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Archive for April, 2010

Short Payoff Fraud Webinar Replay Links

Wednesday, April 21st, 2010

If you’re concerned about being involved in “short payoff fraud,” below is a central index of the replays of all three major webinars on the topic.

You’ll also find an “Open Letter to Freddie Mac” written by another well-known attorney.

Anyone who considers him/herself a serious real estate professional (real estate agents, brokers, investors, title, escrow, etc.) should conduct serious study about this issue.

1) The webinar with Cory Boatright and Ronald Ballard can be found at:
http://www.shortsalefundamentals.com/pages/freddiemac/

2) The “Three Lawyers Webinar” Chris McLaughlin sponsored with Jeff Watson and Ronald Ballard is at:
http://www.shortsalesriches.com/3lawyerupdate/

3) Jeff Watson set the entire foundation at:
http://topshortsalelawyer.com/listen-to-the-watson-freddie-mac-webinar-here
– this one is for those really into legal stuff, he laid out important issues of “privity” and other contractual concepts that other bloggers crying “fraud” need to understand in order to avoid sounding totally ignorant.

4) Although not a webinar, Attorney Ben Pargman has posted an “Open Letter to Freddie Mac” at:
http://www.theshortsaleservice.com/blog/dear-freddie-mac/

Most webinar listeners will be pleased to find these are free webinars that aren’t selling anything. They are content packed. They are publicly presented because we firmly believe that short sale back-to-back investors have been, and are, operating entirely legally. Freddie Mac is welcomed and encouraged to listen — if they haven’t already. We operate and advise in the sunshine, not in the shadows.

Foreclosure rates surge nationwide

Thursday, April 15th, 2010

RealtyTrac said today that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data.

“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president.

California accounted for the biggest slice overall of homes facing foreclosure — roughly 23 percent of the nation’s total. One in every 62 properties received a foreclosure filing in the first quarter.

See the full article here.

California tax break for people in short sales

Tuesday, April 13th, 2010

This new measure waives state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. It applies to debt forgiveness in 2009 through 2012, and brings California into conformity with federal debt relief efforts.

Gov. Arnold Schwarzenegger signed the measure, “SB 401″, which permits married partners to exclude canceled mortgage debt up to $500,000 on their primary residence, $250,000 if an individual.

See the full article here.