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Tag: settlement

American Chopper — Foreclosure Vs. No Foreclosure
By November 7, 2011 Read More →

American Chopper — Foreclosure Vs. No Foreclosure

So which is it: Was the Orange County Chopper world headquarters foreclosed or not? The answer as derived from the American Chopper TV show and public information is very simple: Both. Let’s start with foreclosure. It’s plain that a foreclosure action was initiated by the lender, the GE Commercial Finance Business Property Corp. The matter […]

Posted in: News
American Chopper — Family Values, Family Conflict

American Chopper — Family Values, Family Conflict

In the usual scheme of things a foreclosure is a pretty big deal, but on the American Chopper TV series it’s not much more than a distraction. Instead of mortgages, the bigger issue is family dynamics — in this case a father and sons with a lot of visible and verbal collisions, inter-personal disputes which […]

Posted in: News
American Chopper: Why Foreclosure Had To Happen
By September 13, 2011 14 Comments Read More →

American Chopper: Why Foreclosure Had To Happen

Like millions of property owners, Orange County Choppers has felt the sting of foreclosure and could be moving to smaller quarters. It’s a “business decision” says the senior Paul Teutel, speaking on the downsizing episode of the American Chopper TV series. You could see this coming for much of the past year. In November 2010, […]

Posted in: News
Morgan Stanley To Pay $102 Million For Mortgage Role In Massachusetts

Morgan Stanley To Pay $102 Million For Mortgage Role In Massachusetts

Massachusetts Attorney General Martha Coakley has announced that Wall Street titan Morgan Stanley will pay $102 million to settle for its role in creating a market for subprime mortgages in the state. The settlement includes $58 million to roughly 1,000 homeowners. “This has become an all-too-familiar pattern in which the deceptive practices of Wall Street […]

Posted in: Mortgages
FTC Does Mortgage Loan Audits

FTC Does Mortgage Loan Audits

Yesterday I criticized the Federal Trade Commission‘s view of mortgage loan audits. The idea was not to defend fraudulent loan audit practices but to say that the FTC did not provide an alternative for borrowers who face what may be unjustified and overblown mortgage claims. I said the public should use licensed and experienced attornies […]

Posted in: News
Can We Have A Paperless Real Estate Closing?

Can We Have A Paperless Real Estate Closing?

Given the widespread use of electronic devices for just about everything — and given the growing volume of ecommerce — it’s not unreasonable to ask if we can have paperless closings, events sealed with electronic signatures. For the moment and most-likely for a long time to come the answer is no. The problem is not […]

Posted in: Closing
What Makes A Foreclosure Settlement Different?

What Makes A Foreclosure Settlement Different?

When you purchase a foreclosed property from a lender the transfer process is largely the same as if the purchase involved property from a typical seller. Largely the same — but not the same. A closing, settlement or escrow is merely an accounting of who owes what to whom. Among the interests represented at the […]

Posted in: Foreclosures
Is Foreclosure Flipping Legal & Legit?

Is Foreclosure Flipping Legal & Legit?

If by foreclosure flipping we mean quickly buying and re-selling a foreclosed property bought from a lender then there’s no reason why such a transaction cannot be legal and legit. Think about stock. You buy stock in the morning and sell it in the evening. You flipped the stock. Does anyone care? No. Think about […]

Posted in: Foreclosures
Who Pays Foreclosure Closing Costs?

Who Pays Foreclosure Closing Costs?

To figure out who will pay foreclosure closing costs you first have to ask about the foreclosure discount in your area. In basic terms the foreclosure discount is the difference between the value of a home today and the value of a similar, but foreclosed or distressed, property. In many markets there has traditionally been […]

Posted in: Foreclosures
How To Read The HUD-1

How To Read The HUD-1

Since January 1st, 2010, all real estate transactions have been settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction. The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — […]

Posted in: Closing