New tactics required - Mortgage Forum

davew · 12-10-2009, 09:48 AM

Well not new exactly, but based on the posts here it is obvious that modification efforts are failing, dismally. The amount of energy expended may be better spent on going the qwr lawsuit route BEFORE they come after the house. They simply arent going to help. Take them to court, maybe that will get some action, maybe not. But after a year of stonewalling it seems foolish to expect things to change. The tactic must change. Perhaps they are a step ahead of us and already know our next move and have more legal horsepower, but it appears some judges are becomingless sympathetic to them.

zander · 12-10-2009, 10:38 AM

In the end taking them to court may be the only way to get a resolution, hopefully judges will be granted the right to modify home loans as they can with any other loan dispute, we should have an answere to that soon i think it goes to vote today,somebody correct me if i'm wrong. I think that is what i read.

max717 · 12-10-2009, 10:47 AM

Your right. Dig in Research - MERS, Lis Pendens,Chapt 7/13... Lawyers are expensive and you can get a break if you offer to assist. I think I can almost represent myself from all that I have learned from this site.. File a motion to discovery...File another one .. Then another...

zander · 12-10-2009, 10:53 AM

lol!! read something were a man had kept lit going for eleven years!!! NOT paying a dime. If i could go about 2 I'd be in great shape. I WANT AN APPEAL!!!

davew · 12-10-2009, 11:19 AM

check out living lies website. All lawyeredup and hard to follow but a TON of legal info and list of lawyers who get it. I am spending all of my time now scanning all loan docs and making cdof them to send out for forensic audit and file suit from there. MERS changes the legal strategy considerably so lots of homework required. I am just starting but it already feels better being on the offensive instead of waiting for the hangman.

davew · 12-10-2009, 11:22 AM

Use the mortgage payment to pay your lawyer, its a much better use of it than paying on a "trial mod" that will never be permanent. F them, get on the offensive.

zander · 12-10-2009, 11:57 AM

I knew i should have went to law school. I've been reading at livinglies too. some really good info. Scared not to make mortgage payment though. will be homeless literally. Need to study more to find a realistic timeline, from the time i stop payment until the locks are changed.

Leather Whip · 12-10-2009, 12:04 PM

This LivingLies WordBlog website is interesting. It is pretty messy though. Does anyone have experience doing things there way or utilizing one of the lawyers that "Gets it"?

zander · 12-10-2009, 12:31 PM

I'd be interested in hearing people's experiences with them too. Davew are you working through them or did you go local? none of my biz i know, just wondering.

Leather Whip · 12-10-2009, 02:53 PM

Quote:

Originally Posted by davew

check out living lies website. All lawyeredup and hard to follow but a TON of legal info and list of lawyers who get it. I am spending all of my time now scanning all loan docs and making cdof them to send out for forensic audit and file suit from there. MERS changes the legal strategy considerably so lots of homework required. I am just starting but it already feels better being on the offensive instead of waiting for the hangman.

Also, Dave, maybe I am missing something here, but what is MERS?

I wrote one of the lawyers who is one that listed as "Gets It" and here was his response on the process:

Quote:

Hello Mr. __________

Thank you for writing.

JPMorgan Chase and EMC, certainly are a pair that could beat a "full house".

A little background as to what a mortgage servicer's (JPMorgan's) role is. in your case. While JPMorgan may assert that they "hold" your mortgage, most likely your Note and Mortgage are purportedly in a mortgage backed securitized trust

The servicer, such as JPMorgan actually gets paid more money to keep you in a potential foreclosure situation. Although you are not currently in foreclosure,if you are "behind" on payments,or are currently paying a high interest rate, the servicer has no incentive to modify your loan. In fact, my theory is that potentially these people are actively trying to push homes into foreclosure because this would allow them to potentially collect on credit default swaps, and or other mortgage insurance, as well as collecting extra fees from the Trust.

When dealing with a recalcitrant servicer who refuses to "modify" a homeowners mortgage (which includes most all of them), obtaining some type of audit on your loan to identify potential issues or illegalities committed on behalf of the mortgage broker/lender would be the first step. (Caveat: I do not provide these type audits, nor do I receive any "kickbacks" from anyone I would recommend).

If the audit uncovers any issues, this potentially can be used as leverage against the "lender" to get them to play ball. In the alternative, if JPMorgan was still of a mind not to work with you, the audit could be used in any potential litigation to defend your interests in a foreclosure defense action.

Lastly, sometimes if an attorney is involved in the loan modification process (not to sound self serving or self important), the borrower is taken much more seriously in such negotiations.

I would be willing to discuss your case (at no cost) should you wish to do so.

Thank you again for writing.

This sounds pretty intriguing actually. In my now more expansive experience on the credit card side, the banks were unwilling to even lower their interest rates for me, even though I was paying on time. Yet, not even 4 months later of not paying them, all of the banks are willing to talk debt settlement, for very lucrative levels.

Funny how a little arm twisting seems to work. I think I will finish out my credit card side before I pursue this avenue though, so that I am not trying to balance too many balls at once.

Leather Whip · 12-10-2009, 03:27 PM

Modification Fraud — the latest game in town Livinglies’s Weblog

davew · 12-10-2009, 06:20 PM

I have not contacted living lies atnny yet. I am scanning all docs and making sure I have it all for an audit. Basically MERS means your loan has been securitized repackaged and sold without your knowledge or approval, and MERS overseas it. So they supposedly have the note, but they wont actually, which gives them no standing to foreclose. It is WAAAY more comlex than that and so convoluted that it was created this way to make it hard to unravel, all done to make them more money. They cant produce the note because MERS wont have it, MERS enabled them to increase their volume and move the loans out to market securitized and resell them. PLEASE anybody, if I am off here chime in, but that is my limited understandingas of now. Therefore our fight should involve the securitization issues, and any lawsuit and audit needs to take securitization and MERS into account. Its a friggin nightmare.

max717 · 12-10-2009, 06:44 PM

I found this usefull MERS "chain-of-custody" issues preventing foreclosures. | Piggington's Econo-Almanac | San Diego Housing Bubble News and Analysis