Foreclosure

Projected Loss Severity Of A Foreclosure-both 2010 & 2011

Short sales are probably going to be the loss mitigation method of choice.  When you look at the loss severity of a foreclosure, you can see why some other method might be preferable.  Look at the Fitch ratings report here and see for yourself.  This may be useful information when negotiating with the banks and servicer.

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Foreclosure

Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs

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Foreclosure

Foreclosure resource page

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Foreclosure

Legal Details You Need To Know About REO

By Robin Wardzala

With the housing slump, followed by the recent subprime market meltdown leaving a flood of foreclosures in its wake, lenders, brokers and agents have tried to rebound with real estate-owned (REO) properties. But breaking into the distressed property or REO market is difficult unless you know the ropes – and the competition for foreclosures, today, is fierce. Just ask Steele V. Propp, foreclosure specialist/loss mitigation consultant, for the Bank Owned Property Division of the Minneapolis-based Schatz Group, GMAC Real Estate.

“Last year, the Minneapolis-St. Paul area had an inventory of 600 foreclosed homes at any given time, and this year we will easily reach 900 homes,” Propp said.

“The days of only inner city broken down properties are over,” he said. “Some foreclosures are in gated and golf course communities. Anyone can have financial problems and a lot of people live close to the edge.”

“Being an REO agent seems to be the latest fad in real estate,” said Propp, a 26-year industry veteran who knows the ropes. “Everyone and their Dad have been asking about it.

“And recently a number of the guru real estate agent trainers out there have jumped on the bandwagon with so-called wonderful course material for becoming a foreclosure agent specialist,” he said. “I get e-mails everyday from these gurus who hawk their books and seminars about making a fortune in foreclosures.

“I am a bit leery of these ‘specialists’ since most seem more about you paying them money,” he added.

Break in with BPOs

“For the most part, the best way to get noticed is to offer to do the grunt work of the foreclosure industry — performing Broker Price Opinions or BPOs,” Propp said. “Agents who do this on a regular basis tend to get noticed.”

Harry C. Richardson, an independent broker and Realtor based in Albuquerque, said, “There is no substitute for experience.”

But prior to six years ago, Richardson had little experience in the REO market.

Although New Mexico has not experienced the housing market lows and highs of the Florida, California, Michigan and Ohio markets, Richardson read the signs and saw a bright future in the REO/foreclosure business.

To get a foot in the door, Richardson googled asset management companies and e-mailed BPO hiring managers for a chance. After six months of performing BPOs, he struck out on his own.

“It is important to accurately place a value on the asset (property) because the person (or bank) holding the REO is relying on you,” Richardson told Real Law Central.

Just like anything else, once you build a good reputation, word gets around.

FNF steps up

In August 2003, Fidelity National Financial launched its Web site dedicated to marketing bank-owned properties. BuyBankHomes.com opened with 7,000 REO listings which has grown to more than 25,000 post-foreclosure properties, thanks to Fidelity subsidiary Fidelity National Asset Management Solutions’ (FNAMS) relationships with 22 lenders and thousands of REO brokers with relationships to other lenders.

BuyBankHomes.com recently featured more than 400,000 bankruptcy listings and nearly 230,000 post-foreclosure properties. At the same time, RealtyTrac offered multi-state searches for 550,000 foreclosure properties, and reported that one out of every 886 homes in the nation are in some phase of foreclosure.

Last year, Tom Di Mercurio, a veteran specialist in defaulted properties, launched Mercury Alliance which works with lenders in 15 U.S. markets dealing with homes, condos and other properties that go south.

Any significant increase in interest rates triggers a rise in lender-owned properties for resale – and opens the doors to more foreclosed homes, Di Mercurio said.

A rose by any other name

“There are no special legal requirements except to be licensed in the state jurisdiction in which you operate,” DiMercurio told Real Law Central. “A broker is a broker is a broker. It’s the same with a buyer’s agent.”

Be an aggressive, hard-working agent, he advised, adding that by law, all listings are the property of the ‘broker.’

“The documentation in typical residential mortgages and foreclosures/REOs should be similar, but since we are involved with the removal and elimination of property rights, there is a formidable body of civil law to protect owners/borrowers from the elimination of their property rights,” he said.

“Most residential brokers/agents seldom deal with eviction and cash-for-keys or the problems associated with a ‘botched’ foreclosure – where all the regulations have not been scrupulously followed,” Di Mercurio said. “Otherwise, not much is different.”

Rather switch than fight

The switch from traditional residential properties to REO’s does demand a different mindset, and you must cater to the schedule of the lender or client, he said.

“Doing REO’s is a 24/7 job including property management which gives rise to custodial liability,” Di Mercurio said. “After two years of operating, I am just now opening a ‘regular’ side to my REO brokerage with buyer’s agents and non-REO sellers’ agents.

“Understanding the deliverables of lender clients is a must – and while 90 percent of it is the same, managing the 10 percent difference can be difficult,” he said.

Wanted: Superhero

“What asset managers want is a cross between Superman, Wonder Woman and Spider Man,” Di Mercurio said. “REO agents become the eyes and ears of their clients.

“Too often, asset managers settle for easy things like inspections and BPOs on time rather than a thoughtful analysis of what the broker’s market intelligence and experience tells us about a property or a market,” he said.

“Asset managers should encourage a healthy dialogue of marketing ideas and be open to criticism,” Di Mercurio said. “If appraisers were always correct – or even often correct on REO’s, then formulating a listing price could be a computer program. Setting a list price is more art than science.

“What REO brokers want is a seller treated as a partner,” he said. “We want to know that someone is listening to us and that we are at the end of a long continuum that ultimately results in the liquidation of the non-performing asset.”

Waiting for payday

Unfortunately, “compensation is often only a possibility,” Di Mercurio said. “If listed too high and then re-listed with another broker, our efforts are all in vain. Brokers want some acknowledgement that we work very hard and sometimes in difficult situations for discounted commissions.

“For me, (the REO business) is a labor of love,” he added.

Di Mercurio recently offered a number of tips to agents and brokers trying to break into the REO market.

First, understand the basics before deciding to focus on the REO segment, he said. Everything about this business is time sensitive. The REO broker’s responsibilities are more similar to that of a relocation broker than a traditional residential brokerage.

There are many uncompensated activities required of an REO broker, and if a home does not sell in the normal listing period, it may be reassigned, Di Mercurio said.

Volume pricing has resulted in an average five percent commissions, he said, adding there is a host of services, responsibilities and liabilities assumed for the average two percent listing commission paid to the REO broker.

Most of Di Mercurio’s clients assign assets to him the day of the foreclosure sale, and these require a 24-hour occupancy check and weekly checks, thereafter, he said. Most properties are still occupied at the end of redemption, thus requiring extra work for the broker to negotiate with the tenant or former owner, attend lock-outs, obtain bids for repairs and supervise rehab, regular yard maintenance and winterizations.

Many lenders require the broker to arrange for pay and seek reimbursement within certain tight time frames, he said. The broker then becomes the “de facto” guarantor of the goods and services. Poor accounting will lead to losses in un-reimbursed legitimate expenses.

Brokers generally receive property assignment directly from the seller/lender or from a third-part outsourcing company which provides aggregated accounting, tracking, reporting, advice and evaluation to the actual lender or seller, Di Mercurio said. The actual owner of the property may have little or no say in how the REO properties are managed because of delegating those responsibilities under a servicing agreement.

Many REO properties are handled through government agencies, he said. HUD administers foreclosed homes under the FHA program; the Veterans Administration handles loans made to veterans where the mortgage has been foreclosed.

HUD and VA have different disposition models and strategies which offer equal access to licensed and certified real estate agents and brokers, Di Mercurio said. Fannie Mae and Freddie Mac handle their own foreclosed home inventory, both relying on the listing broker to provide the delivery of many of the property management services.

Many properties are handled directly by the REO Department of the bank, mortgage company or credit union and placed with the broker, he said. In this case, you need to be individually approved.

To be considered for these assignments, you must have either a sales agent or broker’s license in the state where you plan to sell these properties; have a minimum of three years experience representing one of more sellers, a minimum of $500,000 professional liability insurance and two to three client references, Di Mercurio said.

Find out how your asset manager contact is compensated, he advised. Many sellers or outsourcers skew the overall compensation package toward bonuses. A rollover closing from one month to the next may only seem like two days to you, but it may be the difference between no bonus and an outstanding bonus. Corporate sellers generally require 48 to 96 hours to execute and return closing documents.

If the property doesn’t sell while you are the listing broker, you only get reimbursed your expenses – and some lenders remove unsold inventory to a different broker — even if never priced accurately, Di Mercurio said.

REO brokers need a network of service providers from locksmiths, to yard and snow removal vendors, contractors and engineers, he said.

“On average, expect to advance approximately $600 per property depending on what specific services you provide,” Di Mercurio said. “Advances of $3,000 on a specific property, is not uncommon.”

A good, conservative, realistic estimate is to average your sales at a two percent listing commission, he said. If the typical REO asset sells for $50,000, can you make it worth your time to be on call 24/7 … to get a $1,000 check at the closing – if it closes.

“I personally know several REO brokers who professionally handle upwards of 300 REO sales a year for a net pay-out of $80,000,” Di Mercurio said.

Breaking in, hard to do

“Notwithstanding the foregoing “reality” checks, understand that prior to you opening your doors to declare your specialty, sellers/lenders had been receiving your service from some other brokers,” he said. “If just one of several brokers delivered competent service, it may be difficult to get an opportunity to show what you can do.”

It is one thing to read and understand a list of “deliverables”, another to organize a work flow which meets or exceeds the client timelines and other performance metrics, he said.

Make a complete and thorough application with whatever outsources or lender/seller has an open application process, Di Mercurio said. Think about how you can stand out in the crowd, what you can offer that no one has.

“If you are an experienced agent or broker, two or three well-written client testimonials that attest to your extraordinary handling of a difficult transaction adds credibility,” he said.

“If you serve one or more specific communities or an emerging market and speak a foreign language with sufficient competency to explain a real estate transaction, you bring additional value,” Di Mercurio said. “Highlight that value; market yourself.”

Then send a follow-up letter to the vendor manager in English and the other language you speak and add historic perspective and accuracy to a foreclosure and understand the client’s requirements, showing you will work to get the property sold, he said. If you can sell a well-priced conforming home in a demand market, the client will remember you for the substandard or condemned property.

“Ask to accept leftovers or the assets that didn’t sell with other agents – for whatever reason,” Di Mercurio said. “Ask for the problems and think and work toward a creative solution. The harder you work, the luckier you get.

“And don’t forget to own up to your own shortcomings,” he said. “Bad news travels best ahead of the catastrophe. If you could have handled something better, tell your client you blew it.”

Robin Wardzala is the editor of Real Law Central, the leading publication focused exclusively on real estate law as it applies to agents, brokers, managers and owners. Real Law Central tracks and analyzes changes in federal and state legislation, regulatory issues and compliance guidelines. Real Law Central also provides exclusive, in-depth reporting on new court cases and judicial decisions important to the industry. Real Law Central is a publication of October Research Corp, the premier national provider of real estate industry news and analysis.

Article Source: http://EzineArticles.com/?expert=Robin_Wardzala
http://EzineArticles.com/?Legal-Details-You-Need-To-Know-About-REO&id=606710

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Foreclosure

Understanding HAFA-What Is It & How It Works

This explains what the HAFA is and how it might work for you. This might work for people that are in distress and would like to try and avoid a foreclosure. Here is a link for additional information http://www.CDPE.com/hafa I work with homeowners who need help at this difficult time-let me know what I can do for you.

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Foreclosure

Owner Financing – The Foreclosure Process

By Craig Meriwether

One of the great parts of the owner finance home sale is the opportunity to work with the buyer in the case of financial problems. By creating a solution that works for both parties a home owner is more than likely to stay in the house and the loan holder will continue to receive monthly payments. If a solution cannot be created then unfortunately foreclosure might be the only option to take. This article will present a look and some of the different ways foreclosures can be handled.

In some states, the beneficiary can choose one of two methods to foreclose judicial or non-judicial. In a judicial foreclosure, the beneficiary files a lawsuit against the trustor in Superior Court to foreclose on the property. The case is then set for trial. If the court rules in favor of the beneficiary, the property will be ordered sold at a public sale. In most instances, however, it is a non-judicial foreclosure. In a non-judicial foreclosure, the court system is not involved. To foreclose non-judicially, the deed of trust or mortgage must contain a power of sale clause. The power of sale clause gives the trustee the right to begin foreclosure without going to court. To include a power of sale clause does not require a specific form or language.

If, on the other hand, the security instrument does not contain a power of sale provision, judicial foreclosure is the beneficiary’s only way to obtain the property. Most conventional deeds of trust say “with the power of sale”.

Judicial and non-judicial foreclosures differ in many ways. The foreclosure method selected by the beneficiary has significant consequences for the trustor.

Non judicial foreclosure is relatively fast, as this method does not involve the court system. In most instances, non-judicial foreclosure takes, at minimum, about four months after the trustor has failed to meet the obligation or defaulted on the loan. Judicial foreclosure, on the other hand, may take up to several years.

Non judicial foreclosure is generally less costly than judicial foreclosure. In a non-judicial foreclosure, the trustee’s and attorney’s fees are largely specified by law. In a judicial foreclosure, however, there are generally no legal limits for attorney’s fees. As a result, the trustor may be liable for significant legal expenses.

Another major difference between the two foreclosure methods is the beneficiary’s right to a deficiency judgment. A deficiency judgment is a court order stating that the trustor still owes money to the beneficiary if the proceeds from the foreclosure sale are not sufficient to pay the balance of the debt.

Some state laws do not allow a deficiency judgment in a non-judicial foreclosure on residential purchase money loans. A residential purchase money loan is one in which loan proceeds are used to purchase the property. Furthermore, state laws do not allow deficiency judgments against the residential trustor where the loan was made by the seller of the property or by a third party lender (often a financial institution) on a four-unit or less residential property that is the principal residence of the trustor. If the beneficiary judicially forecloses on a non-purchase money residential loan, a deficiency judgment may be obtained against the trustor.

Non-judicial and judicial foreclosures also differ with regard to the trustor’s right of redemption after the foreclosure sale. This is the trustor’s right to reclaim the foreclosure property. In a non-judicial foreclosure, the sale of the property at the trustee’s sale is an irrevocable final sale, and the trustor does not have the right to redeem or reclaim the property after the sale. Judicial sales, however, are subject to redemption by the trustor.

This summary of the major differences between non-judicial and judicial foreclosure shows the advantages of non-judicial foreclosure for the beneficiary. The non-judicial foreclosure is timely, economical, non subject to redemption, and may command a higher sales price. In addition, it is unlikely that the beneficiary would recover any losses through a deficiency judgment, as the trustor could not make the loan payments in the first place. Because of these advantages, beneficiaries typically prefer to foreclose non-judicially. Beneficiaries might foreclose judicially when they see an opportunity to recover any losses through a deficiency judgment.

The following two sections give detailed information on each of the foreclosure methods.

Non-Judicial Foreclosure

This section describes the major procedural requirements of non-judicial foreclosure, discusses the trustor’s reinstatement and redemption rights, reviews legal provisions for trustee’s fees and summarizes special legal provisions affecting foreclosures in many states.

Many states allow the beneficiary of a deed of trust containing the power of sale provision to foreclose non-judicially after the trustor has defaulted on one or more contractual obligations. In case of default, the beneficiary may order the trustee to initiate foreclosure.

Notice of Default

Foreclosure begins when the beneficiary notifies the trustee that the trustor has defaulted on any obligations stated in the promissory note and deed of trust. The beneficiary gives the trustee information concerning the condition of the debt such as the amount of the unpaid balance and due dates. Upon receipt of this information, the trustee prepares the Notice of Default.

The Notice of Default must be recorded in the office of the recorder of the county where the property is located. If the deed of trust encumbers property located in more than one county, the Notice of Default should be recorded in the other counties as well.

The trustee must mail a copy of the Notice of Default to the trustor and to each person requesting notice within ten days of recording the notice. The law specifies additional notification requirements under certain circumstances. The Notice of Default must be published weekly for four weeks in a newspaper or personally be served on the Trustor, if the trustor has not requested to be notified of its recordation of the notice

Trustor’s should always notify the beneficiary and the trustee of any address changes to ensure prompt receipt of any correspondence from the beneficiary or trustee.

Before January 1, 1986, the trustor and beneficiaries under subordinate deeds of trust were given three months from the recordation of the Notice of Default to cure the default. An amendment to the law extended the expiration of the reinstatement period to five business days before the scheduled trustee’s sale. If the trustee’s sale is postponed, the reinstatement period is extended to five business days before the new date of the sale.

At any time during the reinstatement period, the trustor may stop the default by paying the beneficiary all sums of money due on the loan up to that point including additional costs incurred by the beneficiary, and attorney’s or trustee’s fees as specified by law. It is not necessary to repay the entire loan balance.

After reinstatement of the loan, the foreclosure proceeding is discontinued and the trustor resumes making the regular periodic payments.

Notice of Trustee’s Sale

If three months have passed since recording the Notice of Default, and the trustor has not begun to reinstate the loan; the trustee may proceed with the foreclosure by preparing a Notice of Trustee’s Sale.

The Notice of Trustee’s Sale must be recorded in the office of the recorder of the county in which the property is located at least 14 days before the date of the sale. As with the Notice of Default, the Notice of Trustee’s Sale must be mailed to the trustor’s last address actually known to the trustee.

The Notice of Trustee’s Sale also must be published in a newspaper of general circulation in the city, judicial district or county where the property is located. The notice must be published once a week over a 20-day period before the sale.

In addition to mailing and publication, the Notice of Trustee’s Sale must be posted for at least 20 days before the sale at the following locations:

o In at least one public place in the city, judicial district, or county in which the property is to be sold; and

o In a conspicuous place on the property to be sold

Improperly broadcasting the Notice of Trustee’s Sale typically will result in the cancellation and re-notice of the sale.

As mentioned before, the trustor can cure the default during the reinstatement period that runs up to five days before the schedule sale. After the reinstatement period expires, the trustor must pay the entire indebtedness plus foreclosure costs to avoid foreclosure. This is called redemption and only can be done during the five days before the sale. The trustor’s right of redemption ends once bidding at the foreclosure sale starts.

Trustee’s Sale

The trustee or the trustee’s agent must conduct the foreclosure sale at a public auction in the county where the property is located. The sale is to the highest bidder who must pay in cash, cashiers check or cash equivalent as specified in the notice and acceptable to the trustee.

The trustee may postpone the sale at any time before it is completed. The sale may be postponed at the trustee’s discretion, upon instruction by the beneficiary, or upon a written request by the trustor who has the right to request a one-day delay to obtain sufficient cash to pay the debt or bid at the sale. The trustor’s request for postponement must include a statement identifying the source of the funds. The law allows for three postponements. After three postponements, a new notice of sale must be given, except for postponements requested by the trustor or ordered by a court.

After the sale to the highest bidder, the trustee executes and delivers a trustee’s deed to the purchaser. The trustee’s deed conveys title to the purchase free and clear. The issuance of the trustee’s deed terminates the previous trustor’s legal and equitable rights in the property. It should be noted, however, that title to the property is conveyed subject to all senior liens, including liens for property taxes and assessments.

The purchaser of the foreclosed property is entitled to take immediate possession. A trustor who refuses to vacate the property may be legally forced to do so.

Rent and Rental Income

Generally, the trustor occupying the property does not have to pay rent to the beneficiary while in default. If a deed of trust should indicate a rent liability, enforcement of it would be unlikely.

The beneficiary may have a right, however, to any rental income generated by the property during the period of default. In the absence of such a provision in the deed of trust, the beneficiary is generally not entitled to any rental income.

Deficiency Judgment

In General, the law prohibits a deficiency judgment in a non-judicial foreclosure with a power of sale provision. Even if the proceeds from the foreclosure are inadequate to repay the loan, the beneficiary has no other possibility to recover.

Trustee’s Fees

The fees a trustee is entitled to charge the beneficiary or deduct from the proceeds of the sale are prescribed by law. The trustee may charge for costs incurred in recording, mailing, publishing, and posting of Notice of Default and Notice of Trustee’s Sale; the cost of postponing the sale by request of the trustor (not to exceed $50 per postponement) and the cost of a trustee’s sale guarantee. In addition to charging for these actual costs, the law provides for a fee schedule based on the amounts of the unpaid debt.

The legal limitations for trustee’s and attorney’s fees do not apply to attorney’s fees the beneficiary is entitled to recover under special provisions of the deed of trust.

Special Legal Provisions

Special federal and state laws may affect the manner in which the foreclosure is conducted. If the loan is insured or guaranteed by the U. S. Department of Housing and urban Development (HUD! EHA) or the Veterans Administration (VA), certain procedures must be followed. In the case of a VA-guaranteed loan, the trustor may be liable for any deficiency, unless the veteran obtains a release of liability from the VA. California law does not necessarily protect the trustor from liability for a deficiency on a VA guaranteed loan. Federal laws governing the VA loan program take precedence over any conflicting California law. Trustors should contact the VA for details concerning their rights and to learn about specific requirements.

Judicial Foreclosure

Judicial Foreclosure is tried in some state Superior Courts. The beneficiary, upon default of obligation by the trustor, brings a foreclosure lawsuit against the trustor. If successful, the court will issue an order to sell the property at a public sale. The beneficiary must use judicial foreclosure if the security instrument does not contain a power of sale provision. A mortgage or deed of trust containing the power of sale provision may be foreclosed judicially if the beneficiary chooses to do so.

The decision to foreclose judicially or non-judicially is not necessarily final. The beneficiary may discontinue judicial foreclosure at any time and commence non-judicial foreclosure.

Conversely, the beneficiary may abandon non-judicial foreclosure and initiate judicial foreclosure. Beneficiaries sometimes initiate both types of foreclosure simultaneously.

Foreclosure Sale

A court-appointed commissioner or sheriff in the public place must give notice of the sale of the property for 20 days preceding in the date of the sale. This same notice must be published in a newspaper of general circulation weekly for 20 days. The notice also must be sent by certified mail to all defendants at their last known addresses.

At the foreclosure sale, the property must be sold by the auctioneer to the highest bidder who is financially qualified.

Redemption of Property

In a judicial sale, the trustor has the right to redeem or reclaim the property after the foreclosure sale. For a trustor, the right of redemption makes a judicial sale attractive. It should be remembered, however, that a judicial sale might also lead to a deficiency judgment. This possibility does not exist in a non-judicial foreclosure.

Deficiency Judgment

In a judicial foreclosure, the beneficiary has, under certain circumstances, a right to a deficiency judgment. The deficiency judgment is limited to an amount equal to either the difference between the indebtedness and the fair market value of the property, or the indebtedness and the sales price at the foreclosure sale, whichever is less.

Rent and Rental Income

The trustor occupying the disputed property does not have to pay the beneficiary rent while in default. The beneficiary may be entitled, however, to any rental income generated by the property.

After the sale, the trustor retains possession of the property and does not have to pay the beneficiary rent while in default. The beneficiary may be entitled, however, to any rental income generated by the property.

Craig Meriwether is owner of Kula Investments, a company founded you help you get top dollar for you owner financed real estate loan. [http://www.ioubuyer.com]

Article Source: http://EzineArticles.com/?expert=Craig_Meriwether
http://EzineArticles.com/?Owner-Financing—The-Foreclosure-Process&id=2140489

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Foreclosure

Introduction of Home Affordable Foreclosure Alternatives – Short Sale and Deed-in-Lieu of Foreclosure

This is FANTASTIC NEWS!!!  FINALLY, they are establishing minimum requirements on resolving the short sale procedural process.  Here is the link to the government news release:

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.

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Foreclosure

Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification

Have you ever wondered why a foreclosure occurs when a better solution might have been a modification?  Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced?  You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better.  That being said, you can probably guess why-it’s about the money.  It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today.  Once you understand how all the pieces go together, you can see that something “different” needs to be done.  I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes.  Left to current industry solutions, the mortgage mess will continue to play out and get worse.  If you click on the link below, you will find the free report from the National Consumer Law Center.

http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf

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