December 7, 2010
Mortgage Forebearance – BEWARE
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It’s my understanding that a mortgage forebearance offer came to William and Esperanza Casco, owners of a grocery store, and they were earning enough money to make their mortgage payments on time and they kept their mortgage current.
However, JPMorgan Chase & Co. offered the couple a mortgage forebearance plan that reduced their mortgage payments, so the couple thought they could use the extra money and signed up.
The Cascos say their payments were always on time and they never missed a payment. When the bank decided the smaller payments, which were the result of the mortgage forebearance, were not enough and foreclosed on them, it shocked and horrified them.
Unfortunately, the Cascos mortgage forebearance story is far too often happening across our great country by homeowners who claim that banks didn’t follow through with the agreement made with them.
Too many struggling homeowners say that they’re receiving little help from the U.S. government’s $700 billion rescue that was supposedly aimed to help the homeowner directly.
According the Treasury Dept stats, approx one-third of the 1.4 million homeowners that were accepted into the mortgage modification program this last year have actually had their mortgage payment reductions made permanent.
A Mortgage Forebearance Nightmare
“It is extremely unfair that someone like me and my wife who have owned our home for 17 years and never missed a payment could end up in foreclosure,” said Mr. Casco, through a Spanish interpreter, as he talked about the mortgage forebearance nightmare he’s experiencing.
Chase spokesperson, Gary Kishner, stated the bank treated the Cosco couple fairly and was not able to comment on whether the Cascos had been current on their mortgage forebearance payments.
Mr. Kishner mentioned “We worked with the borrower to give him as many opportunities as possible to qualify for a modification,” and also said ”However, they were not able to do so and therefore we were forced to foreclose on the property.”
Mortgage Forebearance – Be Smart
“I think that banks are playing games with us,” William Casco said.
Mr. Casco stated when he refinanced his home in 2006, to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate, that his monthly mortgage payments to Washington Mutual Inc. went up to $2,765.
Chase had begun to acquire Washington Mutual in January 2009 when Casco stated it sent a letter telling him he qualified for a lower forbearance rate. So, Casco sent the business paperwork and tax returns the bank was requested. His mortgage payment was then reduced – due to the mortgage forebearance - to $1,250, where it stayed for many months, then Chase told him to apply for a trial loan modification.
So, Casco sent Chase the necessary paperwork that was requested. His monthly mortgage payment rose to $2,363 in June, then went back to the mortgage forbearance rate in October. Casco said he continually made the payments that he was asked of him until August 2010, when Chase informed he and his wife that they were $50,000 behind on their mortgage payments and placed them in foreclosure. Mortgage Forebearance – BEWARE!!
The home has been sold and the Cascos are fighting eviction. He is considering whether to join an existing lawsuit or to persue a lawsuit on his own.
“I’m determined to do whatever it takes in order to keep my house,” said Casco. “I feel that a great injustice has been done to my family.”
Don’t let this happen to you. I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you non-attorney help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Get your forecosure solutions today!
Resources:
http://news.yahoo.com/s/ap/20101107/ap_on_bi_ge/us_loan_mod_foreclosures
Mortgage Forebearance may sound nice but in reality it can be a nice NIGHTMARE!
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Filed under forbearance agreement, foreclosure answers, foreclosure expert, help to stop foreclosure by 
November 30, 2010
Fight Foreclosure Fraud and Win
Fight Foreclosure, he fought the banks and won! A San Diego resident from the city of La Jolla, Kaveh Khast, has done what many have only dreamed of and few dare to try.
Irma E. Gonzalez, a California federal judge granted his motion for a temporary restraining order, which blocked Washington Mutual (WAMU) and JP Morgan Chase from proceeding with the foreclosure of his home. Why, you ask? Well, WAMU and JP misled him during the loan modification process into defaulting on his mortgage. He decided to fight foreclosure – and he won!
In his fight foreclosure battle, Khast claimed that a WAMU bank rep had told him that in order to qualify for a loan modification he had to stop paying his monthly loan payments. A bank representative did confirm receipt of the required loan modification documents, but did not contact the plaintiff as promised. You can fight foreclosure too, one step at a time.
Fight Foreclosure Continues
During his fight foreclosure ordeal, Khast learned that Chase bank had purchased WAMU and his home mortgage. Chase told Khast to submit another application after Khast had contacted them. Meanwhile, he started making his monthly mortgage payments.
Not long afterward, Khast was informed that he had to be behind in his monthly payments in order to qualify for a loan modification. So, Khast did was he was told, and because he did as the bank directed, Judge Gonzalez found that Khast was irreparably harmed and entitled to an order temporarily halting the foreclosure on him home. You can fight foreclosure too, don’t get frustrated – there is help.
“If the sale of plaintiff’s property proceeds as scheduled, plaintiff will lose his home,” Gonzalez wrote. “Even if defendants were ultimately to prevail, a temporary restraining order will only force them to delay the sale of the property by a matter of days.” In my opinion, you should fight foreclosure whenever possible, don’t just lay down and take it.
Fight Foreclosure Case Info:
Plaintiff: Kaveh Khast
Defendants: Washington Mutual Bank, JP Morgan Chase Bank, California Reconveyance Company and DOES
Case Number: 3:2010cv02168
Filed: October 18, 2010
Court: California Southern District Court
Office: San Diego Office [Court Info]
County: San Diego
Presiding Judge: Irma E. Gonzalez
Referring Judge: Jan M. Adler
Nature of Suit: Real Property – Foreclosure
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop and fight foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.loansafe.org/san-diego-man-fights-foreclosure-fraud-and-wins-in-courtMortgage
Fight Foreclosure – Help Is Only a Phone Call Away.
Filed under fight foreclosure by
November 15, 2010
Loan Modifications – I Wouldn’t Do It
As a result of loan modifications, there are a number of federal lawsuits filed in Boston accusing major lenders of breach of contract under the government’s Home Affordable Modification Program, where these banks agreed to participate as part of the bank bailout.
The lawsuits state the banks agreed under HAMP to give permanent mortgage loan modifications to borrowers that make all payments during the trial loan modifications process.
Shennan Alexandra Kavanagh, an attorney, stated that several of the plaintiffs have lost homes after their loan modifications payment went back to their original amount that they were unable to pay in the first place. She said she believes that tons of borrowers in Massachusetts alone could be covered by the suits if they are given class-action status.
Kavanagh said a lawsuit was consolidated this month, against Bank of America Corp., that had similar complaints in five other states regarding the loan modifications process.
In an email, Shirley Norton a Bank of America spokeswoman, said that B of A will continue to aggressively defend itself against the cases.
Needless to say, additional lawsuits have been filed against other lenders elsewhere in the country that have offered loan modifications.
Are Loan Modifications – Big Business?
In San Francisco, the Housing and Economic Rights Advocates legal services group sued Chase. The orginization accused Chase of profiting from collecting payments during long trial loan modifications that wound up in foreclosure.
“They’re participating in the crisis they had helped to foment by refusing to honor loan modifications they had already agreed to,” said attorney James C. Sturdevant.
A professor at Louisiana State University’s school of business, Joseph R. Mason, which has extensively written on the subprime lending fiasco, said he thinks the problems from loan modifications are a legacy of the federal government’s rush to stop the flow of foreclosures prior to having proper plans in place.
“These policymakers said, just go out and do this.. let us worry about the details,” he said. “These details are now what are coming to the fore in these modification cases.”
Loan Modifications – Process Error?
Laurie Maggiano, policy director at the Treasury Department’s Homeownership Preservation Office, said the lending institutions were encouraged to offer trial loan modifications based on interviews with homeowners about their incomes and expenses while they went through the paperwork to qualify for permanently reduced mortgage payments.
Maggiano said that the banks were under no obligation to grant permanent loan modifications until this June, which is when new regulations stopped loan servicers from offering the trials based on stated income.
Now incomes and other details are being completely verified prior to the trial periods, and borrowers are preapproved for permanent loan modifications as long as they make three trial period payments, she said.
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you non-attorney help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://news.yahoo.com/s/ap/20101107/ap_on_bi_ge/us_loan_mod_foreclosures
Do They Really Help? Loan Modifications
Filed under loan modification by
November 10, 2010
Mortgage Modifications Don’t Help
Mortgage modifications didn’t help three year old Anthony, who often tells his mom Jill G., of Mesquite, Texas before he goes to bed: “I wanna go to the other house.”
Jill, Anthony and their dog, Tiffy a black Lab-mix, moved approx 12 miles to a rental after their home in Garland was auctioned away in a foreclosure auction. Jill tried, for close to a year, to get one of those mortgage modifications, only to have the rug pulled out because the approval was then rescinded. Bank of America Corp. said Jill had missing documents – papers that Jill said she sent.
Based on information from groups that help homeowners that have used mortgage modifications program, Jill’s ordeal has been repeated thousands of times. According to them, innocent hardworking homeowners still get evicted while participating in mortgage modifications specifically created to avoid foreclosures. The Home Affordable Modification Program was the target of hearings recently held for “trial” mortgage modifications that permitted debts to pile up and paperwork to ‘go missing’, which resulted in the seizure of homes.
Regarding Mortgage Modifications
Regarding mortgage modifications, Julia Gordon, senior policy counsel at the Center for Responsible Lending, in her Oct. 27 Congressional testimony stated, “Many homeowners end up facing foreclosure solely on the basis of the arrears accumulated during a trial modification,” she also said, “One incomplete payment or one accounting mistake can land you on an apparently unstoppable conveyor belt to eviction.”
Around one-half of the 1.4 million temporary or “trial” mortgage modifications granted since the inception in March 2009 of the program have been canceled, based on U.S. Treasury Department information. Less than 470,000 homeowners have gotten permanent mortgage modifications. A staggering figure is approx one in five of the canceled mortgage modifications is either in bankruptcy or foreclosure, according to a Treasury survey of the nation’s eighth biggest mortgage loan servicers, which handle billing, collections and foreclosures.
Shocking Info On Mortgage Modifications
Shockingly, even homeowners that do get approved for mortgage modifications and never miss a payment can still end up in foreclosure, the Office of the Special Inspector General for the Troubled Asset Relief Program, stated in an Oct. 26 report given to Congress. This report said, “They may face back payments, penalties and even late fees that suddenly become due on their ‘modified’ mortgages and that they are unable to pay, thus resulting in the very loss of their homes that HAMP is meant to prevent,”.
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage modifications / situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.bloomberg.com/news/2010-11-02/mortgage-modifications-meant-to-save-u-s-homes-push-them-into-foreclosure.html
Mortgage Modifications Has Lead To Foreclosure – Don’t Let This Happen To You!
Filed under loan modification, pre-foreclosure by
November 8, 2010
FORECLOSURES STOPPED FINALLY!
The Attorney General in Connecticut, Richard Blumenthal, is investigating GMAC Mortgage, which is one of the nation’s biggest servicers of home loans. He claims that there are defective foreclosure documents. Foreclosures Stopped – Finally! around September 20, 2010.
Connecticut’s Attorney General is insisting that GMAC Mortgage, which is a unit of Ally Financial Inc., stop all foreclosures in the state. Of the Foreclosures Stopped in 23 States – Connecticut is one them.
Foreclosures Stopped – Bank’s Failure To Follow Basic Legal Procedures
It is my understanding that he stated “The bank’s apparent failure to follow basic legal procedure — a potential fraud on the court — is appalling and unacceptable” and went on to say “Our investigation will enable strong legal action against GMAC/Ally, if warranted by the facts and the law. I will fight to assure the banks comply with clear legal requirements that protect homeowners from unfair foreclosures of their homes.” Like I said earlier – Foreclosures Stopped Finally!
The company said it was suspending sales of foreclosed homes and the company also declared a suspension on evictions of homeowners – in other words Forclosures Stopped – who have fallen behind on their mortgages in 23 states, including Connecticut.
Several Cases Withdrawn – Foreclosures Stopped!
GMAC said the moratriums were implemented to give it time to review its procedures on foreclosures. A week earlier several law firms representing lenders in GMAC foreclosures withdrew their cases against borrowers. Forclosures Stopped in 23 States!
On Friday a statement was released and the company said the substantive contents of the affidavits in question were accurate regarding the facts and its review which they conducted internally thus far had revealed no evidence of any factual errors regarding the details typically contained in foreclosure affidavits.
It is my understanding the company also said it believes defects occurred in some, but not all foreclosures in the 23 impacted states. The problem was identified and addressed a few months ago, the company said.
I offer a Free – No Obligation Consultation And Preliminary Audit of your foreclosure problems and mortgage situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.streetinsider.com/General+News/Ally+Bank+Halts+Foreclosures+in+23+States/5984196.html
Foreclosures Stopped – What About Yours?
Filed under foreclosure problems by
November 4, 2010
Foreclosure – In The News Now
In a recent hearing, called by the bipartisan Congressional Oversight Panel, which was given the responsibility of monitoring the government’s foreclosure bailout programs, Sen. Ted Kaufman (D-Del.), the panel’s chairman said “if investors lose confidence in the ability of banks to document their ownership of mortgages, the financial industry could suffer staggering losses. The possibility is especially alarming coming so soon after taxpayers spent billions of dollars to bail out these very same institutions.”
Phyllis Caldwell, head of the Treasury Department’s homeownership preservation office, noted the delay in foreclosures caused by law enforcement investigations, pending litigation and self-imposed slowdowns by lenders, saying those actions “may have both immediate and longer-term consequences.”
And in my opinion the foreclosure bailout programs are just above a waste of time, due to the fact that foreclosures are on the rise even with these so-called government foreclosure bailout programs.
Foreclosure – Causing Real Estate Prices To Plummet?
Caldwell said that because a foreclosure is taking longer this will probably force down sale prices, especially on vacant homes in the market, and sow uneasiness among buyers about whether the homes have a clear title. [If I were buying a home from foreclosure I would be wary too.]
“This would hurt homeowners and home buyers alike at a time when foreclosed homes make up 25 percent of home sales,” Caldwell said in her written testimony. “Together, these two factors may exert downward pressure on overall housing prices both in the short and long run.”
Foreclosure: Bottom Line
Caldwell also offered a glimpse at why large mortgage servicers have not helped more homeowners modify loans and why they relied on “robo-signers” and other questionable practices when churning out foreclosure filings. “They did not have the systems, staffing, operational capacity or incentives to engage with homeowners on a large scale and offer meaningful relief from unaffordable mortgages,” she said. “Moreover, the expansion of private securitizations during the housing boom left servicers in a complicated legal situation.”
Yep – you read it right. Many corporations, banks included, do not put a face to the number. Their bottom line – P R O F I T S. The foreclosure mess, here in America, is due in large part to the fact that the corporate big wigs want to fatten their pockets.
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure during this foreclosure crisis.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/27/AR2010102705228.html?sid=ST2010102705416
Foreclosure
Filed under Avoid Foreclosure Help, facing foreclosure by
November 2, 2010
Loan Modification – Does It Really Work?
Recently in a hearing, called by the bipartisan Congressional Oversight Panel, which was given the responsibility of monitoring the government’s foreclosure bailout programs, the panel members pounded the Treasury Department for the shortcomings in its mortgage loan modification process. This hearing came only days after a report issued from the inspector general showed the agency’s efforts didn’t have clear benchmarks and fell horribly short of its original goals.
Despite early expectations that the Home Affordable Modification Program would assist millions of troubled Americans rework their loans and keep their homes, the loan modification program thus far has resulted in fewer than 500,000 permanent loan modifications. While this is significant, it pales when compared with the more than 7 million homes facing foreclosure.
Loan Modification Program – Falling Painfully Short Of Expectations
Panel member Richard Neiman, superintendent of banks for the state of New York, stated the loan modification program has “fallen far short of our hopes.” J. Mark McWatters, another panel member, an attorney and accountant, said the administration had “failed to provide meaningful relief to distressed homeowners” and that its original projections had generated false hopes and expectations in that the loan modification program would help far more homeowners.
Phyllis Caldwell, head of the Treasury Department’s homeownership preservation office, took up for the Obama administration efforts, saying that the impact of its foreclosure mitigation programs should not be judged by the number of permanent loan modifications alone.
Loan Modification – Trial Program
She said a trial loan modification – which consists of three months of reduced mortgage payments – have given families desperately needed time and space, even if they don’t become permanent. She also said the Treasury Department is changing and expanding the loan modification programs in hopes of reaching more troubled homeowners.
Maybe you’ve tried a loan modification and it hasn’t helped. I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/27/AR2010102705228.html?sid=ST2010102705416
Loan Modification – is it worth the trouble?
Filed under foreclosure answers, loan modification, Stop Foreclosure Secrets by
October 31, 2010
Fighting Foreclosure – Don’t Just Roll Over
How long will it be before the nightmare of home foreclosures is over? Ask Mike Dillon, who’s been fighting foreclosure to keep his New Hampshire home for the majority of the past decade.
Mike did miss 2 payments in 2002, he then caught up and was current on his loan by later that year, that’s when his mortgage problems started and he began fighting foreclosure on his home.
Fighting Foreclosure – How It Can Start
The story is his loan servicing company did not properly credit his monthly payments to his account and it placed the loan in default. As he fought to straighten out the bookkeeping, even with canceled checks for proof, the servicer began adding additional fees for property inspections, insurance and other charges. That’s how the nightmare can begin and fighting foreclosure starts in many cases.
A New Hampshire judge, in 2005, agreed that the servicer’s “sleight of accounting resulted in improper assessments” against Mike and, citing a “predatory scheme of penalties,” barred the foreclosure and ordered that the loan be reinstated without penalties as of August 2005.
Fighting Foreclosure – Does It Ever End?
Understandably, Mike probably thought the fighting foreclosure battle would end.
Well kinda, 5 years later, Mike Dillon is still in court fighting to resolve the dispute. While he is no longer fighting foreclosure, he is still is trying to get clear title to his home. “I’ve got nine years of my life tied up in this case, and it’s done a lot of financial and emotional damage to me,” said Dillon. “This isn’t about money in the long run. This is about the principle of the issue — somebody tried to steal my house.”
Maybe this has happened to you or someone you know. I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help in fighting foreclosure. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, I can help you find foreclosure answers
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.msnbc.msn.com/id/39874969/ns/business-personal_finance/
Fighting Foreclosure – You Can Do What Mike Did – You can do it Yourself.
Filed under Avoid Foreclosure Help, do it yourself, fighting foreclosure, foreclosure answers by
October 30, 2010
US Foreclosures have increased across most of our large metropolitan areas.
According to RealtyTrac, the US foreclosures crisis has spread like a spider’s web [my words] across a larger area of our country.
According to my information, Wells Fargo will refile documents on 55,000 foreclosures after admitting there were technical mistakes.
US Foreclosures Crisis spreading
The worst affected areas according to RealtyTrac’s report are: California, Nevada, Florida and Arizona.
These states accounted for 19 of the top 20 metropolitan areas with the highest US foreclosures rates within the last 3 months.
This trend is the latest sign that the US foreclosures crisis is getting worse. Homeowners continue to fall behind on their mortgage payments because of high unemployment and slow job growth.
US Foreclosures – Wells Fargo
From what I can tell, the announcement from Wells Fargo that it was refiling thousands of foreclosure documents is an admission from the bank of possible problems in the way it repossesses homes.
Regarding US Foreclosures Wells Fargo released a statement on Thursday, that said it had identified “instances where a final step in its processes relating to the execution of the foreclosure affidavits… did not strictly adhere to the required procedures”.
US Foreclosures
Wells Fargo added that it has no plans to stop its foreclosure process but said the refiling may cause some delays. It seems that these uncaring institutions are bent on continuing their questionable practices and US Foreclosures are not slowing down.
Metropolitan top five US Foreclosures: 3rd Quarter 2010
Las Vegas, Nevada – 32,288
Cape Coral, Florida – 10,352
Modesto, California – 4,825
Stockton, California – 5,929
Merced, California – 2,072
Source: RealtyTrac
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.bbc.co.uk/news/business-11646439
US Foreclosures on the rise – unfortunately.
Filed under US Foreclosures by
September 23, 2010
Foreclosure Fraud Again – Yep, you read it right!
Hey folks, guess what there’s foreclosure fraud again – the financial giants have figured out another way to profit from fraud. Yep, after destroying communities across America with shady subprime loans, the mortgage industry has launched a new assault on our nations neighborhoods with a new foreclosure fraud.
Foreclosure Fraud Again – How?
Well, big banks are now outsourcing their foreclosure processing to law firms with a history of breaking the law to make a quick buck. Reports are that these scammers backdate signatures, forge documents, charge thousands of dollars in illegal fees and even foreclose on borrowers who haven’t missed a payment. Like I said Foreclosure Fraud!
“Foreclosure mills,” as they are now known, have been around for years and they’ve become a huge problem as the mortgage crisis has worsened. It’s my understanding that Fannie Mae and Freddie Mac created a need for these beasts decades ago to help them process large volumes of foreclosures fast and cheap. Not long after big banks wanted in on the action, and Wells Fargo, Citigroup and Bank of America starting sending foreclosures to these lowlife Foreclosure Fraud law firms by the tons.
Foreclosure Fraud – Why?
Banks choose to outsource dirty work to these Foreclosure Fraud firms for a reason. It takes literally weeks to process the necessary legal paperwork to throw somebody out of their home. Cutting down the processing time can save a lot of money on legal bills. These Foreclosure Fraud mills cut costs by cutting corners. So, when they can’t gather the proper paperwork needed to kick families out of their homes, they simply fabricate it. Even worse, these Foreclosure Fraud firms illegally hold back documentation from borrowers looking to negotiate loan modifications with their banks. In effect, forcing borrowers out of their homes instead of allowing them to negotiate a deal with the bank. When borrowers actually do get things straightened out with these Foreclosure Fraud mills, the underhanded bankers slap them with huge illegal fees. Outrageous!!
If nobody holds anyone accountable, then anything goes: stealing, cheating, and lying, are very profitable. Well, don’t let this happen to you. Fight Back!! I have been helping people successfully ward off foreclosures and maybe I can help you too. I offer a Free No Obligation review of your mortgage documents. Don’t just rollover, give me a call and take a stand against Foreclosure Fraud.
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://blogs.alternet.org/speakeasy/2010/08/05/foreclosure-mills-wall-streets-latest-fraud-scheme/
Like I said don’t just rollover, give me a call and take a stand against Foreclosure Fraud.
Filed under Foreclosure by
September 2, 2010
Loan Modification – Alright Things Are Going Great
According to reports, to Feliciano Mendez’ delight, Bank of America sent him a letter stating that his loan modification was approved. Of course, he began making payments, as this was most certainly a great relief to he and his family. Like many other hard working Americans, he ran into financial hard times because of a decline in his trucking business.
Feliciano stated that he begged the bank to work with him. Bank of America sent him a loan modification that looked good, so he signed it and sent it back to them.
Loan Modification Docs Again?
Sometime later, Bank of America sent him a second loan modification document. It looked just the same to him and he says his loan officer assured him that it was simply a duplicate loan modification and therefore, he didn’t need to sign it if he had already signed the first loan modification.
Well for the next nine months, Feliciano Mendez paid the loan modification amount with a money order, as the bank had directed.
Loan Modification Ends in Foreclosure Anyway – What??
He then called in May, asking whether he could start paying the loan modification with personal checks instead the money orders he was sending. Mendez says that the bank informed him it had decided to foreclose on his home and had already posted a sale date of June 10.
Needless to say Mendez said he and his wife were shocked when he was found out about the bank’s decision. Actually his wife took it harder then he did.
Even today, he said, his wife loses sleep, can’t concentrate on work and sometimes can’t bring herself to answer the front door because she is so distraught over the possibility of losing her home.
Mendez successfully filed a lawsuit, which temporarily blocked the foreclosure. But lawyers for Bank of America are trying to dismiss the case.
Mendez’ attorney, Brian Andrews, said Bank of America blames the foreclosure on Mendez [what else is new!] They say that it was his failure to sign the second agreement for loan modification. However, Andrews says that before filing suit, he called four (4) Bank of America employees and they all confirmed Mendez’s account – that he had been told not to sign the second set of loan modification documents since he had already signed the first set. Andrews stated that they say it’s all a ‘mistake’ on the part of the bank.
Are you thinking about doing a loan modification? Well, please think again and watch you back. Do your best to not let this happen to you. Instead of, or along with, a loan modification, you may have other avenues. I provide a Free No Obligation review of homeowner’s loan documents to help you with other options and lots more.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.signonsandiego.com/news/2010/aug/31/mortgage-modifications-still-lead-foreclosures/
Are you thinking about doing a loan modification?
Filed under loan modification by
August 27, 2010
MERS 62 Million Homes May Become Free and Clear Some Day!
Yep, it’s true it’s my understanding over 62 million homes are currently held in the name of MERS [Mortgage Electronic Registration System]. This is a system that was concocted by and for the benefit of the mortgage industry. A bankruptcy court in California recently ruled that this electronic shortcut makes it not possible for banks to prove and establish their ownership of property titles; therefore they can not foreclose on mortgaged properties and this decision was made following landmark cases in other jurisdictions.
More MERS 62 Million Homes Problems:
So logically speaking this could be the beginning of foreclosure-proof homes, an approx. whopping 62 million homes!
Bundling mortgages into securities were a favored type of investment of speculators at the height of the financial bubble which led to the crash of 2008. Oftentimes, the securities changed hands numerous times, and to top it off it seems the companies profiting from the mortgage payments were all to often not even the same parties that negotiated the loans with the consumers. May I add - it’s probably way over 62 Million Homes too.
Now, you guessed it, at the center of this disconnect was the Mortgage Electronic Registration System, or MERS. MERS is a company that acts as the mortgagee of record for lenders, which allows properties to change hands without the necessity of recording each transfer. That, in case you didn’t know, is a big 62 Million Homes of NO NO!
MERS a Bust with These 62 Million Homes on the Brink:
Oh sure, MERS was very convenient for the mortgage industry. However courts are now questioning the impact of all of this financial juggling when it comes to who owns the mortgages of the 62 million homes. And rightfully so. FYI: In order to foreclose on real property, the plaintiff must establish the chain of title thereby entitling it to relief. Yet, MERS has acknowledged, and recent cases have also held, that MERS is just a “nominee” — which means it’s an entity appointed by the true owner simply for the purpose of holding property in order to facilitate transactions. The great news is, that recent court opinions stress that this defect is not just a procedural one but is a substantive failure, one that is fatal to the plaintiff’s legal ability to foreclose on a possible 62 million homes.
What does this mean? It means that hordes of victims of predatory lending could end up owning their homes free and clear – and the financial industry could end up falling on their on sword.
Maybe you are one of the 62 million homes. I offer a Free – No Obligation Consultation And Audit of your mortgage situation.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.pacificfreepress.com/news/1/6877-foreclose-this-could-62-million-homes-be-foreclosure-proofq.html
Do you think you may be in one of the 62 million homes?
Filed under MERS 62 Million Homes by
August 11, 2010
BREAKING NEWS!
It has come to my attention that the Florida Attorney General’s office just announced they are conducting investigations into the state’s three biggest foreclosure law firms for allegations of deceptive and unfair actions.
These firms, which at times are called “foreclosure mills,” are the Tampa-based Shapiro & Fishman, Fort Lauderdale Law Offices of Marshall C. Watson and the Law Offices of David J. Stern, based in Plantation.
A lawsuit seeking class action status was filed by a Fort Lauderdale attorney against Stern just last month. The lawsuit is claiming this firm generated fraudulent mortgage assignments, basically falsifying foreclosure documents when they were pursuing foreclosures.
FYI: an assignment is held by the entity that has the right to receive mortgage payments.
The law of offices of David J. Sterne according to the lawsuit filed up to a whopping 7,000 foreclosure cases in Florida every month last year, presumably with fabricated foreclosure documents . As if that wasn’t bad enough, the lawsuit also alleges this firm pursued foreclosures for lenders that didn’t even own the debt on the homes.
According to records, Miami based attorney, Jeffrey Tew is representing the Stern law offices. According to Tew, Stern and his company have done nothing wrong
“This foreclosure crisis was not created by David Stern, but it is so huge and a lot of people are in very bad shape, so some of the finger-pointing goes to him,” attorney Tew said.
Mr Tew went on to say that portions of the lawsuit that claim Stern conspired to confuse ownership of homes is “fantastical”/fantasy.
Attorney General Bill McCollum’s office released a press release and it says due to the fact that many mortgages have been bought and sold by financial institutions numerous times, some vital foreclosure documents/paperwork involved in the process to obtain foreclosure judgments is oftentimes missing.
“On numerous occasions, allegedly fabricated documents have been presented to the courts in foreclosure actions to obtain final judgments against homeowners,” the press release states. “Thousands of final judgments of foreclosure against Florida homeowners may have been the result of the allegedly improper actions of the law firms under investigation.”
In June a judge, Circuit Court Judge Michael Traynor, dismissed a case because he said in his opinion the court “has been misled by the plaintiff from the beginning” and that documents “have changed as needed to benefit the plaintiff.”
Don’t let this happen to you! Get expert help to look over your loan and foreclosure docs.
Don’t think for a moment that these types of fraudulent activities are only going on with just three law firms in Florida. This type of activity is happening all over the county, just apparently on a much larger scale with these companies because of the larger amount of foreclosures they handle.
You can avoid foreclosure and get the foreclosure assistance and foreclosure help you need from an expert in foreclosure solutions.
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.palmbeachpost.com/money/real-estate/state-probes-whether-three-law-firms-falsified-foreclosure-851395.html
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August 6, 2010
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August 4, 2010
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August 3, 2010
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August 2, 2010
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July 31, 2010
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July 26, 2010
Unfortunately, last month more delinquent homeowners learned they didn’t qualify for President Obama’s foreclosure program.
New concerns regarding the U.S. housing market’s health and vibrancy have rightfully renewed interest in the success of President Obama’s foreclosure prevention programs. It has been wondered that an increase in foreclosures, combined with the current drop in housing sales, could once again send home prices plummeting. Raphael Bostic, according to cnnmoney.com, stated that the marketplace is still fragile.
Unfortunately, 91,118 people in trial modifications were canceled in June, which brings the total to 520,814, only about ten to twelve percent (10% – 12%), a drop in the bucket, of the near 5 million homes in foreclosure since the program first started early 2009.
More than 60% of those who dropped out last month had been in trials for at least half a year.
Homeowners that don’t submit the proper paperwork, don’t meet the qualifications or make the necessary payments are kicked out. It is my understanding that from now on the loan Servicers before entering the homeowner in the program will collect needed documents and review the homeowners’ eligibility.
Once the homeowner trials are canceled, less than half of homeowners do get an alternate modification, and many times from their loan Servicer.
There are only 364,077 homeowners that remain in the trial phase, and approx 38,728 of that figure are homeowners that entered the program in June.
You don’t necessarily have to be one of the thousands that have lost their home to foreclosure. I have helped many homeowners stay in their homes and avoid foreclosure, and I may be able to help you too.
I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://money.cnn.com/2010/07/20/news/economy/foreclosure_prevention/?postversion=2010072014
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July 25, 2010
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