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?
nope-
I think all of those operations are pushing a "produce the note" defense
which is not working in my state, California. If they don't charge
anything up front I guess you have nothing to lose, but I am
dubious.
Did you get to research more about the homeownershipprogram through your
mortgage broker. What was his input.
I am trying to research more on this whole concept. I cannot find any
successful cases where people ended up with clear title after going
through this process. I believe they charge upfront x dollars and have a
back end fees if the approach is successful.
Did you get to research more about the homeownershipprogram through your
mortgage broker. What was his input.
I am trying to research more on this whole concept. I cannot find any
successful cases where people ended up with clear title after going
through this process. I believe they charge upfront x dollars and have a
back end fees if the approach is successful.
Well, he said he is familiar with the claims that give rise to the
strategies employed by thehomeownershipprogram, but that he doesn't know
if it works or not. He forwarded me a document or article that he had
which basically outlined the same issues and arguments of fraud that is
made by this program and the others like it.
I've been doing mega research on it. And I'm not sure if it works. I've
found essentially all of the administrative documents they use to
complete this process at places online. But does it work? Did they get
free & clear title and avoid foreclosure? I don't know. Yesterday I
put about five letters in the mail to folks who tried this and am hoping
to get a response as to success or failure. We'll see.
But I will say, a lot of this "feels" like a scam. These guys are using
multiple websites to promote the same thing. Their recordings on their
websites allude to other corporate names (or in the least D/b/a's). They
work almost exclusively on a first name basis (maybe more info if you
sign up, I don't know). One of the founders goes by Russell on one
website and Rusty on another. I can't find any of these businesses on
the BBB website. It's just a real web of... I don't know.
Now, having said that, I really like the argument made. Fraud in the
factum. In most cases the lender actually never puts any capital at
risk, thereby how can they have "loaned" you any funds? If they haven't
loaned you funds, the promissory note and thereby the deed of trust are
not enforcable. Makes a lot of sense to me.
But I don't know what the court says. And I'm not sure that even if
these folks get their home free & clear, that they aren't going to
be sued down the road by the bank (probably conveniently after the
homeowner pays the 25% backend fee to thehomeownershipprogram).
And one of the key elements missing is what happens after this
administrative action? After you strip the security interest and cancel
the mortgage and revoke the power of attorney, etc... It doesn't mean
the lender agrees, it just means they didn't act on the QWR (with 192
separate requests/questions). It's up to the homeowner to then file a
lawsuit in US court to affirm the actions taken. They don't talk much
about that, but trust me, the lenders are not going to roll over at the
sight of a lawsuit and claims of fraud. But still...
It's risky, but if I find confirmation that this has been successful,
I'll probably try to put together a team of like-minded folks who want
to try this together on a DIY basis.. and we can all leverage each
other's experience as we do it concurrently. I've actually already
started a yahoo group (private group) and started uploading some key
documents that I've found. But first I want confirmation of success by
multiple parties before I get too far along and find a team of defrauded
homeowners.
I too found that they seem to operate using different websites like
createhomequity.com etc. I found couple other which i suspect is from
the same individual or group.
I will be happy to participate in trying out this approach and would be
great if you can add me to the group. I can send you my email address so
that you can invite me to the group when you think you are ready. Also
how did you get hold of the 5 people who tried these program. I am
trying to find references but have not been successful. Keep me informed
about when you receive your responses.
Update on my WF HELOC.
I talked to Stage 7 group (Home Equity Solutions. They called it Pre
charge off dept) person name Michael. He wanted all my financial so that
they can first try me for modification and then decide if they want to
settle. I made them clear that i don't want modification and need only
settlement and offered them 7% on my non recourse loan. I told them i
am worried about sending my financial. I told them i will call back in
another 2 weeks and see if anything has change at their end. So as of
now its at stand still and 30 days from charge
off.
Sub: #124 posted on Wed, 07/21/2010 - 12:23
Unregistered
Quote:
Originally Posted by
Anonymous
ball_mich
Thanks for your detailed explanation.
I too found that they seem to operate using different websites like
createhomequity.com etc. I found couple other which i suspect is from
the same individual or group.
I will be happy to participate in trying out this approach and would be
great if you can add me to the group. I can send you my email address so
that you can invite me to the group when you think you are ready. Also
how did you get hold of the 5 people who tried these program. I am
trying to find references but have not been successful. Keep me informed
about when you receive your responses.
ssathan - sign up for an account and send me a private
message.
Another thing to add. I though i did see them talking about filing a
federal lawsuit(May be it might have been another site, as you said
there seems to be many sites), but did not get what the exact contents
included in the lawsuit. They would do an forensic audit on the closing
documents for supporting the lawsuit.
Sub: #126 posted on Wed, 07/21/2010 - 17:00
Unregistered
Hi,
I have browsed a few pages on this thread but I haven't found a decision
on the tax aspect of the HELOC settlement.
Can you shed some light into the tax consequences of the HELOC
settlement?
Thanks
Sub: #127 posted on Mon, 08/16/2010 - 21:08
Unregistered
Quote:
Originally Posted by
Anonymous
Hi,
I have browsed a few pages on this thread but I haven't found a decision
on the tax aspect of the HELOC settlement.
Can you shed some light into the tax consequences of the HELOC
settlement?
Thanks
I don't think anyone here is a tax expert or CPA. You should probably
seek this kind of advise from someone who specializes in it.
Having said that, I received a 1099-C for the amounts "forgiven", just
as you would with a credit card settlement. I do think it is treated as
taxable "income", but I had a CPA prepare my taxes so I am not certain.
I believe there is also an insolvency test as well, and if you are
insolvent at the time you settle, the amount is not taxable. But again,
check with a professional on the matter.
Sometimes it can help to split up a large payment into
biweekly payments that coincide with your paychecks. Learn more about
this service at... link removed...paulmergel
Sub: #129 posted on Mon, 08/30/2010 - 17:28
Unregistered
To
tell the truth, it depends on various factors, and I am not in position
to reach to any conclusion at the moment.
Sub: #121 posted on Tue, 07/13/2010 - 13:18
Did you get to research more about the homeownershipprogram through your mortgage broker. What was his input.
I am trying to research more on this whole concept. I cannot find any successful cases where people ended up with clear title after going through this process. I believe they charge upfront x dollars and have a back end fees if the approach is successful.
Sub: #122 posted on Tue, 07/20/2010 - 10:03
Did you get to research more about the homeownershipprogram through your mortgage broker. What was his input.
I am trying to research more on this whole concept. I cannot find any successful cases where people ended up with clear title after going through this process. I believe they charge upfront x dollars and have a back end fees if the approach is successful.
Well, he said he is familiar with the claims that give rise to the strategies employed by thehomeownershipprogram, but that he doesn't know if it works or not. He forwarded me a document or article that he had which basically outlined the same issues and arguments of fraud that is made by this program and the others like it.
I've been doing mega research on it. And I'm not sure if it works. I've found essentially all of the administrative documents they use to complete this process at places online. But does it work? Did they get free & clear title and avoid foreclosure? I don't know. Yesterday I put about five letters in the mail to folks who tried this and am hoping to get a response as to success or failure. We'll see.
But I will say, a lot of this "feels" like a scam. These guys are using multiple websites to promote the same thing. Their recordings on their websites allude to other corporate names (or in the least D/b/a's). They work almost exclusively on a first name basis (maybe more info if you sign up, I don't know). One of the founders goes by Russell on one website and Rusty on another. I can't find any of these businesses on the BBB website. It's just a real web of... I don't know.
Now, having said that, I really like the argument made. Fraud in the factum. In most cases the lender actually never puts any capital at risk, thereby how can they have "loaned" you any funds? If they haven't loaned you funds, the promissory note and thereby the deed of trust are not enforcable. Makes a lot of sense to me.
But I don't know what the court says. And I'm not sure that even if these folks get their home free & clear, that they aren't going to be sued down the road by the bank (probably conveniently after the homeowner pays the 25% backend fee to thehomeownershipprogram).
And one of the key elements missing is what happens after this administrative action? After you strip the security interest and cancel the mortgage and revoke the power of attorney, etc... It doesn't mean the lender agrees, it just means they didn't act on the QWR (with 192 separate requests/questions). It's up to the homeowner to then file a lawsuit in US court to affirm the actions taken. They don't talk much about that, but trust me, the lenders are not going to roll over at the sight of a lawsuit and claims of fraud. But still...
It's risky, but if I find confirmation that this has been successful, I'll probably try to put together a team of like-minded folks who want to try this together on a DIY basis.. and we can all leverage each other's experience as we do it concurrently. I've actually already started a yahoo group (private group) and started uploading some key documents that I've found. But first I want confirmation of success by multiple parties before I get too far along and find a team of defrauded homeowners.
Sub: #123 posted on Tue, 07/20/2010 - 10:38
(Posts: 360 | Credits: )
Thanks for your detailed explanation.
I too found that they seem to operate using different websites like createhomequity.com etc. I found couple other which i suspect is from the same individual or group.
I will be happy to participate in trying out this approach and would be great if you can add me to the group. I can send you my email address so that you can invite me to the group when you think you are ready. Also how did you get hold of the 5 people who tried these program. I am trying to find references but have not been successful. Keep me informed about when you receive your responses.
Update on my WF HELOC.
I talked to Stage 7 group (Home Equity Solutions. They called it Pre charge off dept) person name Michael. He wanted all my financial so that they can first try me for modification and then decide if they want to settle. I made them clear that i don't want modification and need only settlement and offered them 7% on my non recourse loan. I told them i am worried about sending my financial. I told them i will call back in another 2 weeks and see if anything has change at their end. So as of now its at stand still and 30 days from charge off.
Sub: #124 posted on Wed, 07/21/2010 - 12:23
Thanks for your detailed explanation.
I too found that they seem to operate using different websites like createhomequity.com etc. I found couple other which i suspect is from the same individual or group.
I will be happy to participate in trying out this approach and would be great if you can add me to the group. I can send you my email address so that you can invite me to the group when you think you are ready. Also how did you get hold of the 5 people who tried these program. I am trying to find references but have not been successful. Keep me informed about when you receive your responses.
ssathan - sign up for an account and send me a private message.
Sub: #125 posted on Wed, 07/21/2010 - 12:44
(Posts: 360 | Credits: )
Another thing to add. I though i did see them talking about filing a federal lawsuit(May be it might have been another site, as you said there seems to be many sites), but did not get what the exact contents included in the lawsuit. They would do an forensic audit on the closing documents for supporting the lawsuit.
Sub: #126 posted on Wed, 07/21/2010 - 17:00
I have browsed a few pages on this thread but I haven't found a decision on the tax aspect of the HELOC settlement.
Can you shed some light into the tax consequences of the HELOC settlement?
Thanks
Sub: #127 posted on Mon, 08/16/2010 - 21:08
I have browsed a few pages on this thread but I haven't found a decision on the tax aspect of the HELOC settlement.
Can you shed some light into the tax consequences of the HELOC settlement?
Thanks
I don't think anyone here is a tax expert or CPA. You should probably seek this kind of advise from someone who specializes in it.
Having said that, I received a 1099-C for the amounts "forgiven", just as you would with a credit card settlement. I do think it is treated as taxable "income", but I had a CPA prepare my taxes so I am not certain.
I believe there is also an insolvency test as well, and if you are insolvent at the time you settle, the amount is not taxable. But again, check with a professional on the matter.
Sub: #128 posted on Tue, 08/17/2010 - 09:01
(Posts: 360 | Credits: )
Sub: #129 posted on Mon, 08/30/2010 - 17:28
Sub: #130 posted on Fri, 09/17/2010 - 00:50