To the Students from the Foreclosure Class at PNW Realty Fed Way

Hi Everyone,

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

Seattle Bubble is required reading for my students. Nobody does Seattle area housing statistics better than Tim Ellis. Here’s a recent article tracking foreclosure stats, which SB does monthly for their readers. 

Here’s the recent story about Wells Fargo limiting short sales to only ONE foreclosure postponement.

Two new stories today about Foreclosure-Gate. First the JP Morgan conference call notes and second, a great piece by Tanta about lost note affidavits.

Here is a link to the HAFA website.

Here’s a link to a good article on how a foreclosure v. short sale affects a person’s credit score.

There was a request for a link to the IRS website outlining the Mortgage Debt Forgiveness Act and who’s debt forgiveness is taxable and who will have to pay taxes on their short sale debt.

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’s more info on the 90 day vacate rule on non-owner occ homes.

There was a request for a link to the article about a sheriff in Illinois who is refusing to evict foreclosed homeowners.

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

There was concern about a recent Washington State trustee sale that might have been “set aside” due to the recent foreclosure-gate scandals.  I found this recent WA State Supreme Court Opinion, posted just this past September. But this case doesn’t sound like it has to do with the MERS or robo-signing fiasco. Instead it sounds like sloppy loan servicing.  I’ll bet this is the one referenced in class.