There has become an endless parade of lenders coming to court to have a scheduled foreclosure sale cancelled because the lender is considering a short sale or loan modification. In an interesting twist, the courts are frequently DENYING the cancellation requests and telling the banks to “hurry u
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05/19/2012
BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGE In the never-ending revision of lender rules for short sales, Bank of America recently released a new package of documents preliminary to considering a short sale of a mortgage held or serviced by them. This package of documents eliminates the preli
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04/22/2012
A Florida appellate court decided earlier this week that merely stating that the Plaintiff loan servicer has the authority to foreclose the mortgage is not enough. In Elston vs. CW Capital Management, decided April 4, 2012, CW Capital stated that it “has been and is duly authorized by the Trust
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04/05/2012
An ActiveRain member pointed me to ongoing discussions regarding ARM'S LENGTH AFFIDAVITS and the Bank of America new THIRD PARTY AUTHORIZATION that popped up just this past month. The new Third Party Authorization requires that short sale negotiators state that there are no misrepresentations - j
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03/31/2012
Your neighborhood is losing its owners through short sales and you hear stories of your neighbors that had big mortgages but are selling their homes for ridiculously low amounts (so you think) and apparently not having to pay the bank the “deficiency” of the amount still owed on the mortgage. Of
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03/22/2012
I was honored this week by being the Featured Member of Attorneys Title Insurance Fund – known in Florida as THE FUND, one of the premier title underwriters in Florida, in their first monthly MEMBER SPOTLIGHT. The initial part of the article is accessible at www.thefund.com. The full article is
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03/22/2012
In a gradual and interesting development, Fannie Mae servicers have determined that short sale applicants that are not at least 60 days late WHEN THEIR SHORT SALE APPLICATION (CONTRACT) IS SUBMITTED will be rejected without review of the short sale contract. This is quite different from previous
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03/03/2012
Somewhat buried in the Attorneys General Foreclosure Settlement announced February 9th is a part on simplifying the short sale process. Some of the requirements are already used by some lenders, but standardization and disclosure of the procedures is a new concept. The "rule" which is found b
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02/10/2012
Reported yesterday in online editions of the press and hitting the newstands today is the settlement of $25,000,000,000 - that's $25 Billion - to the states and homeowners that were "abused" by lenders and that are underwater on their home values. The payments are to be made to the States within
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02/10/2012
In a briefing by Credit Suisse this week, the financial giant’s opinion was that reducing principal balances of underwater mortgages is a risky idea that has not been shown to keep underwater borrowers from later defaults. In my practice as a Florida real estate lawyer, that opinion flies in the
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01/27/2012
