Force Your Bank To Give You A Loan
Modification!
 Statistics indicate that over 80% of all loans issued
between 2001-2008 violated a number of state and federal consumer protection
laws. Use this to your advantage. Most of the time, the bank's loss mitigation
department is useless. Go to the bank's LEGAL department and force the bank into
a loan mod.
Bank Scam Alert Dont fall for your bank's "trial
period" modification. Often, the bank will give you a "trial period"
modification only to squeeze you out of a few more payments and then deny your
modification and take your home by foreclosure! Don't fall for this. If you
have not paid in awhile and are resuming payments under a "trial period," make
your payments into escrow and instruct the escrow to return the funds to you if
your loan mod is ultimately denied.
Affordable Foreclosure Defense
If
you are facing foreclosure, your situation is not hopeless. Even
though you may not afford your mortgage, you may be able to afford an
attorney, and stay "rent-free" in your home for weeks, months, or even
years. Then, depending on your specific situation, you may
eventually force your bank to re-issue your loan on the terms you can
afford and accept. Details>
Use Bankruptcy to Your Advantage
If your
house is under water and/or you have plenty of other debt you cannot hope to
reasonably repay, you should seriously consider bankruptcy. Before you object,
think that it is actually good for both you and the country sinking in debt.
The current financial crisis is nothing more than a reflection of too much debt
in the world. By eliminating yours, you will be cleansing out your portion the
cancer of the unrepayable debt in the world. What's more, businesses have used
the bankruptcy "game" for years and even centuries. You deserve no less. Details> For
an excellent discussion of bankruptcy and morality, especially in light of the
causes of the current crisis, read this artricle.
Have a MERS loan? Now
you can determine who the "investor" is on your mortgage loan.
This is important if you are facing foreclosure and would like to know
whether the party sending you foreclosure notices has the right to
enforce the obligation against you.
How to check your loan: (1)
check your loan documents and locate the MIN number, using the version
of the documents recorded in the county recorder's office; (2) go
to the MERS ID System.
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