Have You Faced Deficiency Judgment?

Have you faced a deficiency judgement on a home you lost to foreclosure? A global cable TV network is looking for Seattle-area borrowers who have been through the process of a deficiency judgment for a story they’re working on. If that’s you and you’re willing to talk about it for a television business show, contact […]

Undocumented Shadow Inventory Scarce in King County

Undocumented Shadow Inventory Scarce in King County

Don’t worry: This will be my last post about the shadow inventory issue for quite some time. In last Friday’s post about shadow inventory, “Haybaler” shared a great link in which Calculated Risk reported LPS delinquency data for September. This data addresses the main complaint some of you have raised about my previous analysis of […]

Shadow Inventory Gut Feelings, Rumors, & Anecdotes

A number of you took issue with my data-backed claim that foreclosures are proceeding in a normal, orderly fashion and shadow inventory is a non-issue in the Seattle area. Your main objection seems to be based on a belief that there are large numbers of homes with mortgages that the borrower has stopped paying months […]

“Shadow Inventory” Conspiracy Theories Are Nonsense

“Shadow Inventory” Conspiracy Theories Are Nonsense

For some reason, a couple weeks ago the Seattle Times website featured a syndicated article about RealtyTrac’s “Vampire REO” nonsense, which in addition to being a completely worthless bit of non-news, was already weeks old when it appeared on the front page of the Seattle Times website. In the comments to the article I did […]

Can Banks Seek Deficiency Judgment in Washington State?

Over the weekend the Washington Post published a story about former homeowners who find themselves owing money on a home they lost to foreclosure years earlier: Lenders seek court actions against homeowners years after foreclosure. It’s a process called “deficiency judgment,” and it’s not really news to anyone who has paid attention to housing over […]

$75K Home Was Mortgaged for Nearly Half a Million in 2007

I like to keep tabs on what’s going on in my neighborhood, and when a little house a block away was listed for rent on Craigslist (screenshot) this week, I remembered seeing it as a foreclosure on the market for sale last year. I got a little curious to know some more about this home’s […]

Washington State Supreme Court: MERS May Not Foreclose Unless They Hold the Note

Jillayne pointed me toward an interesting Washington State Supreme Court ruling that was just filed today. It seems that according to the Supreme Court, Mortgage Electronic Registration System Inc. (MERS)—the popular service used by many banks to consolodate their mortgage filings—doesn’t have the standing to proceed with foreclosures in Washington unless they actually hold the […]