Guidebook to Fighting Foreclosure

What Lies In Your Debt?

If you are like millions of Americans who are behind on their mortgage or thinking about doing a strategic walk out, behind on their credit cards, or just being harrased by debt collectors, then this system is for you. Fraud involving mortgage loans, and/or foreclosure proceedings are increasingly less tolerated by courts. In addition, some mistakes and fraud actually violate laws and your rights as a homeowner and consumer under the Tila, Respa, and by State and Federal Acts. We have even seen cases where the mortgage did not match the note. That fact alone can stop the foreclosure dead in its tracks. In other cases, the transfer of rights in the property was not properly executed in the mortgage which leaves the bank with an unsecured credit line. There are many factors which makes almost all foreclosures illegal. If you are not aware of these factors you are walking away and losing your home for no good reason. Read more here...

What Lies In Your Debt Summary

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Highly Recommended

I usually find books written on this category hard to understand and full of jargon. But the author was capable of presenting advanced techniques in an extremely easy to understand language.

I personally recommend to buy this ebook. The quality is excellent and for this low price and 100% Money back guarantee, you have nothing to lose.

How To Survive Foreclosure Or Avoid It Altogether

In many cases, you can stop foreclosure or at least avoid losing more than you have to. You just need to understand what options you actually have and the people and processes that can help you resolve these issues once and for all without creating additional problems. This 240+ page, easy-to-follow guide is designed so that it can be read and understood by the regular layperson. It's like having hand-held instruction every step of the way. Most people simply don't know what to do to prevent foreclosure or aren't sure about what they hear. They scour the internet for information and talk to every expert for solutions. Instantly there is information overload. It's often conflicting and incomplete and makes trying to solve a foreclosure problem even more confusing. You will learn: Who to call First before you send anything into your bank so you can be as certain as it gets if you can qualify or not for a loan modification. If so, this is the expert help that will build a bullet-proof case, pre-qualify you, and Prove to your bank you qualify for a modification (usually at a 2% rate). Why you should Never, Ever, ignore a foreclosure lawsuit that may be served to you (and any lawsuit for that matter). What happens when you do, and believe it or not, most people do. What foreclosure (loss) mitigation is and how it can turn your situation around. Find out if this is a strategy that will work for you and if not, what to do next. (see chapter 9) What your best options are to try first, second, third, and so on. You'll be able to check off which ones might work for you and which ones won't until you find the solution that ends your foreclosure problems saving you time and money. (see chapters 11 and 12) The systems behind loan modification how to prepare for loan modification, fill out your financial worksheet and write your hardship letter so you don't talk yourself out of your own modification! Increase your chances so you not only qualify for loan modification but lock in record low rates (2%). What to expect from your case manager, analyst, and underwriter; what to ask for and one of the most common mistakes people make that can blow an approved modification offer you have in your hands in one split second. (see chapter 10)

How To Survive Foreclosure Or Avoid It Altogether Summary

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Author: Elin Bullmann
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The Layman's Guidebook To Fighting Foreclosure

This Book Features The Latest Strategies And Tactics To Help Homeowners Defeat Foreclosure. It contains almost 50 chapters explaining everything you will need to know, including the latest tips, tactics, and strategies in use today, as well as some things you can do if you have already lost your home to foreclosure. Just some of the things you will learn are: How the foreclosure process works. Why you may not be in default even if you have missed payments. New strategies for todays foreclosure environment. Why you may not owe the money in the first place. Why some courts have awarded homeowners in foreclosure their homes free and clear of a mortgage. How to get the bank to beg you to modify your loan. Why some banks have given up on trying to foreclose on informed homeowners. How to get the bank to pay you to leave your home. How you may be eligible to get back all of the money you have paid the bank over the life of your loan. How to reverse foreclosure in some cases.

The Laymans Guidebook To Fighting Foreclosure Summary

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Emerging importance of the balance sheet

While all investors looked to the income statement as a means of assessing the borrower's ability to service the interest and dividend payments, the loan creditors, as a further precaution, looked to the balance sheet to determine the safety of the principal sum secured on the net assets available in the event of foreclosure or liquidation.

Manufactured Housing Industry And Conseco

Estate loan, in contrast, requires a separate note and mortgage. Default is remedied through a foreclosure process, which typically is more expensive and lengthier than a repossession. Historical experience suggests that the existence of private land in an MH loan portfolio reduces both defaults and voluntary prepayments (see Section 21.2, Prepayment Behaviorand Section 21.3, Defaults).

Sufficient or adequately trained staff

This option exists in much the same way as in developed economies, but being able to realize the security in time of need can be problematic due to inadequate or bureaucratic legal systems. In India, court cases routinely go on for years. In Thailand, foreclosure can also be inordinately long. Other countries simply have no laws to allow property to be mortgaged or guarantees to be enforced.

Project loancredit agreements

Loan agreements define and regulate the financing instruments and interrelations amongst the various parties participating in the project financing. Loan agreements may be supplemented with an intercreditor agreement which defines the rights that the project creditors will have in a default, including step-in and foreclosure.

Alarming or informing us

For sure, we suffered a significant recession (economic downturn). But some in the news media (and pundit class) went overboard in suggesting we were in the midst of another depression. During the Great Depression of the 1930s, the unemployment rate hit 25 percent and remained in double digits for years on end. Half of all homes ended up in foreclosure during that period. Although job losses and home foreclosures mounted during the recent recession, they were nowhere near the Great Depression levels. The recessions of the late 1970s and early 1980s were actually worse because of the pain and hardship caused by the 10+ percent inflation rate and interest rates of that period. The unemployment rate was also above 10 percent in the early 1980s recession.

Definitions and General Terminology ResidentialMortgage Backed Securities

At default Foreclosure Losses on principal of receivables (expressed as a percentage of the outstanding loan). Exposure at default is the credit exposure vis-a-vis an obligor at the time of default. A situation in which a homeowner is unable to make principal and or interest payments on his her mortgage. The lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. So, Foreclosure frequency default rate. A jumbo loan is defined as a loan exceeding certain amount according to different area we are interested in (e.g., A loan in Germany which exceeds Euros 400,00 is a jumbo loan). LGD is 1 minus the recovery rate. Loss given default for individual transaction within the pool (a loan to loan LGD). For both prime and subprime pools, SL is defined as LS 100 -residual value of property LTV+ foreclosure costs of the property. Methods through which borrowers repay their loan. Abbreviations CCIs county court judgment LGD loss...

Other Tips

How to immediately determine the basic premise of a civil or criminal suit. Look at the column marked NOS, located between the columns marked Filed (the date the action was filed) and Closed (the date the action was closed, if it was). NOS, or Nature of Suit, uses a numerical code to indicate a suit's essential cause. Examples of actions that might concern an institutional investor would be 850, which stands for 470, Racketeer Influenced and Corrupt Organizations (RICO) 370, Other Fraud 220, Foreclosure and 160, Stockholders Suits.

Avoiding A Tax Lien

As for the CSFB action, it is hard even to know where to begin. The suit itself again speaks to Wood River's inability, or unwillingness, to pay what it owed. Strangely, Mr. Whittier's reaction made a terrible situation look even worse, something that is not easy to accomplish. As a rookie investigator, I recall with great vividness researching numerous real estate developers in advance of multimillion dollar loans. The New York real estate market, those familiar with it might recall, hit some turbulence in the late 1980s-early 1990s, causing any number of foreclosure actions to be initiated against developers who suddenly found themselves unable to pay back their debt. In the case of two developers in particular, a search of court records revealed numerous suits filed against them, both separately and some jointly. However, one developer's actions following this downturn stood in stark contrast to his sometime partner, according to interviews we conducted with many of the lenders...

United States

In 1986, the Maryland Bank and Trust (MBT) was held liable for the cleanup of a contaminated site of a waste management company that had defaulted on its loan. In this case, MBT purchased the property at a foreclosure sale to recover equity on a mortgage held by the bank on the property. The court said that MBT was protecting its investment in the site and held MBT liable for the cleanup costs of the hazardous substances. The court argued that CERCLA should not function as an insurance scheme to protect lending institutions from financial losses due to loans secured by contaminated properties. The court observed

Role of Banks

One of the most powerful tools available to banks to exercise influence over corporate governance is their special rights in the case of default. Once a debtor defaults on repayment or other credit conditions, the bank can trigger court actions, such as foreclosure on collateral, liquidation, or reorganization of the firm. The mere threat of such action may allow the bank, either individually or jointly with other creditors, to force a range of actions on the defaulting firm's managers and owners. The creditors may even formally become the new owners through a debt equity swap or by accepting assets in payment. The effectiveness of these methods of influence depends largely on legislation and the court system. China has a detailed Law on Credit Security, and the Commercial Bank Law requires banks to secure credit for all but their best borrowers. However, foreclosures do not give the banks much leverage for several reasons for example, self-help is limited judgments by courts with...

Corporate Bonds

Security for Bonds Either real property (using a mortgage) or personal property may be pledged to offer security beyond the issuer's general credit standing. A mortgage bond grants the bondholders a lien against the pledged assets, that is, a legal right to sell the mortgaged property to satisfy unpaid obligations to the bondholders. In practice, foreclosure and sale of mortgaged property is unusual. Usually in the case of default, a financial reorganization of the issuer provides for settlement of the debt to bondholders. The mortgage lien is important, though, because it gives the mortgage bondholders a strong bargaining position relative to other creditors in determining the terms of any reorganization.

Prepayments

This chapter focuses on prepayments, how they are tracked, how they are projected, and how they are used in a cash flow model. First, it should be clear exactly what is considered a prepayment. A prepayment can either be complete, where the outstanding balance is paid off in full, or partial, where only a portion of the outstanding balance is paid. For example, an individual mortgage obligor might have extra money one month and decide to pay 2,000 towards her mortgage when the scheduled payment is 1,800. Since the periodic principal and interest is calculated in the 1,800 due, the only use of the additional 200 is to reduce the outstanding balance of the loan. This would be considered a partial prepayment. The other type of prepayment is where the entire balance is paid off. This can be the result of refinancing, credit-related events, and, on occasion, calculated due to foreclosure.

Credit risk defined

Credit risk is the risk that a counterparty - borrower, or participant to a trade or other type of transaction - is unable or unwilling to meet its financial obligations. In the event of a default, a bank generally incurs a loss equal to the amount owed by the borrower, less a recovery amount resulting from collateral (if available), as well as possible gains from foreclosure, liquidation or restructuring of the company.

Defaults

Following a payment default, the master servicer of the transaction transfers servicing to a special servicer after 60 days of delinquency. The special servicer must assess the loan borrower situation with an eye to maximize the loan's net present value. This can involve restructuring the loan with lower interest payments that the property can support or, more typically, liquidation via power of sale or foreclosure and sale. During the workout, the special ser-vicer is required to continue loan advances to the trust subject to the anticipation that loan payment advances will be fully recovered after the loan's liquidation and full repayment of loan proceeds. The proceeds from that liquidation and the timing of the disbursement to the trust are critical to the bondholders.

Figure 124

The first manifestation of credit risk in any pool of securitized assets is nonpayment of interest and or principal. In the case of mortgages, this is termed arrears or delinquencies. After a mortgage loan misses a payment in a month from a clean state, it progressively moves through successive delinquency states 30 days down, 60 days down, and so on. Some originators specify this as the number of days an asset is down in its payments and others as the number of months down. The asset ser-vicer's role is to ensure timely payment from the assets in the pool and to take appropriate action in the event of nonpayment. Thus, many ser-vicers have well-articulated policies for dealing with collections and, ultimately, litigation. Servicing policies typically involve a series of letters and calls encouraging payment and culminate with foreclosure procedures. Up until foreclosure takes place, the originator's main credit risk is delinquency risk associated with nonpayment of interest and...

Default Rates

Prevalence of interest-only loans, might indicate high levels of defaults. However, while delinquency rates seem to be higher than in the United States (although comparable to rates on FHA VA loans), the percentage of properties ending up in foreclosure has been comparable to that in the United States, and even a little lower in recent years, as a strong housing market has resulted in a sharp decline in default rates. Exhibit 27.4 shows the percentage of properties taken into possession each year since 1989, A couple of factors likely explain the low foreclosure rates relative to the level of delinquencies. First, there is probably a greater stigma attached to bankruptcy in the United Kingdom than in the United States, so mortgagors will go to great lengths to avoid it. Second, lenders would rather work with borrowers to avoid default and will foreclose on a home only as a last resort.

Paley Products

The first financial analysis of Paley Products had revealed a downward trend in certain performance ratios, below what was deemed acceptable for the component manufacturing industry as reflected by the industry averages, although no specific ratio that was identified in the loan agreement was in violation. However, subsequent analyses continued to reflect this downward trend. Mr. Eng had previously discussed his concern with Frank Paley, president of Paley Products, but no corrective action appeared to have been taken. The latest analysis showed the current ratio below the required 2.0 specified in the loan agreement. This conclusion was based on the financial information contained in Exhibits C-1, C-2, and C-3. According to provisions in the loan agreement, First National Bank could call the loan at any time after the ratio requirements had been violated. The company would then have ten days to correct the problem, pay off the loan, or face foreclosure proceedings. The day of...

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