Having recently issued a decision canceling an Indymac mortgage lien in another foreclosure action, Judge Spinner turns his attention to the outrageous actions of Wells Fargo and holds the mortgage behemoth liable for trespass, resulting in $155,092.00 judgment, in Wells Fargo v. Tyson. At the outset, the court pointed out that the Plaintiff sent a [...]
When I signed on to Facebook last night, I noticed a radical change – they had redesigned the homepage. My son, Matt signed on as well but his homepage was the old one. I came across this article from Mashable that indicated that Facebook was rolling out the new homepage to approximately 80 million users [...]
On Friday, January 15, 2010, HUD Secretary Shaun Donovan issued a press release, as part of HUD’s Neighborhood Stabilization initiative, temporarily waiving FHA’s 90 Day Seasoning Rule. Amazingly, HUD is cognizant that the seasoning guideline is having a negative impact on alleviating the problem of abandoned and blighted homes:
“In today’s market, FHA research finds that [...]
Any real estate professional, who engages in short sale negotiations, is fully aware of just how frustrating the process can be or even downright impossible. There are financial incentives for mortgage servicers to drag out the process as long as possible. It takes weeks, sometimes months, to get a response from the banks, who often [...]
There appears to be a buzz going around about short-sale flipping and the FBI adding this genre to its list of mortgage fraud. However, not all short-sale flips are fraudulent. This bears repeating: NOT ALL SHORT SALE FLIPS ARE FRAUDULENT. There are many real estate professionals out there closing back to back transactions in a [...]
It is that time of year, when the trees are stripped bare, there is a nip in the air and we are reminded that winter is almost here. Thanksgiving is right around the corner and the planning is already underway in most American homes for a turkey dinner with all the trimmings (well, for most, [...]
Banks, Servicers & the Government continue to try to stave off the growing tide of foreclosures. They are devastating our citizens, neighborhoods and economy. News is buzzing about Fannie Mae’s new policy, announced this past Thursday, to rent homes instead of foreclosing. Loan Audit Blog reports that Fannie Mae, through its new “Deed for Lease” [...]
If you are a Distressed Consultant, as defined in the NY Foreclosure Prevention & Responsible Lending Act of 2008 and discussed in a prior post, then you need to know how to stay compliant with the law to avoid civil and criminal penalties.
Evidently the government is serious about getting these delinquent mortgages modified – here is another positive change to HAMP:
Press Release from HUD:
WASHINGTON – U.S. Department of Housing and Urban Development Secretary
Shaun Donovan today announced the Federal Housing Administration (FHA)
has implemented changes to its loan modification program to ensure
consistency with the Obama Administration's Home Affordable Modification [...]