FDIC Clarifies Rules for Banks on Abandoned Foreclosures

first_img Share Save Abandoned Foreclosures Banks FDIC 2016-03-02 Brian Honea in Daily Dose, Featured, Foreclosure, News Tagged with: Abandoned Foreclosures Banks FDIC Related Articles March 2, 2016 4,419 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea  Print This Post Subscribe FDIC Clarifies Rules for Banks on Abandoned Foreclosures Servicers Navigate the Post-Pandemic World 2 days ago Previous: Existing-Home Sales Recovering From Temporary TRID Setback Next: Final Settlement Test Finds Servicers to be in Full Compliancecenter_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / FDIC Clarifies Rules for Banks on Abandoned Foreclosures Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago In a Financial Institution Letter issued on Wednesday, the Federal Deposit Insurance Corporation (FDIC) clarified its supervisory expectations in existing guidance for the risk-management practices when banks make the decision to discontinue foreclosure proceedings, which are commonly known as abandoned foreclosures.The FDIC noted in the letter that when banks stop the foreclosure process after it has already been started, the borrower may have already abandoned or stopped maintaining the property—which can often lead to accumulation of trash, blight, and crime, and have an adverse effect on the surrounding community.“The FDIC continues to encourage institutions to avoid unnecessary foreclosures by working constructively with borrowers and considering prudent workout arrangements that increase the potential for financially stressed borrowers to keep their properties,” the letter said. “When workout arrangements are unsuccessful or not economically feasible, existing supervisory guidance reminds institutions of the need to establish policies and procedures for acquiring other real estate that mitigate the impact the foreclosure process has on the value of surrounding properties.”When making the decision to discontinue the foreclosure process, institutions should have appropriate policies and procedures in place, according to the FDIC’s letter on Wednesday. Institutions should:Obtain and use the most current market value information on the property and use current valuation and other relevant information when making the decision to initiate, pursue, or abandon the foreclosure processImplement criteria for determining when their lien(s) should be released due to the financial considerations they may face due to stopping the foreclosure process. In some cases, the institution may face litigation.Notify appropriate state or local government authorities such as tax authorities, courts, or code enforcement departments of their decision to abandon the foreclosure process, and they must comply with all applicable state and local laws.Notify the borrower(s) that they will no longer be pursuing foreclosure, whether or not the mortgage holder has released the lien, the borrower has the right to occupy the property until a sale or title transfer occurs, and that the borrower is responsible for the remaining balance on the mortgage loan and for maintaining the property.Use reasonable means to contact the borrower in order to provide the notice described above, particularly in cases where the borrower vacated the property because the foreclosure process was initiated.Click here to view the entire Financial Institution Letter. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Jon Cleary Is Giving Away A Free Track From His New Album “Live At Chickie Wah Wah”

first_imgIf you like Jon Cleary, don’t miss him with Nigel Hall, Tony Hall, Derwin “Big D” Perkins, and Raymond Weber when they come together as “MVP” at NOLA Crawfish Festival. They’ll play alongside artists such as George Porter Jr., Eric Krasno, Ivan Neville, John Medeski, John “Papa” Gros, Terence Higgins, and more! You can learn more about this year’s NOLA Crawfish Festival or buy tickets at the event’s website. Modern New Orleans musical mainstay Jon Cleary is one of the most accomplished pianists in funk and R&B. After performing with artists such as B.B. King and Bonnie Raitt earlier in his career, Cleary has built a strong following in recent years, both with his solo band The Absolute Monster Gentlemen and in projects with legendary artists such as Taj Mahal and John Scofield. However, anyone who frequents the Big Easy can attest that some of Cleary’s finest moments come during his hometown solo piano sets, which he performs frequently when he’s not on the road.Recently, Jon stopped by New Orleans venue Chickie Wah Wah and recorded his first-ever live album, which will be released later this month during Jazz Fest. The album, appropriately titled Live At Chickie Wah Wah, is a showcase of Cleary’s singular talents as a solo artist and his ability to fully captivate a room with only his voice, a piano, and his pure passion for music.While the album doesn’t come out for a few more weeks, Cleary has made one song, “Po’ Boy Blues,” available on his website as a free download so his fans can get a taste of the live LP today. Don’t miss out on this chance to get this free track, and look out for more content from Live At Chickie Wah Wah as we get closer to its release!last_img read more