We've covered this topic in full, but glad to see this article mentioning the specific penalities for short-sale fraud - up to 30 years in prison! From the latimes.com: Are banks and distressed home sellers getting rooked on a massive scale in the booming short-sale...
From HW: Short sales increased rapidly over the last several quarters, but wherever there are home sales, there are home sales fraud. Sales of properties on the verge of foreclosure tripled over the last two years and will increase another 25% this year, according to...
This doesn't seem so bad - from the latimes.com: The housing market may be on the ropes, but Curt Beck was ready to come out swinging. He offered $385,000 for a three-bedroom house in Acton. The seller was happy with the terms. But it was unclear if the mortgage...
Hat tip to Schahrzad who had this video about short-sale liabilities on her blog: Here's the hangup with short sales. This bankruptcy lawyer re-affirms that borrowers who arrange a short sale with their first lender can still be responsible for any deficiency with the...
This is the video included in the huffington post article about flippers. While it is possible to flip short sales and close concurrently, trying to get everything to align is tougher than it looks - and why these guys get a bad name. They make it sound easy!
From NMN: The only bank that has been penalized for mortgage servicing lapses got slapped for doing the opposite of what state attorneys general have been demanding. Bank of America Corp. was penalized in the fourth quarter for delaying foreclosures — not for moving...
From HW: In the housing industry where foreclosed homes are creating a sizable inventory backlog, professionals are continually looking for ways to condense processing timelines. But if a mortgage servicer says his or her company can complete a short sale in 30 days,...
From Diana Olick at cnbc.com: Home prices fell 6.7 percent in February year over year, according to a new report from CoreLogic. That numbers includes distressed sales, that is, sales of foreclosed properties or short sales, where the bank agrees to let the homeowner...
From Alejandro Laso at the latimes.com: Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork,...
From HW: Servicers are moving toward a proactive approach in pursuing short sales as an alternative to foreclosure, servicers on a Mortgage Bankers Association panel said Wednesday. A component and specialty servicer, meanwhile, predicted that short sales could...
