Paddy Deighan, JD PhD
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  • Las Vegas, NV
  • United States
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Latest Activity

Paddy Deighan, JD PhD commented on Sonia Shanahan's blog post Georgia deeming it illegal to represent sellers for a short sale any longer!
"Sonia, please keep us informed on this....it is beyond ludicrous!!!"
Aug 20, 2013
Paddy Deighan, JD PhD commented on Sara Mehrpouyan Los Angeles CDPE's group About Bankruptcy
"Joe, it may be logical, but Courts can only look at the present and not consider the future. If the debtor makes the appropriate argument, the Court will remove the second.  Courts cannot project into the future, but rather, deal with what is…"
Jul 16, 2013
Paddy Deighan, JD PhD commented on Sara Mehrpouyan Los Angeles CDPE's group About Bankruptcy
"Rob, there is more to this...the debtor cannot "select" debts to include in BK...all creditors must be listed and there are ramifications for not doing this. The "cram" down issue applies only to Chapter 13 and personal Chapter…"
Jul 16, 2013
Paddy Deighan, JD PhD replied to Susan Morimoto's discussion Wells Fargo as investor will not do a short sale during redemption period??? in the group Wells Fargo Short Sales
"it is highly unusual that Wells is an investor on anything...I am a legal adviser to them. There must be an investor behind Wells....in any event, they are taking a legally supportable position since the home owner has the legal right to…"
Feb 19, 2013
Paddy Deighan, JD PhD replied to Joseph C. Alfe's discussion No extension for Mortgage Debt Relief Act. Now what?
"That is interesting news but the problem is that the Senate has not voted on the budget in almost  4 years,....they would have to vote on it and pass it for the extension of the MFDRA. The President and Congress have all submitted…"
Dec 3, 2012
Paddy Deighan, JD PhD replied to Joseph C. Alfe's discussion No extension for Mortgage Debt Relief Act. Now what?
"Steve, there are other IRS provisions in addition to 982 that can help most home owners and there are other legal arguments that are not associated with any particular statute or code provision. 982 is not the best option but if you include that…"
Dec 3, 2012
Paddy Deighan, JD PhD replied to Joseph C. Alfe's discussion No extension for Mortgage Debt Relief Act. Now what?
"This is not as troubling as it may first appear. For example, I have successfully attacked the Cancellation of Debt (COD) with the IRS. The MDFRA was one of four strong arguments on why a homeowner does not have a tax ramification on short sale…"
Dec 3, 2012
Paddy Deighan, JD PhD commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"I just received an SLS approval of 5% commissions on a HAFA short sale.  "
Sep 18, 2012
Paddy Deighan, JD PhD replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing
"Steven the reason that charging a fee for negotiating a short sale is out side the scope of a real estate license. Most states would requires that an attorney or mortgage broker perform this service. If the agent does it in conjunction with…"
Sep 7, 2012
Paddy Deighan, JD PhD commented on Mike Linkenauger's group Wells Fargo Short Sales
"I can tell you hundreds of similar stories since I work as a foreclosure attorney for Wells and BofA.  I predominantly practice foreclosure defense and (the misappropriately named) Quiet Title.  HOWEVER, there is legitimate reason for…"
Aug 28, 2012
Paddy Deighan, JD PhD replied to Tracie Norman's discussion Charging the Buyer a Fee to Process the Short Sale Listing
"In most situations, the agent should NOT charge a fee.  At that point in time, he or she is acting outside the scope of real estate license and you could run into trouble with the State. Additionally, short selling lenders would not…"
Aug 23, 2012
Paddy Deighan, JD PhD and Steven Pawera are now friends
Aug 20, 2012
Paddy Deighan, JD PhD replied to Mike Linkenauger's discussion 3rd Party Negotiators or Do it in house?
"I do not have any specific preference...a successful outcome requires a good negotiator - whether in house or third party. HOWEVER, I am counsel to two of the biggest banks in the country and I can tell you that internally, they prefer 3rd party…"
Aug 16, 2012
Paddy Deighan, JD PhD commented on Michael Collins, CDPE, SFR, BPOR's blog post What qualifies for a Short Sale Proof of Funds?
"there is no question that POF is becoming a bigger problem/issue.  I have even had problems with short selling lenders when I provide them an escrow letter from my attorney trust account. They want a copy of the account statement and…"
Jul 28, 2012
Paddy Deighan, JD PhD replied to Tamilyn Simard's discussion WELLS FARGO DOES WHAT ON A HAFA APPROVED SHORT SALE? in the group Wells Fargo Short Sales
"the problem with HAFA approvals is that the home owner is giving up some of their rights. For example, they are expressly agreeing to give a Deed in Lieu if a short sale is rejected.  I have clients execute a HAFA "Opt Out" document…"
May 21, 2012
Paddy Deighan, JD PhD replied to Elva Branson-Lee's discussion BOA Enhanced Relocation Assistance LIMITED TIME program? in the group Bank of America Short Sales
"you can initiate a short sale without an offer in hand...I do not recommend it because it can result in a lot of time with no benefit but you can do it"
May 15, 2012

Profile Information

Occupation
Other
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
I am an attorney for a number of national real estate investors that purchase and negotiate short sales. We put an average of 10 properties per week under contract
Website
http://homesavers.pro
Short Sale Transactions Completed
100+
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
yes
Put in todays date! This is to help stop spammers!
June 4, 2011
PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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Paddy Deighan, JD PhD's Blog

More Information on the Bankruptcy Court "Game Changer" in Distressed Real Estate

Posted on June 30, 2011 at 9:26pm 0 Comments

Many have made comments to my blog or emailed me separately in regard to my blog about a recent bankruptcy appellate case that could potentially revolutionize loan modifications, forensic audits, short sales, deficiency judgments etc. I wanted to review the case with colleagues prior to discussing it further. Last evening, I met with prominent tax and bankruptcy attorneys. I traveled from the Giant Litter box (Las Vegas) to Palm Desert, California and another traveled from Phoenix to Palm… Continue

Federal Bankruptcy Appellate Court Makes Astonishing Decision on "Produce the Note"

Posted on June 24, 2011 at 1:34am 11 Comments

A federal bankruptcy judge has ruled that a lender must prove that it has the original note in order to receive relief from the automatic stay in bankruptcy and proceed against the real estate.  This has potentially HUGE repercussions in all forclosures and certainly all foreclosures in bankruptcy.

The "produce the note" affirmative defense in one in which a home owner in foreclosure alleges as a defense to the foreclosure lawsuit that the lender does not have the legal right to sue…

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