September 30, 2008

Qualified Written Request

Filed under: Loan Modification,RESPA

I am desperately trying to save my home from foreclosure and know what options are available.

I am a first time homeowner and I purchased my home in North Little Rock in 2006.I purchased the home for $135,000 at an adjustable rate (I was led to believe it was a fixed rate) and my monthly note was around $1200 a month.

I made my payments on time. Around January, 2008 my original mortgage company (First Franklin) unbeknownst to me sold my mortgage to American Servicing Company (a subsidiary of Wells Financial Mortgage) and my note went up to around $1500.00 a month.

Around May of this year my wife and I both lost our jobs and we fell behind on our mortgage. I tried countless times to contact the mortgage company for assistance and got absolutely nowhere with them.

After months of no response from my mortgage company I received some assistance with counseling from the FHA. The mortgage company stated then that they would reset my loan if I paid a $ 2000 gratuity fee on September 15, 2008 and resume my house note on October 8, 2008 ( at an increased rate). I signed the agreement and when I called to make the payment ( on September 15)the mortgage company told me my account was closed (on September 13) and for me not to make the payment until they corrected the error on their end.

I cannot get a straight answer from this company and I need help. My wife and I both have jobs now and would like to keep our house but no one will refinance us because of the credit damage from this mortgage.

Richard (more…)

How To ‘Pay For Delete’ Collections

I have been calling the collection agencys and asking for a pay for delete letter and ever single one of them says they will not delete. advice?

Carl (more…)

September 29, 2008

Your Mortgage or Your Life (Savings)

Filed under: Loan Modification

I own a home with a 1st mortgage of 550,000 and a home equity line of credit with balance of 95,000. my 1st is at 7.750% with apayment of 4000 and my 2nd is at 8% with apayment of 500. The current value of the home is only approx 580,000.

I am current on the loans but my income as a sales man in home improvement has plummetted to less than 80,000.

I have 150,000 in annuities that I could tap into to keep paying the mortgage, but I’m single and really don’ t need the house.

What would you do.? go into foreclosure, take out my life savings and hang in there or any other advice?

Mervyn (more…)

September 28, 2008

Hey Bud, Where’s My File?

Filed under: Credit Reports


About a year ago, my Trans Union credit report started pulling up blank.  I contacted Trans Union and they said I have no credit file. I know that I have a credit file becuase I can pull my Experian and Equifax and everything is there. 

Today I tried to pull my Experian Credit Report and…It came up blank.  I tried to contact experian via telephone with no luck.

I’m a little confused becuase I have a car loan with Wells Fargo, Credit Cards with Bank of America and HSBC.  I know that all of them report. 

Do you know what could be going on? or how I can fix this? 

Any advice would be great! 

Thank You
Amanda (more…)

Emergency Stabilization Act of 2008

Filed under: Foreclosure


(a) RESIDENTIAL MORTGAGE LOAN SERVICING STANDARDS – To the extent that the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Secretary shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures, In addition, the Secretary may use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.

(b) COORDINATION – The Secretary shall coordinate with the Corporation, the Board (with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank), the Federal Housing Finance Agency, the Secretary of Housing and Urban Development, and other Federal Government entities that hold troubled assets to attempt to identify opportunities for the acquisition of classes of troubled assets that will improve the ability of the Secretary to improve the loan modification and restructuring process and, where permissible, to permit bona fide tenants who are current on their rent to remain in their homes under the terms of the lease.  In the case of a mortgage on a residential rental property, the plan required under this section shall include protecting Federal, State, and local rental subsidies and protections, and ensuring any modification takes into account the need for operating funds to maintain decent and safe conditions at the property.

(c) CONSENT TO REASONABLE LOAN MODIFICATION REQUESTS –Upon any request arising under the existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.

Emergency Stabilization Act of 2008

Unjust Enrichment

Filed under: Judgment

Hi Paul. in june of 2003 I had a judgement placed on my report. I am now in the process of trying to get a house. I have contacted the credit union on settling this judgement but since it is a credit union I had an auto loan with which was repoed. They want the principle balance which they claim is $10,000.00 the judgement for the credit card was for 1500.00 but the repo is not on the judgement as it was with an ex-bf and I think the credit union refuses to take the ex to court as he had really good credit and we had both worked at the credit union back when we got the loans.

How can I get this off my credit reports if the credit union refuses to work with me on it??

Paige (more…)

September 27, 2008

Deed Taxes on Florida Short Sales

Filed under: Florida,Short Sale

This one’s a real hoot.  Is the state of Florida looking for additional revenue?

On August 8, 2008 the Florida Department of Revenue issued opinion letters to Stewart and Fidelity, two major title insurance underwriters, stating that additional doc stamps were owed on short sale transactions.

Basically, the Florida DOR was suggesting that when any seller with a $200,000 mortgage sells the property for $100,000 on a short sale, that seller should pay doc stamps on the deed at the $200,000 price.  And this even though the actual sales price was $100,000!  While this is an interesting concept and would surely raise much needed revenue for the state of Florida, it would also skew the property appraiser’s records because the property appraiser checks the doc stamps to determine market values.

The Florida Department of Revenue has now written a letter on September 23, 2008 rescinding that position.  Doc stamps on the deed on the short sale described above will be based on the $100,000 sales price.  

Here is the letter: Florida Deed Taxes on Short Sales

September 26, 2008

VA Loan After Completing A Short Sale?

My husband & I were able to sucessfully complete a short sale in April!  We listed the home in February had an offer in March and closed April 28.  This was no small task!  My husband, I and our Real Estate Agent were on the phone with WAMU no less than 5x a day!  Our situation was different in the fact that I was diagnosed with a brain tumor and needed to move closer to Standford University for my treatments (Genuine Hardship). 

My question is:  We made every mortage payment on time and the only reason we sold was so we could relocate for my medical treatment.  I know the previous advice given was there is a 24 month seasoning period before we can purchase another home; however, what about VA loans?  Do they fall under the same set of rules?  My husband has VA benefits and we would like to take advantage of something he worked so hard to achieve. 

To all those out there in the process of a short sale.  BE DILLIGENT & KEEP YOUR HEAD UP!  Don’t sit back and wait for the bank to call you; you have to take control and get anwsers.  Push past the entry level customer service reps and get to someone in charge.  Worked for me.  Warm Regards

Jessica (more…)

I’m About To Stop Making Payments

Filed under: Bankruptcy,Short Sale

I have 3 properties. The one that worries me the most I bought in Oct. 2005 and it’s upside down for about $50,000 (according to I’m about to stop making payments for it. I have a lot of debts and I’m a single mother of 2. There is no much job listings, etc…

What would be your best advice for me knowing that I have 2 other properties which they both have equity (around $60000). I have about $90,000 in debts between credit cards and 2 credit lines. I would really appreciate your advice and help. I am very frustrated because I never thought I would not be able to pay back the money I borrowed from the credit card banks. I’m very desperate. I don’t know which direction legally speaking would be the smartest to take.

I have a 9 months old daughter and a 4 years old son. I live alone with both of them and neither of them goes to school yet. My son will start school next year. In other words, I have no choice but to stay at home taking care of them, which is what I really love, but on the other side I feel so sad because I took care for my credit history for about 11 years so well.

I have never been late ever ever in 11 years; and I’m seeing the day closer and closer when I will have to just STOP making the payments.


Liz (more…)

September 25, 2008

Lisa’s Foreclosure Battles & Opinions

Filed under: Foreclosure,TILA

I am starting a mortgage audit business specializing in California and I wanted to share some information with your readers.

Though most TILA attorneys will use federal law as it supercedes state law in almost all cases, that is not necessarily the case for loans serviced by mortgage servicers. These companies must be licensed by the state in which they are to enforce the law or foreclosure.

Here’s a sample letter I’ve sent out for a client:

To: the California State Attorney General’s Office     
To: the California Department of Corporations
To: the California Department of Real Estate
To: the California Department of Financial Institutions
RE: Illegal foreclosure of California homes

Dear Personnel,

I am writing to make you aware of an egregious misrepresentation of a company that is authorized or licensed to do business in the state of California.

The mortgage servicing company, Private Lender Services, Inc., which is based out of Anaheim Hills, CA, is foreclosing on homes in the California area even though the loans are in violation of the HOEPA and California’s Covered Loan laws. Private Lender Services, Inc. is not a bank; it is a mortgage servicing company that specializes in securitized mortgages owned by trusts, private lenders and such.

I believe that this company, which is also enforcing loans that violate the federal Truth in Lending Act as well as the California Covered Loan law, has illegally foreclosed on many homes without lawfully being able to do so. I believe that this company should be prevented from being licensed in this state and should probably be prosecuted for foreclosures and illegal debt collection practices.

I am one of the homeowners caught in Private Lender Services’ web. I had rescinded my loan as per the federal TIL Act and the HOEPA and California’s Covered loan law within the 3 year period by that law. I sent a copy of the mortgage audit I had obtained. As of this writing, the company has failed to respond to my letters and have continued, illegally to foreclose on my home.

The mortgage audit not only searched for federal violations only; it also sought out any state laws. I conducted a search and found that Private Lender Services is licensed by the Department of Real Estate to practice in the state of California.

I am writing this letter to call to your attention that, (a) there is a company that is illegally foreclosing on California homes and (b) they might not be the only one.

I believe that the bankruptcy trustees and their attorneys should first check to see if a creditor is licensed to collect the debt and also to check for HOEPA violations and violations of the California Covered Loan law. There are only 2 triggers for each—and 3 collectively. I cannot see how it would be in anyone’s interest to enforce an illegal loan—except for the company breaking the law, that is.

Your prompt attention to this highly important and timely matter cannot be emphasized enough. Please act quickly to curb these terrible crimes against struggling homeowners.



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