In an effort to “clarify and streamline” the foreclosure mediation process in Nevada, the Nevada Supreme Court has updated the rules of the Nevada Foreclosure Mediation Progam (FMP)[1]. Chief Justice Michael L. Douglas emphasized that “periodic revisions…have always been anticipated…to ensure that the program works for those who need it and use it – both homeowners and lenders.” The rules changes include clarification on forms to be provided, deal with how temporary modifications are handled and require that homeowners be given a date to vacate the premises when they agree …

A Texas entrepreneur singlehandedly raised nearly $8 million dollars to fund two commercial investments in New Mexico and Texas, which would have been impressive if the money had gone to building the large-scale retail development projects that he was pitching to would-be investors. Unfortunately, instead of building retail space, he spent most of the investment capital on “expenditures unrelated to the two projects” and now faces up to a total of 200 years in federal prison[1]. The 68-year-old man, Eric Brauss, who was indicted late last week, was indicted on …

Oregon’s legislature must be fed up with all the brouhaha surrounding mortgage assignments because Senate Bill 663 in that state would prohibit “the sale, assignment, conveyance or transfer of the loan or right or obligation to service the loan” for five full years after the closing date[1]. The Oregon Senate Committee on General Government, Consumer and Small Business Protection sponsored the bill. Not surprisingly, this extreme proposal has elicited some extreme responses, and many fear that if it passes, it would decimate the Oregon economy. Bill 663 would effectively tie …

Just when you thought that you had a handle on the scope of the problems presented by 2010’s robo-signer debacle and subsequent ForeclosureGate, turns out that the paperwork fiasco is also contributing to the growth of negative equity around the country[1]. According to a report from Zillow, “Accelerating home value declines, as well as a slowdown in the nation’s foreclosure rate following the late-2010 robo-signing controversy, contributed to an increase in negative equity.” Basically, when foreclosure delays started to pile up, more and more borrowers went “underwater” instead of ending …

Bidding at a real estate auction can be complicated and intimidating, but it becomes even more so – and actually frightens a lot of would-be investors off entirely – when the issue of bid-rigging comes into play. A major issue in today’s real estate auction arena is that of “bidding rings” or “clubs” of bidders who all agree ahead of time to put competition aside until the auction is over in order to keep prices artificially low. At first, this might seem harmless. After all, if businesspeople get together and …

In the Detroit area, a record tax auction in October 2010 sold 4,300 properties and got those properties off the books and helped the city recoup staggering losses causes by the non-payment of property taxes. Sound like a success? Absolutely not, says Maggie DeSantis, president of a local non-profit development corporation. “[We’ve] got to make it so onerous to speculate [in property],” she explains, “and we have to do it now”[1]. DeSantis and others like the mayor of Detroit, Dave Bing, who believe that “shrinking” the area of Detroit is …

According to an article in the Florida Bar Journal, the Florida Bar Association considers it an attorney’s responsibility to notify judges of potential foreclosure fraud when working on foreclosure cases – even if the property has already been foreclosed upon and even been sold at auction[1]. The types of fraud particularly noted are “robo-signed affidavits and forged notary stamps.” Given that in the 1.2 million foreclosures filed in Florida since the beginning of 2007, “tens of thousands of forged signatures, backdated documents and other problem paperwork” have been detected already, …

CHICAGO, IL (rejournalonline.com) The knowledge that one investor uses to buy property TODAY at low prices without his cash or bank loans to be revealed for the first time on the air
Oak Brook business owner and successful Real Estate Investor Tony Severino will be hosting a weekly radio show on AM 560 WIND. Tony and his wife Lisa have been buying real estate for over 15 years and are going to be bringing this knowledge and experience to the airways each week Sunday mornings @ 9 am
Tony Severino, and his …