Does this sound legit?

[Bonesy]

Rec'd this email from a local attorney...is this something that is really going on?

Yes, this has to do with both refi's and purchases made between approximately 2001 and 2008. 83% of the deals done during those years did not meet ferderal guidelines under RESPA, HOEPA, and TILA. Not to mention, most of the banks cannot find the original note that you signed for the mortgage. If you are in foreclosure, facing foreclosure, or think you are paying too much, our attorneys go after the bank. So, in most instances our customers pay us approximately 25% of the current mortgage monthly while we fight. We can stretch this out for years. So, you stay in your home for a fraction of what you normally pay and we fight to delay the foreclosure, settle with the bank at a huge discount, and in some cases, get the entire mortgage thrown off depending on the severity of violations. In any case, this extended time allows people to get back up their feet again, and rest easy knowing that they won't be kicked out of their homes.

Anyone involved in something like this or heard of this even working?

[faith]

Originally Posted by Bonesy

Rec'd this email from a local attorney...is this something that is really going on?

Originally Posted by Bonesy

Yes, this has to do with both refi's and purchases made between approximately 2001 and 2008. 83% of the deals done during those years did not meet ferderal guidelines under RESPA, HOEPA, and TILA. Not to mention, most of the banks cannot find the original note that you signed for the mortgage. If you are in foreclosure, facing foreclosure, or think you are paying too much, our attorneys go after the bank. So, in most instances our customers pay us approximately 25% of the current mortgage monthly while we fight. We can stretch this out for years. So, you stay in your home for a fraction of what you normally pay and we fight to delay the foreclosure, settle with the bank at a huge discount, and in some cases, get the entire mortgage thrown off depending on the severity of violations. In any case, this extended time allows people to get back up their feet again, and rest easy knowing that they won't be kicked out of their homes.

Anyone involved in something like this or heard of this even working?

Hello and welcome to this forum,

Be careful of hiring a lawyer, some of them are just taking advantages of the situation and to make money out of the distressed homeowners. Only few are honest and truthful and has good motives in helping homeowners., Make sure before you hire a lawyer to check State BAR Association to make sure if they are license to practice law and check if they have complaints about them.

See link below:


http://members.calbar.ca.gov/search/member.aspx
..
Consumer fraud laws, including requirements that lenders disclose the terms of a loan and borrowers’ cancellation rights, have been important tools for attorneys fighting predatory lenders. But with thousands of lawsuits filed on behalf of subprime borrowers across the country, many consumer advocates are calling for government regulation of the subprime industry.

The Truth in Lending Act (TILA) sets out detailed disclosure requirements that govern virtually all consumer credit transactions, with the goal of promoting informed consumer choice. The Real Estate Settlement Practices Act (RESPA)6 dictates procedures and forms for residential real estate closings to make clear to borrowers the true costs of buying and refinancing. Complementary provisions of TILA and RESPA require lenders to provide ‘‘good faith estimates’’ of both loan terms and costs early in the mortgage process.

Clearly, Congress had the bait-and switch problem on its mind. However, neither law has prevented problems or provided much relief for unsuspecting and unsophisticated consumers. Further, court decisions give lenders great leeway in their ‘‘good faith’’ estimating and have not applied TILA to prohibit abuses

Congress however is unlikely to pass comprehensive legislation that deals with predatory lending. They will probably make a show of some sort of legislative fix, but legislation is not the answer — self control and common sense are needed on the part of the buyers/borrowers. At closing, subprime borrowers are often presented with terms that do not match those previously offered, and then pressured into signing documents they have not had time to review.” TAKE THE TIME to read the contract — if it sounds too good to be true, it probably is, if you don’t fully understand it — DON’T SIGN! If there is pressure to sign —THAT’S A RED FLAG. DON’T! “

If you think you are a victim of predatory lending you need to file a complaint against your State Attorney Genera, in California his name is Edmund G Brown,

Attorney General: Edmund G. Brown
AG Office of the Attorney General - Edmund G. Brown Jr., Attorney General
California Department of Justice
Attn: Public Inquiry Unit
P.O. Box 944255
Sacramento, CA 94244-2550
Phone: 916-322-3360
Toll-Free: 800-952-5225 (in CA)
Fax: 916-323-5341


God bless.

[Marshall Rosenbach Esq.]

Faith - always make sure you talk to the lawyer on the phone, and preferably, meet in person before you hire them. People can say whatever they want. If your goal is to stay in your home, to me, that means submitting the necessary paperwork and getting the loan modified. I don't love the idea of litigating for months in court in order to buy time. In the meantime, your total balance owed is getting higher and higher and your credit score is getting killed in the process. I think the best thing is to actively pursue a loan modification as soon as you can.

[Catherine]

Thank you Marshall for your posting. I was under the impression once my home is tied up in litigation the balance freezes until it is resolved. Wish it never had to go this far. A modification before my loan adjusted up to a 9 percent interest rate would have kept me current. All those months of the same horror stories I'm sure you have heard over and over happened to me as well. I played their game by their rules and lost. Truthfully it was joke of what fair play is to them. Only when the end result came I wasn't laughing. It's hard there are so many of us that need a good Attorney to stand up for us when we were kicked down by our loan servicers. Needless to say my credit is beyond trashed now. After all this I am more than fine without it. Outside of the fight for my home and hoping my loan will be modified ASAP I have not inquired any more dept. If I learned nothing else if I want it........ pay cash. If I can't then realize I can't afford it. Anyway I agree with you getting the loan modified, fixed and at a decent interest rate would give so many of us our lives and dreams back. I pray for the best of results in all your cases when going against loan servicers/banks that want to foreclose. Catherine

[faith]

Originally Posted by Marshall Rosenbach Esq.

Faith - always make sure you talk to the lawyer on the phone, and preferably, meet in person before you hire them. People can say whatever they want. If your goal is to stay in your home, to me, that means submitting the necessary paperwork and getting the loan modified. I don't love the idea of litigating for months in court in order to buy time. In the meantime, your total balance owed is getting higher and higher and your credit score is getting killed in the process. I think the best thing is to actively pursue a loan modification as soon as you can.

Marshall,
Thank you for your advice. The lawyer that I hired a long time ago was recommended by my friend. I met him and he told me how much he charged. He misrepresented me in my case and the rest is history. His name is Michael Loker if you searched him he has a lot of complaints filed against him and he lost his license. The last researched I did was he was in jail. I could go on and on about this lawyer but whatever happened to him I know that he regrets what he did and he now has many companions: Consequences, Sorrow, Poverty, Bad Lack and Misery..