchanges Can Boom or Bust Short Sales” and can be found online here.  The premise of the article is smart, short and simple: Servicers should work closely with good […]

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Posted in Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales | Tagged , , ,

Short Sale Fraud – Hard Time For A Bogus Hardship

Posted on by Phil Querin

January 29, 2013 was a very bad day for Diane Hathaway.  That was the day she pled guilty to bank fraud, committed in the course of securing her lender’s consent to a short sale of her Michigan manse in Gross Pointe Park.  The home reportedly carried a $1.4 million mortgage with online bank, Ing Direct,[1] […]

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Posted in Miscellany, Real Estate/Distressed, Short Sales | Tagged , , , , ,

Borrower Exposure to Deficiency Risk

Posted on by Phil Querin

“To be forewarned is to be forearmed.” The term “deficiency” arises in the context of a borrower’s default to their lender.  It refers to the difference between what the lender/servicer recovers, e.g. through short sale, deed-in-lieu-of-foreclosure (“DIL”), or foreclosure, and the total debt owing.  Let’s go through each one, and see how and when the […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Subprime Crisis, Trust Deeds | Tagged , , , , , , , , , , ,

Belial Bank’s 2012 Holiday Planning Meeting

Posted on by Phil Querin

Following a rough and tumble year in the banking industry, Belial Bank’s feckless fearless leader, B.L. Zebub, believes it is high time to bring some levity and loyalty to the lowly troops who have been tirelessly foreclosing all the Beleaguered Borrowers they may have missed the first and second time around.  Mostly, however, B.L. is […]

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Posted in B. L. Zebub, Belial Bank, Deficiency Liability, Financial Crisis, Foreclosure, Foreclosure Mills, Legislation - Federal, Lenders, Market Conditions, MERS, Real Estate/Distressed, Realtors, REOs, Servicers, Subprime Crisis, Tax Issues | Tagged , , , , , , , , , , , , , , , ,

Will The Mortgage Forgiveness Law Be Extended?

Posted on by Phil Querin

Background. In 2007 Congress passed the Mortgage Forgiveness Debt Relief Act.  The gist of the law is that for those taxpayers who have had debt cancelled as the result of a principal write-down, short sale, deed-in-lieu, or foreclosure, the ordinary income tax that would normally be assessed is forgiven. There are two primary qualifications: (a) […]

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Posted in Deed in Lieu of Foreclosure, Financial Crisis, Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Tax Issues | Tagged , , , , , , , ,

Portland Metro Housing Prices – The Last Five Years [Part Two]

Posted on by Phil Querin

This is the second installment of my article looking back over the past five years at Portland housing statistics.  Part One examined the real reason for the housing crisis which officially commenced in 3Q 2007, and looked at the historic numbers for average and median (i.e. “mean”) sale prices according to the RMLS™. The link […]

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Posted in Deed in Lieu of Foreclosure, Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Realtors, Refinancing, REOs, Servicers, Short Sales, Subprime Crisis, Subprime Mortgages, Trust Deeds | Tagged , , , , , , , , , , , , , , , , , , , ,
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