Big problem coming: No original mortgage note? Perhaps no foreclosure.

Big problem coming: No original mortgage note? Perhaps no foreclosure.

As mortgage loans went from local banks to securitized "securities", determining the actual owner of an individual mortgage has become more difficult. Worse, as the mortgage loan passed from owner to owner, ultimately to bundling huge numbers of mortgages sold to thousands by brokerage firms, the original note may have been lost in the shuffle. Many of the originating lenders have gone out of business, sold, closed or filed for bankruptcy.
Bloomberg posted a provocative article today revealing that "judges in at least five states have stopped foreclosure proceedings because the banks .... haven't been able to prove they own the mortgages." Many parties filing a foreclosure action have submitted either a copy of the mortgage note or filed a "lost-note affidavit". If the owner or owner's attorney does not object, the foreclosure has often proceeded. The article tells of one homeowner with a $1.5 Million mortgage who hasn't made a payment since 2002 and has successfully stalled the foreclosure because no one has been able to produce the original note.

Some judges have dismissed foreclosure cases when the original note can't be produced. Other judges have warned plaintiffs to bring the original mortgage notes, not copies, and not lost-note affidavits.

Bloomberg estimated "more than $2.1 trillion, or 19 %, of outstanding mortgages have been bundled into securities."
With vacant and abandoned homes already creating problems for cities and neighborhoods, what will this add to the problems?
Sub-prime loans ... Upside-down homeowners ... Government bailouts ... Now "unforeclosable" loans?

What next?


Sharon Simms
St Pete FL
CRS CIPS CLHMS RSPS
Company
ALVA International, Inc.
E-mail
Contact Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS (ALVA International, Inc.)
Website
http://www.ssimms.com/
Office Phone
(727) 898-2582
Alt. Phone
(727) 866-0048
Address
238 Beach Drive NE, St Petersburg, FL, 33701
Description
Representing buyers and sellers in St. Petersburg, Gulf Beaches, Clearwater & Tampa Bay area, Florida. Luxury, resort & international. Waterfront specialist. Downtown condos. New construction. 1031s.

About Us:
The Simms Team is a mother, daughter, son team (Sharon, Tami Simms-Powel and Rob Johnson) with expertise and enthusiasm, backed up by a wonderful Strategic Execution Officer (Amy Grashel). Sharon has been a full time REALTOR® in St. Petersburg, Florida, since 1986. She started with Merrill Lynch Realty which became Prudential Florida Realty which became Arvida Realty, which was bought by Coldwell Banker. Sharon then moved to RE/MAX Metro for 5 years before starting her own real estate company, ALVA International, Inc. Sharon and Tami are also instructors for the Institute for Luxury Home Marketing, and both are national speakers, often quoted in publications. Originally from Newport, Rhode Island, in her life before real estate, Sharon was a financial advisor, oil company executive (handling oil and gas leasing, investor relations, contracts and managing the office staff), teacher, innkeeper, and was in hotel sales in St. Thomas, US Virgin Islands.

Our mission is to make a significant difference in our clients' lives by best meeting their real estate needs and providing a home base. Continuing education is very important to us and each team member has real estate designations as well as a college education. As a family, we bring unique talents to the team, but all share in serving all our clients, so each of us is familiar with every client and the status of their search and transactions. Sharon brings a background as a business owner and financial analyst, Tami owned a graphic design company and was head of Concierge services at a luxury resort hotel, and Rob entered real estate after retiring as a major in the United States Air Force, with many years living in Europe. Our varied ages, interests, families, and community involvements allow us to help our clients become part of the community.
We enjoy living in this beautiful waterfront community, which encompasses small towns with unique character; cities with dynamic activities, arts, entertainment and recreation; a warm climate with lots of sunshine, access to an international airport, a vibrant business community and a wealth of choices. Please let us share our community with you and help you with all of your real estate needs. Whether helping you buy or sell here, or work with selected colleagues throughout the country and internationally, we're here to counsel you and help you.
We sell real estate, and we're good at it. We listen carefully and talk straight - believing that's how we can best serve you. Visit our website to learn more about properties in this area, our team, our expertise and track record, and recommendations. We like matching nice people with nice properties.


Areas of Expertise:
We cover areas that are within a 45 minute commute of the main work centers of Pinellas County, from the Gateway/Carillon area to downtown St. Pete. Sharon specializes in luxury homes, waterfront (and waterview) homes and condominiums, including the exciting development of downtown Saint Petersburg and the Gulf Beaches.
Sharon, Tami and Rob are all Certified Luxury Home Marketing Specialists, with many international clients. Sharon, Tami and Rob's wife, Paqivi, are multilingual. Rob is also very knowledgeable in new home construction, and has been the team expert in short sales. Sharon works with many empty nesters, local clients as well as second home and resort property owners. Tami has many clients who are young professionals, and Rob works with many families - but none of us are limited to those and we work as a team to offer a variety of skills and personalities to our clients. Amy is our Strategic Execution Officer, who is generally in the office in charge of our Command Center, keeping all of us in line, and making sure every deadline is met, and every detail of listings and contracts is taken care of.
Designations:

Sharon: ABR Accredited Buyer RepresentativeACRE Accredited Consultant in Real EstateASP Accredited Staging ProfessionalASR Accredited Seller RepresentativeCIPS Certified International Property SpecialistCLHMS Certified Luxury Home Marketing SpecialistCNHS Certified New Home Specialist (earned but no longer current)CRB Certified Real Estate Brokerage Manager CRS Certified Residential SpecialistCSP Certified New Home Sales Specialist Ecobroker Certified e-PRO e-PRO CertificationGRI Graduate, REALTOR® Institute LTG Leadership Training GraduatePMN Performance Management NetworkRECS Real Estate CyberSpace SpecialistRSPS Resort and Second-Home Property SpecialistSRES Seniors Real Estate SpecialistTRC Transnational Referral Certificate

Sharon is a graduate of Salve Regina College (now University) with a major in English, and has done post-graduate work in German at the University of California (Berkeley), the University of Wisconsin, and Middle Tennessee State University.

Tami:
CLHMS Certified Luxury Home Marketing Specialist
CRS Certified Residential Specialist
Tami graduated from Eckerd College with a degree in Fine Arts.
Rob:
ABR Accredited Buyer Representative
CLHMS Certified Luxury Home Marketing Specialist
e-PRO e-PRO Certification
CSP Certified New Home Sales Specialist
RECS Real Estate CyberSpace Specialist

Rob attended Rollins College and subsequently graduated from Middle Tennessee State with a degree in Mass Communications, and while serving his career as an Air Force officer, earned his master's degree.

Amy:
successfully completed all of her course work for the GRI
Amy graduated from Eckerd College with a degree in International Business

Please let us help you with your real estate needs.
Testimonials:
Sharon Simms has been our realtor for the past 6 years, and has represented us on three occasions; she helped us buy two houses and sell one. We have used her and her team exclusively because they respond to us in a personal way and treat us in a professional manner. We first met Sharon through a search on the internet when we were living in Chicago and looking for a house in Florida. We were impressed by her website and contacted her. She was immediately responsive to our questions. ..Ultimately, she saved us thousands of dollars, based on her thorough understanding of the procedures involved in buying a home...She assisted us at every turn, and was immediately responsive to our calls long after our initial transaction with her was completed..Sharon and her team helped us to sell the house...the booklet they put together to represent our first house was beautiful, with pictures that truly captured the house's strengths...The help provided by the Simms team, during each of the closings, was significant. Because they informed us thoroughly of what we should expect, we were never caught by surprise. All the paperwork was impeccably prepared and so were we. We would not think of buying or selling a home without the help of Sharon and her team. Her knowledge of real estate in our area, and of the procedures required, has continually been of tremendous help to us. We remain grateful for all that she and her team have done on our behalf. Lori and Linda
Sharon was great and earned out trust quickly. In selling she sold it in 24 hours - she had website set up with tons of info - unbelievable! She put all docs on CD, followed up to check on things.

Dave
We selected the Simms team based on Sharon's reputation in the St. Petersburg community. After our first meeting with Sharon and her team, we knew we had made the right decision. I am pleased to say we consistently experienced a team of professionals, well versed in their jobs and always on top of each situation that presented. The Simms team made the sale of our home seem effortless. Each and every detail was addressed promptly and with confidence. We actually found selling our home could be a "fun" experience. If you are looking for a team of professionals to sell your home, handle all the various issues that arise and have fun while enduring such an ordeal, I would highly recommend the Sharon Simms team. Terri and John

Sharon and Team are A+ number 1! Very professional, prompt. Great attention to detail. Stay diligent in their efforts to market and sell your property. Would use and/or refer them again. Marketing of property on many fronts, technology. Great flyer! Property analysis! Jim
We have bought and sold 6 homes over the last 19 years, dealing with 11 different agents/real estate companies. Not one of the realtors we did business with could hold a candle to the service you gave us from the very beginning. The fabulous visual tour and brochures, constant contact and availability, the work behind the scenes you had to do regarding inspections, lenders, etc to get everything in order for the closing date...You certainly earned your commission.

Bob & Peg
When we moved due to a job transfer, the only call we even considered was to Sharon. Once again, we closed the house long distance without any problem whatsoever. Sharon is the BEST!

Rip and Suzie
The Simms Team were devoted and dedicated time to me until transaction completed. Gave grand tour of area (St. Petersburg/Gulfport) to ensure knowledge of big picture - understanding of how local neighborhoods fit into city and their unique character. Took time to understand my individual "style" and incorporated it into search, saving time and providing quality service...helped me celebrate and were willing to share social time with me...Team approach made them always available with support throughout. Barbara Sharon did everything we expected in a professional and friendly manner...honest & straight forward - very attentive - always responded quickly to phone calls.

Hunter and Julie
Thank you for the superb job you did selling our home. We were really dreading the sale "process" - that is, until you arrived. From the very beginning it was evident that you and your staff are as professional as they come. You told us exactly what to expect, exactly what you would do and you did just that. It is just unbelievable that our house sold in 6 days for more than we had ever hoped! We thank our lucky stars that we called "The Sharon Simms Team" first.

Bob and Sue
Sharon is conscientious, pleasant and a joy to work with. Sharon is the best. Period. Darlene
Sharon is the single most professional agent it has ever been my pleasure to work with. She is efficient, informative, prompt and courteous, very thorough and knowledgeable. I firmly believe that without Sharon acting as intermediary, the closing would never have taken place. Sharon's capacity for calm, reasoned and decisive words and actions, combined with her genuine caring for the welfare of her clients is on an extraordinary and exemplary level. Sharon has my greatest and most heartfelt recommendation for both her professional abilities and personal ethics. Bill

Thank you for your professionalism in working with us, and also for your personal warmth and friendship during the "ordeal". You're a gem!
Rebbie and Dan

The deal would not have gone through without the help of Sharon. She was of immeasurable assistance.
Joy

Just a note to tell you how much we appreciated all the excellent service you gave us when we recently sold our home. We already knew it would work out smoothly, since you had sold our previous home. From the moment we called you to list the property on Tierra Verde, you showed us such professionalism. All our messages were returned promptly, and you answered our many questions completely. You took care of it all, which was very helpful to us, living so many miles away. All in all Sharon, it was a pleasure working with you. We would recommend you highly to anyone.

Randy and Rebecca
Signe and I are pleased with the outcome and remain impressed with Sharon's professionalism from the pre-listing conversation through the closing. Her presentation package and advertising plan, combined with your success, convinced us from the start that we wanted to work with you. Sharon's counsel about pricing and when we had an offer was also appreciated. If we had it to do over again, we wouldn't hesitate to list with Sharon.
Tom