I have 2 mortgages that if the lenders would settle for 50%? 75%? would consider paying off. The loans are not in arrears and never have been. Both amount to around $100,000 each so have an encentive to pay off. Is this possible?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Was you loan recourse or Non Recourse. Which state are you living.
Also did you send any financial information across.
I am trying to work with them and have to decide whether to send them my financial information. Mine is a non recourse loan in CA.
Sub: #111 posted on Sun, 06/27/2010 - 23:30Unregistered
I am current on my first, which was modified by wells a few months ago. The property is underwater 120k and I owe 82k on my second. I am almost 180 past due and it will charge off next week and am terrified of the fact that since it is a recourse loan and they have all my personal info, they may file a judgment on me. Whats the likely hood of this? Will it be easier to settle after charge off?
Dantheman- did you send wells a settlement offer any time before they charged off?
Well, there's no way to know for certain if it will be easier to settle after charge-off or not, but in my experience is was vastly easier. The loss mitigation group (i.e. pre-chargeoff) must not have had the latitude to seriously negoatiate a settlement because I never gained my ground with them despite a lot of effort (and they were hard to get a hold of to boot). The Recoveries group, while they were not pushovers, definately had authority to settle. It took some time and multiple phone calls but I settled with them.
If your home is underwater, and depending upon whether this is a recourse loan or not (was it purchase money?), they will likely prefer to settle it than to foreclose your house.
Sub: #112 posted on Tue, 06/29/2010 - 13:26ball_mich
(Posts: 360 | Credits: )
In my oppinion you should not settle for a dime over 20%. Mine was 19.28 and I believe BallMich was around there too so you know they will go that low. I would tell them you are borrowing money from family and the max you can get is 15% see where it goes keep calling them and say the same thing for a month or so after charge off then if they come back finally with 20% take it.
Sub: #113 posted on Thu, 07/01/2010 - 16:07Unregistered
Sub: #114 posted on Fri, 07/02/2010 - 10:32Unregistered
Sub: #115 posted on Fri, 07/02/2010 - 16:28Unregistered
Sub: #116 posted on Tue, 07/06/2010 - 16:03Unregistered
There is a program out there that is capable of canceling the mortgage by holding the Lender accountable for violations of Federal and State consumer protection laws. check out TheHomeOwnershipProgram.com to learn more. End result is clear title (i.e. no mortgage or promissory note) in less than 12 months as I understand it. Check it out for yourself though.
Sub: #117 posted on Thu, 07/08/2010 - 06:55Unregistered
I will say, I was very interested in the Produce the Note concept and was heavily invested into researching that methodology. In the end, it was too much work with too little guideance, plus I no longer lived near the home foreclosing which made pursuing a lawsuit to stop it very difficult, so ultimately the home foreclosed.
This an interesting take on the mortgage industry and I've asked my mortgage broker friend to take a look at this website. I'll see what he says.
I really can't find any fault in what they've written, but it still wreaks of scam. Who are these people, what are their names, and why isn't this self evident and on the website, and why are they only offering legal forms and advice instead of a full-service shop?
Sub: #118 posted on Thu, 07/08/2010 - 09:32ball_mich
(Posts: 360 | Credits: )
Local cities and counties are suing MERS because on every title transfer, document fees are supposed to be paid to the county and MERS bypasses that whole step trading a mortgage like a stock. This has cost local governments millions of dollars.
The problem with a "produce the note" defense is that it is a point in time argument. If you happen to be going through a BK and are trying to reaffirm (not sure if I have the terminology right since I have never BKd), then you show up at the courthouse to document the mortgage and at THAT MOMENT the bank cannot produce the note, you actually can win something in that case. But to sit at home and blindly send a QWR to the bank asking them to produce the note, thinking that alone will cause a cancellation of your mortgage won't work. They may not be able to produce the note at that moment but they can do a forensic audit and find it etc. Its really not a valid defense against your mortgage in and of itself.
The other thing these "produce the note" legal firms are doing has to do with who SIGNED the note, there are some issues there with the signor representing the bank being some designated low level employee of MERS, again not really kosher but that defense is not cancelling mortgages, it is just stalling foreclosures etc.
There is a site called Mandelman Matters where this lawyer discusses all these types of defenses.
Sub: #119 posted on Fri, 07/09/2010 - 10:11Unregistered
Sub: #120 posted on Mon, 07/12/2010 - 15:43ball_mich
(Posts: 360 | Credits: )