Loan Modification Gone BAD! Ends in Foreclosure Filing

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.

loan modificationWell 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?


FORECLOSURE PROOF? 62 MILLION HOMES – REALLY?

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 milli62 million homeson 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?

State Probes Into 3 Law Firms For Falsifying Foreclosure Documents

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

Foreclosure Solutions – Whats Happening for 2010-08-06

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Foreclosure Solutions – Whats Happening for 2010-08-04

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  • Homeowners Associations: The New Foreclosure Neither did I, but Goodman's homeowners association did just that in April.. http://dld.bz/m4XA #
  • Homeowners facing foreclosure to get mediation Central Florida News 13A new effort in Volusia and Flagler counties aims.. http://dld.bz/m4X9 #
  • Foreclosure filings drop in Illinois by Mary Ellen Podmolik | Posted today at 8:13 am Foreclosure filings in Illinois d.. http://dld.bz/m4X8 #
  • Charting the market: Foreclosure like a wave moving on Washington TimesBy Chris Sicks Nearly 68000 homes in the Washing.. http://dld.bz/m4X7 #
  • Foreclosure Update: Three More Years Of Pain For Housing – CBS … 1 million households are on track to lose their home.. http://dld.bz/m5EG #
  • The foreclosure beat goes on, but is the end in sight? The foreclosure beat goes on, but is the end in sight? > Posted .. http://dld.bz/m5EF #
  • 7 Steps For Buying a Short Sale or Foreclosed Home More people are buying homes and condos. Sales of homes and condos a.. http://dld.bz/gQZK #
  • Homes lost to foreclosure on track for 1M in 2010 – Democratic … Homes lost to foreclosure on track for 1M in 2010.De.. http://dld.bz/m5EE #
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  • Homes lost to foreclosure on track for 1M in 2010 LOS ANGELES — Rosalyn Dalebout rents out space in her home to three t.. http://dld.bz/m6eX #
  • Foreclosure Crisis Growing In South Florida While Wall Street continues to rake in record profits; the housing market c.. http://dld.bz/m6eW #
  • DeKalb eyes foreclosure registry By Megan Matteucci DeKalb County Commissioner Connie Stokes wants residents to know th.. http://dld.bz/m6eV #
  • Alaska foreclosure notices top 1500 for first half of 2010 The Alaska home foreclosure rate remains light compared to t.. http://dld.bz/m6dY #
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Foreclosure Solutions – Whats Happening for 2010-08-03

  • Foreclosure activity dips, but June was still near a record The number of local foreclosures in June, down 3.6 percent .. http://dld.bz/mzjn #
  • US homes lost to foreclosure on track to eclipse '09 levels as … More than 1 million American households are likely t.. http://dld.bz/mzMj #
  • 1.65 Million U.S. Properties Receive Foreclosure Filings in First … RISMEDIA, July 15, 2010—RealtyTrac, a leading onl.. http://dld.bz/mzMh #
  • Foreclosure Philippines Testimonial — Maven Secrets “I can honestly say that the Maven Secrets program offers much more.. http://dld.bz/mzMg #
  • Homes lost to foreclosure on track for 1M in 2010 (AP) | www … More than 1 million American households are likely to .. http://dld.bz/mzMf #
  • Residents Suffering from Foreclosure Plight | Foreclosure Banks in two cities have passed the ordinance for neglect of .. http://dld.bz/mzMe #
  • US Foreclosure Filings Down Slightly In June; Up 8.3% In 1H The number of properties in the US receiving a foreclosure .. http://dld.bz/mzSt #
  • Home foreclosure sales plunge last month with fewer auction sales RIVERSIDE – Home foreclosure sales plunged last month.. http://dld.bz/mzSs #
  • Will a Short Sale Save Your Credit? | RISMedia RISMEDIA, June 11, 2010— (MCT)—Stuck in a house you can't afford or can'.. http://dld.bz/gQZN #
  • Fresno's Piccadilly Inn is facing foreclosure FRESNO, California (KFSN) — Action News has learned the Piccadilly Inn h.. http://dld.bz/mzSr #
  • Deputies arrest three in empty foreclosure Woodlands home Montgomery County Sheriff's deputies arrested two men and a j.. http://dld.bz/mzSq #
  • Foreclosure Rate Slowing In Polk County By Kyle Kennedy By KYLE KENNEDY Through the first six months of 2010, Polk reco.. http://dld.bz/mzSp #
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  • Homes lost to foreclosure on track for 1M in 2010 Yahoo News More than 1 million American households are likely to lose.. http://dld.bz/m2Pm #
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Foreclosure Solutions – Whats Happening for 2010-08-02

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  • California roundup: June sales, foreclosure reports Los Angeles-area home sales surged again in June, beating May level.. http://dld.bz/mw8B #
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  • Foreclosure crisis phase 2: the negative equity dilemma By Alissa Figueroa For almost a quarter century, Cynthia Johnso.. http://dld.bz/mwZ3 #
  • Spanish Oaks posted for foreclosure By Shonda Novak | Wednesday, July 14, 2010, 11:36 AM In another high-profile forecl.. http://dld.bz/mwZ2 #
  • Bank Foreclosures | Stop Foreclosure Help Bank foreclosure real estate also referred to as REOs (Real Estate Owned) is .. http://dld.bz/mwZz #
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  • Buying again after short sale eased Q Can I buy a house again after selling my home as a short sale? A Millions of Amer.. http://dld.bz/gQJs #
  • Homeowners Facing Foreclosure Get a Lifeline: General Assembly … July 14, 2010 – (RealEstateRama) — Senate President .. http://dld.bz/mwZw #
  • Tips For Scoring A Connecticut Foreclosure House | How to Invest Today Buying a Connecticut foreclosure home can be a w.. http://dld.bz/mwZv #
  • Noisette Co. property in foreclosure could be divided three ways, sold in fall By Ashley Fletcher Frampton Roughly 240 .. http://dld.bz/mxER #
  • Brass Elephant slated for Aug. 3 foreclosure auction Bizjournals.comPNC Bank is seeking to sell the venerable Brass Ele.. http://dld.bz/mxEQ #
  • Minnesota's foreclosure activity dropped in June by Annie Baxter, Minnesota Public Radio St. Paul, Minn. — Foreclosure .. http://dld.bz/mxEP #
  • Lender takes back W San Diego in foreclosure sale By Lori Weisberg, UNION-TRIBUNE STAFF WRITER The W Hotel in San Diego.. http://dld.bz/my5j #
  • East Bay foreclosure decline By Eve Mitchell Foreclosure activity in the East Bay declined from a year ago, with fewer .. http://dld.bz/my5h #
  • Homes facing foreclosure in 18 cities Mortgage Insider The Orange … First, in recent foreclosure news: OC foreclosure.. http://dld.bz/myQJ #
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Foreclosure Solutions – Whats Happening for 2010-07-31

  • Foreclosure Mediation Program still lambasted by critics Seer PressThe State of Nevada is currently implementing a law .. http://dld.bz/mpqt #
  • Online foreclosure auctions helping banks repossess homes more quickly Lenders are repossessing homes at a faster clip .. http://dld.bz/mqbv #
  • Foreclosure Telephone Help Line Crashes On First Day by MortgageOrb.com on Tuesday 13 July 2010 A new program designed .. http://dld.bz/mqbu #
  • Area foreclosure rate has nearly doubled in past year The number of foreclosures in the Wilmington area for May 2010 is.. http://dld.bz/mqHQ #
  • Foreclosure sales dropped off in June Foreclosures fell significantly in the Sacramento region in June, on both a month.. http://dld.bz/mqHP #
  • Former Cardinal Mike Matheny deals with Chesterfield foreclosure by Laurie Waters (KMOV)– Cardinal favorite Mike Mathe.. http://dld.bz/mqHN #
  • Calif has 4th largest foreclosure discount Lansner on Real Estate … Realtytrac, the Irvine foreclosure tracker, says .. http://dld.bz/mrfs #
  • State gets $154.5M to assist residents avoid foreclosure By Lorene Parshall, Staff Writer LANSING — Are you in threat .. http://dld.bz/mrqr #
  • Can I short sale my house to my mom? – Zillow Real Estate Advice "i can let this house go and buy another house in the .. http://dld.bz/gNAJ #
  • Foreclosure help in Southwest Florida FORT MYERS, Fla.– If you've been delinquent on your mortgage payments and are cl.. http://dld.bz/mrqq #
  • Foreclosure Roundup: DYL's Coral Gables project faces foreclosure US Century Bank rolled out a foreclosure lawsuit agai.. http://dld.bz/mrqp #
  • HAFA Ushers Record Number of Foreclosure Sale Cancellations in California by JON PRIOR Lenders are canceling more forec.. http://dld.bz/mrqn #
  • Foreclosure Help, Take Two The Obama administration's latest effort at foreclosure prevention couldn't come at a better.. http://dld.bz/mrZ5 #
  • Canceled foreclosure sales hit record The number of California foreclosure sales that were canceled hit a record in Jun.. http://dld.bz/msfd #
  • Former Cardinal Mike Matheny caught in foreclosure battle By Casey Nolen Wildwood, MO (KSDK) — Former St. Louis Cardin.. http://dld.bz/msfc #
  • Campaign to help fight foreclosure bailout scams July 13, 2010 (WPVI) — Con artists and criminals are taking advantage.. http://dld.bz/msfb #
  • Couple Fighting Foreclosure Gets Day In Court A couple in Sandwich who nearly lost their home to foreclosure is gaining.. http://dld.bz/msfa #
  • Banks Face Short-Sale Fraud as Home 'Flopping' Rises (Update1 … Banks Face Short-Sale Fraud as Home 'Flopping' Rises .. http://dld.bz/gNAH #
  • 3 On Your Side: Mortgage Foreclosure Scam Alert Are you having problems paying your mortgage? The City of Philadelphia .. http://dld.bz/mseZ #
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Don’t Qualify For A Loan Modification?

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

Foreclosure Solutions – Whats Happening for 2010-07-25

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  • Home Loan Refinancing Can Stop Foreclosure Home loan refinancing arrangements can be an effective way to relieve the st.. http://dld.bz/kGcg #
  • Foreclosure threatens 'Sleeper' house The futuristic house at 855 Visionary Trail on Genesee Mountain was featured in d.. http://dld.bz/kG85 #
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  • Palm Beach County foreclosure filings up in June after three month decline Palm Beach Post (blog)by Kim Miller The Palm.. http://dld.bz/kHnP #
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  • Unemployed? Facing Foreclosure? You May Qualify For Help « 104.3 WOMC Some unemployed Michiganders who face foreclosure.. http://dld.bz/kH95 #
  • Foreclosure Rates in Salem Increase – Salem-News.Com Foreclosure rates in Salem have increased for the month of May ove.. http://dld.bz/kH94 #
  • Report: Valley home foreclosure rates rise 33 percent from May to June ABC15.com (KNXV-TV)PHOENIX – Phoenix foreclosure.. http://dld.bz/kHSQ #
  • i Short Sale: Short Sale Myths De-Bunked With short sales making up almost 35% of home sales in March and the country i.. http://dld.bz/gJAK #
  • Foreclosure crisis continues By Darryl Bauer – News Anchor @ July 8, 2010 5:04 PM Permalink | Comments (0) SPRINGFIELD,.. http://dld.bz/kHSP #
  • Lawmakers Working To Extend Foreclosure Prevention Program By Nacarla Webb RALEIGH, NC – State lawmakers are working on.. http://dld.bz/kHSN #

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