Everyone Does Not Qualify for a Loan Mod

Loan modification fever is here. Families all over the U.S. are struggling to make their mortgage payments and many are expressing frustration that their lender won’t modify their loan.  Any of us could try to make a rational argument that a lender is better off modifying a mortgage loan instead of foreclosing but this is a simple […]

$8K Tax Credit Closing Deadline of Nov 30 Could Slow Interest in Short Sales

Kary brings up an excellent point here.  “One other agent short sale issue is going to pop up shortly, if it hasn’t already, but it will be a buyer’s agent issue. The $8,000 first time home buyer credit needs a property to close by November 30. Making an offer on a short sale property, without […]

Notice of Trustee Sales v. Trustee Deeds

Each month, Alan from Seattle Bubble religiously posts the Notice of Trustee Sale (NTS) numbers for King County. I’m very appreciative of his work because it saves me time each month so thanks again, Alan.  Cruising SB last night, I found Alan’s numbers alarming for June:  1615 NTS were filed.  Here are more numbers from Alan: King […]

The Buyers are out, and trying to buy, but…

Buyers are out, and trying to buy, but they don’t seem to be quite as successful as some of the more breathless news reports would lead you to believe.  I have always liked the Pending Sales statistics from NWMLS because they represent the most recent monthly snapshot of new contracts on listed properties – i.e. […]

California Attorney General Demands All Loan Modification Firms Register with his Office and Post a 100K Bond

From the Orange County Attorney General’s Office: Oakland — Continuing his fight against scam artists who “prey on” vulnerable Californians, Attorney General Edmund G. Brown Jr. today issued a directive forcing foreclosure consultants to register with his office and post a $100,000 bond by July 1, 2009. Those who fail to do so will be […]

Foreclosure Rescue Scammer or AG Victim: You be the Judge

In order to go into the foreclosure rescue business, foreclosure rescuers must make themselves believe that they are helping the homeowner. This is done in a cognitive way, by attending many foreclosure seminars, reading lots of books and memorizing scripts that can be played back inside the foreclosure rescuer’s head over and over again until it becomes […]

Why are Banks Setting the Opening Auction Bid Below The Principal Balance?

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I attended a foreclosure auction in Bellevue, WA last week to discover if the rumor was true that banks are opening their bids below the amount owed.  I received confirmation from three professional investors that yes, the banks have been doing that, it’s no secret, and there seems to be no discernable pattern.  It’s not […]

I’ll Be at the Factoria Courthouse Friday Morning at 10AM for the Foreclosure Auctions

Every Friday morning at 10:00 AM, Trustee Sales are held in various locations throughout the county.  Phil Leng, one of my students, invited me to attend the foreclosure auction with him this Friday at 3535 Factoria Blvd SE, Bellevue outside of the south entrance to the Northwest Trustee Services building.  I’ve been hearing rumors that […]

When is Foreclosure Right for You? Part 2 of 2

This post is not legal advice. It is a general discussion of SOME of the relevant legal issues surrounding foreclosure. If you are considering or facing foreclosure, you need specific legal advice for your particular situation. Consult an attorney in your area. In my last post, I discussed the difference between a judicial and a […]

When is Foreclosure Right for You? Part 1 of 2

This post is not legal advice. It is a general discussion of SOME of the relevant legal issues surrounding foreclosure. If you are considering or facing foreclosure, you need specific legal advice for your particular situation. Consult an attorney in your area. Practically every day, I get a call from a potential client wondering what […]