Team Thayer Property Servicing

It's just human nature to simply want to  understand  things, especially important things (such as  your home mortgage ), so in this post we're going to explain what generally happens after you buy or refinance a home and why your loan may be "sold". First of all, the vast majority of  mortgage lenders  will only fund loans that either "conform" to Fannie Mae or Freddie Mac underwriting guidelines (these are called conventional conforming loans), OR meet the minimum standards set forth by FHA, VA, or USDA (these loans are backed by the government with "insurance" or a limited "guarantee" against default). By only funding these  types of loans , rest assured the mortgage lender can turn around and sell the loan to Fannie Mae, Freddie Mac, or Ginnie Mae (Ginnie Mae typically buys government loans).  But what does it mean to "sell" a loan? First, we must must take a step back and think about what a mortgage loan actually i...

If you have been served with a summons and complaint for foreclosure then you are in the Judicial Foreclosure Process.  It is possible to know exactly how the process is progressing along.  You should be served with notices etc. but what if you don't know what these notices indicate.  What if you get a notice showing that the bank filed a "motion for continuance"  That may not tell you anything but it tells us a lot.  Everything that has happened in your case is also entered on your case register on the Oregon Judicial Information Network (OJIN).  An attorney can review your case register and explain to you what is happening in your case, what the major landmarks are, and where you are at in the process.  I will explain the basics below but I encourage you to contact us for a free copy of your case register.  We would be happy to explain it to you and hopefully give you some peace of mind.  We also provide case registers to real estate profe...

Oregon saw an increase of about 25 percent in foreclosures in January 2014 compared to January 2013.  In Lane County, 43 households received some sort of foreclosure notice last month, with about half of these being bank repossessions, according to RealtyTrac. State legislation passed in August 2013 temporarily decreased foreclosures by limiting lenders ability to file foreclosures until they and the borrower went through a legislated mediation process. That mediation process was expected to take about 60 days, but in reality is taking six months or more. Many of those properties will still end up in foreclosure, once the mediation process is completed. This is purposed to bring  filings to increase to early 2013 levels. The market went through a buyer surge as many  who had waited to purchase until they felt safe. This happened in mid Jan 2013 and pe aked in mid Aug. After any market  surge there will always be a decline.  This decline was    in...

Oregon with it's  second-tier cities should lead the west coast recovery this year Investors, developers and builders are losing some interest in the so-called 24-hour gateway cities -- San Francisco and, Seattle  -- and have developed more interested in cities like, Portland, &  Eugene,  where there are more housing deals to be had. Example:  2011 only New York City and Washington, D.C. had good prospects for real estate investors and developers, according to the ULI report, but now Austin, Boston, Dallas, Houston, Miami, Orange County, Portland, San Francisco, San Jose and Seattle make that list -- and D.C. actually dropped out. Now narrow this field down to the west coast and Oregon appears to lead the way in potential for 2014 housing deals Real estate recovery stilTl hinges on job growth The     slow pace of job growth as well as income and wage growth is still holding back the real estate recovery and that's not likely to ch...

If your house is sold at auction or is transferred to the lender and the amount for which it was sold or transferred is not enough to cover the balance of your loan, the financial institution, with certain exceptions, may have to cancel or forgive the balance between the fair market value of the house and the amount you owe. This balance or deficit is also known as "cancellation of debt." The institution will file the applicable IRS forms with the amounts owed and other relevant information. You will receive a copy of the applicable 1099 forms in reference to the amount "forgiven." With certain exceptions, you may have to include this amount as part of your income when you file your income taxes. Talk to a tax adviser about the potential impact on your tax filings.     The "Mortgage Forgiveness Debt Relief Act," which amemded the Internal Revenue Code, provides with additional exclusions for some homeowners who lost their homes, if occupied as their prima...

If a mediation service provider sends you a notification about your right to have a meeting with your lender’s representative, act immediately. The first step: Meet with a certified Housing and Urban Development (HUD) nonprofit counselor within 30 days after receiving the mediation notification form. The notification of your right to a mediation meeting will include information for the Lawyer Referral Services of the Oregon State Bar and providers of low-cost legal services. The form will include a list of options to avoid foreclosure. Even if you are not currently in the foreclosure process, you can also request a mediation meeting with your lender, if you were 30 days late on your loan payment at least one-time and your financial situation will likely not improve. You can request a mediation meeting by using a form available from a mediation service provider approved by the Oregon Attorney General.  You will also be notified about the documents you need to bring with you to t...