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 The Home Affordable Modification Program

Buyer BewareAnonymous writes "The Home Affordable Modification Program's Tiral Period Plan - or trial modification - is/was a temporary "agreement" that gave the borrower an opportunity to temporarily -- three months- to reduce his/her monthly payment while the loan servicer determined whether the borrower qualified for a permanent loan modification. During the trial period, the servicer would not consummate a foreclosure sale of the property unless it determined the borrower did not qualify for a permanent loan modification. There was no assurance the borrower, who qualified for a trial plan based on stated/reported income, would qualify for a permanent loan modification. If anything, the trial period merely (a) gives the borrower a three month reprieve, or (b) gives the servicer an additional three months to determine whether the borrower qualified for a loan modification. "

Posted by david on Wednesday, August 25 @ 15:57:53 MST (40 reads)
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 Home Warranty Companies' Payments to Real Estate Brokers and Agents

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Home Warranty Companies' Payments to Real Estate Brokers and Agents

June 25, 2010 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 3500

[Docket No. FR-5425-IA-01]

Real Estate Settlement Procedures Act (RESPA): Home Warranty

Companies' Payments to Real Estate Brokers and Agents

AGENCY: Office of General Counsel, HUD.

ACTION: Interpretive rule.

-----------------------------------------------------------------------

SUMMARY: Under section 8 of RESPA and HUD's implementing RESPA regulations, services performed by real estate brokers and agents as additional settlement services in a real estate transaction are compensable if the services are actual, necessary and distinct from the primary services provided by the real estate broker or agent, the services are not nominal, and the payment is not a duplicative charge.

A referral is not a compensable service for which a broker or agent may receive compensation. This rule interprets section 8 of RESPA and HUD's regulations as they apply to the compensation provided by home warranty companies to real estate brokers and agents. Although interpretive rules are exempt from public comment under the Administrative Procedure Act, HUD nevertheless welcomes public comment on this interpretation.


Posted by david on Wednesday, August 25 @ 15:03:20 MST (47 reads)
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 DEEDS; REFORMATION: A Case of Ultimate Chutzpah

Buyer Beware

DIRT DEVELOPMENT for Wednesday, February 10, 2010
Daniel B. Bogart
Donley and Marjorie Bollinger Chair in Real Estate Law
Chapman University School of Law
Orange, California


DEEDS; REFORMATION:  A Case of Ultimate Chutzpah. Court denies request of incarcerated Father to reform deed of farmland to Son and Daughter to reflect a life estate in Father; Father had unclean hands because sole purpose of transfer was to evade government acting as creditor.

Hardy v. Hardy, 910 N.E.2d 851 (Ind. Ct. App. 2009)

Hardy is interesting because it demonstrates the brazen way in which a person clearly undeserving of equitable relief audaciously asked for it anyway, and then took his outlandish request up on appeal. It is a reassuring case because the party requesting equitable relief lost.

In this case, a Father owned approximately 80 acres of farmland in Indiana. This property included his residence. Father apparently faced an assortment of criminal charges related to both tax evasion and methamphetamines. On October 15, 2004, Father "purposefully conveyed seventy acres of his farmland to his Son and Daughter as joint tenants with right of survivorship." The court noted that the probable reason for the conveyance was the possibility that Father would soon be convicted of crimes that would lead to forfeiture of his land, significant fines in two states, a federal tax lien on property, and incarceration. In other words, the conveyance was meant to deprive state and federal governments, in their capacity as creditors, of assets that might satisfy the respective fines and debts.

In fact, Father was convicted and sent to the Big House in June of 2005 (actually, two Big Houses - first in Oklahoma and then Indiana, consecutively.)


Posted by david on Thursday, February 11 @ 12:13:23 MST (485 reads)
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