|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|Mortgage Bankers Association Strategic Default|
from Tom Kennedy… thank you Tom
This keeps getting uglier and uglier. I’m not trying to promote "doom and gloom" so don’t shoot the messenger. My objective is to keep you on top of today’s insane turbulent real estate market.
"He Who Masters The New Rules Firstest, WINS The MOSTEST"
Foreclosure Furor Rises; Many Call for a Freeze
This article from http://www.nytimes.com/2010/10/06/business/06mortgage.html
How Will This Foreclosure Mess Affect You & Your Business?
(15 min Video)
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Your Comments are very valuable and important
Another article sent from Roger
Flawed Paperwork Aggravates a Foreclosure Crisis
Gold Member Roger Taylor emailed me this article in the New York Times.
This is huge and will greatly affect the real estate market across America.
Chew on this a bit, not only will this slow down and halt foreclosures creating a massive stockpile of defaults, but there will also be many other critical issues for both homeowners and investors alike.
Title Companies will stop writing title insurance. Old Republic has already announced it will not insure any properties having a GMAC mortgage.
Investors and Homeowners alike, who have already purchased "bank owned" real estate or HUD properties, may find themselves with a toxic property because it may have an unmarketable title due to all of the huge lenders and law firms having openly admitted falsifying documents during the foreclosure process.
Homeowners in default, by the masses, will be filing all kinds of action demanding lenders produce all of the original and real documents involving their mortgage. Keep in mind, a California bankruptcy court has already ruled that "MERS" is NOT sufficient proof of ownership of notes and mortgages. In other words, the lender who claims to own the note and mortgage, must be able to produce the original promissory note and documents. (Notes and mortgages were sliced, diced, and chopped up and sold on the secondary market using MERS without any concern for the physical documents themselves.
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Bank of America to Freeze Foreclosure Cases
My Question Mike:
I’m sure you’re aware of the new "Safe Act" that requires investors like me, who finance the purchasers of properties we sell, to get a Mortgage Brokers License and a Mortgage Lenders License with all the bureaucracy that goes along with it.
Do you have a "work-around" to avoid this "all-too-intrusive" and absurd law? Note that we own our properties free and clear at the time we sell them.
Great question Ron!
Quote From The SAFE ACT.
The maximum amount of penalty for each act or omission described in paragraph (a) of this section shall be $25,000.
HUD is poised to take away our rights to offer owner or seller financing on property we own.
Under the Safe Mortgage Act proposal, you can only offer owner financing on the home you live in one time every 3 years or you must become a licensed mortgage originator.
The SAFE Act is always lurking in the background. It is an ugly law for consumers and investors. The sole intent and purpose of this law is to protect consumers from predatory lenders. There are so many proposed procedures, many of which are being handed down to each state to handle all of the details.
Your ultimate and final answer Ron will be your state’s implementation of this insane law.
Watch for an upcoming Mike’s Mondays on this very topic with my real estate investor expert attorney Harry Borders.
Here are some links if you wish to dig around yourself. I have included the hud page for the SAFE Act and some more.
(Item F Page 66551 of the HUD Summary Comments).
The HUD proposals under the Safe Act are all part of the fall out
from the failed lending institutions and related to HR 1728 and HR 4173.
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