I have a dream - that someday all foreclosure will be reversed

Okay, the title got you right?   Well that dream is true and I am working hard with others to make it a reality! There so many people from the "Show me the Loan" group,  the auditors, lawyers, bankruptcy help group and other groups -   fighting  the rampant fraud across America. .  Hopefully by having up to date news, support groups, information share and referrals to expert help that "gets it" - we will be one step closer to reversal of all mortgage fraud and wrongful foreclosures. 

I have a twitwall and it is very useful for some things.  IN it I can promote articles that you all like and that are helpful to others.  I can track responses and group topics. 

This week I noticed that the articles I thought would be the most popular such as "Donald Trump and The Apprentice Talk Recession" or "Real Housewives Talk Foreclosure" - well those were not the most popular topics.  I put together a report gathered from stats on the blog and on shortening links as well as responses from twitter.  To me it was very surprising.   People are hungry for news. Especially if that news is affecting their personal live right now. 

Here are the 5 most visited blogposts by page view -  visited this last week!  They were not necessarily the ones that earned the most money, but apparently they were the most useful to people. 

Voided Deed of Trust: Cow and Tail - Moo! Sep 16, 2010 BIG BANK BACKS DOWN--FOR NOW; HALTS FORECLOSURE ON... Sep 14, 2010 Deeds of Trust -Invalid without Seal? Sep 12, 2010 POVERTY ? Speak for yourself Sep 16, 2010 Video report : 50% of Valley homes underwater WHAT topics do you want to see on the blog?  What will help you with talking to the neighbors or fighting your case?I have articles ranging for what to do in court, how to prepare for foreclosure to updates on our personal fight as well as news.   What do you want to see covered?

POVERTY ? Speak for yourself

sxc.hu 

Sept. 16, 2010 -  The government announces that almost 1/2 of the nation does not pay taxes, they are considered in the poverty level. With the rising poverty level and  the policies of the administration and congress it looks to be another lean few years. Sure on in 7 Americans are in poverty. We are technically one of those Americans affected by the poverty numbers. WE are not in poverty really - we ARE temporarily broke and looking forward to the future.  

I agree with Limbaugh in the audio clip below  that there is no excuse.   

If you follow this blog you know that we  have foreclosure looming on our minds 24/7.  Can't afford a lawyer  for fighting our foreclosure.  So we did what our parents and grandparents taught us - rolled up our sleeves and tackle the job ourselves. My favorite picture of my dad is the one of a hole in his shoe - reflecting his hard work.  He kept that picture to remind himself of how his hard work had paid off and what he did to achieve his goals in life. There is nothing wrong with hard work. 

The Government can tell us we are in poverty all they want.  I disagree, we are only temporarily poor. We knew we didn't have much to spare long before they informed us of this new status.   BUT;WE still have cell phones for working, and are able to  conduct business.  WE  still have 2 vehicles, with over 200K on them, and are conducting business which should bring us out of the situation  someday.   Sure we go without cable, without steak and more often than not the  fabric softener runs out.  AS long as we have TP, eggs and bread we are okay. 

Trips to visit family except in extremist of emergencies are out of the question and even then  donations are needed. Christmas is coming but the goose is nowhere near fat. Thank goodness we established long ago that store bought expensive gifts are no measure of love. 

We both work hard.  Probably harder than some people that are working regular jobs. Looking at the jobs around and the unemployment  numbers, I dont' think we would be better off in any other way. So we work hard, and fight the foreclosure  hard, and pray for a miracle.  We watch for new opportunities and take them.   Listening to the news is depressing -   If the government gets its act together, so that consumer confidence returns, fraud is dealt with and jobs are regained then we will thrive.  As one of my acquaintences said: 'I am looking around and anyone in office today better have a damned good platform for running again.  Almost every bum in office is going to get voted out by me for sure.  They need to address policies that are GOOD for America and not for special interests." 


Of course in two months we could be the people in that picture above. There is a saying that we are all only two checks away from being homeless.   I think its a bit more but the principle sounds right. If you have a job start saving as much as you can now! 


Today just minutes ago the President said: 

"Because of the recovery act and many other programs providing tax relief and income support to a majority of working families - and especially those most in need - millions of Americans were kept out of poverty last year,"  Obama . more by Barack Obama  WHAT DO YOU THINK?

Here are some news tidbits for your clicking pleasure,  and a video by Rush about poverty issues. 


(WSJ has tomorrows headline today!) 

Wealth and Poverty

How's that inequality thing working out?

Poverty Rate Jumps in 2009 to 1994 Level

Recession sent millions more into poverty, census finds

Poll: Obama Approval Rating Mixed, but Most See No Economic Progress

Tiger Woods celebrity mortgage news: single and in debt

Tiger Woods takes out �36m mortgage to fund bachelor pad - Bridging And Commercial: "Woods’ mansion, named Sand Turtle, is under construction on the millionaire playground, Jupiter Island – reportedly the most expensive residential area in all of America. Once finished, the 10,000 sq ft new build will take up 12 acres and boast a tennis court, oxygen therapy room, a fitness centre and several swimming pools.
The property has been reportedly mortgaged to finance Woods’ divorce settlement with his ex-wife, the�model Elin Nordegren. The divorce comes after Woods’ personal life became the subject of media frenzy last autumn.
The mortgage is said to have been filed with the Martin County Clerk of Courts, and Woods has agreed to pay back the loan to JRD Florida Ventures LLC by January 15, 2016."

Click on title link to read full article.

How to get sex treatment therapy like Tiger Woods

Additional article by hollywood gossip.com 4 days ago lists payments to be about 10 million dollars a year. They reported the loan to be 54.5 million rather than 36 million.

1 MILLION homes will be foreclosed on; are you next?

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Heard on the news today: We are on target to foreclose on 1 MILLION homes this year. That is 100,000 more than last year. (2009) It is estimated that it will take 3 years to clear the backlog of people defaulting on their loans.

According to the MSN Money Central report there are about 7.3 million homes in some state of delinquency.... the report also noted:

"Among states, Nevada posted the highest foreclosure rate in the first half of the year. One in every 17 households there received a foreclosure notice. However, foreclosures there are down 6 percent from a year earlier.

Arizona, Florida, California and Utah were next among states with the highest foreclosure rates. Rounding out the top 10 were Georgia, Michigan, Idaho, Illinois and Colorado."

There are new credit laws going into place which affect mortgages and also debit credit processing. Here a couple of highlights.

1) Now strict standards were in place during the years when underwriters started ignoring their own underwriting standards. They overvalued homes by 10% which added fuel to the fire of the housing market bubble.

NOW it is announced that there will be stricter standards and that better attention will be paid to income/payment ratios. One good thing will be better disclosures of what the maximum payment will be. Not just the interest, but the payment.

2) Merchants can now offer cash discounts for cash... Banking fees will be going up as free checking and cashback rewards disappear.

3) Banks will not be allowed to charge overdraft fees without your permission and agreement to do so. Sounds good especially if you were zapped by a bank that charges 8 bucks a day until the overdraft is resolved. I don't know how this new law will work out, but if banks handle it as they do other applications, they will simply make you agree in your contract, or you won't be able to get an account... What do you think?

How to find MORTGAGE and LOAN Fraud

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Do you wonder if you have loan fraud?

Get out those closing documents!

1) Loan Rescission Notice - Many loans in 2006 did not receive copies of this important notice. If there is more than one person on the loan, each party is to have received a copy.

2) TILA law violations - TILA is the Truth In Lending Act check the link for laws and compare to your documents. You may want to pay for a forensic audit. If you need an audit email me alrady40@yahoo.com and I can refer you to reliable auditor. Did you know that if your loan closed less than 3 years ago you can rescind your loan fairly easily?????? A sister law to this is FDCA, Fair Debt Collections Act.

3) Amounts owing are in error or do not add up. A difference of just 65 bucks makes a HUGE difference and is a red flag to challenge the loan.

4) HOEPA I just recently learned about is that loans under 150,000 or interest rates of 8% or more, or points and fees in excess of $583 are red flags. This can be in violation of HOEPA,Home Ownership and Equity Protection Act. Many self employed people were given higher interest rates. We had a high rate but it did not qualify. FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

DO You Need Help Reading Your Documents?

If you want a forensic audit you can have one done free through NACA.com. I have not used them and cannot vouch for how well they perform. I do have a forensic auditor I recommend to those that email me. The cost is reasonable and probably less than you pay for one months mortgage.

Finding fraud can help to fight foreclosure, save your home and give you the ammunition to modify that loan to benefit you and not the bank.

COMMENTS/Questions

Modification failure - Increased foreclosures are blight on US economy

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WOW: just when you've heard it all, you hear yet again another sad story! Of course, word on the street is that BAC (bank of america) and CHASE are THE WORST at providing modification loans. This is just what you hear, I have no actual proof it is so. Reputation means a lot, especially if you have strong competition. There are many stories of how banks are losing their reputation and maybe the following scenario, told to me by a friend, can help explain why.

STORY: A women has huge, REALLY nice house. In Arizona you hear about mother-in-law houses, but rarely see them unless in upper class neighborhoods. This house had the smaller house on the property with her huge nice house, these smaller homes are usually referred to as mother-in-law homes. Woman has about 180K ready to pay down mortgage which has become delinquent. The bank will not accept it. NO, YOU OWE 350,000.

REMEMBER: Modifications normally try to lower payments but put the difference on back end of loan or do tweaking to make payment lower - you still owe the whole amount including past due... so your mortgage principle rises and so does your payment eventually. Sometimes with a balloon payment at the end. Back in 2008 loans were modified at a rate much lower than today, the programs were just starting up and it was common to have a payment increase immediately as result of the "modification".

ZOWIE: Today's number of modifications are appalling with many not even allowed to actually apply for the modification. NACA seems to be a name for getting help, the NACA name comes up over and over again in conversations with those affected by delinquencies. NACA has lawyer referrals, and free forensic audits. HOPE is another agency that is supposed to be helpful - if you can get through to talk to someone.

Back to the story: The woman offered to pay a lower amount, pay part of the past due or to modify, but bank would not work with her at all. So the bank would not allow the 180, 000 payment, would not modify and would not lower principle and allow house payoff at 180,000. Instead the bank foreclosed and eventually sold the property with acerage for 80,000. Does that even make sense to you? NO, I do not know how they had 180,000! Sometimes people sell a second property or get loans from relatives; others cash out retirement or life insurance.

PARALLELISMS: Our home will sell for about 100-150K with low payments. IN fact our interest of over 8% will be lowered to 3.69 or so and some will qualify for government down payment assist of a few thousand dollars (something we have NEVER had) and the house will be repaired if needed. The payment will be at least 2/3rds and maybe more like 70% lower than our payments were. And while we think this house will sell in reasonable amount of time; we see houses all over our area that have sat vacant for over a year. Many homes are vandalized and many homes are targeted as a hang out for teens or for squatters.

NEWS: For an interesting read, check out this article on New York Times website which carries the following quote within the article:

"Sixty percent of modifications undertaken by banks in late 2008 were in default a year later, according to the latest Mortgage Metrics Report compiled by the Office of Thrift Supervision and the comptroller of the currency.

Many of these private plans either kept the payments the same or increased them. Inevitably, those mortgages suffered the highest failure rate: about two-thirds of the borrowers defaulted again.Loans for which the payments were decreased by at least 20 percent failed at a slower but still significant rate of about 40 percent"

PROGRESS?: Banks are the primary block to lowering principle. And yet the process they go through robs cities and states of tax revenue and increases crime. A true blight on society - but banks don't care. You think they care? Call your congressman today if you care about the economy or the societal impact of foreclosures. The rate of foreclosures is not down - it is up!

Updates on foreclosures and eviction process

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Update May 15, 2010 - As time draws near to make sure that we are NOT evicted, legal considerings accelerate. Everyday we learn more. Facing this on more than one property is intimidating but not impossible. With the bank essentially killing our sale at full price we have grounds to have foreclosure totally suspended. Learning how debt collectors ignore TILA laws, lie and intimidate renters is a whole new universe for trusting souls.

Meanwhile we continue packing and sorting just in case we are forced out of the home. We are fortunate we have two or three alternatives, many have NO alternatives and end up living out of their cars or dividing the family among extended relatives and friends until they locate to better situation. Some live in garages or camp out in parks.

Friends, one year ago, I had no idea, banks sell the loan to themselves - often without proper notification). In Arizona this is not a JUDICIAL procedure it is done by trustee sale. This alleged sale, which I personally think of as a sign over, often results in a summons to eviction trial (forcible detainer) with a 3 day notice to appear. After that there is 5 days until trial or until writ to the sheriff is written, depending on how you plead. Certainly if I had known the future, I would have simply sold the house when it had equity and would never have listened to the bank reps telling me that to lower payments I had to go late by a few months.

If you are a renter or owner facing possible eviction, foreclosure (or are in foreclosure currently) learn the laws... go to your state laws and learn what is legal and what is not.

If you are concerned about fraud then check out this article.

Investing in Foreclosures? Avoid this swamp of potential problems

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I've always been a big fan of the fix and flip shows. They fascinated me for a year or two. In cruising the internet searching for newer information about mortgages, I ran across this blogpost that caught my eye. Bill Bronchick sheds light on an aspect of buying forclosure homes that grabbed my attention. Check out his post: Can Foreclosure Investing Be Criminal?

If you have thought about buying pre-foreclosure homes directly from the homeowner, then you MUST check out this blogpost first. Food for Thought: If the homeowner came back what would you do? What are the ramifications for buying foreclosures directly from homeowner?