CREDITWRENCH
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Monday, June 08, 2009
Bankruptcy?
Quote:
Originally Posted by jjgross View Post
Have her consult with a bk attorney.
Why is it that when people are already in a deep hole others want to suggest that they dig their hole even deeper? That is something I have never been able to figure out. Debt consolidation, mortgage elimination, bankruptcy and other such scams only serve to put people in worse shape than they already are. All are expensive so those who have little or no money can't afford to do any of those things and none of them will save the home from the tax man. Nothing will save the home from the tax man except cash and if the homeowner can't come up with the cash the lender will most likely do so.

Failure to keep up the taxes and insurance not to mention failure to meet payments in a timely manner usually constitutes a breach of contract giving rise to a foreclosure action against the homeowner. Mortgage foreclosure action by lenders can be defeated. It is being done with ever increasing regularity all across the U.S. as more and more judges are becoming aware of the gigantic scam perpetrated upon the American people by the mortgage lending industry, but no illegal or nefarious action by the lender will mitigate the fact that the homeowner failed to make the payments as agreed.

In the current situation somebody has to come up with a substantial amount of cash or the home is gone. Somebody has to be willing to put up not only the tax money but the money to meet the demands of the lender which is going to be much more than seems apparent at this time. Maybe several thousand more than what she seems to be behind.

Bankruptcy would cost at least 2 to 3 thousand and is unlikely to save the home from the lender. I've known several people who have tried it only to lose that cash too and the home as well. All that was accomplished with bankruptcy was to stave off the inevitable for a little while longer.

How to save the home from foreclosure once the tax man has been paid depends on whether or not the home is located in a non-judicial foreclosure state. If the home is located in a non-judicial state such as California, Arizona, Georgia, and many more the odds against a successful defense are much greater than in a judicial only state but in either situation a mortgage fraud investigation is essential to a successful defense. That can cost anywhere from $500 up to as much as maybe $2500. The only difference in how much it costs is who is hired to do the job. I know of a man in Arizona who will do it for about $500 but no guarantee as to how long it will take to get the results. Probably several weeks or more. I know a man in MD. who will do it for $1,000 and guarantee results in 7 days. I also know of a group of people who do a lot of advertising claiming to be able to save the home. The fraud examiner claims to be certified by some organization and to be able to go into court and testify as an expert witness. That fraud investigation costs at least $1500 last time I heard and apparently without any hope of ever getting an actual fraud audit report. The party doing the advertising has two web sites telling people how to beat foreclosure but is in foreclosure himself and is filing BS arguments in the court hoping his nonsense will save the home. It simply isn't going to happen. The so called expert can't even save his own home from foreclosure but wants others to believe he can save theirs and pay him handsomely for his efforts.

Even if a fraud audit is obtained it will do no good in local court since, as usual, the only question before the court is whether or not the defendant owes the money and the outcome is almost always the same. Arguments about notes are highly publicized when they happen to work but nobody talks about how many times that argument failed. A somewhat educated guess might be that no note arguments might work is maybe 1% of foreclosure cases if that.

The only realistic hope of a win is get a mortgage fraud audit from a reputable auditor then use the results in a federal case against the lender. That can work if the fraud audit is favorable to the homeowner but even then it is unlikely that the homeowner will get his house for free.

But the most important thing of all to learn is the following: If you are in a deep hole then for Heavens sakes don't do anything to dig it any deeper.

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