Friday, September 16, 2011




Homeowners facing foreclosure race to get help from mortgage assistance program

EDITOR’S ANALYSIS: The race is on. The banks want those houses, come rain or come shine. Despite the obvious defects in their chain of title, the obvious absence of the real creditor in both the initial transaction (resulting in an unperfected lien) and the obvious defects in supporting paperwork, the pretender lenders are pressing the pedal to the metal. Homeowners are in a for a real fight now as the banks find ways and tactics to get around the issues of proof and evidence that would otherwise show the mortgages to be unenforceable, at least by the banks who are seeking the foreclosures.
The livinglies seminar in Hawaii has been revamped to present “THIRTY TRICKS THE LENDERS WILL USE AND WHAT TO DO ABOUT IT” as part of the seminar, and homeowners, recognizing the threat are getting help from the people who can really deliver it — the cottage industry that has grown up around helping homeowners. Modifications and other program assistance has proven to be a farce where only a tiny percentage of people get any help, and usually that is only temporary.
Here is a sampling of the tricks that will be highlighted at the Hawaii seminar: But before I list these, let me say that in non-judicial states the SUBSTITUTION OF TRUSTEE is the most vulnerable document and without, it there can be no foreclosure. Make sure you get someone to really analyze the document, the signature, the authenticity and everything else. There is gold in there for you.
  1. MODIFICATION: “No help for you until you are behind in your payments”: BAM! Foreclosure is on the way.
  2. MODIFICATION: “Send us your paperwork: We didn’t get it” — leading you deeper and deeper into foreclosure certainty
  3. MODIFICATION: “Send us your financial statements, list your assets”: Now they have a list of assets to attach if they get a judgment against you.
  4. TRANSFER OF SERVICING RIGHTS ONLY used “accidentally” as transfer of the loan. LOOK CLOSELY!
  5. MOTION TO LIFT STAY: One party moves for the Order and another forecloses.
  6. DEFAULT: At the same time they are telling the homeowner they are in default they are telling the investor that the loan is performing and the investor is getting PAID! where is that money coming from and if the investor is getting paid, where is the default. 
  7. “We are the the holder of the note”: So is my your Aunt Tilly if she manages to get hold of either the original or a copy that she uses to prove a “lost note.” They must be the holder and the owner of the note to foreclose.
  8. Using non-judicial procedure to foreclose on property they could not foreclose on if they had to plead and prove a judicial foreclosure.
  9. “TRUSTEE, for …..Trust”: Assumes there is a trust and that they are really the trustee and that as Trustee they were given the right to foreclose.
  10. “TRUSTEE” — when there is no trust and the asset backed pool is actually a general partnership. 
  11. PERFECTION OF THE LIEN: Initial mortgage or deed of trust contains only nominees and no real parties in interest and thus no creditor.
  12. TRANSFER FROM BANKRUPT ENTITIES AFTER THE  BANKRUPTCY — where the entity  did NOT claim loan receivables in the asset schedules.
  13. TRANSFER FROM ENTITIES THAT NEVER OWNED THE LOAN: Never booked in their accounting records as loan receivable because the loan was made by undisclosed creditor.
  14. TRANSFER OF “DEFAULT” LOAN TO INVESTORS AFTER THE CUTOFF DATE: What investor would accept the transfer of a loan in default, where the property values had gone down by 70%. 
  15. TRANSFERS IN VIOLATION OF THE SECURITIZATION DOCUMENTS: The pooling and servicing agreement provides the exact manner in which loans will be accepted into the pool. Which of those terms did they ignore?
That’s half of them. More later. There are answers for all of these questions and more at the Hawaii seminar and in the  COMBO Title and Securitization report shown above, the forensic analysis we offer and the loan level accounting we offer. Get educated. Buy the DVD. Watch the free videos. Read the free forms on this site, get a Forensic analysis, Get a Loan Level Accounting, hire a lawyer to check out all you are reading here or anywhere else. There is a wealth of information on the net for FREE.
But if you want to keep your house you MUST BE INVESTED IN THE PROCESS OF KEEPING YOUR HOME SAFE FROM THESE BANKS. When you wake up a few years from now and realize you didn’t need to give up your house, you won’t feel good about it. Be careful about who you hire just like anything else. Some people are good and some are not.
(Jonathan Newton/ WASHINGTON POST ) – Lateese Hodge, a loan application processor for the Maryland Department of Housing and Community Development, receives applications for mortgage assistance.
  • (Jonathan Newton/ WASHINGTON POST ) - Lateese Hodge, a loan application processor for the Maryland Department of Housing and Community Development, receives applications for mortgage assistance.
  • (Jonathan Newton/ WASHINGTON POST ) - Cheryl Taylor, left, of Laurel looks over her application for the emergency mortgage assistance program with the assistance of receptionist Donnette Armwood.
  • (Jonathan Newton/ WASHINGTON POST ) - Dawn Shallue takes in applications for an assistance program set to expire at the end of the month.

By , Published: September 15

Thousands of Washington area homeowners facing foreclosure have deluged state housing agencies with last-minute appeals for help from a $1 billion federal mortgage assistance program set to expire at the end of the month.
In Maryland, where homeowners must apply for assistance by Friday, figuring out who qualifies for help has become an urgent, all-consuming enterprise. The state’s housing agency has hired temps, conscripted division heads to do data entry, and asked employees to stay late and work weekends to attack piles of paperwork that have grown exponentially as the deadline loomed.
Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures. (Sept. 15)
Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures. (Sept. 15)

About 4,000 Marylanders struggling to hold on to their homes have applied, including hundreds who turned out for a mortgage-assistance workshop in Prince George’s County, which has one of the highest foreclosure rates in the state.
An additional 10,000 sought help in Virginia, where the deadline to apply for the program passed Thursday and eligibility is being determined by the federal government rather than the state. District homeowners participate in a separate program that does not have an immediate deadline.
Many of those seeking help from the Emergency Mortgage Assistance Program, as it is known in Maryland, will not qualify because they do not meet its long list of requirements. Their frantic scramble comes amid signs that the number of foreclosures, which had slowed dramatically after problems surfaced with how lenders were processing the paperwork, could begin rising again.
The number of U.S. homes with an initial default notice, the first step in the foreclosure process, rose 33 percent in August from July, foreclosure listing firm Realty­Trac said.
Roseanna Vogt, 58, is desperate to avoid losing her Calvert County home. She was among scores of homeowners who made the trek to the state Department of Housing and Community Development in Crownsville on Thursday to hand-deliver her mortgage-assistance application.
She said she has been looking for work since she was laid off by a nonprofit group more than a year ago. She recently divorced and as part of the settlement took possession of her house in Chesapeake Beach. But without a job, she cannot afford the mortgage payments. Her ex-husband had been covering them but recently told her that he was going to stop. She has lived in the house for 22 years and has $110,000 left to pay off.
“Things have gotten so bad for me. I don’t have a vehicle anymore,” she said. “It is sitting in the driveway. I don’t have the money to fix it.”
She came to drop off her application with a friend, Susan Prentice, 41, of Huntingtown, a widow with cerebral palsy who is trying to stay in her home even though her lender, Fannie Mae, has foreclosed on it.
The mortgage-assistance program, part of last year’s financial regulatory legislation, offers bridge loans to homeowners who have fallen behind on their mortgages and have lost income because of the recession. The loans are to help cover mortgage payments for up to two years, or a maximum of $50,000.

2 Responses

  1. AGAIN I ask:
    How can a “debt collector” collect a “house” on unsecured debt—of when no original creditor/lender can be proven???? As in some entity that bought collection rights is attempting to foreclose???
    Isn’t that the crux of all this wrangling? As in no “mortgage” can be proven with a balance sheet showing payments from homeowner???
    Hello??? Anybody???
    This is just so damn infuriating—
  2. So, who’s good in Georgia?
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