To the Students from the Sept 8, 2010 Foreclosure Class at SKCAR Bellevue

Hi Everyone,

Here’s the follow up from today’s class.

Here’s the graph showing that 96.5 percent of all loans are being backed by the government.  Thanks again to CR who allows me to use his graphs in the classroom. 

Here is a very funny video of John Stewart interviewing Elizabeth Warren.

Here’s more info on the Dodd-Frank Reform bill from the Mortgage Banker’s Assoc.

Here is a link that describes the movie The House of Sand and Fog.  Late arrivers should put this in their Netflix que to learn more about tax foreclosures.  Great movie…dark. Speaking of movies….

Here is a link to the Washington State Deed of Trust Act.

Here’s more info about the changes to the WA State Deed of Trust Act. Scroll down to read “bill as passed by legislature

There was a question about whether or not the short sale debt is considered a taxable event when the lender forgives the shortfall.  Here’s a link to the IRS website explaining the Mortgage Forgiveness Debt Relief Act; who is and is not exempt. By the way this was going to sunset in 2012 and has been extended through 2014 as part of the recently passed Wall St Reform Act.

There was also a request for more information on HUD’s “limited denial of participation” list and the federal ”general services admin” list.

Some folks were curious about the 3 investor groups that represent buyers who want to buy homes at the foreclosure auction like the one we watched in class..

Those companies are: Vestus, Foreclosure Resolutions NW, and RE Investment Firm.

Here’s my youtube channel in case you want to watch a more recent foreclosure auction where I interview the above three investors about rumors I had heard that some lenders were cutting the opening bids a few days before the auction.

and here’s the most recent story about mansion squatters on the eastside.

CR updates the unofficial problem bank list every Friday night or Saturday.  Check out the embedded excel. Is that cool or am I too easily entertained?

Also, there is widespread media reporting tonight on Michale Hellickson’s license suspension.  Here are the KIRO and Seattle Times stories.  and the FBI indicted several on the eastside today on mortgage fraud.

Thanks for being such a great group of students for my first day back at work after my surgery!