Talon Northwest Neighborhoods

Washington State's "Foreclosure Fairness Act" Q&A

Washington State's "Foreclosure Fairness Act" becomes effective July 22nd, 2011. This recent legislation creates a foreclosure mediation program available for all current and future WA State homeowner's in risk of losing their homes.

As with most legislation, you need a translation of the legalese to gain a clear understanding for what it all means.

There are a few pamplets hitting the web from the state's Department of Financial Institutions as well as this well written Q&A from a reputable law firm to put it in plain english for the rest of us!

Can't wait to get started with the July 4th festivities? Start with the 3rd!

I must admit that the 4th of July holiday is one of my favorite events of the year. A great way to get the party started early is to head on over to Poulsbo by either land or water and soak up the fun a day early! Festivities begin around noon on the waterfront with assorted bands and a rock'n street fair. The scene on the water goes on all day and night with hundreds of boats anchored out in Liberty Bay carrying on and forming "dingy congo lines" (it's a must see that my kids still talk about!).

The final act starts at 10:00PM with a spectacular fireworks display that lights up the whole bay. Have a safe holiday everyone and I hope the weather forecast stays sunny! Uff da

How to get there

 

Loan Modification Scams- Don't Be a Victim

A client of ours asked us to do some research on a particular property for a new listing.  His main concern was that his seller paid a local company to negotiate with their lender since they were behind on their payments.  The client of ours was told that by the seller that the 1st mortgage of record should have had a full reconveyence recorded recently, which would mean the difference between a short sale and a more favorable resale transaction.  

When looking at the chain of title, there was indeed a full reconveyence recorded for this deed of trust. Good deal, loan is released, no short sale, and case closed.  

Or...

Digging deeper, we discovered some strange circumstances surrounding the reconveyence that you don't typically see.  Filed 40 days before the reconveyence, a "Notice of Default" document was recorded. This document claimed that a proof of claim request sent to the lender and servicer had not been responded to within a specific time frame and were in default and without recourse.  

An amendment to said deed of trust was also recorded 2 weeks prior to the reconveyence.  It amended the trustee, beneficiary and lender on the deed of trust to another independent 3rd party not associated with the lender or servicer.

Guess who recorded the full reconveyence that we talked about above?  If you answered the new trustee from the amendment, you'd be right.  

If you guessed that this deed of trust isn't really paid off, you'd be right as too.  The lender still has lien rights against the property, regardless of the fraudulent documents recorded.

If you know someone who is contemplating using a service like the one mentioned above, make sure they do their research first.  Washington State's Department of Financial Institutions has some great information regarding this type of loan modification scam and others.  Make sure they do their research on the company, don't sign any documents or deeds, and that they don't pay a huge upfront fee.  You may end up not getting what you thought you paid for.

 Thanks everyone, and be careful out there,

 Photo courtesy of SMJJP

Title Insurance - more important than ever

Every so often, the American Land Title Association sends it's members "ready made" articles detailing the need for title insurance.  We wanted to share this latest article for anyone that would like a clear, well written piece that explains what it is and why buyers and sellers need it... especially in light of the times we're presently experiencing!

 

Title Insurance Vital to Protecting Homebuyers

As recently as this summer, some questioned the use of title insurance, suggesting it was an unnecessary expense when purchasing a home. Yet over the last few months, reports that paperwork in the foreclosure process could be invalid have raised questions about the validity of title to foreclosed properties and sparked fear that homeowners who purchased in good faith could possibly lose their home.

Today more than ever, consumers are reminded that in order to have peace of mind, they should purchase an owner’s title insurance policy whenever they buy a home. This is especially true when buying a property that has been foreclosed. Anyone who purchased an owner’s title insurance policy when they acquired a foreclosed property will be protected if ownership issues arise due to a lender’s foreclosure documentation practices. An owner's policy provides assurance that your title company will stand behind you if a covered title problem arises after you buy your home. The bottom line is that your title company will be there to pay valid claims and cover the costs of defending an attack on your title. Title insurance compensates and provides legal representation to real estate owners and lenders against any financial loss that might arise because of undiscovered liens, encumbrances or defects in the title to the property.  These defects can result in total losses, where a defective foreclosure or forgery means legal title is not actually conveyed, or they can result in partial losses where a neighbor’s garage or fence encroaches on the insured property...

 

link to the complete article in pdf format... Title Insurance

 

 

Have you been ICED yet? Please do!

Many of us don’t leave home without our cell phones. They have become a lifeline intimes of crisis, ranging from simply being late and being able to phone ahead, reporting accidents, to reuniting families and friends who have been separated by unforeseen events.

Should the worst ever happen, a campaign called I.C.E. (In Case of Emergency) is

taking hold across the globe. Fire, Police and EMS are asking people to program their

emergency contact information into their cell phones.

The idea is to store the word ICE in your mobile phone address book and enter the number of the person you would want to be contacted in case of emergency. For more than one contact name ICE1, ICE2, ICE3, etc. could be used.

This enables ambulance and hospital staff to quickly find out who the next of kin are and be able to contact them. This could save a life, or put a loved one’s mind at rest. Not only does it help emergency workers identify a person if they come upon them unconscious, it also helps identify the owners of lost cell phones.

 

It is also advised to carry an identification card in your purse or wallet in case your cell phone is not in your possession. Information via Talon's Account Mananger, Sherrie Reed

Wishing everyone a safe and happy Memorial Day

The Talon Group will be closed Monday May 30th 2011 in observance of Memorial Day.  We hope that all of our valued clients and friends have a safe holiday weekend (along with hopefully some good weather!).  

For the more curious, here are some history regarding Memorial Day.  I found it particularly interesting that recent bills have been brought before congress to change the date of the holiday.  

Thanks everyone,

 

Photo courtesy of seanmcmenemy

 

Come Learn About Short Sale Fraud and Get Clock Hour Credits to Boot!

Are recent study has found that 1 in every 52 short sales are "suspicious".  Come learn what to look for, and earn clock hours as well!  The Talon Group is hosting a clock hours class on Wednesday June 29th. Space is limited, so please register soon to reserve your spot.

Click Here to email us to reserve your spot

Location:2913 5th Ave NE Puyallup Wa (across the hall from our Talon office)

View Larger Map

Date: June 29th, 2011 Wednesday

Time:  9am to 1pm

Cost: $54 for 4 Clock Hour Credits

Speaker: Jillayne Schlicke

Stay in the know and protect yourself and your clients.  I look forward to seeing you there!

Thanks everyone,

Sherrie Reed joins Talon as Seattle's newest title insurance Account Manager

The Talon Group is excited to introduce our newest asset to Seattle area real estate professionals! Sherrie Reed will be joining our Seattle sales team on Monday, May 16th.

Many real estate veterans will remember Sherrie from when she supervised Property Information departments in King and Snohomish counties from 1991-2002. Since then, Sherrie dramatically increased her expertice in our industry. Before moving back to Seattle, she performed the duties as President of a family owned title agency providing services across seven southern states! 

Sherrie pactices what she preaches when it comes to the value of education and networking. She is certified to teach several Washington State clock hour approved courses including 1031 Exchange, Title Insurance, Escrow Processes, and Sales & Marketing. Business To Business networking is another avenue that Sherrie believes is essential to building strong ties in a competitve market such as Seattle.

We're confident Sherrie Reed's qualifications will prompt you to raise the bar for what to expect from a title & escrow representitive.

  

 

Title Insurance ROCKS!

At The Talon Group, we take your compliments seriously.  Watch Chief Title Officer Daniels as he reacts to a recent tweet sent by a another happy client from the Seattle area!  

 

 

You never know just how much positive impact your compliments may have on someone...

Do you still Lick, Stick, and Drop?

In recent conversations with some of my clients, I was actually surprised to learn that many are still using hard copy labels, printing their own postcards, licking and sticking labels and stamps, and manually mailing out these postcards themselves.  Don't get me wrong, if you prefer doing that and it's working for you, by all means continue.  However, there are alternatives which will save you time, energy, and money.  

Expresscopy.com is a company we've long referred people to, since they do a great print job and have very reasonable prices that include postage.  You can use one of their postcard templates, or upload your own. Our customer service department has the ability to email your custom farm data directly to expresscopy as well, which can print the names directly on the postcard for you.  

We've worked with other companies in the local Puget Sound area as well, so if you have a preferred print company you work with just let us know who that is and how we can contact them.  We're very flexible and know the right questions to ask in order to get your farm done correctly the first time.

If your brokerage has an in house person doing these mail outs for you, let our customer service department know.  We can email the farm data directly to that person, which will save you the delivery time of hard copy labels.  

Have you been thinking about converting your hard copy marketing to an E-marketing campaign?  If so, the Talon Group has a program designed to make life easier for you to stay "In Touch" with your database.  You choose (and pay for) a template and set up a campaign schedule designating when the emails are sent.  

Talon's customer service department is here to answer any questions you may have, and can help you streamline your farming process to allow for more time for other activities.  Just call us at 425-455-3400, or email us, and we can talk about how to save you some time!

Thanks everyone,

Photo courtesy of matthewspiel