Mortgage Issues

09 Mar Justice Delayed is Justice Denied: The Case Against Big Banks

  I've seen lots of funny men; Some will rob you with a six-gunAnd some with a fountain pen.~ Woody Guthrie (Pretty Boy Floyd)Last month, Elizabeth Warren asked a pointed question of senior treasury department officials regarding why no enforcement action had ever been taken against...

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15 Feb Beware of Mortgage Deficiency Claims

In recent months, I have seen a decided increase in the number of mortgage deficiency claims. A deficiency claim, as you may know, represents the difference between the outstanding balance on a mortgage note and the fair market value of a piece of property. In Georgia, where I practice, real estate values have traditionally gone up. Thus, deficiency claims by first mortgage lenders were exceedingly rare and even claims by second mortgage holders were uncommon. Like many states, Georgia has been hit hard by the economic downturn of recent years. Home values in just about every price range have gone down and I regularly see situations where a home may be valued at only 75% or even 50% of the outstanding mortgage balance.
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28 Aug HAMP Program Failing Miserably in 2010

Approximately 16 months ago, President Obama made a pledge to help 7 to 9 million families avoid foreclosure. Well, the most recent statistics for May 2010 have been released and the statistics confirm that the HAMP program is failing miserably. Since that time, more people have been kicked out of the program (over 435,000 families) than have received permanent relief (approximately 339,000 families). More specifically, it appears that in the last month, 5 times as many families were kicked out of the program than were granted new relief. I'm not sure how this happens in a period of economic recovery. Hmmm.
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