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Mortgage Foreclosure Rescue Scams – Documentary Video We Stop Foreclosure Rescue Scams (2008) by Kyra Olds This is a documentary about mortgage foreclosure rescue scams that are occurring across the country in light of the growing foreclosures. The movie describes common scam tactics and how distressed homeowners fall for these scams. The movie concludes with what lawyers can do to challenge these scams in court and the Washington State Legislature’s response to try to to stop these scams by passing House Bill 2791 and Senate Bill 6381. It is intended to educate advocates so they can better assist homeowners facing foreclosure. Director: Kyra Olds Producer: Northwest Justice Project Sponsor: Eric Dunn Keywords: foreclosure rescue scam; washington; mortgage; foreclosure; 2791; northwest justice project; njp Contact Information: Northwest Justice Project 401 2nd Ave S Seattle, WA 98104 www.nwjustice.org Creative Commons license: Attribution-Noncommercial-Share Alike 3.0 United States Credits: We Stop Foreclosure Rescue Scams by Northwest Justice Project; Featuring: Eva, Client of NJP; Eric Dunn, Attorney at NJP; Melissa Huelsman, Private; Attorney in Seattle; Judy Poston, Housing Counselor at Solid Ground; Julia Kellison, Attorney at NJPl; Fred Corbit, Attorney at NJP Produced by: Kyra Olds, Intern at NJP Foreclosures are increasing nationwide, and so are scams that promise to rescue homeowners from foreclosure. What these scams do is take your money, ruin your credit …
Video Rating: 4 / 5

5th in series about the hardest hit cities in CA. The high desert is the poster child for economic collapse in Ca. Sam leads us through whats happening now and the stories of people losing everything.

Times are very tough economically, and they may get worse- especially in the real estate markets, nationwide. There are literally millions of foreclosures- families losing their homes. The monetary and emotional toll is huge. Here are a few simple, key ideas that any person can think about and use to help them and their families to fight the forclosure process. This article assumes that the lawsuit- the legal forclosure action- has commenced.

1) Remember that a foreclosure, in most states, can and does take time- often a year or more- especially these days because there are tons of foreclosures occuring. But, don’t rely on that- because it can also take as little as six months- from the commencement of the lawsuit to the actual foreclosure auction. So, first thing to know is that ACTION is required.

2) If you have a lot of equity in your home- let’s say it’s worth 500,000 and you owe 200,000, then a new mortgage may very well be possible- there are many “hard money” lenders out there- who might charge 14% and 4 points- but it is worth it to save your home. since your credit is bad- due to the foreclosure, a hard money lender will lend up to 50% of the value of your home. It’s expensive, but it will save the remaining, significant equity.

3)Of course, most families don’t have that much equity- they just need the home to stay in, to raise their family- in short- to live. It’s much more than just a money thing. They may only have maybe 10-20% of an equity stake- but still, keeping the home is priceless to many people. To stop the foreclosure, you can file a bankruptcy- either a chapter 7 or a 13- either one will stop the legal process. But, it is the chapeter 13 that will allow you to KEEP your home in the long run- the chapter 7 will force you to sell your home – in most cases. The chapter 13 makes you pay off the mortgage lender slowly- usually over a three to five year plan- to pay the arrears, while also paying the current mortgage payments. Butm importantly, the forclosure process is halted- completely- even if it is the day of the auction!!!

4) You can hire an attorney to file an “order to show cause”- why the foreclosure should not be stopped- that is, you have some reason that the lender should not have foreclosed in the first place- maybe you did make payments, but they weren’t credited properly- mistakes do happen. This mechanism uses the intervention of the state ccourts, whereas bankruptcy is a federal court proceeding. By the way, you can file a chapter 13 (or 7) without an attorney- but an attoney is quite desireable.

5) One of the emerging areas is that of mortgage fraud- maybe you have a “subprime” mortgage- and maybe you didn’t understand the mortgage that was issued to you- it is an increasing area of ligitgation- something that you may want to check out- and use, as a mechanism to stop the foreclosure- by way of order to show cause- using the possibly faulty mortgae as an underlying cause to stop the foreclosure- it is something to look into.

This is for people who wants to avoid bankruptcy and try and save their credit. If you’re having a hard time paying your credit cards and you have high interest cards or you cannot make your full payment. I will provide information in this article that will help you. No buying a book, no gimmics. This is facts ! Print this article and do what it says. You will over come these tough economic times. If you are paying to have some company deal with your mortage company or credit cards, this is something you can do yourself. It’s time to call your credit card companies and tell them your problem. Maybe your out of work or you have taken a job that you make less income. what ever your problem is.

(1) credit cards -Always try and get your creditors to give you a  Balance Liquidation Program (BLP) ask for it. What this does is what balance you owe you’re credit card company will give you a 0 interest rate as long as you don’t miss any payments. It will reduce your payment and you can pay it off sooner. Also ask for them to remove any late fees or interest fees that has been added. Also ask for this account to be closed.  Or maybe you have some cash that you would want to make the credit card companies a deal and do a settlement. I have to warn you always get this settlement in writting, only then do you make your settlement payment.  Banks are allowed to cashed your checks market ” settlement” even if you have wrote them a letter and asked for a settlement. They can apply your payment to your account balance as if their was no agreement. This is why i say to you always get it in writting what the amount is they are writting off and what you will have to pay for the creditors to clear you from this debt. Then ask for the company to update your credit report. It should read something like this ( account paid in full for less then owed).  Now you are free of that debt but what the bank wrote off you will get a 1099 C for that amount unless it’s 600.00 dollars or less then you wont.

Who to contact if your credit card companies are not complying or they are incorrectly reporting information about you or they are not willing to make any kind of agreement with you. Step (1) Comptroller of the currency -customer Assistance Group 1301 MCKinney Street, Suite 3450 Houston, TX 77010-9050  Step (2) FTC file a complaint about your bank. FTC Consumer responce center 6th & Pennsylvania Ave. N.W Washington D.C 20580. The FTC will not help you directly but they will investigate your banking institution. When to many people complain they have to do something about your bank. * Always make copies and write full detail of your complaint, include all dates of phone calls what you talked about. Give copies of all proof of your complaint. Both the Comptroller of the currency and the FTC will set up a case number for you and notify you. If you are being harassed by your credit card companies file a complaint and document all calls or letters to the FTC.

Mortgage:(2)

First call your bank ask to speak with the head of the bank, tell them you’re problem and try and work out a payment agreement- If you want to save your home. Get everything in writting ! If your home is in forclosure call your bank and ask to speak with the ” forclosure” department. Try and work out a plan for payments. In the mean time also file a complaint about your mortgage company with : Office of Thrift Supervision Consumer Affairs Division 1700 G Street, N.W. Washington, D.C 20552 . They can help you with your mortage. They act as a go between. If you are wanting to give the property back to the bank, say it’s been listed and no buyers, you want to avoid forclosure. Step (1)Contact the office of the president of your mortgage company. You can get that address by your bank or look it up on-line. Step(2)Also write your bank Attn: forclosure department and tell them what your intentions are for the property.  Step(3) Write and include all copies of letters to your bank to the Office of Thrift Supervision Consumers Affairs Division. Stay on top of all letters to you by you’re bank. If the bank agrees to take the property back you will need to sign documents to give the property back that would include keys. This would help your credit because it’s a ” Voluntary Surrender” and not a Forclosure. At that point your not being sued. You will get a 1099 C at the end of the year for what the bank lost. You will need to include that in your taxes for that year. I do know Washington has signed a law from 2007-2010 to write off the loss as income . From 2011-2012 they will write off only a portion as a loss. Check with your tax person. If after all that and you are now waiting on a 1099 C from your mortgage lender and they never sent it to you. write the Comptroller of the currency at the address above and send them COPIES of the agreement and they will contact your lender and have the lender move faster to get you that 1099 C.

Remember when you use a bill consolidation company or credit repair, that will show up on your credit report and lower your score. Its been said, when paying down a mortgage that you can make split payments and pay off your morgage sooner, it does not work that way! What you can do to pay off your mortgage sooner, for example, if you have a mortgage of 600 dollars a month and you pay an additional principle payment of 150 a month, that will pay down your mortgage. Go online to a mortgage calculator and plug in your numbers, that is how you can find out how much you can save by making extra principle payments.

 

well I hope all this information was helpful. If done right you would have avoided an attorney, not paid any companies to do what you can do yourself, and reduced your debts and avoided bankruptcy. Good luck, Please email me and let me know about your success.

Darcy Brewer     darcy@magnoliacandlecompany.com

 

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Anyone who’s looking to buy real estate in New York has to know how to find the best deals, especially in today’s shaky market. With property values falling, the future of the housing market looking unstable, and the impending threat of an economic recession, making a big investment in a new home can be a worrisome proposition. But there are ways out there to ensure good values despite these factors, and one of the best options for this is New York foreclosure listings.

While most people are familiar with buying homes through real estate agents, New York foreclosure listings are bought from mortgage lenders at public auction. Anyone can learn this process, as it isn’t difficult. And best of all, since they are sold as repossessions, most properties bought through New York foreclosure listings can be purchased for anywhere from 10 to 50% below what they are actually worth. This presents the opportunity to buy at below market values, which ensures a great investment instantly. Even if the market continues to stay at a low level, you’ve actually got equity already built simply by buying for a discount.

And the market for New York foreclosure listings is incredible right now. With thousands of properties currently in foreclosure across the state, and many more predicted to become available during 2008, it’s a great time to find values. There are all sorts of great locations to buy as well, as the high foreclosure rates in New York City, Albany and Buffalo are all bringing lots of new properties onto the market all the time.

A good way to get started is to search New York foreclosure listings with a good listings service. ForeclosureListingsNationwide.com offers very detailed and accurate listings, as well as lots of helpful advice and information to introduce you to New York foreclosure listings, so this can be a great place to start.

By H. Mustien

We are already know how bad it is for real estate market, housing prices frightenly declined.

Last year, medium housing price in Los Angeles area ranked about $ 500,000-0,000, right now it’s about 350,000-550,000.We now see a lot of houses putting in market for a long time, some are in the market more than 6 months or even more.

Some homeowner panic and tend to reduce their price just to get rid of their houses in order to avoid paying their carrying costs.

If you want to sell your house, you should keep your house well-maintained, do everything you can such as remodeling, curb-appeal etc.

You have to make your house looking perfection and “pop-up” from your neighborhood. Next thing you should consider- hiring the best realtor

The most important thing is Pricing your house. Don’t over pricing. You will scare the potential buyer away. Work with your buyer, know what they want,offer them something that they cannot refuse. and Be patience.

Other things I would do, I wait..wait for market to keep up again. Some properties I cannot sell, I put them up for Rent. I sign up the contract for about one or even two years. For the first-time homeowner, put your house for rent and you rent the apartment yourself. It’s better to rent the apartment you can afford than bearingly to pay for huge mortgage. Let’s someone paying for you. So you don’t have to end up being forclosured. If you don’t want to rent the apartment, then rent out your garage or your room so that you can have their rent to helping your monthly mortgage.

Some of my properties, I refinance, I talk to my mortgage lender, planning for mortgage that I can afford. Trust me, most of lenders, they are

willing to work with you, they don’t want your house. If you have good credit, negociate with them. As well as Second mortgage to help your financial situation,if you can qualify or your house still have some equity in it. Get extra income, I even rent some of my properties for the entertainment business, once in awhile.

Even the real estate market is bad right now, it will pass. Sooner or later, it will keep up again. If you can hold on to your house, you will soon get a huge profit that you’ve been expected.

Don’t sweat and Be patience.