Hi Everyone,
Wow, what a fun class today! Here’s the follow up:
Here’s the story from the L.A. Times about the FBI filing criminal charges against 1200 people today for mortgage fraud.
There were several questions regarding Homeowner’s Associations and how many month’s worth of dues they can force the lender to pay after foreclosure, and how a HOA can pursue the former homeowner for unpaid HOA dues. There is LOTS to read on this page so slow down and read the whole thing if you’re one of the students who had a high interest in understanding this issue. Take a look at number 11:
(11) Except as provided in subsection (3) of this section, the holder of a mortgage or other purchaser of a unit who obtains the right of possession of the unit through foreclosure shall not be liable for assessments or installments thereof that became due prior to such right of possession. Such unpaid assessments shall be deemed to be common expenses collectible from all the unit owners, including such mortgagee or other purchaser of the unit. Foreclosure of a mortgage does not relieve the prior owner of personal liability for assessments accruing against the unit prior to the date of such sale as provided in this subsection”
Read number (3) to confirm the “six month rule” regarding homeowner’s dues the foreclosing lender is liable for. And here is the condo statute.
I didn’t find the news story in the Seattle Times about utility companies (PS Energy?) being able to only collect 4 month’s worth of utility bills (with the rest being covered by us) against a foreclosed homeowner. If anyone has a link to that story, please post it in the comment section.
Here’s a link to the mortgage delinquency stats charts we looked at during the first hour of class.
Here’s a link to the most recent “unofficial troubled bank list” courtesy of CR. Which WA bank will fail next…will it be Sterling or Pierce Commercial Bank? BTW, PC Bank has the highest FHA default rate of out of all WA State FHA lenders with 17 percent seriously delinquent loans. Want to check your favorite lender’s FHA default rate? Choose “all lenders” and then search only by WA State.
Here’s a link to REO-Insider.
I had a request for some suggestions on REO software. Check out TazaREO. Salesforce software has an REO add on, but be sure to read the fine print and check to see if there are any hidden charges to add on the REO templates.
Someone asked me at break about ideas for how to learn to do BPOs. I recommend taking appraisal courses. North Seattle CC has courses like this. It looks like BCC has really stepped away from offering many appraisal courses. The Appraisal Institute offers the most classes (classroom style.) Follow the link on the left that says “education” and select Wa state, etc.