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Can Chapter 13 Bankruptcy Stop Foreclosure? – Total Bankruptcy
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Can Bankruptcy Stop Foreclosure | Your Blog Is Money
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Part 8 – I have a question on that, it is my understanding and I could be wrong, but they don’t need a copy of the note, they need the original note.

You are correct. Your attorney of course will get a copy, because they are not going to send them the original.

Items that your attorney is going to ask for, and I forget the number, I think its 47 different items that the attorney could ask for. Heres one. I’ve been in the industry for 20 years and I just heard this term a couple months ago, it’s known as an alonge. What the heck is an alonge? Well apparently it’s one of the documents that has to be in the file.

While essentially the whole purpose of this is to catch the bank, the lender having messed up your loan somewhere along the way. Because if it is true that they violated some kind of Federal Law in the past when they gave you the loan or are in violation of the loan now, you can then take them to court. And you can sue them. You can have your loan rescinded. Which basically means it comes off your credit report. This loan never happened. As good as that sounds that may not be the best thing for the home owner.

I want to back up just a little tiny bit, you mentioned the alonge, there’s more to the alonge then it sounds like. The bank needs to have the original alonge, more importantly, the person who signed the alonge has to have been authorized by the licensed entity to sign that alonge. And I know for a fact that several people in this town, in this industry, were signing alonges because they needed it signed before the loans could fund. And they were not qualified to sign.

So let’s go back to this discovery process, when we find the lender has to rescind. And I will admit after being in the real estate and mortgage industry for over 20 years, I would have to say that almost 100% of the loans that are originated, if you look at them hard enough you could find something wrong with them. Something wrong, where there could be a reason for you to rescind this loan.

So let’s say you go to that point and push it and get the bank to rescind your loan. Here’s the problem. The loan is gone, it is no longer on your credit report, but let’s say you have a $200,000 loan you took out two years ago, in that time, you would’ve paid about $35,000 in interest. You get a credit for the 35,000, and let’s say you had attorney fees to fight the bank, let’s say $10,000, I don’t think it would be that high but we are just throwing out numbers here. And $5000 in closing costs when you bought the house, so that total is $50,000. You get a credit for $50,000 off of the $200,000 loan, which means you still owe $150,000 on the house. You have to pay the difference.

You have to pay back to the bank $150,000. So its nice that we filed suit and won but frankly in this market where are you going to get the $150,000 from? I think it would be very difficult to find a bank or lender right now that will lend you $150,000 for your house. Chances are you may be several months behind on your payment and although the lender cant show your payment history because the loan was rescinded more than likely the new bank is going to say they need a mortgage payment history. And you say you have been in the house for two years, but the loan got rescinded and they say you need payment history, you cant produce it.

In this marketplace today you are not going to get that loan done. And so the attorneys know that and that’s why once they get the lenders attention they say to the lender, we dont want to rescinded the loan, we dont want to incur a ton of attorney fees but we will if we need to, if you dont want to play ball with us. What we want to do is to work together to get the best possible loan modification for our clients. So we can keep them in their home, keep their family intact.

The reality of a it is, here what we are doing we are working with a national network of attorneys that care about you and you first.

You can go to http://mortgageanswerman.com where there’s going to be information about everything including, one thing I’ll add really quickly. I have something there that is known as a Decision Matrix. The Decision Matrix will walk you through step by step by step, every single step of the process regarding what you should do with your property, should you do a short sale, should you do loan modification, should you just let the bank foreclose? Is bankruptcy an okay idea for you, or not? What are the tax consequences?… http://realestatemarketingthisweek.com

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Upside down on your mortgage? You have company, estimates are that between 50 to 75% of our community is upside down. This is a serious situation that is only getting worse.

Don’t giving up! Don’t move out, Don’t just ignore the situation, we can get through this. As bad as it may seem today, someday this will all be behind us! You and your family will Prevail.

my name is Jeff Cameron with Keller Williams here in Scottsdale, helping home owners across the valley. Unfortunately, I have been there. I have had a personal short sale, foreclosure and that led to bankruptcy. I know what you are feeling.

As dramatic as these experiences were on me and my family, I believe they happened for a reason. For me to grow from what happened, so I can help others through it.

This experience, along with a strong support team and my 15 years in real estate is why I am qualified to assist you on your journey!

Most people I talk to just don’t know what to do, they call their bank and can’t get a real answer. That is why I have put together this series of videos, to help you with the important information you need.

So where to begin? This video focuses on the steps You should take in determining what is best for YOU and YOUR family.

Step 1
1. Can I save my home? This should be the first priority. There are several options such as: Reinstatement, Forbearance, loan modification, Refinance and Short Refinance. It is very important you follow through with this step first and decide what is best for You and Your family. Answer the question “is it possible to save my home.” Our video Before Foreclosure or Short Sale – Step 1 on Save My Home will walk you through this step in greater detail.
Most people watching this can’t save their home. This is why we have focused more information on the next steps.

Step 2
2. If I can’t save my home, am I protected? I mean protected from the bank and the IRS. We work with attorneys that will review your situation. They will help you get answers to these legal questions. Is your mortgage a purchase money mortgage? Can the bank come after you for recourse or do you have a Non Recourse loan?
What about the IRS? Talk with a CPA. One that is familiar with this subject.
Do you qualify for The Mortgage Forgiveness Debt Relief Act of 2007.
The answers to these questions will help you decide the next step. Is it better to do FC or BK? What about the new HAFA program, Home Affordable Foreclosure Alternative, do you qualify? Can this remove the recourse of the bank? These are all important questions you need answers to. We can help you. Our video on Am I protected will go into more detail on these subjects.
Remember- even if you are exposed, FC and BK may not be your best answer.

Step 3
3. If you can’t save your home and you are not doing a Foreclosure or Bankruptcy the next logical step is to save your credit? For many people, Short Sale is the fastest and easiest way to start over. First, many people stay in their home, make no payments, and begin to get caught up. Through short sale we help sell your home, save your credit and get YOU on path to start over. We work to get your home sold quickly and then have the legal arm take over to negotiate with the bank. We use a law firm to negotiate our short sales. They deal with hundreds of banks and know the back doors into the bank and how to get things done. I always ask this question, how could I negotiate with a bank, constantly call and be there when we contact is made when being a Realtor is a full time job.

Step 4
4. Time to clean up your credit? Start Over. This at first can be very difficult with poor credit. Now is the time to live within a Budget you can afford. Pay everything On-Time.
Hire a legitimate Credit Cleaning company. We work with a company that has been very successful for some in removing all those negative marks on your credit. Be proactive, don’t just wait until you need your credit. Give it your all and do what you can to get it scrubbed today! Check our site for video interviews with our credit scrubbers!

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Part 8 – And what rent skimming is, a shark as I like to call them, a shark will go out and find a vacant house, and they will go in and change the locks and maybe clean it up a little if need be but then they will rent it out to somebody. They will move that person into the house, they will get their $1,000 or $1,500 a month rent payment on the house, and 3 or 4 months down the road the repo man comes knocking on the door and says, hey you have to get out. He says this to the tenant of course and the tenant says, hey you dont own the house, and it turns out that the guy that they were paying rent from for the last 3 or 4 months didnt own the house either.

So you are talking about somebody, a shark, who goes out and finds a vacant house, breaks in, changes the locks, cleans it up, puts it up on Craigs list and rents it out and collects the money. He never owned the house, he never had any rights to the house, then all of a sudden the sheriff shows up and says you have to go. How can that be legal? Well its not legal; its not legal at all. Because the person who rented you the house knows that they dont own the house, now of course the tenant doesnt know that.

Now under Fannie Maes new guidelines, that tenant, if they are lucky enough to have Fannie Mae own that property, or own that note, you may actually get to stay in the house because Fannie Mae has some new guidelines that if they have a tenant in the house, they will re-sign a contract with them and let them stay in the house. It didnt say how long but they will let them stay in there for a while.

Wow, that is fantastic. I actually didnt know about that, so Fannie Mae is getting into the property management business. Yes, our government is now becoming a landlord as well as the entity that likes to just hand out trillions of dollars. I believe that you and I have a differing of opinion on this, Dan. I actually think that that is the right thing for Fannie Mae and Freddie Mac to do, primarily because if they sell right now they will sell at a huge loss and they have an opportunity to pick up some capitol at some point, dont you think?

Well, I dont know, it all depends on whether property values keep going up or property values keep going down. But the real issue becomes, is our government in the business of owning real estate? And we can argue about this all day long. There is no need to; there is too much other information you are going to talk about, too many other sharks out there.

What is the crime, I mean realistically, some guy goes in, breaks into the house. Sounds like its breaking and entering to me, then he is collecting monies on a vacant house and well there are a number of crimes, I have to admit I dont have the statute with me but I do know in Arizona there is a statute specifically about this very practice. And that would be Terry Goddards website? I would suspect that you could go there and find it.

But real quick here before we run out of time, there are two other quick things I wanted to talk about one just happened to a friend of mine recently where her daughter moved out of a house that she had been living in for years and she moved to another state and the house went vacant. Well, she hadnt been gone for more than a few weeks and the mother, who was going to help her work on a short sale, went over to the house one day and found that the locks were changed.

And I immediately think, Oh, Oh were dealing with a rent skimming situation here. Well it turns out the lender, who does not own the house yet, because there has not been a foreclosure sale, came by, saw the house was vacant, opened the door, changed all the locks on the house and now essentially is not really willing to give the keys to the owner. I couldnt quite figure that one out, especially when I found out that two weeks later they still had not gotten the keys from the lender.

So just be careful of that and the one thing I want, the last thing I will talk about is that a buddy of mine works repos over in California and I think its happening here a little bit, where what will happen is when you are in a foreclosure situation you will have all kinds of people knocking on your door. Some of these people want to come by and buy the stuff out of your house… http://realestatemarketingthisweek.com

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