John Stuart explains how the banks handle promissory notes in a fraudulent manner.
Duration : 0:1:16
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Service based in Los Angeles for , GA and includes: Duration : 0:1:53 Duration : 0:9:14 Watch this video of REI veteran Lou Brown discuss how he goes about convincing sellers to seller finance properties he’s interested in purchasing. Lou Brown has been investing for over 30 years and has never used a bank loan for his investment properties. Check out the video and continue to visit http://www.REIforLife.com for free tools to help you explode your real estate investing business. Visit http://www.REIforLife.com now for a FREE Audio Download detailing 7 Surefire Methods to Add 100+ Cash Buyers to Your List IMMEDIATELY!!! Duration : 0:4:55 Duration : 0:10:46 We are headed for an extended economic downturn and who knows where home values will be when we stabilize. No one knows how we will cope with the new housing market realitieswhat assistance will be lent, what sacrifices will have to be made, etc. So, fighting to keep your home seems more important than ever. Whatever the outcome of this tumble it will be (as its always been) better to own than not to own. Im advising all my clients to file aggressive mortgage mod requests and negotiate hard. Its time to get good mortgage mods fast. A client in WA this week used a strategy called Produce the Note. He has applied for loan mods on several of his rental homes but his current income (construction tradesman) fails to qualify him for them. He decided to take a stand and try every measure to keep his primary residence in WA. He anticipates that his income will be up by summer. He filed a formal Request for Documentation with the county court in the jurisdiction of the home. A copy of the form he used is below. By filing this request he is asking the court to force the lender to produce the original loan docs to prove that they were executed properly and that the current owner of the note (investor) actually has a right to pursue the foreclosure. Apparently, the lenders have not been diligent about keeping a great paper trail in the sales/resale/re-resale of these mortgages. Doesnt that just surprise us?! All foreclosure activity will stop until the lender can comply A University of Iowa study last year suggested that companies servicing mortgages are often negligent when it comes to producing the documentation to support foreclosure. In the study of more than 1,700 bankruptcy cases stemming from home foreclosures, the original note was missing more than 40 percent of the time, and other pieces of required documentation also were routinely left out. These are the kinds of street-smart tips you need to have. For more help, get my free CD 60-Minute Loan Modification Secrets at my site http://www.60MinuteLoanModification.com Duration : 0:2:20 Q. Can the bank just come and kick me out of my house? A. No. Only an order of the court can force you to leave your home. Ultimately you may be evicted but there are procedures within the court system that the mortgage holder must follow first for the foreclosure and then another set for the eviction. Q. Can you explain some of the steps in the foreclosure process? A. In Massachusetts it works like this. (Other states may have similar procedures but almost all states have a fairly unique system of foreclosure. If you are already in the foreclosure process you would be well advised to consult with an attorney that is familiar with the laws in your state.) Pre-Foreclosure Customer misses mortgage payment. Bank sends by sheriff or by certified mail Notice of Intent to Foreclose. A. From the time you miss your first payment to the final foreclosure sale its not uncommon for six months or more to pass. In some states this could be more and in others considerably less. Texas residents could find the foreclosure process completed in only around 45 days. It will also depend a great deal on your mortgage holder and how aggressively they pursue your case. Q. When in the foreclosure process do I have to move out of my house? A. YOU DON’T!!!!!!!!! The foreclosure process even when followed through to completion only transfers ownership of the house from you to the high bidder. This transfer of ownership becomes complete at a closing following the foreclosure auction. After the auction you automatically become a tenant in the house you formally owned. At this point the new owner must follow the legal procedures in your state for eviction Duration : 0:1:2 Duration : 0:9:32 Attention Buyers: Tired of daisy chains? We are DIRECT to the Banks, Hedge Funds, Private Sellers,
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John Stuart explains how the banks handle promissory notes in a fraudulent manner.
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Anita Belle, the Motown Belle, blows the whistle again. This time her targets are land patents and mortgage fraud. Find out how about the “secret” law, land patents, that can prevent foreclosure. Save your home!Seller Financing: How to do No Money Down Real Estate Deals with Kevin Toston and Lou Brown
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These “No Money Down” deals are actually seller financed properties. That means that instead of paying the seller the entire purchase price at settlement, when you close the deal (which is the typical scenario) you will actually pay the purchase price in increments over time. Just like you pay a mortgage payment. The key to doing this is negotiation with the seller.Short Sale Blowout-We’re Not Going to Take It!.wmv
Author: admin // Category: Promissory Notes
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Q. What is a foreclosure?
A. When a secured creditor, usually a bank, attempts to recover monies owed to them based on a promissory note by selling the collateral. In more simple terms you have probably borrowed money from a bank or mortgage company in order to purchase or refinance a home. In exchange for lending you the money, you made a promise that if you could not pay them back they could take the house. I will refer to the events associated with these actions as the foreclosure process.
Late notice send by bank.
Customer misses additional payments.
Bank attempts in writing and by phone to contact customer and resolve situation.
No arrangements are agreed upon and customer continues to miss payments.
Bank issues demand for payment under the note in full, based on the acceleration clause. Most mortgage notes contain language which basically says if you fail to pay the bank under the terms of the note with monthly payments as promised they can accelerate the note, meaning that the full amount is due on demand. For example if your mortgage is $100,000 with payments of $1000.00 per month you are only required to pay $1000.00 per month unless you miss these payments and the bank subsequently demands the balance based on this acceleration. Once this happens you legally owe the full balance of $100,000.00 plus back interest, plus late charges, plus legal fees all at once. You will find from this stage on the bank will not accept monthly payments. They will instead demand much more to reinstate the loan. Although I consider this step in the pre foreclosure category, once demand has been made and the note has been accelerated you should already have contacted an attorney who is an expert in dealing with these matters.
No payments or arrangements acceptable to the bank are made.
Formal Legal Foreclosure Process
Bank begins action in the court system to foreclose.
Legal notices (see soldiers and sailors notice below) as required by law begin to be published in local papers.
No payment or settlement arrangements are made with the lender.
Notice and waiting periods expire.
Court holds hearing regarding banks claim.
Court issues order allowing bank to foreclose. (Beware, one foreclosure firm will begin 2 and 6 at the same time shortening the process.)
Legal notice of actual foreclosure sale and advertisements published in local papers.
No payment arrangements or settlements reached with the bank.
House sold at auction to highest bidder.
Q. How long does this process usually take?
Mortgage fraud is pervasive in America. The mortgage companies are not the victims. They are the culprits! Find out if they have victimized you, putting you into a mortgage that you can’t afford in order to swindle you out of your home. Use federal laws like TILA & RESPA, in addition to state laws, to protect yourself from predatory lenders.
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