WALKING AWAY from your HOME...

Does it pay to walk away from your home if it is just eating up your families CASH ???




"I constantly get the saddest e-mails from people saying, 'I've exhausted all my life savings, my retirement is gone, and now I have to default,'" said Jon Maddux, CEO of YouWalkAway.com,

a foreclosure agency that helps clients with strategic default (and charges a fee for it). "But if they had seen the writing on the wall a couple of years earlier, stopped paying the mortgage and stayed in the home throughout the whole process, they would be in a much better financial position."


Now that we have all seen that a family can continue to live in their home without making payments for a year or two,,,,,


YEAH......it makes sense.


Moral Quandary

There's a moral component to that decision, of course. People naturally feel embarrassed about breaking a contract and not paying their bills; no one wants to be branded a deadbeat. But remember that companies default on their obligations when it makes financial sense for them to do so, via the bankruptcy process. Even the Mortgage Bankers Association itself, in a flourish of irony, arranged for a short sale of its Washington headquarters.


But, you better make a wise choice because of the obvious effects of damaged credit lines.


Today, there are many opportunities to buy a home through lease-options and Rent2Own programs that require very little credit.   
It is all a numbers program.  Which works best for your family and your ability to feed and clothe yourselves.


But,,,,,please take the time to check out how your are going to buy your next home first,,,, before packing up and moving on. 

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

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

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

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

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

YOUR FORECLOSURE "RIGHTS"

Knowing Your Foreclosure Rights
Posted Tuesday, March 30, 2010 by admin Filed under: Foreclosures
Understanding what your foreclosure rights are and are not is an important part of being able to stop the foreclosure process. But where can you go to understand what your foreclosure rights are? What determines what those rights are?
There are a couple of different places that you can go to start to understand what your rights are in foreclosure. A good place to start is in your loan documentation. That describes, at least in part, what happens when you default on your loan with the mortgage company. While it does not describe in detail what happens in foreclosure, it at least gives you a starting place.
Another good place to go is your local or state resources. Every state has different foreclosure laws. Those laws greatly affect the timeline of your foreclosure and what your foreclosure rights are. In some states, these laws lean heavily towards the mortgage company and in others they are more in favor of you. Find out what those laws are so that you can do your best to protect your rights. Call your city, county or state to find out where you can go to know what the foreclosure laws are for your area.
Your rights are determined by a combination of what your loan documentation says and what the foreclosure laws are in your state. Look at your loan documentation closely and do the best you can to figure out what it means. If you cannot figure out what it means, find someone who can help you.
Once you understand that and the foreclosure laws in your state, you will have a much better idea of what your foreclosure rights are, how quickly your foreclosure process will move, and what you can do at each step of the process to try and stop it. Find out more at http://www.stopping-home-foreclosure.com/ForeclosureRights.html

Great info to help Slow down or STOP the Bank.

From Larry, Blog Founder

WE STILL WANNA BUY HOMES.....

NEW YORK (CNNMoney.com) -- The American Dream is still alive and kicking, including within immigrant and minority communities, according to a survey from mortgage giant Fannie Mae.

To read more, click on the link below......

http://www.linkedin.com/news?viewArticle=&articleID=295244850&gid=106811&type=member&item=38341005&articleURL=http://money.cnn.com/2010/12/16/real_estate/homeownership_desire_high/index.htm&urlhash=2mYS&goback=.gde_106811_member_38341005

Even when times are tough we all want to own our own home.

Many thanks for reading, Larry

BANKS GETTING BEAT UP !!!!!

It is unfortunate that the lawyers are getting paid by both sides (whats new?), but the Banks deserve this one. Read this great article by Harold Lear......

All foreclosure efforts on B of A and Chase homes involved in the suit are suspended.

Some of the nation's top trial lawyers have banned together and are secretly beating the banks. These are the lawyers who previously represented these very banks; the lawyers who -- for years -- have gone to Court and "ended the madness" for many clients; the lawyers who know their way around the courthouses better than anyone. Already, these lawyers have filed a mass joinder case in 2009 that remains pending against Bank of America (and Countrywide) and includes thousands of Californians. This case is now going national. These lawyers have invoked laws and procedures the banks were previously unaware of, and Bank of America is getting beat at their own game because of it. Two weeks ago, the Bank was forced to admit that it had been defrauding the government in foreclosing on mortgages nationwide. Furthermore, on October 4, 2010, the Honorable Manuel Real of the United States District Court called the Bank's primary argument "absurd" and kicked the Bank out of Federal Court. The case is now proceeding in the trial court, and the mass joinder of plaintiffs from around the Country is expanding. It may be that the Bank is unable to recover under any of their promissory notes, or that the Bank has made other errors that will cause other penalties to be levied against them.

Currently pending or contemplated to be file in the Superior Court of California, in the County of Los Angeles are the following cases: Bank of America, GMAC, JP Morgan/Chase, WaMu, Wells Fargo, Wachovia, OneWest Bank, IndyMac, Citibank and other lenders.

This is obviously excellent for homeowners but can also assist attorneys and loan modification companies as they can use the litigation as an escape from the loan mods.

As of 11/08 the attorney's have decided to offer this to the general public, as a result of my relationship with one of the law offices. I have been afforded the opportunity to assist in marketing this program. If you wish information regarding these stunning developments, or should you wish to be considered for involvement in this action, please call Harold Lear 858-945-1047, Client Relationship Manager

FYI: todate- 1 home free and clear and 9 NODs torn up by the court, all foreclosure efforts on B of A homes involved in the suit are suspended.


Please see link: http://mvipps.com/v-why.htmBy Harold Lear, Client Relationship Manager at Real Estate Solutions That Work