Do Forensic Loan Audits Work?

Forensic Loan Audits is another tool underwater and delinquent borrowers are using to fight foreclosure. The idea is that you find problems with the mortgage documentation and use this to pressure the lenders into a loan modification or other outcome favorable to you the borrower. During the height of the housing boom, not only did [...]

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Bank of America Wrongful Foreclosure

Bank of America seems to be rather organizationally challenged. I’ve experienced this first hand with their property claims process. I’ve seen cases where a troubled homeowner has received two completely different letters from them within the SAME WEEK. One threatening to foreclose, the other saying they were working on the “loan workout request”. When I [...]

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Deficiency judgments are a ticking time bomb

Troubled homeowners who have gone through a foreclosure or a short sale may have a lurking problem that could cause them problems years down the road. Even though you think you may have put a bad chapter in your life behind you, the lender can still come after you with a deficiency judgment. A deficiency [...]

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Lender refuses to cooperate with short sale

Short sales would appear to be the best answer to a bad situation. The borrower can’t carry the mortgage payments, the loan is more than the house is worth. With a short sale, the lender agrees to take less than the loan in exchange for a buyer that keeps the house off their hands. Seems [...]

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Lawyer says walk away, don’t feel guilty

Ever notice things happen in waves? The “should you walk away” theme got a new voice in Brent T. White who argues more people should stiff their lender. Predictably the banks were not amused.

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Would you walk away?

Here’s a statistic I bet you have heard before, one in four mortgages are underwater.  So the question is given that the house is an investment loss, do you walk away?  A  CNN Money article interviewed 5 homeowners and asked that same question.   To homeowners a house is more than a house, it’s a home, [...]

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Foreclosure maps

A friend of mine sent me this link that compares the foreclosure rate per county between 2004 and 2007.  Check out the shift from the south to our “bubble” states California and Florida.   Also check out the last map that clearly shows where the price declines are occuring.    Gives a whole new meaning to the [...]

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