Weekly Twitter Digest (Link Roundup) for 2010-10-30

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.


  1. 1

    Funny that the first item is something the Times published twice, and that this news summary also appears twice! Maybe I should post this twice too! ;-)

  2. 2
    The Tim says:

    RE: Kary L. Krismer @ 1 – Ba-dum ching! The difference is I fixed mine within a few hours. ;^)

  3. 3

    On the ZipRealty thing, it would be really pointless if they don’t exclude short sales. I don’t know whether or not they do, but one of the biggest problems with short sales is agents who drop prices far below what a bank would possibly accept.

  4. 4
    ray pepper says:

    3. Prove that the bank has the original mortgage note before beginning foreclosure processes.

    The group requested a response in writing within a week.

    Comical if it wasn’t so tragic. Homeowners and investors continue to save more and more while “Moratorium” exists. Day of destiny gets delayed while people save and save.

    The homeowner trying to “unload” better pray for mercy from the FED because they simply will not have a chance going up against the unyielding amount of foreclosures in the coming years. The answer? *****Mortgage Cramdown..aka….Principle Reduction*****If its not done we go nowhere but down down down.

    Bank on it!

  5. 5

    RE: ray pepper @ 4 – Just to remind people, if you have an 80/20 loan (or some other junior lien), and the 20 does not attach to any equity because the property is worth less than the amount of the 80, most bankruptcy courts allow the debtor to “cramdown” the second loan and treat it as unsecured debt in Chapter 13 cases. Consult a bankruptcy attorney if that is your situation.

  6. 6
    Jillayne says:

    Here’s another reminder for Ray and all.

    In June of 2009 the Wa State Legislature updated the Deed of Trust act to require lenders to declare that they hold the note before foreclosing. However, this only applies to loans made between 2003 and 2007.

    This link opens a PDF of the bill as passed. See page 11:


    The bill (among other things) added 30 days to the foreclosure timeline in WA state and makes lenders prove they tried to contact the homeowner to offer mitigation (loan mod, short sale.) This is why the NTS and Trustee Deeds show the odd spike in June of 2009 that Tim keeps reminding us about.

  7. 7

    RE: Jillayne @ 6 – I’m not going to look, but although parts of that act apply only to certain deeds of trust, I think this part (declaring holding the note) would apply to all deeds for trust.

    One thing that was also amended was the duties the trustee owes to the debtor, and not in a good way. A few years ago trustees owed fiduciary duties to the debtor, now less. One attorney that responded to me on my piece about the recent “bizarre” case decision pondered whether that would affect the “shortcut” problems with foreclosure.

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