March 31, 2009

Avoid Foreclosure

older home….we had a business in town with rents, etc….finally able to eliminate the over head…we borrowed against the house for the growing business..who knew..looking at a quick sale to avoid wants too much to catch up in too short a time

Olivia (more…)

March 30, 2009

Another HTDI Testimonial

Filed under: Credit Repair

HTDI Financial is AWESOME!!! While running my annual credit report last year, I discovered that a medical bill that I thought was paid by the insurance company, was actually sent to a collection agency, and that was now on my credit report. I, of course, freaked out, because I always had perfect credit before this. This really dinged my credit score hard, and no one would extend me any credit after this, even after I paid the bill in full. I started searching the internet for any assistance. I ended up at They had some suggestions on what to do, but none of them applied in my situation. I saw the advertisement for HTDI Financial on their site. They offered a free consultation. I figured it couldn’t hurt anything. I spoke with Brian, and he explained the entire procedure. He explained that there was no magic bullet, but they would do all they could to help. I really felt at ease with Brian, although I still had some doubt as to if this was going to do any good or not. I am extremely happy to report that on the first round of letters, the collection agency entry was removed from my credit report from all 3 credit bureaus. I couldn’t believe it! I ordered my credit report again just to be sure, and now all 3 credit bureaus now report my score over 770 again!!! I am soooo happy and excited, I can barely type this. I now have my life back!!


March 29, 2009

Served With Foreclosure Papers

Filed under: Foreclosure,Mortgage

we were served a foreclosure notice. my husband does not want to talk about it. what should i do next. My name is also on the mortage

Bertha (more…)

March 28, 2009

Proposed Changes To FS 501.1377

I wrote an article a few months ago about whether or not Florida attorneys could be considered ‘foreclosure rescue consultants’ under FS 501.1377.  My question at the time was: “what was the legislative intent behind removing the attorney exemption in FS 501.1377?”

Well, three months later we have a better idea, as there are presently some changes to FS 501.1377 and Chapter 494 underway with CS/SB 2226.  Based on what’s been added and marked up as of today’s date in CS/SB 2226, attorneys will now be required to become “a loan originator, mortgage broker, or mortgage lender” when completing loan modifications for clients unless the attorney negotiates the loan modification “as an ancillary matter to the attorney’s representation of the client”.  So basically any of the attorneys that are advertising ‘loan modifications’ will be required to become licensed in the mortgage business.

I also noticed that the present changes to FS 501.1377 have removed the definition of ‘foreclosure rescue consultant’ from the Act and since it appears the amendments to Chapter 494 F.S. referenced above apply to ‘loan modifications’, it would appear that companies engaged in short sale processing in Florida would no longer be subject to its provisions or at least that might have been the intent.  Only problem with that is a ‘loan originator’ is defined (in part, emphasis added) as: “an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, processes a mortgage loan application, or negotiates or offers to negotiate the sale of an existing mortgage loan to a noninstitutional investor for compensation or gain.”  So, it appears that every Florida licensed real estate agent who negotiates a short sale must also obtain a Florida loan originator license. Rut-roh!

It should be noted that as of the date of this post we don’t have the final version yet and since that’s the case, I’m going to recommend that everyone in Florida who objects to this provision send an email to Senator Mike Fasano fasano.mike.web at with a link to this post stating that ‘short sales’ should be specifically exempted from the definition of ‘loan originator’. 

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.

Loan Mod Waivers


Is it true that voluntary agreements the banks are sending to clients to modify their loans may have traps in giving away clients valuable legal rights to sue them after the acceptance to go after them later for TILA, GFE or other violations and infractions?

thank you

William (more…)

March 27, 2009

Short Sales, Land Trusts, & Option Contracts, Oh My!

I landlord, my aunt, is trying to sell her property with the help of a loss mitigation company. They finally found an end buyer but they will be using FHA financing. They have an option contract on the property but apparently they have a 90 day seasoning issue in order to have their loss mitigation fee paid out. Will they need get filed under land trust then close in 90 days or will a separate form to option contract suffice?

Alex (more…)

March 26, 2009

Rescission in Bankruptcy

Filed under: Bankruptcy,Mortgage,TILA

Hi Paul!

In your response to Breath Inside the House–the Qualified Written Request, you stated that rescission in bankruptcy would only net the lender 10cents on the dollar. Can you explain how that happens?

Do you know of any cases where this was done?


Dangers of Disputing

Hello Paul! First of all I want to say thank you for all the invaluable information you continue to give…you have made a true difference!

My question is this: I have succeeded to get two 30 day lates off of my credit report, but when I checked my report they also deleted all my payment history! This of course sent my scores way down. How would I get it back? Do you think this is what sent my scores down?

Thanks so much!


USDA Intercepts Tax Refunds

Filed under: Bankruptcy,Mortgage

This is gonna take me a minute  :-) I got divorced in 2005, and there was a house with a mortgage involved.  In the divorce papers, my ex-husband was supposed to sell the house, but guess what – he didn’t.  The home mortgage was a “rural development/USDA backed” loan…. So it took a while for the foreclosure process to happen, and I was in the dark meanwhile – and then the stimulus checks came out in 2008.  I didn’t get mine and I’m thinking “WHY NOT?!?!”  So I start calling around and find out that my stimulus check had been offset because of this house that was supposed to have been sold and now I owe 37,000 on it!!  ahh!! 

Well I filed bankruptcy in October of 2008, and my lawyer advised me that my tax refunds…etc shouldn’t be offset anymore.  So I got my final discharge papers and I figured it was safe to go ahead and file my 2008 taxes.  I waited until the date it was supposed to be deposited into my account, and guess what– another stinkin offset!!! 

So here it is, end of March, and I have called every one-eight-hundred number KNOWN TO MAN trying to find my money.  I’ve hit a dead end and don’t know who to contact now, and my lawyer and his paralegal say they are working on it, but I’ve been doing some reading on the internet and it almost seems as if USDA  backed loans aren’t eligible for discharge in bankruptcy…am I wrong in thinking this??  If that is the case, then I wasted a TON of money filing bankruptcy AND…..ruined my credit for what 10 years AKA FOREVER!!  anyway, any help you could offer would be greatly appreciated!! 

Deidre (more…)

March 25, 2009

Home Loan Rescission

Filed under: Mortgage,TILA

Do all home loan have to have a right to cancel? Must there be a right to cancel for initial purchase mortgage loans as well?

Kaitlin (more…)

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