Foreclosure..FREE RIDE: 3 Years

Great  Story......

Source: CNN MoneyWednesday, December 28th, 2011, 10:58 am

Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight.

Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.

Read the full story >>

Just like I've been telling folks for over a year now...

Dig in your feet &  fight.

DON'T FEEL GUILTY....

Short Sale Blog

Guilt ridden thinking about Defaulting on your mortgage?

Wayne Landon: Posted on Thursday, December 22, 2011 1:32 PM

Before you beat yourself up to badly, read the following  news report. Five major mortgage lenders could be facing concessions totaling $19 billion as bank representatives and government officials put finishing touches on a settlement for wrongful mortgage foreclosures, sources have told The Wall Street Journal. Officials have been working with banks for months to determine how they should be held responsible for the mortgage robo-signingscandal  but some states expressed concerns that the deal on the table doesn’t meet their expectations.   The banks involved in the settlement are the nation’s five largest mortgage servicers: Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P.Morgan Chase & Co. and Wells Fargo & Co.   While specifics of the settlement have not been disclosed, banks are expected to be responsible for least $19 billion in concessions that could include principal write-downs and interest-rate reductions for homeowners, as well cash penalty payments to the government.   The total amount could jump to as much as $25 billion if California, which accounted for 13.1 percent of all mortgages outstanding and 10.8 percent of all loans in foreclosure, joins in the deal. The state walked away from settlement talks in September.   So how do you feel now, guilty or angry? If you follow mortgage default news like I do, you would note that very reputable news outlets are pointing the finger at the banking community for the mess we have. They are the ones who created the exotic mortgages that few people understood, to fuel the expansion of new mortgages. They want to blame the public for being so stupid, the government for insisting on more mortgages, and Wall Street for bundling mortgages into bond funds to provide liquidity.   They should be brought to their knees like Arthur Anderson for the Enron scandal, but that is not practical, only wishful thinking.   If you want to explore how you deal with your underwater mortgage checkout www.jwlproperties.net for solutions that meet your needs, not those of the banking community

Principal Reduction Will Solve The Housing Crisis ...

Are the geniuses that created this mess at the banks going to keep telling us how impossible this concept is when nothing they do even dents the problem, but actually continues to exacerbate it? Principal reduction will not only help us out of the housing crisis, but will stimulate the economy! 


This is a great article from Realty Times, written by Tanya Marchiol.


See this link for more info.....
   
   http://realtytimes.com/rtpages/20111202_principalreduction.htm

                                         


Sorry Readers & Fans (LOL),  I have been very busy working on Multi-Family deals and haven't written a Blog in almost a month.  If you have Apartments you want to SELL or BUY,  please contact me ASAP.


Sincerely,  Larry Tutino

UN-FLIPPIN-BELIEVABLE

The CEO of Freddie Mac, Ed Haldeman, received a $2.3 million bonus, in addition to his $900,000 salary. Fannie Mae's CEO, Michael Williams, received a $2.37 million bonus.

"The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts…" [my emphasis] In August of this year, Fannie Mae reported a second-quarter loss of$5.2 billion. In November, Freddie Mac reported a third-quarter loss of $4.4billion.

Read the complete story at... http://realtytimes.com/rtpages/20111108_occupy.htm

How can this be happening ???

Do YOU have Effective Negative Equity ??

What is ENE ?? (effective negative equity)

 'effective' negative equity,
is  when  borrowers/homeowners  who have so little equity in their homes, they cannot afford to move.


Consider the following from mortgage
analyst Mark Hanson:


On US totals, if you figure average house
prices use conforming loan balances, then a repeat buyer has to
have roughly 10% down to buy in addition to the 6% Realtor fee to
sell. Thus, the effective negative equity target would be 85%.
You also have to factor in secondary financing, which most
measures leave out.  Based on that, over 50% of all mortgaged
households in the US are effectively underwater — unable to
sell for enough to pay a Realtor and put a down payment on a new
purchase without coming out of pocket.
-------------------------


Special thanks to:
 Chris McLaughlin, who is widely known as America’s top
Real Estate Attorney and Investment Consultant.

                         

CHASE BANK RUINED THEIR LIVES !!!

How Chase Ruined Lives of People Who Paid Off Their Mortgages

Matt Taibbi, in giving a well deserved thrashing to the banking industry’s Tokyo Rose, aka New York Fed director Kathryn Wylde, said:

[S]tealing is pretty much the worst thing that a bank can do — and these banks just finished the longest and most orgiastic campaign of stealing in the history of money.

Once you read the allegations in the cases included in this post, I strongly suspect you will agree that the “ruining lives” in the headline is not an exaggeration. And as important, these two cases, with very similar fact sets, also suggest that these abuses are not mere “mistakes”. These are clearly well established practices that Chase can’t be bothered to clean up, since cleaning them up costs money and letting them continue is more profitable.

Both cases took place in Alabama. In both cases, the borrowers had made every mortgage payment on time. One was a couple with three children, the Barnetts. The second is a widow, Besty Barlow, but her husband was still alive when this ugly saga started.

In both cases, the house burned down, The borrowers both had homeowners’ insurance.

Read more at... http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html

In other words, this is the banking version of exploding Pintos. Ford did not fix the defect in its fuel tank design because they figured it would cost less to pay out the damages on claims for death and dismemberment than fix the design flaw. Similarly, Chase evidently figures it can bulldoze people, extract more fees from them by engaging in conduct that is unquestionably against the law (see the cases for details), and maybe once in a while it gets caught and has to write a big check.

Read more at... http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html

UNSATISFIED WITH THE BANKS......

"Many homeowners who are still in home loans that were originated between 2006 and 2008 -- when home values peaked and credit standards were the most lax -- would like to refinance, but can’t because they either don’t have enough equity in their home due to falling home prices or their credit profile doesn’t meet today’s tougher standards," said David Lo, director of financial services at J.D. Power and Associates.

"This has become increasingly frustrating to homeowners and a big contributor to their dissatisfaction," said Lo. "They are unable to take advantage of interest rates that have declined to historic lows. The challenge for legislators and lenders is to find a way to help not only homeowners at risk of default, but also this increasingly frustrated group of homeowners who are caught in loans with unfavorable terms and no ability to change them," Lo said.

"Excellence in mortgage servicing revolves around minimizing problems and addressing them quickly and efficiently when they do occur," said Lo.

This report is from Realty Times online news at......

http://realtytimes.com/rtpages/20110818_mortgage.htm

What is Cash 4 Keys ??

Here is an excellent explanation of the CASH FOR KEYS program that you may qualify for and could certainly use. Get some money to move on.

http://www.wisegeek.com/what-is-cash-for-keys.htm

Don't be afraid.......negotiate and be patient.

Larry, Blog Founder

ask us for help if you need it !!!!!! at .... sellorbuyland@gmail.com

ANSWERS on FORECLOSURE QUESTIONS..

This site is LOADED WITH ANSWERS to your questions about the Foreclosure process, Cash 4 Keys, etc.

http://www.loansafe.org/forum/archive/index.php/f-36.html

Defaulted Owners Living Payment Free For…Years (and Years)

June 19, 2011 ·

Millions of homeowners in distress are getting some unexpected breathing room — lots of it in some places.

In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.

Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.

In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books.

“If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?’ ” said Herb Blecher, an LPS senior vice president. “Now you’re probably not losing any sleep.”

When major banks acknowledged last fall that they had been illegally processing foreclosures by filing false court documents, they said that any pause in repossessions and evictions would be brief. All of the major servicers agreed to institute reforms in their foreclosure procedures. In April, the Office of the Comptroller of the Currency and other regulators gave the banks 60 days to draw up a plan to do so.

But nothing is happening quickly. When the comptroller’s deadline was reached last week, it was extended another month.

New foreclosure cases and repossessions are down nationally by about a third since last fall, LPS said. In New York, foreclosure filings are down 85 percent since September, according to the New York State Unified Court System.

Mark Stopa, a St. Petersburg, Fla., specialist in foreclosure defense, has 1,275 clients, up from 350 a year ago. About 75 clients have won modifications, dismissals or sold their properties for less than they owed. All the other cases are pending.

“Banks aren’t even trying to win,” said Mr. Stopa, who charges his clients an annual fee of $1,500.

This story originally appeared in The New York Times

I Really Dislike Banks - Now More Than Ever

A brilliant businessman I know wrote to me today. Read what he said about Banks.........

Hey Larry.

If you've been around me a while you know
I've always stayed away from banks for my
house investing business. In fact, with the
exception of the very first house I ever owned,
bought in 1988, I have not used a bank to buy
one SINGLE house. Short term or long term,
none of them. And that's a LOT of houses!

What I don't like about banks is that they are
difficult to deal with, and if you get near them
they get out their scope and give you a full on
"financialoscopy"!

My dislike has grown to include their child
like behavior on short sales and REO's.
Resale restrictions, hoops after hoops... I
say GET REAL. They, and the illustrious
idiots in Congress, created the mess the RE
market is in and now they want to flog us
when we try and help clean it up?

GRRRRR.

Then there's the paperwork, MERS, and
all the problems with

* lending and servicing violations
* predatory lending
* mortgage fraud
* and 10 other issues that will be
discussed in detail on the training
I'm about to tell you about.

So I, and many others, walk around with
teeth clenched in anger towards banks.

B of A (which BTW does NOT stand for Bank
of America) and Wells Fargo are, by far, the 2
biggest offenders.

Well here's the good news. In my travels, and
in the circles I run in, I learned about a couple
of guys who put together a business, that is now
HUGE and that does nothing but help borrowers,
who are in, or about to be in foreclosure, or
who are upside down on their mortgages, get
justice. They actually put a hurting on the banks,
by looking at the situation and determining if
there are legal issues with their loans, and
then come down on the lenders legally.

It's called Foreclosure Justice. It's a smack
down and It's beautiful!


PS.
For the First time in history, Homeowners can now get:
* A big discount on their principal balance.
* Waived deficiency judgments.
* Deleted derogatory trade lines on their credit
* AND they can legally get cash proceeds
from their property even if they have no equity.

PPS.
This is NOT:
* Loan Modification
* Negotiating a Short Sale
* Loan Audit
* Loan Consultation
* Foreclosure Defense
* Foreclosure Rescue
* Credit Counseling/Credit Repair

If your family is in trouble with your home, you have to follow up with us. email ASAP

Sincerely, Larry - Blog Founder

HOMEOWNERS...BANKS STILL MAKING MISTAKES

Mortgage servicers have been using questionable foreclosure procedures for nearly a half decade and twice this year, federal agencies busted mortgage servicers for robo-signing and other foreclosure shenanigans.

After reviewing 14 large mortgage servicers in the fourth quarter of 2010, the Office of the Comptroller of the Currency (OCC), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) found what regulators described a "pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing."

On June 30, federal regulators said banks that determine problems in their foreclosure processes must take "immediate" corrective action, and then gave them until September 30 to take "immediate" action, regarding:

• The practice of "dual tracking" simultaneously engaging a homeowner in a loan modification, while foreclosing on the property.

• Using robo-signing to finalize foreclosures.

• Losing and misplacing documents, not keeping records of contact with homeowners, and asking homeowners to repeatedly submit the same documents.

In an earlier April 2011 report "Interagency Review of Foreclosure Policies and Practices" regulators also found "unsafe and unsound practices and violations of applicable federal and state laws."

REFIs are Getting Tougher

Refinancing underwater

While hundreds of thousands of mortgage borrowers have been able
to squat in their homes without making a single mortgage payment
in months or even years, many responsible homeowners who have
good credit and consistently meet their monthly obligations
haven't been able to refinance in order to avoid losing their
homes. Many of today's homeowners purchased their homes during a
time of easy credit, when mortgage products, like interest-only
loans and option adjustable-rate mortgages were issued to the
marginally qualified. And many were told that -- if they made
their payments faithfully -- they could easily refinance out of
these products into affordable fixed-rate loans once the payments
started to balloon. But that day has never come for some
borrowers -- no matter how good their payment record or credit
score. Many lenders are refusing to refinance underwater
mortgages -- loans that are higher than the value of the home --
because it would mean big losses for them if the borrower
defaults, said Mark Zandi, chief economist for Moody's Analytics.
According to data submitted to federal regulators and analyzed
by the Wall Street Journal, nearly 27% of mortgage applicants
were denied mortgages in 2010, up from 23.5% a year earlier.

About the author:
Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

Chris is one of my favorite and accurate Authors on Real Estate.

Thank you, Larry

LOAN MODIFICATION PLANS ??????

I regularly meet stressed homeowners that have been turned down for a

modification plan......

An estimated 210,000 homeowners received permanent, proprietary
loan modifications from mortgage servicers during the first
quarter of 2011, according to data released by HOPE NOW
yesterday. That’s down nearly 20% from the 261,500
private-program mods reported during the fourth quarter of 2010,
and 40% fewer than the 347,000 completed in the third quarter of
2010.

also.....

Schwartz commented,
“While it’s encouraging to see a continued decline in 60 day
delinquency we realize many homeowners continue to be at risk of
foreclosure, as evidenced by the increase in foreclosure sales in
March.”

Smart Real Estate News & Commentary by Chris McLaughlin April 28,
2011

Forward this e-mail to your friends!
Then they can subscribe directly at the following link:
http://www.smartrealestatenews.com/

WHAT DID HE SAY OVER 200 YEARS AGO ????

IT's TIME TO CONFRONT THE BANKS......

The BANKS or the FEDERAL RESERVE must be held responsible for this recession/depression!!!!!

Thomas Jefferson said in 1802: 'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered.'

Thomas Jefferson (April 13, 1743 – July 4, 1826) was the third President of the United States (1801–1809) and the principal author of the Declaration of ...

Short biography from the official Whitehouse site.
www.whitehouse.gov/about/presidents/thomasjefferson -

My opinion................

We all know that Thomas Jefferson was one of the most intelligent men that has ever lived. Easily ranking with Winston Churchill, Nelson Mandela, Abraham Lincoln or George Washington a government leader.

When will we learn to listen to our elders??????

Are we, today strong enough to make the changes necessary to our over domineering banking system???

Will we, the AMERICAN PEOPLE continue to allow our financial system to run us into the ground?????

Why do we allow our government to run our finances in a way that we would never

run our family's finances. In fact, we would lose our homes and businesses if we ran our

own finances that way!!!!!

I SAY.......STOP NOW ....... TO OUR POLITICIANS. WHY DO THEY THINK THEY CAN CONTINUALLY BE REELECTED??????

Every time you vote, check the politicians financial record first. Over the course of many elections we will eventually get the financially irresponsible politicians replaced.

We will stop passing this ENORMOUS DEBT onto our children.

Thank You for reading. Larry Tutino, Blog Founder

WHAT NOW?????

Foreclosure Overview & Foreclosure Process

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

Most of us have never faced Foreclosure prior to 2007. Most of my Clients have never experienced Foreclosure. This article is meant to be a FORECLOSURE 101.

For more info or help, email Larry, Blog Founder anytime at

FORECLOSURE FRAUD: The homeowner nightmares continue

WHOA !!!!!

Read this link below for the real news on Banks and their BS........

http://www.bringbankstojustice.com/foreclosure-fraud-the-homeowner-nightmares-continue/

the big banks have routinely committed fraud in their foreclosure filings and their records of how much people owe are too often wrong.

Be sure and check out my comment

at the bottom of this article.....

Here it is........

Larry Says: Your comment is awaiting moderation.

I regularly talk to Clients facing foreclosure. A constant is that they have tried to work it out with the Bank. But after researching REO to investor sale prices, I can see that the Bank make a bout 10% more by throwing the homeowner out, reselling and tacking the “defecient balance” onto the past homeowner anyways.

Great that banks make profit but why do they have to take advantage of the hard working homeowners??? A Pastor’s wife (a widow) is losing her home after 25 years. Are you kidding me??? I know of dozens of stories like this.

Oh yeah, and we are the ones paying to bailout these ripoffs at the Banks. Prosecute whomever is the thief.

From Larry Tutino, Founder of this Blog