E&O Coverage, Featured
Not timley reporting an E&O claim – Big OOPS !
We’ve talked about it many, many, times before. E&O Policies are “claims made and reported” policies. That means you have to[...]
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Best Practices, Featured, Foreclosures
Walk Away from an Underwater Mortgage. Just Do It. It Makes Sense.
Posted on 02 September 2011
Once again, I can say the Banks continue to rob homeowners blind with all the blather about “negative impact” of walking away. Here is yet another article from first tuesday… “Fair Issac Company (FICO) researchers have developed new analytics to predict a borrower’s likelihood of walking away from a mortgage – a strategic default – [...] Continue Reading
E&O Coverage, Featured
Not timley reporting an E&O claim – Big OOPS !
Posted on 27 March 2012
We’ve talked about it many, many, times before. E&O Policies are “claims made and reported” policies. That means you have to report the claim within the policy period, or you lose coverage. Sometimes, you have even stricter deadlines. Like the one RE/Max Mega Group had. It required reporting within 30 days of receipt of a [...] Continue Reading
Featured, Foreclosures, Laws/Rules
Lenders Win Another Round on Condo Foreclosure – ALMOST
Posted on 19 January 2012
Just last week, in Harbour Vista, LLC v. HSBC Mortgage Services Inc., 2011 WL 6318525 (Cal.App. 4 Dist. 2011), the California Court of Appeal held that plaintiffs may not obtain default judgments in quiet title actions. But … (And the “But” is fascinating.) Harbour owned a ground lease under a condo complex. Julie Nugent purchased [...] Continue Reading
Featured, Making Money
Goodbye to Grubb & Ellis?
Posted on 21 February 2012
Gruss & Ellis filed Bankruptcy. Grubb & Ellis then sold itself to BGC, in a deal both think works for them, and G&E’s creditors. BGC bought most of G&E’s senior debt (at a discount…). Think of it like buying the note on a defaulted CRE loan; now you get to foreclose and own the property [...] Continue Reading
Featured, REO
Mortgage Principal-Reductions Remain Only a Dream
Posted on 13 February 2012
The Federal Housing Finance Agency acknowledges its mandate to offer the maximum assistance posible to distressed homeowners. And, it conceds that principal reductions would provide much needed relief to negative equity homeowners. However, it maintains that current loss mitigation tools in use allow it to fulfill its laudable mission without resorting to principal reductions to eliminate [...] Continue Reading
Featured, Short Sales
Who’s on First, What About Second(s)?
Posted on 23 August 2011
Last year the Legislature passed Senate Bill 931 adding Section 580e to the California Code of Civil Procedure. This new Section established that the beneficiary on a loan secured by a first deed of trust on 1 to 4 unit residential property could not pursue a deficiency judgment after a short sale which they had [...] Continue Reading
Featured, Foreclosures
Banks Admit Under-Trained Staff in Foreclosure Crisis – SHOCKING!
Posted on 26 March 2012
JPMorgan, vowed to expand training after a review found that the mortgage-servicing unit “struggled to absorb rapid staffing growth and, in many cases, hired representatives with little or no home lending industry experience.” Bank of America, said compliance operations were understaffed as of midyear 2011 and that some people lacked the skills or stature needed [...] Continue Reading
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