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,
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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 
Loan Modification – Is It Worth Trying?
A year and half ago, the government launched a loan modification program to help homeowners. The federal government’s loan modification program is unfortunately not helping as many homeowne
rs facing foreclosure as hoped for.
Of the Phoenix area borrowers that hoped to lower their monthly payments through the Home Affordable Mortgage Program in April, over half, left the program by the end of July and they didn’t have their payments permanently lowered through the loan modification program.
Loan Modification – Good News
Good news is that some of these borrowers actually did receive help from other programs that were available; however, in my opinion, not nearly enough have been helped and way too many have lost and are still losing their homes.
Loan Modification – Bad News
Bad news is that far too many other homeowners were denied a permanent loan modification after making several months of “trial” payments and have lost their homes to foreclosure.
Some housing advocates have said that too many homeowners were strung along with a trial loan modification through the federal government’s program, known as HAMP, when the lender knew a foreclosure was not going to be avoided.
Lenders defend the trial loan modification, by saying they didn’t know all of the rules for the new federal program, so they placed a lot of homeowners in a temporary loan modification to help them avoid inevitable foreclosure. I guess it could be true they did not know the rules, but I doubt it, it’s their job to know the rules.
Now, it is quite possible a number of homeowners just didn’t meet the program’s complex and burdensome requirements, even though they had been approved for a trial loan modification.
Loan Modification – It’s Not Possible To Know -Yet
It’s impossible to know why so many homeowners were and still are being denied a permanent loan modification because lenders simply won’t comment on specific cases, and the Treasury Department hasn’t released a list of borrowers who had their trial loan modification canceled.
Don’t let this happen to you. 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.azcentral.com/12news/news/articles/2010/09/05/20100905loan-modification-program-phoenix.html
Loan modification – Do or DON’T?
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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
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
Filed under Foreclosure Documents by
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
Filed under loan modification by
According to two Republican Congressmen, President Barack Obama’s plan to help homeowners avoid foreclosure is a failure.
According to a resource, Rep. Jim Jordan, R-Ohio and Rep. Darrell Issa, R-Calif communicated to Treasury Secretary Timothy Geitner a letter, which was sent not too long ago, telling him to “end immediately” the Home Affordable Modification Program known as HAMP.
Since Pres. Obama announced the program in Mesa in February 2009, [over 1 year ago] only 340,000 homeowners have had their mortgage loans permanently modified through the program.
President Obama said 3 million to 4 million homeowners would be helped by the program.
Did you know that even homeowners who are granted long-term modifications often still end up in foreclosure? “Why”, you ask? Well, because in many cases the payments are still simply too high for them to afford.
People have said we are simply in a death spiral, but in lots of cases it doesn’t have to be that way. I offer a free audit of your mortgage documents and may be able to help you avoid foreclosure long-term. Just give me a call to discuss your particular circumstance, I will be happy to see if I can help you just like I have helped other homeowners fight foreclosure.
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://www.kpho.com/news/24205219/detail.html
Filed under Avoid Foreclosure Help, loan modification by
Home foreclosures are unfortunately still a serious problem in our country. Though, foreclosure rates are down in areas such as Atlanta, that’s not the case in most of America. Each month, there are thousands of foreclosures in newspapers across the country and many predict the numbers will stay the same for some time to come.
Many attorneys that handle foreclosures are saying that they think what we’re seeing now will continue and foreclosures will continue on a steady pace.
There are alternatives to a foreclosure, one being something called a short sale; however not everyone qualifies. You see, it’s very costly for a bank to foreclose a home, then put it back on the market, and in many cases have to repair the house prior to placing it on the market.
Another alternative is to fight your foreclosure. I have successfully helped many of my homeowners stop the auction of their home by their banks and remain in their homes. I offer a free preliminary audit of your mortgage documents to see if I can help. I lost my home to foreclosure years ago and decided then and there to never let that happen again and to help anyone I can to avoid the same.
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/
Resource:
http://www.walb.com/Global/story.asp?S=12792338
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It appears a new Obama “Innovation Fund” program is setting aside $1.5 billion to help stop foreclosure in California and four other states hardest hit by foreclosure.
The word on the street is that this is likely to do little to nothing to help the actual homeowners. It will probably in reality just pay the administrative costs of running the program manned with people talking with homeowners about the same old tired stuff that does not really stop foreclosure and/or help one work things out with the lender.
There is expected to be only a small number of homeowners helped by the fund as with all of the other government bailouts of late. Big government is help by getting more people working for, and dependent on the government for their new job, bankers are bailed out and given bailout or admin money for which the bank is beholden to the government, but homeowners are left without much relief at all.
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The Supreme Court Said:
Homeowner-defendants with attorneys must make themselves competent to assist their attorney in their own defense to insure their case is moving forward in their favor. According to the 8th Cir. Court in US v. Hinton, 218 F3d 910 (8th Cir. 2000) “Due process requires that a defendant be tried only if he is competent to assist in his own defense.” This is because the minimum standards for you to have the best, or at least a reasonable, chance of defending and winning your case is for you to have enough knowledge to be able to assist your attorney in your own defense.
A Supreme Court Chief Justice Said:
Former Chief Justice of the Supreme Court of the United States Judge Warren Burger Said, “Chief Justice Warren Burger of the U.S. Supreme Court Warned “75 to 90 Percent of American Trial Lawyers are Incompetent, Dishonest or Both” This is partly because most attorneys are over worked and/or under staffed.
Many attorneys are overworked which can even to a Chief Justice of the Supreme Court make them look “incompetent, dishonest or both. It is a common belief that most attorneys are in it for the money; that being the case, unless they work for a Michael Jackson or an OJ Simpson who can pay them handsomely just to work for one client many attorneys feel they need to take on many, many cases in order to make good money.
Under those circumstances a client needs to be able to know what his or her attorney should be doing and make sure it is actually being done for them (the client) to have the best chance to win his or her case.
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