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

“Strategically Default” – What Lenders Tell Borrowers To Do

Posted on by Phil Querin

The risk of ***strategic default is rising among loans that have “always performed,” according to the credit analysts at Moody’s Analytics.  They say as home prices have fallen over the past year, the loan-to-value ratios (LTVs) of so-called always-performing loans – or those that have remained current – have begun to approach, and in many […]

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Posted in Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Short Sales, Strategic Default | Tagged , , , , ,

The Meat of the Matter – In Re: Veal Analyzed

Posted on by Phil Querin

“When a note is split from a deed of trust ‘the note becomes, as a practical matter, unsecured.’ *** Additionally, if the deed of trust was assigned without the note, then the assignee, ‘having no interest in the underlying debt or obligation, has a worthless piece of paper.’” [In re Veal – United States Bankruptcy […]

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

Short Sale Trap: Mortgage Insurance [Part One]

Posted on by Phil Querin

As we know, during the easy credit era of the recent past, many, many people borrowed well in excess of 80% of their home’s purchase price.  Stated another way, there were comparatively few folks who came to the closing table with 20% or more in down payment. Prior to the easy credit days, borrowers on […]

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Posted in Deficiency Liability, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtors | 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 , , , , , , , , , , , ,

MARS Attacks! Oregon Realtors® Take Cover

Posted on by Phil Querin

“We come in peace.” For those who have seen the 1996 movie, “Mars Attacks!” there is a certain metaphorical similarity between the movie and the recently enacted federal law.  Both the federal law and the Martians initially seemed relatively harmless to law-abiding citizens.  But alas, once again, life has imitated art…. Background. The Mortgage Assistance […]

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Posted in Foreclosure, Legislation - Federal, Legislation - Oregon, Market Conditions, Miscellany, Real Estate General | Tagged , , , , , , ,

Oregon Foreclosures: The Mess That MERS Made

Posted on by Phil Querin

Chimera – A grotesque product of the imagination. For the past several years in Oregon, foreclosures have been processed fraudulently and in violation of Oregon’s trust deed law.  Banks, servicers, title companies and licensed foreclosure trustees, were all aware of the problem for years, but no one did anything about it.  This was not a […]

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