Super Hurricane Sandy Affects 3 "Foreclosure States" the Most

I saw this article on ABC News.

"Foreclosure research firm RealtyTrac reported that foreclosures increased 3 percent in October from September to 186,455 U.S. properties as states with longer legal processes finally see their foreclosures close. One in every 706 U.S. housing units had a foreclosure filing in October, which is still above levels for a healthy housing market, but still 19 percent down from October 2011." To read the rest of the article, click below: http://abcnews.go.com/blogs/business/2012/11/sandy-affected-states-had-biggest-foreclosure-increases/ P.S. The picture above with Lady Liberty almost being washed away...is a fake.

What to Do With Vacation Home in Foreclosure

Have YOU Received Your Bailout from Obama Yet?

In any contractual situation, full disclosure, fair dealing, and a” meeting of the minds” is required for a valid and enforceable agreement.

All of these required elements are MISSING in most of the home loans originated or refinanced between 2000 and 2009.

So often we speak with people that just want to “pay their mortgage” and are hoping that their foreclosure problem will magically go away.  IT WON’T!

People often operate with the FALSE assumption that their “lender” in interested in working with them and has their best interest at heart.  While this is certainly the message the “lender” attempts to communicate, IT IS UNTRUE!

THE “LENDER” IS MOTIVATED STRICTLY BY PROFIT AND WILL LIE, CHEAT, AND STEAL TO INCREASE PROFITS!!

In this whole mortgage mess, many people were given loans that were never intended to be paid back.  They were given so called “liars loans” because no documentation or verification of income was required.  We read about a strawberry picker in California making $14 an hour being given a $750,000 mortgage!  This is but one of many examples. 

The Securitization of Mortgages and Why Does it Matter to You

It used to be that when a person took out a mortgage, it was with their local bank.  The bank funded the mortgage (although with money created from thin air – but that’s another story).  The bank held the mortgage and note (the note is the promise to pay and the mortgage is the instrument that pledges the house as collateral for the note) and the person made their payments to the bank.  There was a connection and usually a relationship between the person making the payments and the financial institution receiving the payments.

All of that changed with the advent of securitization in the 1990s.  Through the process of securitization, banks could move mortgage loans off their books so they could make more mortgage loans and make huge fees doing so.

Wall Street came up with the idea of buying mortgages and notes, bundling them by the thousands into Special Purpose Financing Vehicles known as Collateralized Debt Obligations from which they could sell bonds to big time investors such as pension plans and make a lot of money doing so.  These bonds are known as Mortgage Backed Securities – thus the description of the process is called securitization.

If Your Lender Does NOT Have the Right to Foreclose, Now What?

In my blog post yesterday, I featured a video that shows that most banks in a lot of cases cannot prove they have the right to foreclose. Why? Because they cannot even produce the NOTE. By foreclosing on homeowners without the NOTE, they are doing something ILLEGAL.

Your situation might be the same. Your bank might be pulling a trick on you and committing FRAUD. You need to do a FORENSIC MORTGAGE AUDIT to find out if your bank has the right to foreclose.

The problem with most homeowners is that they only do something until it's TOO LATE. Even if you have not paid your mortgage payments, you still have RIGHTS and you have to fight for those rights. Chances are good too that your bank has already profitted from your mortgage anyway. They have sold your loan together with tons of loans out there...for 2 times to even 3 times their face value.

I will explain how they did this in a subsequent blog post.

For now, it makes sense for you to defend yourself in court against your lender foreclosing on you. This has been done before. Yes, actual foreclosures have been STOPPED and have been thrown in court. This means the foreclosure is deemed VOID and ILLEGAL.

If you don't believe it, here are several foreclosure cases that have been deemed void and illegal:

http://www.foreclosurelegaldefense.com/documents/judges_overturn_foreclosure_lack_mortg_assign.pdf

http://www.foreclosurelegaldefense.com/documents/americanbrokers_vs_zamalloa.pdf

http://www.foreclosurelegaldefense.com/documents/bankofny_vs_orosco.pdf

I will be featuring more actual legal cases in this blog.

So the question now is...what about YOUR loan? Can your lender produce the NOTE? Can they prove they can FORECLOSE on you? To find out, call our office at 1-877-9KEEPHOME for a FREE mortgage audit so we can find out if your bank has the right to foreclose. If they DON'T, we can connect you to a lawyer who will help you sue your bank and fight your foreclosure in court.

Call our office NOW or put your contact information here so we can call you.

Banks Usually Cannot Prove they Can Foreclose On You

That's a provocative title but it's absolutely TRUE: A lot of banks cannot prove they have the right to foreclose on you. Why? They cannot even produce the NOTE.

You don't believe me?

Watch this news report from CNN:

Foreclosure Process in Illinois

The following is meant to acquaint you with the process of foreclosure as it occurs in the state of Illinois.  This is general information only and MAY OR MAY NOT directly apply to your specific situation.  Nor is the information provided intended to be comprehensive but is simply an overview of the Illinois foreclosure timeline.

According to Realty Trac, ILLINOIS HAS THE 4^TH HIGHEST NUMBER OF FORECLOSURES IN THE NATION.

The good news is that Illinois is what is known as a JUDICIAL STATE.  Unlike non-judicial states, the lender must go to court and get a judge’s permission to foreclose on a homeowner.  This provides an opportunity to fight and STOP THE FORECLOSURE!

Usually after the third missed mortgage payment, the loan is sent to the lender's attorney for foreclosure. A foreclosure lawsuit is filed to end your mortgage and take away your house. The Foreclosure Complaint is filed in court and the summons is ready for service. Service is accomplished when the legal papers are delivered to the homeowner. If the homeowner cannot be located in person, they can be served by the publishing of a notice in the newspaper.

Shortsales Fall Short

Another route people will sometimes take when facing foreclosure is doing a “short sale”.  A short sale means that you sell your house for the current market value which is less than you owe on the house and you get your lender to agree to it and take the lesser amount. 

Often people facing foreclosure will consult a realtor, perhaps the very one who sold them the home they are living in, and the realtor will recommend a short sale.

Realtors usually recommend short sales for two reasons:

1)     That’s what they know;

2)     And they make a commission when they short sell your house!

However, what they don’t often say is that they are severe consequences to short selling your home:

Bankruptcy - Does It Really Stop Foreclosure?

One of the most common actions taken in an attempt to stop a foreclosure is the filing of bankruptcy.  Many attorneys recommend bankruptcy when facing foreclosure.  And while it’s true that a bankruptcy filing will stop an impending foreclosure, the halting of the foreclosure is OFTEN ONLY TEMPORARY.  

The result is that bankruptcy ends up often ONLY DELAYING FORECLOSURE rather than actually stopping it.

An Ugly Truth Banks Don't Want YOU to Know

The biggest reason that loan mods are virtually never granted is that the so called “lender” is actually only a servicer of the loan and not the true holder of the note.  We’re going to talk about this in more detail in a subsequent blog post but knowing that this is true in 80 to 90% of all mortgages (originated or refinanced from 2000 to 2009) can save homeowners a lot of heartache.

What we see so often is homeowners trusting in the “nice people” in the loan mod department who are “working hard” to push the loan mod through.  However, they just need more information or they lost what was already sent them or there are further questions that need answering, and so forth.  THERE ARE USUALLY DELAYING TACTICS ON THE PART OF THE BANK.

In Foreclosure? What Are Your Options?

You have found this blog because you are in foreclosure or you have received a notice of default from your lender. You are worried that you will lose your home. You have a heavy weight on your chest feeling you have failed financially to support your family. You feel terrible with the uncertainty of NOT knowing what will happen to you and your family when they foreclose on your home. You cannot even sleep because of the anxiety. You are losing not just your home but your physical health and even your emotional health too.

When you search online, the options sound confusing, overwhelming and you are not sure if they will help you at all. These are: