The LA Times reports that: [m]ajor banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations. The requirement to allow so-called short sales would be in addition to forcing mortgage ...
Sales of previously owned homes dropped 9.6% in February and prices fell to their lowest level since 2002, reflecting a continued slump in the U.S. real estate market. The National Assn. of Realtors on Monday said home resales dropped to an annual rate of 4.88 million from an upwardly revised 5.4 million in January. The data is seasonally adjusted. Economists surveyed by MarketWatch expected sales ...
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance on a primary residence that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of ...
The W.P. Carey School of Business at ASU recently reported that in January and February 2011, foreclosure sales in the Phoenix area shot up to 43% of all transactions that occurred in those months. That rise is up from 30% in the final months of 2010. Out of 8,500 single-family home resale transactions in February, more than 3,600 were foreclosures. The median price for a single-family home in ...
The goal in interpreting a statute is to find and give effect to the intent of the legislature. Mail Boxes, Etc., U.S.A. v. Indus. Comm'n, 181 Ariz. 119, 121, 888 P.2d 777, 779 (1995). In determining the legislative intent, the court must first look to the language of the statute. Canon Sch. Dist. No. 50 v. W.E.S. Constr. Co., 177 Ariz. 526, 529, 869 P.2d 500, 503 (1994). If the statutory language ...
Adam Decker and Aaron Finter will be presenting current legal trends in the real estate law at Great American Title Agency, Inc. on April 1, 2011, at 11:00am for a luncheon. Please coordinate with Schern Richardson Finter Decker, if you plan on attending. We would love to see you there. Email Adam at adam@finterdecker.com or Aaron at aaron@finterdecker.com if you plan on attending.
The Federal Trade Commission recently imposed a new rule on those companies providing mortgage relief to homeowners through short sales, loan modifications, and other mortgage relief options. The FTC issued the Mortgage Assistance Relief Services (MARS), Rule 16 C.F.R. 322, to prevent consumer abuses by sham companies claiming that, for a fee, they will negotiate with the homeowners' lender to ...
