So the topic of last week, can I pay for something with a Bill of Exchange/Promissory Note?
The answer is yes, however the following things you want to consider.
1) You will need to be become a secure party creditor, and I can't stress this enough, you need to complete the additional documents in which you become bonded and put various government agencies on notice. If you don't do the second part, you may run into hot water down the road.
2) Whose documents should you use? To be honest, there are numerous individuals who offer services and their documents. My advice in terms of choosing who to go with for these type of docs, its very simple, just go with the individuals who have already completed these documents before and have successfully discharged debt over a period of time without any reprecussions.
3) Thirdly, how you choose to discharge debt depends on the timing of your specific situation, the location where you are located, and whether you are seeking additional judicial remedies in addition to these administrative steps.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
Monday, March 29, 2010
Wednesday, March 17, 2010
Going Pro-Se or Using an Administrative Remedy to Resolve Your Foreclosure/Debt Issues
On a regular basis, your office gets a bunch of calls and emails outside of New York on a to ask us what do we recommend you to do prepare if you are going to represent yourself in court or which administrative/legal systems should be used by people to fight their servicing company or lender.
My favorite was a call recently from a guy asking me about “different administrative systems” and which ones do I recommend. You have to realize that likes calling McDonalds and asking them to recommend other places to get a burger.
If you are going to represent yourself, make sure you know the law just as well as the attorneys and understand all the aspects of the mortgage and banking industry. If that is too much for you to handle, you need an attorney. Nuff said.
As far as administrative systems, the best advice I can give you is find one that has proven results, a lot of people as students and one that provides customer support and assistance to your administrative/legal questions. You have to do the research and make sure you are not going to be a victim of a scam. If someone online ad promises they can get rid of your mortgage in 30 days, I would be a little weary. Word of mouth, education, and research go a long way in this area.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
My favorite was a call recently from a guy asking me about “different administrative systems” and which ones do I recommend. You have to realize that likes calling McDonalds and asking them to recommend other places to get a burger.
If you are going to represent yourself, make sure you know the law just as well as the attorneys and understand all the aspects of the mortgage and banking industry. If that is too much for you to handle, you need an attorney. Nuff said.
As far as administrative systems, the best advice I can give you is find one that has proven results, a lot of people as students and one that provides customer support and assistance to your administrative/legal questions. You have to do the research and make sure you are not going to be a victim of a scam. If someone online ad promises they can get rid of your mortgage in 30 days, I would be a little weary. Word of mouth, education, and research go a long way in this area.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
Top Five Craziest Reasons For Being Denied Loan Modifications
These are recent accounts from clients, homeowners, people I run into in my daily travels on why they didn’t get a loan modification. At our office, we are not a loan modification firm and even we hear some crazy almost unbelievable reasons why people couldn’t get a loan modification. Here are few examples of how people are denied loan modifications and how tough it can get:
5) Oil Prices – I chatted with a homeowner who was denied a loan modification. Reasons, the servicing company thought that a homeowner paying $400-600 per oil delivery was too high. Since the servicing company is located in a very warm part of the U.S. where oil is available, such an idea of a New York home needing oil deliveries during the Winter season seemed ridiculous.
4) Food Prices – Servicing company felt money spent by homeowner with a big family for food was too high. Sorry kids, looks like we are going to be eating gruel for a few months during our trial loan modification period.
3) Language Barrier – The servicing company’s loss mitigation company located in South East Asia didn’t understand the requests of the homeowner who actually did speak English.
2) Excessive Holiday Spending - Apparently spending way too much annually during the season of giving may lead you into a denial for a modification. For homeowners, give you coal and fruitcakes, you can at least burn them as a fuel source when you get cold (see reason number 5 above).
1) Dead Spouse: I’ve deal with two clients denied loan modifications after their spouses have unfortunately died. One servicing company didn’t view the death of a spouse as a substantial hardship. The other client who wrote a hardship that she “lost” her husband was misunderstood by the servicing company. They thought the client “physically lost” her husband, like a set of car-keys.
It used to be if you went into foreclosure, your options were either get a loan modification or short-sale your house. Now the loan modification option is now off the table. If facing foreclosure, the key is do something about it…and fast.
The following information is just opinion and for entertainment purposes and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
5) Oil Prices – I chatted with a homeowner who was denied a loan modification. Reasons, the servicing company thought that a homeowner paying $400-600 per oil delivery was too high. Since the servicing company is located in a very warm part of the U.S. where oil is available, such an idea of a New York home needing oil deliveries during the Winter season seemed ridiculous.
4) Food Prices – Servicing company felt money spent by homeowner with a big family for food was too high. Sorry kids, looks like we are going to be eating gruel for a few months during our trial loan modification period.
3) Language Barrier – The servicing company’s loss mitigation company located in South East Asia didn’t understand the requests of the homeowner who actually did speak English.
2) Excessive Holiday Spending - Apparently spending way too much annually during the season of giving may lead you into a denial for a modification. For homeowners, give you coal and fruitcakes, you can at least burn them as a fuel source when you get cold (see reason number 5 above).
1) Dead Spouse: I’ve deal with two clients denied loan modifications after their spouses have unfortunately died. One servicing company didn’t view the death of a spouse as a substantial hardship. The other client who wrote a hardship that she “lost” her husband was misunderstood by the servicing company. They thought the client “physically lost” her husband, like a set of car-keys.
It used to be if you went into foreclosure, your options were either get a loan modification or short-sale your house. Now the loan modification option is now off the table. If facing foreclosure, the key is do something about it…and fast.
The following information is just opinion and for entertainment purposes and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
Trial Loan Modifications………Forget It
What is happening lately is another opportunity for the mortgage industry to take advantage of homeowners. Suppose your servicing company or lender offers you a loan modification, they may offer you a loan modification with the promise that you will be given a new contract after a few months if you pay a new monthly fee under the guise of a “trial modification program”. Sometimes they may even ask for an upfront fee such as $10,000 or $20,000 to lock you into a loan modification down the road. They give you hopes you can work out new terms with them. After all, you are just a homeowner/debtor that wants to pay their mortgage and live in peace. They even give you a contract to sign noting your agree to a loan modification.
The reality is that they take your money and put it into a “suspense account” that counts towards absolutely nothing in terms of the debt you owe. Then when you get close to the end of a trial modification period, they suddenly announce to you are not getting the modification. They may also send your account over to a new company which has now taken over servicing the account. All that money you paid into the modification, well that counts for nothing. That new servicing company, guess what, they don’t have to offer you any modification program. What about that contract you signed? Unfortunately a contract is binding if both parties sign it. Would it surprise you that lenders and the servicing companies usually never sign the contract for a modification program. So why do they have to offer you anything, they never agreed to it in writing.
If facing foreclosure, educate yourself and seek competent legal assistance.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
The reality is that they take your money and put it into a “suspense account” that counts towards absolutely nothing in terms of the debt you owe. Then when you get close to the end of a trial modification period, they suddenly announce to you are not getting the modification. They may also send your account over to a new company which has now taken over servicing the account. All that money you paid into the modification, well that counts for nothing. That new servicing company, guess what, they don’t have to offer you any modification program. What about that contract you signed? Unfortunately a contract is binding if both parties sign it. Would it surprise you that lenders and the servicing companies usually never sign the contract for a modification program. So why do they have to offer you anything, they never agreed to it in writing.
If facing foreclosure, educate yourself and seek competent legal assistance.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your assets
The Truth to Consider when Fighting a Lender or Your Home
If you are like many homeowners that are struggling, you are looking for a magic cure-all pill to get out of debt or to fight the oppressive lender or servicing company that is about to take your home away.
The truth is that there is no magic cure-all to fight the fraud that has been committed against homeowners. There is no guarantee you can stop a foreclosure even when the lenders and servicing companies have broken numerous laws. I’m in court and I see it on regular basis. I see people Pro-Se produce proof of fraud committed on them by lenders and servicing companies, and they still get steam-rolled by the system. Suppose you had a forensic audit that shows RESPA/TILA violations, suppose you have proof they securitized your note shortly after your closing and wiped out your debt, suppose they committed securities fraud; You name it, even some of the worst violations possible and breaches in Federal law do not guarantee you can save your home.
Nothing is a cure-all to stop fraud being committed. Just like you cannot stop someone from committing murder, there is no guarantee you will win in court or through any action to stop them. If you live in an area where the judges are fair and unbiased, you stand a great chance of defending your consumer rights. If not, then you are screwed.
The only comfort I can offer to those reading this is that there are still ways to use commercial law to go after lenders and servicing companies once you have lost your home.
You have to find a way to use the same laws that allow lenders and servicing companies to take your home but instead use it to enforce your consumer rights.
First step is educating yourself about mortgages, foreclosure, how money is created in this country, consumer rights and banking. Knowledge is power.
Second, find other neighbors in your area who are in similar situations. You would be surprised to find out how many people have similar stories to mistreatment and violations of the law by the same lenders or servicing companies you are dealing with on a regular basis.
Third, find a local attorney who can assist you and help you protect your rights. Even if you cannot afford a local attorney, most law schools now have foreclosure/commercial/consumer rights clinics where the law students under the supervision of a law professor will help you for free.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your asset
The truth is that there is no magic cure-all to fight the fraud that has been committed against homeowners. There is no guarantee you can stop a foreclosure even when the lenders and servicing companies have broken numerous laws. I’m in court and I see it on regular basis. I see people Pro-Se produce proof of fraud committed on them by lenders and servicing companies, and they still get steam-rolled by the system. Suppose you had a forensic audit that shows RESPA/TILA violations, suppose you have proof they securitized your note shortly after your closing and wiped out your debt, suppose they committed securities fraud; You name it, even some of the worst violations possible and breaches in Federal law do not guarantee you can save your home.
Nothing is a cure-all to stop fraud being committed. Just like you cannot stop someone from committing murder, there is no guarantee you will win in court or through any action to stop them. If you live in an area where the judges are fair and unbiased, you stand a great chance of defending your consumer rights. If not, then you are screwed.
The only comfort I can offer to those reading this is that there are still ways to use commercial law to go after lenders and servicing companies once you have lost your home.
You have to find a way to use the same laws that allow lenders and servicing companies to take your home but instead use it to enforce your consumer rights.
First step is educating yourself about mortgages, foreclosure, how money is created in this country, consumer rights and banking. Knowledge is power.
Second, find other neighbors in your area who are in similar situations. You would be surprised to find out how many people have similar stories to mistreatment and violations of the law by the same lenders or servicing companies you are dealing with on a regular basis.
Third, find a local attorney who can assist you and help you protect your rights. Even if you cannot afford a local attorney, most law schools now have foreclosure/commercial/consumer rights clinics where the law students under the supervision of a law professor will help you for free.
The following information is just opinion and not to be intended as legal advice. Please seek a local attorney in your area for the best advice on how to protect your asset
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