Comments on: Are Bank-Owned Loans Better Candidates for Loan Modification? http://www.keepmyhouse.com/2009/02/20/are-bank-owned-loans-better-candidates-for-loan-modification/ All about loan modifications and more Fri, 15 May 2009 10:05:57 +0000 http://wordpress.org/?v=2.6.5 By: bill f http://www.keepmyhouse.com/2009/02/20/are-bank-owned-loans-better-candidates-for-loan-modification/#comment-293 bill f Wed, 04 Mar 2009 16:36:07 +0000 http://www.keepmyhouse.com/?p=268#comment-293 I cna't keep up with the owner of my note. it has been bought and sold a dozen times. I cna’t keep up with the owner of my note. it has been bought and sold a dozen times.

]]> By: Larry Rubinoff http://www.keepmyhouse.com/2009/02/20/are-bank-owned-loans-better-candidates-for-loan-modification/#comment-252 Larry Rubinoff Thu, 26 Feb 2009 23:29:58 +0000 http://www.keepmyhouse.com/?p=268#comment-252 You have an absolute right under the law to know who the true owner of your loan is. Make your request to your servicing company "in writing" and send it via Certified Mail - Return Receipt Requested. The hesitancy in disclosing this information is mostly due to their ability to foreclose - especially in Judicial Foreclosure states where the party taking the action to foreclose MUST prove their ownership and legal "standing" to take this action. Many judicial foreclosures are taking place by Plaintiffs who do not have standing - meaning they do not have the legal right to take the action. Most media, including CNN, has picked up on the "Show Me The Note" legal defense. This defense - if used more by educated borrowers - would in effect slow down the rate of foreclosures and force more loan modifications and short refi's. The law is the law for "everyone". It is not a selective process. Loan modifications and short refi's make sense to evereyone. The investor gets something instead of nothing, the homeowner stays in their home, the values of properties and neighborhoods are stabilized. Demanding to know who the true owner of your note is may just work to your advantage. You have an absolute right under the law to know who the true owner of your loan is. Make your request to your servicing company “in writing” and send it via Certified Mail - Return Receipt Requested.

The hesitancy in disclosing this information is mostly due to their ability to foreclose - especially in Judicial Foreclosure states where the party taking the action to foreclose MUST prove their ownership and legal “standing” to take this action.

Many judicial foreclosures are taking place by Plaintiffs who do not have standing - meaning they do not have the legal right to take the action. Most media, including CNN, has picked up on the “Show Me The Note” legal defense. This defense - if used more by educated borrowers - would in effect slow down the rate of foreclosures and force more loan modifications and short refi’s.

The law is the law for “everyone”. It is not a selective process.

Loan modifications and short refi’s make sense to evereyone. The investor gets something instead of nothing, the homeowner stays in their home, the values of properties and neighborhoods are stabilized.

Demanding to know who the true owner of your note is may just work to your advantage.

]]> By: Djuan Williamson http://www.keepmyhouse.com/2009/02/20/are-bank-owned-loans-better-candidates-for-loan-modification/#comment-199 Djuan Williamson Sun, 22 Feb 2009 01:07:12 +0000 http://www.keepmyhouse.com/?p=268#comment-199 My lender made a loan modification proposal that was at 8.55% for the first mortgage and 11.11% for the second. I told them that I lost my business and then they modified the loan without getting my new, lower income and higher expenses. If I disagree with the amount of the new proposal, will the mortgage company foreclose? What should I do if the mortgage company wants the papers signed and in their office by 2-24-2009? (American Servicing Company- Wells Fargo is the lender) Djuan Williamson djuan34@hotmail.com My lender made a loan modification proposal that was at 8.55% for the first mortgage and 11.11% for the second. I told them that I lost my business and then they modified the loan without getting my new, lower income and higher expenses. If I disagree with the amount of the new proposal, will the mortgage company foreclose? What should I do if the mortgage company wants the papers signed and in their office by 2-24-2009? (American Servicing Company- Wells Fargo is the lender)

Djuan Williamson
djuan34@hotmail.com

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