← Older posts

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 […]

Continue reading “Borrower Exposure to Deficiency Risk” »

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 , , , , , , , , , , ,

MERS, Niday, and Occam’s Razor

Posted on by Phil Querin

As I was reading Kelly Harpster’s excellent article on The Housekeeping Report, summarizing the January 9, 2013 oral arguments on the Niday case[1] before the Oregon Supreme Court, I felt I was ringside with Howard Cosell covering an old Ali-Frazier title bout: “Frazier hits Ali with a short left jab, followed by a quick right – Ali feints, dances, bobs, weaves […]

Continue reading “MERS, Niday, and Occam’s Razor” »

Posted in Legislation - Oregon, MERS, Miscellany, Real Estate/Distressed, Trust Deeds | Tagged , , , , ,

Foreclosure Mill Morality

Posted on by Phil Querin

Slam! Bang! HER:  “Honey, is that you? You’re home early from the firm. Usually, on Fridays, you go over to Lucifer’s Lounge with the other attorneys for shots of Devil’s Springs Vodka, and regale each other with stories of the families you foreclosed during the week. Honey?  Honey? What’s wrong?” HIM:  “I think I screwed […]

Continue reading “Foreclosure Mill Morality” »

Posted in Fannie&Freddie, Foreclosure, Foreclosure Mills, Legislation - Oregon, MERS, Trust Deeds | Tagged , , , , ,

Ode To The Note And Trust Deed – A Tragic Love Story

Posted on by Phil Querin

In the late 1990s, without a single piece of enabling legislation, the Big Banks, infused with money, ego, hubris and a TBTF attitude, created MERS in order to electronically track securitized loans and avoid public recording fees.   But like Dr. Frankenstein, the Big Banks never fully realized the monster they were about to create.  The […]

Continue reading “Ode To The Note And Trust Deed – A Tragic Love Story” »

Posted in Financial Crisis, MERS, Miscellany | Tagged , , , ,

Distressed Housing FAQs

Posted on by Phil Querin

Question [Hardship Letters].  I am trying to do a short sale.  The bank is asking me for a “hardship letter.”  What is it they are looking for?  Do I have to have some life changing event to qualify for help, such as divorce or some financial calamity? Answer. I rarely, if ever, have seen a […]

Continue reading “Distressed Housing FAQs” »

Posted in Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Miscellany, Real Estate/Distressed | Tagged , , , , , , , , , ,

Distressed Housing, Distressed Marriage

Posted on by Phil Querin

Over the course of the past two and one-half years, I’ve met with hundreds of folks experiencing the trauma of dealing with huge negative equity in their homes.  In lay terms, they’re “underwater” – meaning that the value of their home has dropped below what they paid, and frequently is now less than what they […]

Continue reading “Distressed Housing, Distressed Marriage” »

Posted in Deficiency Liability, Foreclosure, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Tax Issues | Tagged , , , , , , , , ,

SB 1552 – Why Don’t The Big Banks Wanna Play? [Part Two]

Posted on by Phil Querin

“Language and speech are the means by which people communicate with one another.  However, with the Big Banks, their silence conveys the loudest message.”  [Anonymous – sort of.] In Part One, I analyzed the recent Oregonian article, titled: “Lenders not engaging in Oregon foreclosure mediation program.”  The gist of my post addressed the process under […]

Continue reading “SB 1552 – Why Don’t The Big Banks Wanna Play? [Part Two]” »

Posted in Deed in Lieu of Foreclosure, Financial Crisis, Foreclosure, Legislation - Oregon, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Short Sales | Tagged , , , , , , , , , , , ,

SB 1552 – Why Don’t The Big Banks Wanna Play? [Part One]

Posted on by Phil Querin

 “It’s one thing to be stubborn when relying on well-reasoned principle; it’s quite another to be stubborn relying on no principle.” Anonymous [Sort of.]    An interesting, though not surprising, article recently appeared in The Oregonian, titled: “Lenders not engaging in Oregon foreclosure mediation program.”  Before discussing what’s behind the banks’ decision, it is necessary […]

Continue reading “SB 1552 – Why Don’t The Big Banks Wanna Play? [Part One]” »

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

FAQ on Niday Ruling & MERS/Non-Judicial Foreclosures in Oregon

Posted on by Phil Querin

Compliments of several dedicated consumer attorneys, including Kelly Harpster, consumer attorney par excellence, and Sybil Hebb,lead attorney for the Oregon Law Center, a non-profit law firm for low income Oregonians, I am posting a Frequently Asked Questions publication discussing the recent Niday court ruling [which I have discussed here and here] as well as general issues regarding […]

Continue reading “FAQ on Niday Ruling & MERS/Non-Judicial Foreclosures in Oregon” »

Posted in Financial Crisis, Foreclosure, Legislation - Oregon, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Subprime Crisis, Trust Deeds | Tagged , , , , , , , , , ,

MERS Smackdown! Niday Analyzed – Part Two

Posted on by Phil Querin

This is the second post of two, analyzing the recent Oregon Court of Appeals ruling on MERS.  The first post can be found here.  The Court’s written decision can be found here. Issue Two Can MERS act as a “Nominal Beneficiary” in the trust deed for purposes of avoiding the requirement under  ORS 86.735(1) that […]

Continue reading “MERS Smackdown! Niday Analyzed – Part Two” »

Posted in Financial Crisis, Foreclosure, Lenders, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Trust Deeds | Tagged , , , , , , ,
← Older posts
  • Categories

  • Archives