Mixing Detainer Actions and Foreclosures
In Davis v. Williams, 2011 WL 335069 (Tenn. Ct. App. Jan. 31, 2011), the Court of Appeals held that, under the facts of that case, a post-foreclosure detainer action can serve to defeat a wrongful foreclosure lawsuit.
By Foreclosure Fiasco 2010
This is my take on the causes of the new foreclosure crisis, its current status, and where things might be headed.
First, the foreclosure crisis in the news in recent weeks is continued fallout from the real estate bubble that contributed to the recession we have been experiencing. From the Wall Street perspective, there was a boom in the value of mortgage-backed securities. These were large bundles of regular mortgage loans that were used as collateral to back up heavily traded securities. So, an investor could own part of a portfolio consisting of a large number of smaller loans. These portfolios were traded extensively in the years leading to the crash.
Are Housing Prices Stabilizing?
One term coined in this downturn is “shadow inventory.” The concept is meant to reflect the idea that there are distressed residential properties that will surely be coming on the market in the near future, and these properties may exert a downward pressure on prices. Tracking shadow inventory can provide insight into whether prices are stabilizing.
New Tennessee Foreclosure Deficiency Law In Effect on September 1, 2010
In this era of decreasing real estate values, it is common for a lender still to be owed money after it forecloses on a piece of real estate. Often, when a lender sues the borrower to collect the deficiency balance, the borrower claims that the lender sold the property for too little at the foreclosure sale. The borrower’s logic is that, since the lender sold the property for too little, the borrower should not be held responsible for the full deficiency.
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