Marc McCain Blog

Bank lobbyists told Arizona’s legislators that our anti-deficiency statutes needed to be revised because spec builders were “gaming the system” by claiming they lived in their spec homes to get anti-deficiency treatment.  The Senate’s internal memo on the bill stated that investment properties were “NOT” protected by existing anti-deficiency laws.  No one paid attention to the [...]

A recent article in the Phoenix Business Journal titled “Mortgage modifications elusive” wrote of the failure of the Government’s mortgage modification plan given the sharp decline in property values in certain cities such as Phoenix, Arizona.  However, the article failed to distinguish between mortgage re-financings and mortgage modifications in the residential loan market, especially for [...]

You’ve probably heard a lot about residential loan modifications lately. Probably even seen a few notorious law firms advertising on TV or been swamped with junk mail from a “modification” company. I”m getting lots of call in my office lately from people asking about loan modifications and certain claims or promises by companies. One thing [...]