Over the past several days three of the major banks have released to the news that they have stalled foreclosures. A closer look reveals that the lenders GMAC, Chase, and Bank of America have only stalled foreclosures for an estimated two to four week window in 23 states. The 23 states are those which specifically use the judicial system to get foreclosures completed. This means that if you are in a state that does what is known as a non-judicial foreclosure, such as California, then your foreclosure is not stalled.
News reports have revealed that these three lenders were using “Robo-signers†to sign affidavits.
At the root of all three announcements are “robo-signers,†middle managers who sign affidavits that allow banks to repossess homes that are in default, without properly reviewing the loan documents. One GMAC employee, Jeffrey Stephan, admitted in depositions that he authorized up to 10,000 foreclosures a month without seeing the files associated with them.
At Chase, Beth Ann Cottrell, a robo-signer in Ohio, told a lawyer in a sworn deposition that she signed off on about 18,000 foreclosure affidavits and other documents a month without reviewing all the files. -Wall Street Journal, October 2nd, 2010And what can we predict for the homeowners in those 27 other states, where the lenders’ actions are not monitored by the courts? Simply put: a free for all. Homeowners please be diligent and most of all. Watch your backs! Don’t listen to your lender, don’t believe your lender. He has just lost the ability to foreclose in almost half of the US. There is only one thing on his mind: He’s got to replace those lost foreclosure revenues, and FAST!
As more and more homeowners get forensic loan audits done on the loan they were given by the bank, it becomes painfully clear that the bank violated federal laws when they gave that loan.
The American homeowner has been preyed upon by the banking industry for more than a decade.Today’s predatory lenders are responsible for predatory foreclosures. While the lenders spend month after month pretending to modify your loan, they can and do ramrod foreclosures through at record speeds, and why? Because they don’t bother to follow the laws, regulations or guidelines when foreclosing. Predatory lenders passed out predatory loans for more than a decade, now they are actively engaged in predatory foreclosures.
As has been made clear by a number of studies, news releases and private sector companies: the American public have been mislead to believe by both government campaigns and lender lies that the lender is actually going to help him â€" the homeowner, who has fallen behind by giving him a loan mod. Statistics are showing that 80% of the homeowners who try to work directly with the bank to get this “help†are in fact turned down for modification.
The lender is not going to help you â€" unless there’s money to be made in it for him -enough money to make it worth his while.
What is the actual fact of the situation? The banks need to appear profitable. Every year in the banking industry, the fourth quarter is the quarter to clean up the balance sheets. Now one of the best ways to do that is to remove as many non-performing loans from the books as possible. And that is done through foreclosure. The banks can also collect on insurance policies for those bad loans. And that is more money in the coffers. Coming through the fourth quarter in as profitable of a position as possible is the goal of the banker â€"not modifying your loan. With almost half of his foreclosure market currently gone, he is going to be in full foreclosure frenzy wherever he is not being regulated, restricted, and watched.
If you have not gotten yourself any type of professional assistance, now is the time to get it. And if you are not using forensics to show the lender the kind of illegal loan that he wrote for you to sign, then chances are you will become a fourth quarter foreclosure statistic. Arm yourself. Save your home. Don’t be mislead.
Homeowners don’t have to stand alone, they don’t have to be abused and preyed upon. They just need a professional on their side and that would be the trained professionals at Tila Solutions. Visit their website http://www.tilasolutions.com/ to learn more about this company and what they can do for you. Or Call a Tila Solutions Consultant at 1 â€" 7 0 2 â€" 5 0 8 â€" 0 3 3 5. They are busy saving homes. They know the lender lies and deception. They know how to use a forensic loan audit to actually get you a real loan modification. If you really don’t want to lose your home, just call them.
Key Words: foreclose lender, homeowners, Foreclosure, Loan Mod, Loan Modification, Predatory Loans, Predatory Lenders, predatory foreclosure, Bank of America, GMAC, Chase stalled foreclosures, forensics, forensic loan audit
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