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

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.

                         

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."

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