Beware: Secondary Lien Holders Could Sue You…

If you are facing foreclosure and have more than one lien (mortgage), there is a new law that could greatly affect you. The California Supreme Court just denied review of a state appeal court ruling that allows second “purchase money” lien holders to sue homeowners for deficiency judgments after a first lien holder has foreclosed.…

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What’s in Your Problem-Solving Tool Box?

A client told me a few days ago that I have one of the hardest jobs, and she doesn’t know how I do it every day. She was referring to the difficult situations I face daily in regards to short sales, short sale lenders, and getting buyers qualified to buy properties. There are some days,…

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Don’t Foreclose Yet…You May Have Options!

With the economy in turmoil and people scared to make big purchases, the real estate business is undoubtedly challenged. In difficult times some people panic, and I see that happening amongst distressed borrowers, yet there is a process to the situation that you need to follow in order to have a chance to save your…

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Foreclosures: Is the Barrage Over?

Recent studies indicate that foreclosure filings are down across the nation, but what does that really mean? Several theories have been discussed in the media about what will happen next. One is that things are improving, albeit slowly, and lenders are embracing foreclosure prevention measures (like loan modifications and short sales) more heartily. The other…

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Throw the Lenders to the Courts

Over the past several years there have been attempts to let judges take over lender issues, such as those related to foreclosures and bankruptcy. Some states, like California and New York, have allowed judges to intervene in ruling on improper foreclosures, or in cases where lenders assign mortgages for which they have no documented proof…

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Are Mortgage “Walkaways” Coming Back in Style?

I read an alarming statistic today that “walking away” from one’s mortgage, an option to foreclosure that was popular in 2008, is now no longer viewed as morally reprehensible. In fact, a Fannie Mae survey of underwater homeowners (those with negative equity) found that 27% of them consider walking away – which today is called…

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Will Lenders Start Approving Short Sales Faster?

Amidst all the news of double-dipping in the housing market, falling prices and an increase in lender-owned properties, there is one thing that may be a silver lining in the doom and gloom news these days: lenders will likely start to approve short sales much sooner and more often. As housing prices drop across the…

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Could Elimination of Housing Counseling Programs Hurt YOU?

In what I personally think is a big mistake, Congress announced that it is eliminating $88 million in funds for housing counseling programs. These are the programs that allow struggling homeowners and others with questions to call in and get counseling advice. It is often the first step in pre-foreclosure, or even in avoiding foreclosure…

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Judges May Assist With Foreclosure Prevention

In the latest attempt to speed up the foreclosure process, judges may soon become intimately involved with homeowners and lenders. Yesterday the Senate Judiciary committee approved the Limiting Investor and Homeowner Loss in Foreclosure bill, which will give judges authority to meet with homeowners and their lenders in foreclosure mediation proceedings. The bill will now…

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Lenders Need to “Take it Like a Man” So We Can Move On

Mortgage servicers and House Republicans are complaining about proposed punishments for the robo-signing scandal. Surely the servicers didn’t expect a slap on the wrist for the role in initiating foreclosures illegally? Is it not enough that they are the only ones making money on foreclosures, that people are suffering all across this nation because they…

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