There’s a battle brewing on Manhattan’s West Side between  “Jay-Z” (also known as Shawn Carter) and Highland (Highland) Capital Management LP — a bank located Dallas, Texas, that granted the superstar hip-hopper and his business partners a $52 million loan to build the J Hotel.

Despite his best efforts, it appears that the super successful businessman (he also co-owns several businesses, including The 40/40 Club and the New Jersey Nets) might not be able to freestyle his way out of losing millions on a deal that never got off the ground.

Literally.

The founder of Roc-A-Fella records and former CEO of Def Jam Recordings recently filed a lawsuit against Highland, according the Wall Street Journal, alleging that the bank is attempting to “bleed” him for more money by not settling the debt fast enough. In short, the longer the negotiations last, the more interest accrues on the massive loan.

To the tune of $20,000 a day.

Jay-Z — who is only responsible for the interest on the loan, not the principal — is seeking more than $3.7 million in damages. But, according to a statement from Highland, the claim is “merit less.”

Here’s a snip:

“Highland Capital Management believes the claims asserted by Mr. Carter are merit less and will vigorously defend itself and intends to pursue the obligations owed to Highland’s investors by the borrower, Mr. Carter and the other guarantors.”

It’s a hard knock life.

• Flippers have been given a break – http://bit.ly/dwIdHT LY #
• Check out our Scholarship Winner Andrew Dewar http://bit.ly/92fRAb LY #
• First time home buyer credit and short sales are like mixing oil and water as the deadline approaches http://bit.ly/csfsuc LY #
• Deal of the Day, Super Bowl edition: 1 bed/1 br Miami Beach hangout. Pot. equity = $186,600 (115% under!) 5 stars http://ffs.cc/a/fdzvbo TM #
• The Commercial Market is definitely a market to watch http://bit.ly/9M348Y LY #
• Palm Beach Mall loses $53M foreclosure http://bit.ly/bQX88j SC #
• Riverton Houses in Harlem to be sold in foreclosure http://nyti.ms/c4QcBT SC #
• Come to "FREE! HAFA short sale guidelines training Webinar (Repeat)" Tuesday, February 16 from 3:00 pm to 5:00 pm…. http://bit.ly/bN53BG #
• Come to "FREE! HAFA short sale guidelines training Webinar" Today from 4:10 pm to 7:10 pm. The U.S. Treasury… http://bit.ly/9Iyurg #
• Training Day: Agents — get totally up to speed with HAFA guidelines. Free Webinar. Two sessions. Register now! http://ffs.cc/a/zoy0zp TM #
• Oh the fun of technology. Recorded interview with scholarship winner and hit the wrong button. LY #
• @justinenupp Thank you for the shout out! LY in reply to justinenupp #
• Rising FHA default rate foreshadows a crush of foreclosures http://bit.ly/9mxtnp SC #
• 10 apps to schedule future Tweets on Twitter http://bit.ly/aF5X1S SC #
• Deal of the Day, Groundhog Day edition: 3 bed/2.5 br Pittsburgh steal. Pot. equity = $68,760 (47% under!) 5 stars http://ffs.cc/a/dqqxx1 TM #
• We have a winner! Five, actually. Foreclosure.com 2009 Scholarship Program results http://ffs.cc/a/hujls3 TM #
• Training day: Than Merrill of 'Flip This House' to conduct free online seminar Feb. 10. Spots filling up fast. http://ffs.cc/a/ixvm55 TM #

To read Andrew’s essay, as well as the others from our four semifinalists (who each received $1,000 scholarships) please visit the Foreclosure.com scholarship page right here.

Foreclosures nationwide have become so troublesome that now even homeless folks in Atlanta, Ga., are facing eviction.

The Atlanta Journal-Constitution reports that the The Metro Atlanta Task Force for the Homeless, which often provides warm food and shelter for 700 homeless men in the area, recently defaulted on a $500,000 loan payment.

Here’s how it happened, according to Bob Cramer, chairman of the board of the task force:

“The balloon note was due over a year ago but I think it is important to note that all the interest has been paid through February. We were trying to work it out.”

In particular, Cramer is working to renegotiate the loan amount with its current lender, Ichthus Community Trust. However, if a deal can’t be struck in about a month, the current tenants could be forced out onto the streets once again.

We’ll pass along an update on this unfortunate situation if and when it becomes available.

The U.S. Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives (HAFA) program on Nov. 30, 2009.

It was designed with good intentions — to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. However, HAFA is a complex 43-page program that may be difficult for most real estate agents to fully understand.

To be perfectly honest, most agents may not even have the time or desire to familiarize themselves with the entire program.

But you simply don’t have a choice — HAFA guidelines go into effect April 2010! And they will likely have a large impact on your business, protocols and, most important, commissions.

Here’s the good news: You do not have to be left in the dark on this industry changing program.

That because Foreclosure.com Agent University is conducting two limited attendance FREE Webinars (Register here or here) to teach real estate agents all about the key HAFA changes.

This 1.5 to 2-hour Webinar will take an in-depth look at the guidelines and forms focusing on the key issues to real estate agents:

• Commission impact
• Forms and paperwork
• Participation guidelines
• Timelines
• Servicer participation
• Incentives for homeowners
• Second- and third-party liens
• And much more!

DO NOT MISS THIS IMPORTANT FREE WEBINAR!

Click on one of the events below to register:

• Thursday, Feb. 11, 2010, at  3 p.m. to 5 p.m. ET https://www1.gotomeeting.com/register/690622256
• Tuesday, Feb. 16, 2010, at 3 p.m. to 5 p.m. ET https://www1.gotomeeting.com/register/929001865

HAFA is part of the Home Affordable Modification Program (HAMP), providing incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program.

Understanding HAFA inside-out is critical for serious real estate professionals. And this is your opportunity to learn everything you need to know at absolutely no cost to you.

Down, up, down and up again.

Real estate is a roller coaster right now — you never know what’s going to happen from month-to-month on a consistent basis.

Today, National Association of Realtors® released its latest report, indicating that pending sales on existing homes unexpectedly rose 1 percent in Dec. 2009 compared to the previous month.

Lawrence Yun, a NAR economist, attributes the volatility to the tax credits ($8,000 for first timers and $6,500 for existing) currently available to homeowners/buyers.

Here’s a snip:

“There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded. These swings are masking the underlying trend, which is a broad improvement over year-ago levels.”

The $8,000 tax credit, which was originally set to expire on Nov. 30, 2009, was recently extended to April 30, 2010. Additionally, a $6,500 tax credit was introduced for existing homeowners who want to sell their properties purchase new homes.

It’s good news, clearly, that the market has at least leveled off (for now, anyway) and that it isn’t getting worse. In fact, Yun predicts that existing-home sales will rise to around 5.6 million in 2010.

If that’s the case then you better start your search sooner rather than later … you don’t want someone else moving into your potential dream home because you think time is on your side.

Play it safe and don’t get greedy — act now before it’s too late.

Remember: Foreclosure.com is FREE to search for seven days — no strings attached, cancel at anytime.

The results are in!

We are excited to announce the winners of the 2009 Foreclosure.com Scholarship Program have been officially selected. Out of more than 1,200 essays, the judges have chosen the top five, with one grand prize winner and four semifinalists.

And the the grand prize winner is (drum roll please!) … Andrew Dewar.

Andrew — who will receive a $5,000 scholarship to use toward his college education — is a senior at Kennesaw State University located in Kennesaw, Ga., majoring in veterinary medicine.

Congratulations Andrew!

The semifinalists, who will each receive $1,000 scholarships,  include:

• Elizabeth Panella from the Tufts University in Medford, Massachusetts
• Luke Paulsen from Princeton University in Princeton, New Jersey
• Mark Cantora a law student at Hofstra University School of Law in Hempstead, New York
• Kelly Kinkade from Oakland University in Rochester, Michigan

Foreclosure.com would like to thank all the colleges and universities for their support and all the participants who submitted essays to the competition. Many bright, young minds participated in the essay contest, offering a great assortment of ideas and solutions to the current economic crisis.

All winning essays will be available to read Tuesday, Feb. 2, 2010.

• Great article on getting your "house" in order http://bit.ly/bIMfVt LY #
• Come to "Learn to 'Make $20,000 While You Sleep'" Wednesday, February 10 from 9:00 pm to 11:00 pm. Join us for a… http://bit.ly/cflkOZ #
• 2010 the year of the Short Sale. Agents need to be educated http://bit.ly/aS6rym LY #
• Lenders pursue mortgage payoffs long after homeowners default http://bit.ly/91G03l SC #
• Bank of America support of writing off or lowering second liens on mortgages http://bit.ly/b8SBXx LY #
• Foreclosure.com in the news: Finding great foreclosure deals http://ffs.cc/a/8xb1ey TM #
• Leaving Las Vegas: Nicolas Cage foreclosed home sells for $4.95 million. http://ffs.cc/a/82lwyr TM #
• Follow us on Twitter: http://twitter.com/foreclosure_com http://bit.ly/5anGOG #
• Attention agents: Become a certified short sale agent today! http://ffs.cc/a/rvcead TM #
• Deal of the Day, AFC champs edition: 4 bed/1.5 br Colts castle. Pot. equity = $76,800 (65% under!) http://ffs.cc/a/3p9an6 TM #
• Oops! Take two: Bank forecloses on wrong house in Massachusetts http://ffs.cc/a/njwd3e TM #
• Mediation fends off foreclosure http://bit.ly/8ez1rD SC #

“Former NFL player turned multi-millionaire “flipper” to reveal successful marketing and business systems during free online seminar”

Boca Raton, Fla. — Foreclosure.com is proud to announce that real estate investing expert, Than Merrill, is back by popular demand to conduct an online training seminar, during which he will reveal his proven “turnkey” real estate system that unlocks the secrets to flipping riches.

‘Make $20,000 While You Sleep’ will be held live online on Feb. 10, 2010, from 9 p.m. to about 10:30 p.m. ET. To register for free and/or find out more information visit:

http://www.foreclosure.com/education/webinars/make-20k-while-you-sleep.html

Than — one of the most successful real estate investors in the nation, as well as the star of A&E’s hit television show, “Flip This House” — is going to show first-time homebuyers and experienced investors alike how to find amazing house deals for 65 cents on the dollar or less during a free real estate training Webinar.

“Than is the best when it comes to recognizing great deals and using automation to facilitate getting them done fast,” said Linda Yates, Director of Education, Foreclosure.com. “Now is the time to get off the fence and invest in a buyers market no matter where you live — it’s now or never!”

WHO:

Than Merrill, one of the most successful real estate investors in the nation, as well as Foreclosure.com Director of Education, Linda Yates

WHAT:

‘Make $20,000 While You Sleep’ free real estate training session with the star of A&E’s hit television show ‘Flip This House,’ Than Merrill.

WHERE:

Foreclosure.com Online Webinar Series
Register for FREE today before it’s too late. Spots are limited and filling up fast:
http://www.foreclosure.com/education/webinars/make-20k-while-you-sleep.html

WHEN:

Feb. 10, 2010, from 9 p.m. to about 10:30 p.m. ET

Webinars are live educational sessions, meaning that attendees are able to see, hear and interact with instructors right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions.

All Foreclosure.com Webinars are also archived in our comprehensive educational On Demand (http://www.foreclosure.com/education/ondemand_webinars/index.html) library so that interested site visitors can download missed sessions 24/7.

About Foreclosure.com Real Estate Training Webinars:
Foreclosure.com Webinars represent tremendous training opportunities that first-time homebuyers and experienced investors alike can take advantage of conveniently from their homes or offices. In addition to our own professionals, we feature many of the top real estate minds and gurus from around the nation in our Webinar series who share their secrets to success, providing useful information that can be applied right away.

On the Web:
To register for ‘Make $20,000 While You Sleep’ with Than Merrill visit:
http://www.foreclosure.com/education/webinars/make-20k-while-you-sleep.html

Media Contact:
Thomas Myers
Foreclosure.com
Tel: (561) 981-5337 ext. 7381
http://twitter.com/foreclosure_com

It’s in Pittsburgh, Pa., according to a recent study from Zillow.com, which indicates that buyers are paying 59 percent less for foreclosed homes than those who close on “traditional” properties.

Those are remarkable savings.

The “white paper,” called “Price Differences Between Foreclosures and Non-Foreclosures,” analyzed 16 major real estate markets throughout the United States. Overall, the research revealed that on average buyers save about 28 percent on distressed real estate.

Portland, Ore., is where the savings gap is narrowest, coming in at about an 18 percent discount. Nonetheless, it’s still a significant amount when hundreds of thousands of dollars are involved.

Take a look the top 10 best markets for where to find foreclosure deals:

1. Pittsburgh, Pa.
2. Cincinnati, Ohio
3. Columbus, Ohio
4. Minneapolis-St. Paul, Minn.
5. Phoenix, Ariz.
6. Denver, Colo.
7. Los Angeles, Calif.
8. Kansas City, Mo.
9. Riverside, Calif.
10. San Diego, Calif.

To check out the full list, as well as to learn more about the methodology that went into creating the white paper, click here.

Remember that our blog reader special discount is still in effect on our FREE 7-Day Trial. It’s literally worth checking out if you’re looking for the best foreclosure deals in your area.

Just visit this registration page and insert the phrase “taxcredit” (no quotes … just taxcredit) where it says “Click here to enter a promo code.”

Enjoy!