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Legal Counsel To Buyers, Sellers, Brokers

Legal Counsel To Buyers, Sellers, Brokers

Counsel to Real Estate Buyers and Sellers Purchase and Sale Agreements Written and Reviewed by James Robert Deal, Attorney Almost everyone who buys or sells real estate in New York sees a lawyer. Few Washington buyers and sellers see a lawyer. Is this a good thing or...
Reverse Mortgages – Good Not Bad

Reverse Mortgages – Good Not Bad

Most Seniors Should Consider the Reverse Mortgage From Martin Andleman What’s WRONG with Richard Cordray of the CFPB? Tell Me How Can This Happen?Posted: 23 May 2014 04:15 PM PDTSo, why does Cordray make it sound like he’s describing a problem with reverse mortgages...
Zombie Foreclosures

Zombie Foreclosures

CFPB: Zombie foreclosures hurt borrowers The Consumer Financial Protection Bureau is keeping an eye on “zombie” foreclosures, which it worries cause “direct borrower harm,” according to a CFPB executive. Zombie foreclosures occur when a bank starts the foreclosure...
Force Placed Insurance

Force Placed Insurance

How to avoid getting sucked into a force-placed insurance fight CFPB enforces 5 standards. Know them. March 18, 2014  Thanks to HousingWire.com Jacob Gaffney Force-placed insurance is a controversial subject. It pulls big players such as Bank of America into big...
Reverse Mortgages – Good Not Bad

New Federal Rules on Foreclosure

New Federal Rules on Foreclosure —By Erika Eichelberger – Thanks to Mother Jones On Thursday, the Consumer Financial Protection Bureau, the federal consumer watchdog set up by the Dodd-Frank financial reform bill, announced a new set of foreclosure-prevention...

Washington MERS Suits Fail

Judges Dismiss MERS Suits By Evan Nemeroff Two borrower-initiated lawsuits alleging that the Mortgage Electronic Registration Systems role in the plaintiffs’ deeds of trust caused them injury were both dismissed by federal judges in the Western District of...
Force Placed Insurance

Chapter 13 Plan Duration

No Minimum Time Length For The Ninth Circuit by Bankruptcy Law Network (BLN)  Written by Michael G. Doan Thanks to http://www.bankruptcylawnetwork.com/chapter-13-no-time-length-for-the-ninth-circuit-part-1-of-2/ Chapter 13: No Minimum Time Length For The Ninth...
Modification on Rental

Modification on Rental

It is harder to get a mortgage modification on a rental property than it is on an owner occupied property. The rules are not as clear. You need a higher income to qualify for a rental modification because you have to be able to cover your home mortgage. Nevertheless,...
Making Home Affordable Continues

Making Home Affordable Continues

HAMP continues aiding borrowers Three firms still fall short in meeting servicing goals. Thanks to Housing Wire. Kerri Ann Panchuk December 9, 2013 4:48PM Bank of AmericaCitiTreasuryHome Affordable Modification ProgramHAMPhomeownersObama AdministrationHousing...
Rental Property Modification

Rental Property Modification

This is a rental property modification. Ocwen was the servicer, and the investor was Washington Mutual and now Chase. The owner quit paying for 20 months, and the balance rose to $254,000. The interest rate was already under 3.0%, because this was an adjustable rate...
Preferences

Preferences

What is a Bankruptcy Preference? by KENT ANDERSON on AUGUST 16, 2010 A bankruptcy preference is a transfer made shortly before the case is filed that the trustee can take back from one creditor and share with all the other creditors. The transfer must be of money or...
How Long Before I Can File BK Again?

How Long Before I Can File BK Again?

How Long Before I Can File Bankruptcy Again? There is no limit on the number of bankruptcy cases that one may file, nor on the time which must pass between filings. The only catch is that if insufficient time has past between filings, you will not receive a discharge....
Deceptive Practices in Foreclosures

Deceptive Practices in Foreclosures

Deceptive Practices in Foreclosures Thanks to the New York Times September 13, 2013  In early 2012 when five big banks settled with state and federal officials over widespread foreclosure abuses, flagrant violations — including the seizure of homes without due process...
Bankruptcy Timing

Bankruptcy Timing

Bankruptcy Timeline Posted on August 21, 2013 by Jonathan Mitchell  Thanks to Attorney Jonathan T. Mitchell. Caution: This timeline does not include all bankruptcy events. It is a summary description of bankruptcy and may not be accurate under all circumstances. You...
Eminent Domain To Modify Loans

Eminent Domain To Modify Loans

A City Invokes Seizure Laws to Save Homes Peter DaSilva for The New York Times  Thanks to New York Times. Robert and Patricia Castillo paid $420,000 for a three-bedroom, one-bathroom home in Richmond, Calif., in 2005. It is now worth $125,000. By SHAILA DEWAN...
Solution to Zombie Loans – Condemnation

Solution to Zombie Loans – Condemnation

Mortgage investors raise alarm as eminent domain spreads By Christina Mlynski  Thanks to HousingWire.com. • June 10, 2013 • 1:07pm A number of securitization trade groups sounded the alarm when Mortgage Resolution Partners entered into contracts with two additional...
Reverse Mortgages – Good Not Bad

Reapply for Second HAMP Modification

If you have obtained a HAMP modification and you have redefaulted, you may be eligible for a new modification under HAMP Tier 2. HAMP 2 allows a second HAMP modification if there is a new hardship. The Making Home Affordable Program was introduced in February, 2009....
One Third of HAMP Modifications Redefault

One Third of HAMP Modifications Redefault

Three Years Later, One Third of HAMP Loan-Mods are Redefaulting Supposedly permanent loan modifications are defaulting at what the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) calls an “alarming rate”. The government’s Home...
Social Security Numbers

Social Security Numbers

Just 5 Banks Prohibit Use of Social Security Numbers By ANN CARRNS  Thanks to New York Times. Despite the risk of fraud associated with the theft of Social Security numbers, just five of the nation’s largest 25 banks have stopped using the numbers to verify a...
Seller Financing

Seller Financing

This family is happy because they were able to buy a home without jumping over the hurdle of getting a new mortgage. They assumed the seller’s already existing loan. Or they gave the seller a wrap-around deed of trust, with the seller to continue to make the payments...
Banks Forgive Mostly Worthless Seconds

Banks Forgive Mostly Worthless Seconds

The Second-Mortgage Shell Game By ELIZABETH M. LYNCH   Thanks to the New York Times IN January, federal regulators announced an $8.5 billion agreement with 10 mortgage servicers to settle claims of foreclosure abuses, including bungled loan modifications and the...

Pro Bono Environmental Work

JAMES ROBERT DEAL ATTORNEY PLLC PO Box 2276, Lynnwood, Washington  98036-2276 Telephone 425-771-1110, Fax 425-776-8081 James@JamesRobertDeal.com February 15, 2013 Seattle Times Letters to the Editor PO Box 70, Seattle, WA 98111 Sent by fax to: 206-464-2261 Sent by...

More Foreclosures Coming

Where is the housing market going in 2013? Thanks to CBS News   (MoneyWatch) The housing market in 2013 stands on a precipice. While there is hope that the slow, but real, housing recovery that took hold last year will continue, fear remains that a sudden...

Zombie Titles

The latest foreclosure horror: the zombie title By Michelle Conlin  Thanks to Reuters. COLUMBUS, Ohio | Thu Jan 10, 2013 1:58pm EST (Reuters) – Joseph Keller doesn’t expect he’ll live to see the end of 2013. He blames the house at 190 Avondale...
Calibur – Formerly Vericrest

Calibur – Formerly Vericrest

I have only modified one Vericrest loan, and that one was non-owner occupied and way underwater and with a sky high minimum variable rate. And so Vericrest agreed to a reasonable modification. Vericrest has changed its name to Calibur, perhaps to escape its bad...

Stratigic Default

Giving Up and Getting Out Foreclosures are no longer a last resort, and a growing percentage of americans think it’s ok to strategically default LISA IANNUCCI Years ago, homeowners viewed foreclosure as a last resort – after all other means had been exhausted to save...

Jumbo Modification

A residential property where the first loan was more than around $729,000 at the time of the default is not eligible for modification under the Making Home Affordable program. However, home owners with jumbo-size loans should not despair – especially if their...

What Caused the 2007 Crash

The Trillion Dollar Mistake That Triggered the Economic Meltdown Thanks to Martin Andelman It was summer, 2006, and Fed Chair Alan Greenspan had just raised interest rates for the 17th consecutive time in an effort to cool off the over-heated U.S. housing market....

GMAC Modification Makes Contractor Happy

8-31-12 VZ is a hardwood floor layer and general contractor. His business tanked when the Great Recession set in. He got behind on his home mortgage.  Payments were high at 7.8%. However, in 2010 his income was recovering. His income turned out to be a little too high...
List Your Lawsuit When You File BK

List Your Lawsuit When You File BK

What Happens When a Debtor Forgets to Schedule a Personal Injury Suit Thanks to Long Island Bankruptcy Blog Posted on Tuesday (August 21, 2012) at 3:43 pm to Bankruptcy Practice Chapter 7 Bankruptcy Personal Injury and Bankruptcy Recent Bankruptcy Court Decisions...

Successful Citi Modification

On this modification with Citi there was no principal reduction because the property was not underwater. However, the interest rate was reduced from 6.375% to 2.0% for five years, 3.0% for one year, and then 3.875% for the next 35 years. Read the details here:...

Successful EMC Modification

We have several modifications going with EMC. So far EMC seems to be reasonable to work with. Meanwhile, EMC is being sued. A young couple came to us with a 7.0% negative amortization EMC loan. We were able to negotiate an interest rate of 2.0% for five years, 3.0%...
Can I keep a credit card out of bankruptcy?

Can I keep a credit card out of bankruptcy?

Can I keep a credit card out of my bankruptcy? by Chip Parker, Jacksonville Bankruptcy Attorney Can I keep a credit card out of my bankruptcy? The Bankruptcy Code requires a debtor to list all creditors in his bankruptcy schedules.  However, a “creditor” is typically...

Forensic Audits Not Useful

Homeowners: Don’t Be Scammed by Forensic Audit of Mortgage Docs Posted: 19 Jun 2012 10:00 PM PDT Written by Craig D. Robins, Esq. Unfortunately, homeowners who can barely afford their monthly mortgage payments or who are in foreclosure are in a very vulnerable...

Mandelman Again on HAMP 2

Things I think homeowners should know about loan modifications & HAMP-2 If you already know who I am… great.  If you don’t, you can find out after you read this, but for the moment suffice it to say that I’ve had a front row seat for the foreclosure crisis.  Over...

Martin Andelman on HAMP 2

HAMP 2 is HERE Some say it’s the best HAMP yet, and they’re probably right about that. by Martin Andelman This past year has been transformational as far as the foreclosure crisis was concerned, although we weren’t sure what was being transformed much of the time, and...

Stripping 2nd Lien in Chapter 7, 13

Can I Strip A Second Mortgage In A Chapter 7 Bankruptcy? by Carmen Dellutri, Southwest Florida Bankruptcy Attorney A Chapter 7 Bankruptcy Debtor can strip a second mortgage in a Chapter 7 bankruptcy if they live in a jurisdiction under the 11th Circuit Federal Court...

This may be the best time to modify

The five biggest lenders – Bank of America, Chase, GMAC, Citi, and Wells Fargo – have $25 billion to use giving principal reductions. If your property is worth less than what you owe on your first mortgage and if you have had a hardship, you may qualify....

How to Surrender Property to Lender in BK

50 Ways To Surrender Your Property In Bankruptcy  by Eugene S. Melchionne, Connecticut Bankruptcy Lawyer With apologies to Paul Simon:      You Just slip out the back, Jack      Make a new plan, Stan      You don’t need to be coy, Roy      Just get yourself free    ...

Debt Settlement

Don’t File Bankruptcy! by Douglas Jacobs, California Bankruptcy Attorney That’s the cry of the “debt settlement” industry.  They claim that they will help you rid yourself of debt without bankruptcy. If you avoid the out-right crooked companies, can they do it?  Sure…...

Iceland forgives mortgage debt

Iceland forgives mortgage debt to save its economy by J. D. Heyes (NaturalNews) It’s probably not a concept that most U.S. banks and lawmakers want to think about, but the fact is, Iceland’s economy has grown by leaps and bounds since the government there...

Divorce During Bankruptcy

Divorce during Bankruptcy by Andy Miofsky, Illinois Bankruptcy Attorney One of the leading causes of marital conflict involves money, or lack thereof.  If you and your spouse filed a joint bankruptcy and you are now considering divorce, your respective financial...

Foreclosure and Income Tax Consequences

Foreclosure and Its Income Tax Consequences (TheNicheReport) — In a recent issue of The Niche Report I wrote an article on how to safely “walk away” from your mortgage. That article discussed consumer protection statutes, enacted by such states as California, known to...

Wells Fargo and Robo Signing

By Travis Waldron, Think Progress Posted on April 20, 2012, Printed on April 21, 2012 http://www.alternet.org/newsandviews/907008/wells_fargo_insiders_detail_foreclosure_fraud_practices%3A_%E2%80%98it%E2%80%99s_exactly_like_an_assembly_line%E2%80%99   That Wells...

How Many Kids Have Fluorosis?

4-1-12 Thanks to Paul Lamoreaux of Port Angeles who tracked down the information I needed: I wanted to know how many kids there are in the US age 12 – 15, because this is the group of which 41% has some degree of fluorosis. I wanted to show in plain numbers how...

Principal Reductions May Be Coming

Freddie CEO signals GSE principal reduction could be soon By Jon Prior • March 23, 2012 • 11:14am Freddie Mac CEO Charles “Ed” Haldeman gave a strong signal Friday that new incentives from the Treasury Department may be enough to start principal reduction...

No Free House

Filing Bankruptcy And Getting Your Free House by Jay Fleischman, New York Bankruptcy Lawyer I’ve been meaning to tell you something for awhile now. It’s going to be a bitter pill to swallow, but it’s better that you know now rather than later. Someone’s be spreading...

Suzy Orman – Wrong Again

Suze Orman Recommends Bankrupting Retiree – Without The Benefits by Wendell Sherk, Missouri Bankruptcy Attorney Bankruptcy is a last resort of course.  But it is an option.  Paying back debt when you barely have enough money to survive is usually a horrible...

Raise the Minimum Wage

Ralph Nader: Minimum Wage Needs To Catch Up With 1968 – OpEd Written by: Ralph Nader March 1, 2012 How inert can the Democratic Party be? Do they really want to defeat the Congressional Republicans in the fall by doing the right thing? A winning issue is to raise the...

40 Million McMansions

America has 40 million McMansions that no one wants By Christopher Mims 9 Feb 2012 11:12 AM   Americans, especially generations X and Y, want shorter commutes, walkability and a car-free existence. Which means that around 40 million large-lot exurban McMansions,...

Second Mortgage Time Bomb

Chapter 13 Bankruptcy Time Bomb: Mortgage Modification  by Eugene S. Melchionne, Connecticut Bankruptcy Lawyer One of the major benefits of Chapter 13 Bankruptcy is the ability to avoid second mortgages that are not secured by any value in your home.  By following...

Ocwen Backs Principal Reductions

Ocwen Backs Principal Reductions, Mandatory Outsourcing to Improve HAMP By: Carrie Bay 03/03/2010 Ocwen Financial Corporation has one of the industry’s most impressive track records when it comes to restructuring loans under the federal guidelines of the Home...

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