Wow! I have been a real estate attorney for thirty years and for perhaps the first time a real estate legal issue is making the news: Can a first mortgage be refinanced or modified without the consent of the second mortgagee? President Obama unveiled his $275 billion housing bailout yesterday, the core of which is mortgage modifications or
In the real estate transactions world, we are operating in new territory. Buyers are nervous ("are we overpaying?"). Lenders are skittish ("are we overfinancing?"). Appraisers are ultra-conservative. And so on. It is for this reason that I have been suggesting to my clients for more than a year that the period between contract and closing --
We all focus on the headlines ... those prominent stories that dominate the front pages or first few minutes of news. As someone who has followed the current financial meltdown carefully, I find that I have learned much more from stories nowhere near the headlines. Here are examples from just the last day or two: (more...)
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