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.

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

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

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

IMF points the Finger at USA..

IMF points Finger at USA......

The global organization faults tax incentives and low-income housing goals as contributing to the near collapse of the housing market in the United States......

The meeting between President Obama and top lawmakers on the budget ended with no agreement but further talks are scheduled......

Please read more at .....http://www.smartrealestatenews.com/

Copied from Smart Real Estate News & Commentary by Chris McLaughlin April 8, 2011

FYI from Larry, Blog Founder

FEWER FORECLOSURES in Last Quarter....

This is GREAT NEWS!!!!!

Monday, April 4th, 2011, 7:51 am

Freddie Mac Chief Executive Officer Ed Haldeman said less than 4% of the government-sponsored enterprise's single-family home loans are at least three payments behind or heading into foreclosure.

Read more at..... http://www.housingwire.com/2011/04/04/less-than-4-of-single-family-loans-are-delinquent-freddie-ceo

Passed on to you by Larry Tutino

LOSE A HOME??

Maybe this will be your next cool home. Never, Never give up !!!!!!!!

GETTING HELP FROM FANNIE MAE...

We're here to help

If you're struggling to pay your mortgage, the newly created

Making Home Affordable Program may offer the help you need.

https://www.efanniemae.com/home/index.jsp

Fannie Mae Mortgage Help Centers

http://www.fanniemae.com/kb/index?page=home&c=homeowners_mortgagehelpcenters

Check these Links for direct help from Fannie Mae.....

from Larry, Blog Founder

SOME LOANS CAN BE RENEGOTIATED..

More loan modification options coming

Six months after the Federal Housing Administration (FHA) announced an $11 billion refinancing initiative for these “underwater” borrowers, nearly two dozen lenders have agreed to take part in a new loan modification program. The FHA program — called Short Refi — requires major concessions from lenders, which must agree to write off at least 10 percent of the principal balance, and from investors, who, if they own the mortgage, must also agree to the deal. To qualify, homeowners must be current on their monthly mortgage payments and not already have an FHA loan. The size of the new primary loan cannot be more than 97.75 percent of the current value of the property; refinanced loans for homeowners whose properties carry second liens cannot exceed 15 percent of the property value.

read more helpful info at...http://www.smartrealestatenews.com/

From Larry Tutino, Blog Founder

HAVE YOU RECEIVED A NOTICE OF DEFAULT ??

From Chris at.... http://www.mclaughlinchris.com

A Notice of Default is the notice sent out in non-judicial foreclosure states that alerts the borrower that the official foreclosure process has begun. It is also filed with the county recorders office and allows the notice of foreclosure sale to be published. What's so important is that this is the process in California, Nevada and Arizona (AZ is both judicial and non-judicial), which have three of the top four foreclosure rates. Last week an article from American Banker titled, 'New Point of Foreclosure Contention: Default Notice' circulated widely among the folks who follow the mortgage mess. It talked about how several lawsuits are now being filed contending that the Notice of Default process was flawed and the foreclosure therefore invalid.

As this article was circulating, a source pointed me to the fact that Notices of Default had dropped off dramatically since October, especially in California. In fact, Foreclosure Radar shows it quite clearly. Foreclosure Radar's Sean O'Toole wasn't ready to say the banks had cut off Notices of Defaults but did say, 'given the issues raised, we certainly wouldn't be surprised to see a slow down of foreclosure activity in non-judicial states.'

SAVE YOUR HOME !!!!!

Stan Shaw, an expert at handling Foreclosures for homeowners says:

Keep your clients in their home with our Trustee Verified Sale Postponement with out filing BanKruptcy and no payment due till until the sale has been postponed !

"I also have a great "Trustee Sale Verification Program" that stops sales dead in their tracks in all 50 states with as little as 24 hours notice and with out filing a BK. Plus the client pays after the sale is stopped, also making it SB94 and MARS compliant!"

http://www.linkedin.com/groupAnswers?viewQuestionAndAnswers=&discussionID=41182324&gid=106811&trk=EML_anet_di_pst_ttle

From Larry, Blog Author

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

HELP IS ON THE WAY !!!!

Hello folks,

This Blog is meant to HELP any one that may be facing FORECLOSURE.

We will be posting information to help.

There will be You Tube videos that give you HOPE & DIRECTION.

Many tidbits of information will be FREE.

We do not believe in taking money from those that can not afford it!!!

Some types of information will cost money only if necessary. But, count on this,,,,, it will be very affordable for all. It will be guaranteed.

We are on your side,

Larry Founder of this Blog