Stopping foreclosure is an open term, so I understand how it could be miscontrued, so let us clarify it. Yes, if you are facing foreclosure, just as a bankruptcy will stop it, so too will legal action, even if, as you refer to it, as frivilous, never the less, it will stop action until it goes before a judge. Needless to say, no one can say anything is absolute, but we do know it stops foreclosure action, as it has for my clients, but like you say, it could be only a stoppage for X amount of time, or until bank agrees to purchase note offer. Again, as I see it, this is a strategy to first, stop impending foreclosure, and it does work, and then allow time to dictate if offer is accepted.
In every case I have seen, every homeowner is in a reverse equity position, not just a little, but by more than 20% in many cases, and as you must know, the banks are getting hammered by regulators, just ask Bank of America if you don't believe it, I know several contacts, and the situation is far worse than most realize, and for good reason, if more people learned the truth, everyone would be challenging their mortgages and title ownership, and if this got out on major media, guess what would happen? Everyone would be jumping of the forensic mortgage audit bandwagon. I have seen enough already to know this is a problem that is not about to go away anytime soon. In fact, their are millions of foreclosures on hold for this very issue, banks were hoping to settle with AG's for several million, but this is a billion dollar issue, and much of the fraud is not even known yet that these banks screwed people on.
I understand your concern, and no doubt, I had a few issues with customer service too in beginning, and for good reason, they just launched this division, and having been involved in many business start ups, I tend to understand the issues, whereby a client may not, so we all voiced our concern, so again, time will tell, they seem to be on top of things better now, so if I see issues continue, I will say so. There will never be a case where everyone will be happy with response times givne the stress of the issue of foreclosure, so I can understand people wanting to know where they stand minute to minute, I have been in this industry long enough to know what to expect with mortgage industry, real estate closing dates, and on and on when dealing with buyers.
No one can guarantee success for every client and every situation for there are just too many variables, but I do know banks are looking to unload these under water mortgages at up to 50% of balance, in fact, I just got word back that bank is accepting a buyout at 50%, and another at 70% which demostrated to me just how bad this mortgage fraud issue really is. This is a moving target, so we just don't know what the outcome will be with dozens of states suing banks and banks wanting to settle before the truth really hits the main media that up to 70% of all mortgages written in last decade are defective, no clear title trail, and worse, outright flawed and fraudulent underwriting. Sure is an interesting finding, so I liked what I saw being offered, for it is the only strategy most homeowners have in foreclosure outside of eviction, so again, what would you do if facing foreclosure? This is how I explain it to each client, so I will not say guarantee without explaining it is only until bank accepts offer. Thanks for you knowledgable input, this is a learning experience for most of us given something like this has never presented itself before. Who would have thought all these banks were such fraudsters. lol Time will tell, but it doesn't look promising once regulators start looking at it.
Success to all,
Last edited by WarrantiesForLess
on Thu Mar 01, 2012 6:29 pm, edited 1 time in total.