Tag: short sale

Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement
By November 1, 2013 0 Comments Read More →

Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement

In the 1980s, the Wendy’s fast food chain famously ran an ad campaign featuring a silver-haired lady exclaiming “Where’s the beef?” As the ads wryly suggested, competitors were all buns and no beef. Much the same can be said today of the National Mortgage Settlement. As the five participating servicers wind up their consumer relief […]

Posted in: Features
By October 28, 2013 0 Comments Read More →

Did You Know? Oregon’s Anti-Deficiency Statute Does Not Apply After A Short Sale or Deed-in-Lieu

In a recent post we explained how Oregon’s anti-deficiency statute applies after a judicial or nonjudicial foreclosure. A reader asked whether the anti-deficiency statute also applies to short sales and deeds-in-lieu. The answer, sadly, is ‘no.’ The anti-deficiency statute, ORS 86.770(2), expressly applies only “after a trustee’s sale” or “after a judicial foreclosure of a residential […]

Posted in: Did You Know?
By May 9, 2013 0 Comments Read More →

Two Oregon Foreclosure Relief Programs Closing Soon To Make Way For New Improved Program

In 2010, the Treasury Department established the Hardest Hit Fund to provide assistance to families in states hardest hit when the recession hit and the housing market collapsed. 18 states, including Oregon, received funding to develop “locally tailored foreclosure prevention solutions” in areas hit with large price drops and high unemployment. In Oregon, the Oregon […]

Posted in: News and Events
By March 11, 2013 0 Comments Read More →

Housing Recovery Impeded By Servicers Telling Short Sellers to Default, Inaccurate Credit Report Coding

According to the executive director of the National Consumer Reporting Association, the housing recovery is being impeded by loan servicers who wrongly advise short sellers that they must default on their mortgage loans in violation of the new FHFA short sale policy. The problem is exacerbated by the fact that the three major credit reporting […]

Posted in: News and Events
By February 18, 2013 0 Comments Read More →

The Second Mortgage Shell Game and Other Failings of the National Mortgage Settlement

Curious how the National Settlement Mortgage is playing out in the real world? Check out the thoughtful op-ed that ran today in the New York Times about the second mortgage “shell game” that lenders are playing. In short, while the settlement promised principal forgiveness and loan modifications for troubled borrowers, lenders instead have focused on […]

Posted in: News and Events
Will a Flood of Foreclosures Drown Oregon’s Burgeoning Housing Recovery?
By December 28, 2012 1 Comments Read More →

Will a Flood of Foreclosures Drown Oregon’s Burgeoning Housing Recovery?

Just before Christmas, the Oregonian ran a story on foreclosure issues that the Legislature will face next session. The article claims that “a big wave of new foreclosures . . . which didn’t materialize in full force after last summer’s new regulations” “can’t be avoided forever” and “threatens to prolong the foreclosure crisis and hurt […]

Posted in: Features
By December 22, 2012 3 Comments Read More →

Fannie Mae Orders Servicers to Stop Issuing 1099s for Loans Sent to Collection

Fannie Mae issued Servicing Guide Announcement SVC-2012-27 this week that included changes to late notices, lien releases, and rules for issuing IRS Form 1099-C. When a lender cancels all or part of a mortgage loan (for example after a short sale), then the lender must report the cancelled debt on a 1099-C filed with the […]

Posted in: News and Events
By October 31, 2012 0 Comments Read More →

Fannie and Freddie Announce Agreements with Mortgage Insurers to Further Streamline Short Sales

Fannie Mae and Freddie Mac today announced agreements with all nine mortgage insurance companies, allowing servicers to move forward with short sales and deeds-in-lieu that meet the GSEs’ guidelines without first getting insurer approval. The delegation agreements are the latest in a series of steps by the GSEs to streamline the short sale process. In […]

Posted in: News and Events