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 , , , , , , , , , ,

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

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 , , , , , , , , , ,

“Strategic Defaults” – Making Borrowers the Bad Guys?

Posted on by Phil Querin

Fannie Mae, the secondary mortgage giant, is targeting certain borrowers, whom they say, are voluntarily electing to go into foreclosure rather than continue paying on a loan that may be a hundred thousand dollars or more over the value of their home today. Fannie calls these “strategic defaults’ and vows to either go after them personally, refuse to buy their future housing loans for seven or more years, or do both. Apparently, Fannie has forgotten that the very banks who sold them the paper created many of these exotic loan products, ignored borrowers’ credit, and basically helped create our credit mess in the first place.

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

Making Sausage – Observations on Some Recent Oregon Legislation

Posted on by Phil Querin

Oregon legislative drafting can be like making sausage – you don’t want to watch the process. A case in point is the Legislature’s attempt to deal with homeowners’ promissory note liability that can survive the foreclosure of certain mortgages on distressed housing. The sausages were House Bills 3004 and 3656 – both attempted to deal with “piggy-back” loans – those 80% and 20% mortgages stacked on top of each other. The bills were enacted in 2009 and 2010, respectively. In both cases the Legislature came up short. Who suffers? The Oregon homeowner, of course. No wonder they’re distressed.

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Posted in Legislation - Federal, Legislation - Oregon, Miscellany, Real Estate/Distressed | Tagged , , , , ,
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