Upside Down Mortgage

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Loan Modification Act

Question: Has anyone successfully completed a Mortgage Modification under the new Making Home Affordable Act?

Just curious if anyone has actually been able to speak to a real person at their Mortgage lender and been successful in completing a loan modification under this new plan. Our loan is serviced by Citi and I never get to speak to an actual person.

Answer: Unfortunately not. My loan is serviced through First Horizon and every couple of weeks that I call referring to it, they say that they don't have any details and their still working on it! This has been going on since March.

How to get the most out of your loan modification by doing it yourself - or with an expert lawyer

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Mortgage Fraud Case Law

Facing a home foreclosure is scary and humiliating. This fear can cause immobility to set in and no action ever taken to stop foreclosure. Action is a must if the home is to be saved from bank foreclosure. Knowledge is a must to stop foreclosure.

There are many tips and techniques available to help to stop the foreclosure process. But there is one technique that is of utmost importance to every homeowner.

Now days there is a thing so rampant even the lending institutions are guilty of it. Ready any newspaper almost and you will read of banks going broke and bankers going to jail for committing a little thing called Fraud.

Fraud against who? You, the trusting borrower who believed there are laws to protect you from being taken advantage of. There are, if you can find them and you know someone is defrauding in you. And then you need to prove it.

The records speaks for it self. Banks cannot be trusted. So here are a few ideas to get you to thinking about what may be going on in your own mortgage situation and an angle you may be able to pursue to stop foreclosure on your home.

Remember, fraud vitiates the most solemn of agreements.

Will any of these possibilities fall into the area of fraud? Will any of them help you? You be the judge.

For a contract to be changed it takes the agreement of all parties concerned. That includes the borrower. If the contract has been sold, did the borrower agree to the change of a new mortgagee? If he did not, there may be no contract. Can the contract be reassigned without the borrower's agreement? Therefore, the new contract holder may not have authority or standing to initiate a bank foreclose.

Is it legal for one bank to sell a note, then collect the payments and pass it on? Are they committing a fraud by collecing on a debt already paid?

Is it legal for banks to lend debt or credit? Where in all the laws of this land has it been decreed debt can be loaned? Is not credit debt? Credit is used as a term of being able to borrow. But it is also used as term of debt. When a loan is made what is loaned? Debt is loaned. Your credit (debt) limit is... Nothing of intrinsic value has changed hands in this kind of loan process.

Money was created by moving one set of figures from one column to another. Even if they hand the borrower a stack of bills with the labels of Federal Reserve Note printed on the top of each one, the borrower has only received a pile of debt. Note equals debt.

If you are facing the mortgage foreclosure process arm yourself with all the knowledge you can then take action.

About the Author:

Download the Foreclosure Survival Handbook Here http://www.stop-mortgage-foreclosure-process.com

Get more information about bank foreclosure here 5 Things You Need to Know About Bank Foreclosure

Source - Could the Banks Fraud Put Your Home On the Foreclosure Auction Block?

Miami Florida Attorney - Lawyer Dania Fernandez www.FloridaLawAttorney.com Real Estate Spanish #31

Loan Modification While In Foreclosure

Question: Can I get approved for the new Obama loan modification program while my house is listed for sale?

I will be applying for a wells fargo loan modification. I switched jobs about a year ago and make significantly less than when I purchased the home. Currently my monthly mortgage payment is much more than 31% of my gross income. Will I be denied because my house is listed for sale. The house is not in foreclosure. I know the question: "Is your house listed for sale or do you intend to sale your home?" is specifically asked in the wells fargo questionaire. What should I do?

Answer: You can't lie. Your house is for sale. If you apply for the refi and a buyer comes along you are screwed.
With a refi your principle, property tax and homeowners insurance are not reduced. Just the interest and a longer term. You do not realize much savings. It only pays if the rate is 2 points.

Loan Modifications, Loan Mods, Stop Foreclosure, Save your home, Forebearance, Deed in lieu