HAMP, HARP, and Harpster

Posted on by Phil Querin

My fondness for alliterations compels the title.  I could not resist.  The purpose of this post is to welcome Lake Oswego attorney extraordinaire, Kelly Harpster, to the blogosphere – that vast otherworld known as the Internet, where one can accomplish two respectable goals:  (a) Sharing important information on self-selected topics, and (b) doing so through […]

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Posted in Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed | Tagged , , , , , , ,

Strategic Default – Five Years Later

Posted on by Phil Querin

“Some borrowers default because they no longer possess the ability to repay their mortgage loans. However, there is a group of borrowers who may continue to possess the ability to repay but who elect to default for strategic reasons. These borrowers are commonly referred to as “strategic defaulters.” For purposes of this report, strategic defaulters […]

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Posted in Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Servicers, Strategic Default, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,

More Nuts and Dolts

Posted on by Phil Querin

Economist [e·con·o·mist; noun] – An expert in the production, distribution and consumption of goods and services, but is a complete idiot when it comes to making good business decisions for homeowners awash in negative equity. Q-Law.com Unabridged Dictionary The following July 26, 2012 article appearing on a default servicing website, dsnews.com[1] caught my attention the […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Miscellany, Real Estate/Distressed, Short Sales, Strategic Default, Subprime Mortgages, Trust Deeds | Tagged , , , , , , ,

Do You Know Who Just Read Your Hardship Letter?

Posted on by Phil Querin

  Have you ever been curious about what “test” the Big Banks apply when deciding to allow short sales?  I have.  What follows is my analysis only.  Readers are free to disagree; but remember, a couple of anecdotal stories overheard at a cocktail party, do not a trend make.  There are rules and there are […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Lenders, Loan Modifications, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, Refinancing, Servicers, Short Sales | Tagged , , , , , , , , , , , , , ,

HARP 2.0 – Old Wine In New Bottles

Posted on by Phil Querin

In my earlier post I was critical of the Obama Administration’s second run at jumpstarting the woefully inadequate Home Affordable Refinance Program or “HARP.”  As pointed out in my post, HARP had been an abysmal failure since its inception in 2009.  Then, on September 8, 2011, in the course of rolling out the American Jobs […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Market Conditions, Miscellany, Real Estate/Distressed, Refinancing | Tagged , , , , , , , ,

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 , , , , , , , , , ,

The Obama Jobs Program Ignores America’s Housing Crisis

Posted on by Phil Querin

“You’re not going to create jobs until you fix the economy; you’re not going to fix the economy until you fix housing; and you’re not going to fix housing without addressing foreclosures….” Kathleen Day, spokeswoman for the Center for Responsible Lending. After returning from a two year sojourn to the Moon, the Obama administration has […]

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Posted in Foreclosure, Legislation - Federal, Market Conditions, Miscellany, Real Estate/Distressed | 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 , , , , , , , , , , , , , , , , ,

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

“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 , , , , ,
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