Foreclosure News

13 Apr Wake Up America and Smell the Coffee

Katie Porter thinks you don’t get it, judges, legislators and regulators. Professor Porter, of the University of Iowa College of Law, thinks you do not understand the competing interests between a mortgage owner and a mortgage servicer. And if you don’t get it, how do you expect the legions of borrowers to understand the current mortgage industry. Put aside your Wall Street Journal and pay attention. Class is in session.
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09 Apr How do I check out of my hotel condo?

Signature at MGM GrandFuelling the over-heated housing market a couple of years back was real estate investing, and the result today is a condo market where units are selling for half of what people paid for them in 2005. Anyone who purchased a condominium as an investment must have realized the potential to lose money, no matter how remote that possibility seemed. However, what if you were sold your condo by an aggressive developer who "projected" for you a return on your investment? Well, that doesn’t sound like a condo. That sounds like a security, and if the developer created an expectation of an investment return, federal securities laws may have been broken.
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06 May Read Those Documents At Closing!

Credit Slips notes that when Carissa Byrnes Hessick appeared as a guest blogger on Prawfsblawg, her post on closing on a house, and the comments to that post, amount to a mini-debate on pros and cons of reading contracts before you sign them. Professor Hessick was greeted with astonishment when she and her husband actually read everything presented to them for signing at closing on their home. The comments reveal some reasons why more people don't do that: it's socially awkward, time to read them is not built into the process, it's pointless for a non-lawyer to try to read them, and even "despair."
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