Trust deeds are the same as mortgages in most ways: both are recorded as liens on property, both require the borrower to take care of the property and protect the priority of the lender?s lien.? The major difference between them is that with a trust deed there is a third party, a ?trustee,? who has the power to sell a property at a public sale if the owner defaults on their loan, but with a mortgage the foreclosure is handled by a court.? And there are other differences between mortgages and trust deeds when it comes to foreclosure.? The most important difference is that the lender doesn?t have the right to pursue the borrower for a deficiency (the difference between what the lender is owed and what the lender receives at the foreclosure sale) after a nonjudicial foreclosure.? If you think about it, that makes a lot of sense: the nonjudicial foreclosure process isn?t monitored by a judge, so there is nobody around to make sure that the trustee and lender properly publicize the sale and get a good number of bidders show up.? It would not be fair to require the borrower to pay a deficiency if nobody actually had the opportunity to bid at the foreclosure sale.? That is the price that lenders paid when they were given the right to foreclose nonjudicially.? There are other important differences between judicial and nonjudicial foreclosure. Talk to a real estate attorney if you have questions about the other differences.
Source: allaboutportlandoregonrealestate.com
Video: Real Estate Marketing ? What is a Short Sale and How to Negotiate to Stop Foreclosure? ? Part 2
State Foreclosure Laws Create Temporary Artificial Rebounds
Thursday, August 30 Foreclosure activity patterns are varying significantly from state to state, often hinging on the level of dysfunction that exists in each state?s foreclosure process, reported RealtyTrac yesterday.? Recent legislation and court rulings could lengthen the foreclosure process in some of the states with the shorter timelines, however, resulting in a temporary foreclosure lull and subsequent rebound in those states as well, said Daren Blomquist, Vice President of RealtyTrac. High-level findings from the report:
Source: trulia.com
New law fines owners of blighted foreclosures (we?re looking at you lenders)
The manipulators of our economy and investment markets, the insiders of the Cabal, which continues to hold sway in the halls of power, are bent on defrauding you of every single penny you have in one way or another, be it junk fees on mortgages, fabricated derivatives, or company stock backed by fabricated accounting and fraud. Until those parasites are finally removed from controlling the markets (including LIBOR) and manipulating commodities and precious metals prices, we will have more of a decline. ? Athena Tutorial Academy from first tuesday case in point: Know thine enemy ? an analysis of MERS
Source: firsttuesdayjournal.com
QE3 ? Pay Attention If You Are in the Real Estate Market
On one hand, you could let them all default. The problem is the criminal liabilities would drive the global and national leadership into factionalism that could turn violent, not to mention what such defaults would do to liquidity in the financial system. Then there is the fact that a great deal of the fraudulent paper has been purchased by pension funds. So the mark down would hit the retirement savings of the people who have now also lost their homes or equity in their homes. The politics of this in an election year are terrifying for the Administration to contemplate.
Source: stopforeclosurefraud.com
Real Estate Law along with an Attorney to Guide You
One key aspect of making an estate plan is made to lessen the burden on those that will have to carry out your estate in probate as an executor or personal representative. This burden is greater when one owns property in multiple states. If one is a resident in one state and has property any other state that ranges from a house, ranch, or to land as small as just a timeshare, there may be a more difficult and expensive situation for your loved ones down the road. The property that is in your state of residence will be probated through the probate court in your state of residence. Probate courts exist to change title from the deceased name to the name of potential heirs. The probate court in your state of residence does not have the authority to probate property in other states. This means that a probate proceeding must be initiated in each state that one owns property in even if it is just a timeshare in Florida that you spend one week in a year. This also means your estate must pay additional fees for probate and most likely attorneys in each additional state. Source: targetlaw.com
Source: foreclosureattorneyco.com
Tulsa, OK Real Estate Market Update
The foreclosure rate now results in one for every 716 homes, which is 3.5% below June and 28.8% below July 2011. When compared to the state of Oklahoma?s foreclosure rate, Tulsa is still much lower. There were 1,369 foreclosures throughout the state of Oklahoma, which is an increase of 5.8% for the month; however, that is down 32% for the year compare to one year ago.
Source: tomandbev.info
New Jersey housing defaults hit new highs as economy weakens
The Victorian home, built in 1887 and owned by the retired couple for 38 years, is part of the growing backlog of properties facing repossession in the state, which now has the second-highest serious delinquency rate in the U.S. While shrinking nationwide, the pipeline of distressed real estate, or shadow inventory, is also growing in New York, Connecticut, Maine and Pennsylvania because of state laws that slow the foreclosure process. The Bradys heard nothing from their lender from May 2011, until a letter arrived in the mail last week.
Source: financialpost.com
Page not found ? Jacksonville Real Estate
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Source: myjaxhometeam.com
arthurturner10: California Foreclosure Laws
Because all my hard money lending is done in California and to people who buy, rehab, and sell foreclosures, this news story caught my eye. The California legislature recently passed a law making it harder to banks to foreclose on property owners. According to Reuters, the bill prohibits banks from ?dual-tracking? loans ? proceeding with the foreclosure process while also in loan modification negotiations with the owners. The bill also lawsuits against robo-signing. The bill still has to be signed by the governor before it becomes law, but he is expected to sign it. On the surface, this law sounds good to me. I will freely admit the first I heard about it was from the above linked article and the facts in that article are the extent of my knowledge of it. I do think robo-signing is a big problem. When your actiosn can result in people losing their home and being forced out onto the streets, you need to have someone carefully look over the documents before foreclosing. This just stands to reason. As to the prohibition against dual-tracking, I?m OK with that as well. Yes, it may result in longer times to foreclose on a property. But if a borrower is in talks with a bank to modify their loan, I think they would reasonably conclude that the bank would pause foreclosure proceedings while they are attempting to work out a settlement. Further, without this restriction, the bank has a huge advantage at negotiating ? they would be able to drag out the talks until foreclosure was a day away, leaving the borrower with no choice but to either accept the terms the bank offered or lose his or her house. How will this affect my lending? I expect to see a slowdown in houses for sale at auction for the 6 or so months after this bill becomes law. This will represent the time banks have to wait while they attempt to reach a loan modification deal before proceeding. There is nothing in this law, to my knowledge, that requires the banks change what loan modification terms they must accept, so they will still be reaching the same decision on modifying loans or not, resulting in about the same number of houses going to foreclosure. There will just be a delay lasting the length of those negotiations. Source: blogspot.com
Source: blogspot.com
How To Find The Home You?ve Always Wanted
Research rental properties. If you are considering purchasing a rental property, you should not consider buying the property until you have completely reviewed the records for at least the past two years. You need this information because you must make sure the seller is providing you with the most accurate information on what you can expect the rental property to generate money wise. Your lender will also want some sort of income verification prior to issuing you a loan.
Source: maynaseric.com
Know Your Foreclosure Laws
Yes, it might seem kind of boring to have to do a bunch of legal research, but luckily, Foreclosure.com has taken the ?research? part out of it. From our concise Foreclosure Laws table to our upcoming free webinar on how to avoid legal trouble when investing in real estate, we have everything you need to know the law without spending years in law school.
Source: foreclosure.com
Foreclosure sales drop during year?s second quarter
The data firm reported that, as of July, there were 1.47 million homes in some stage of the foreclosure process or owned by banks. A total of 620,751 were said to be in lenders? possession, but only about 15 percent of those are listed for sale, RealtyTrac reported. The foreclosure properties are even sparking bidding wars in some areas of the country.
Source: daytonabeachrealestateattorney.com
Related posts:
- Retaining a Real Estate Attorney is Critical Before Signing a Georgia Real Estate Contract
- Real Estate Lawyers For Real Estate Owners
- Do I Really Need a Real Estate Attorney?
- Shaun?s Real Estate Adventures: New California Foreclosure Law
- Your Questions About Real Estate Short Sales
Source: http://foreclosureattorneyco.com/portland-real-estate-judicial-non/
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