I have been checking your blog on a daily basis since I "discovered" you. This is the best, well-put, frank & honest comment/blog I have ever come across and I can't help but put in my 2 cent worth of opinion. I can't add anymore to what you just have said today and before (checked your archives too!). Is it possible to buy a one whole page ad in the Los Angeles Times to spread this truth? I'm sure there will be more than enough money to cover this expense. What say you, honest, straightforward third parties, specifically lawyers out there?
When I first came across these 2 stupid bills (SB 94/AB764), I immediately thought of them as being unconstitutional and just plain stupid. I wondered what this group of insensitive, misinformed lawmakers were thinking? I agree that there are a bunch of scammers out there as I have become witness to their deceiving tactics but please, there are more honest people around too.
As somebody who has been actively assisting homeowners in their struggle to keep their homes, I cannot express any more than what has been talked about in your blog. Negotiating with a lender is a very time-consuming and tedious process. I currently do this on a daily basis and believe me, it has become a lifestyle and the money that comes with it (on a single file) is not even worth it. I can't put a price tag on the amount of effort that is being put in every case. My only consolation is knowing that I was able to assist a family in keeping their home through a reasonable loan modification.
I feel sorry for the widow from Agoura, CA. The husband need not die. That's just one story we have heard today. Wells Fargo is beyond despicable. Negotiating with them is not for the faint hearted. Just a little over 2 weeks ago, a Wells Fargo rep "initially" approve my client to stop foreclosure proceedings in exchange for an "initial" down payment and better hurry, cuz the "offer" is good for today only. I asked for time to consult with client and was nice enough to give me until the next morning. When I called back exactly the time agreed. Guess what? They couldn't "find" my authorization. Was I shocked to hear their incompetence and inconsistence? Of course not. I have learned to play these lenders games already. But for a homeowner, who's nervous, confused, harassed and intimidated, this is too much. I have realized that a homeowner in distress loses strength in the midst of a simple conversation with a rude, moronic $12.00/hour clerk (or should I say..."negotiator/specialist) on the other end of the line. That Wells Fargo clerk who caused this tragic event to happen to this family has blood on his/her hands.
I am sure there are more cases of this nature. So far, I have to deal with client/homeowners who pass their stresses to me. These people do not know what to do. I am blessed with over 20 years of real estate experience (as a neutral closing agent) and working now with an attorney who has a passion towards helping homeowners. We can only do so much but if these bills are passed, what more can we do. As more homes are getting foreclosed, what has the government accomplished?
Sorry for this long blog. I could go on and on but I guess I am just a small voice out there. YOU GO, MANDELMAN!!!! KEEP ON BRINGING IT ON!!!!
If you are trying for a loan mod you MUST HIRE A ATTORNEY! PERIOD! or you will be wasting valuable time.
I use to work at one of the big banks, and I can tell you ALL OF US who worked there were instructed that if ever contacted by a law firm, the call was to directed to a different department.
Legal talks to legal. Its that simple. Banks don't need some massive lawsuit from a law firm, they have no fear of the "unrepresented" homeowner who has no clue about the game.
I was helping my mom with a loan mod and got 1 month of run around. Then I said mom, "time to hire a attorney." Interesting enough the paperwork given to us from the Law Firm, who is experienced in loan modifications, was DIFFERENT than the paper work given to us by the lender. Not by much, but is was CODED differently! Meaning, to me, that the bank/lender would know if the loan mod came from a regular homeowner or a law firm. Even the number to fax the papework to was different in the last four numbers.
The loan mod, which we were told by the lended could NEVER BE DONE BY THIS LENDER, has now been DONE!!! Case closed.
I think the Author seems to be just a tad too sensitive to be a lawyer.
We in the industry get the blame for the entire demise of the world economy. A couple of bad apples do not compare to the Wall Street and Bank Greed and Consumer greed of the past few years but we still get the blame.
LAWYERS are only good when they stop breathing. There are MORE than a couple of bad apple lawyers. The entire industry of lawyers suck and you guys rip EVERYONE off. You run around like dogs chasing not your tail but your own pocke to stick your hand into.
Gimme a break. The bank isn't going to do any worse to us without you than you are going to do to us with you.
Oh...and please don't give me the c**p that you know more than us. LOL! You guys are dumb. You passed the bar? So what. I passed the CPA exam. I bet I'm more qualified to represent the borrower than you.
I help people all the time with loan modifications. I am a certified mortgage planning specialist. As such, I understand the aspects of a good and bad mortgage and I understand the motivation of the Banks in "helping" the homeowner. LOL! They (Banks) have no motivation...
What I don't understand is how there are so many Lawyers who are now "loan modification" experts. When exactly did they start working in the Mortgage Business?
Notwithstanding, the best way to approach a loan modification is to get the bank to breach their fiduciary responsibilities.
Get real. Most of the people charging for modifications are ex mortgage brokers who put people into these c**p loans in the first place. They should be providing the service for free since they didn't get the borrower a decent loan the first time around.
ANY ex broker charging twice (once for the initial c**p loan and a second time to make it an un-c**p loan) is a scammer in my book.
CBrown Dud?
Joined: 02 Jul 2009
Posts: 1
Location: Lake Mary, FL
Well done. While I don't think that folks should go it alone, nor are banks watching out for Joe Homeowner, I am slightly amused at all the "Loan Modification Experts" that have popped up. I agree with a previous comment as well... many of the sharks in the loan mod business are the Hacks that couldn't make it in the mtg world.
At the end of the day - Joe Homeowner needs to rely on some of their own good prudence and research who they are looking at doing business with.
My motto in the Loan Mod World? Value before profit and only profit from value! Period.
Chris Brown [aka The Implementer]
_________________ Chris is a top Florida's FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks and is the resident "Money Guy" on Realty Resolve.
If a bank has a "fiduciary duty" to protect its own interests (under the guise of its shareholders), then how in the h_ll are they going to protect the Borrower's interests - its a classic case of conflict of interest? the mortgage loan is a contract - who do you want to represent your interests in contract negotiations - the people you are negotiating with? Banks are pulling out all the stops to discredit and eliminate loan mod firms that represent the Borrowers. They lose 3rd party authorizations or, in the case of one response I just received today from Bank of America, they are [b]"unable to comply with your request for authorization to _______because the signature of the borrower on your request did not appear to match the signature on the original loan documents."[/b It is time to bring the President, his Administration and the Congress into the real deal world of loan modifications so they understand that the very taxpayers that bailed out the banks continue to be victimized by them day in and day out - it is patently UNCONSTITUTIONAL - as well as immoral, unethical and just plain evil.....[/i]
ppulatie Flash in the pan
Joined: 06 Aug 2007
Posts: 39
Location: Antioch Ca
Banks have no fiduciary duty to the borrower. Courts have ruled on this many times. That said, with broker originated loans, liability can be assigned to banks in certain ways.
Most Mod Companies and attorneys don't have a clue about what they are doing. Just fill out the paperwork, file a rescission, and then hope for the best. It doesn't work that way.
First, it must be determined who has the authority to modify the loan, and what the PSA agreements say about modifications. Only then can a person accurately work on a mod.
I have been involved in this business for almost two years. I can talk with a person on the phone for 5 minutes and can tell who gets it and who does not. My own belief now is that without principal reduction, the mod means nothing. And the only way to get a true principal reduction is to use an attorney, and one that is willing to back up his requests with thee threat of litigation.
For those who think that TILA/RESPA audits are a good thing, think again. Lenders know that rescission is the only remedy with TILA and RESPA, and a loan in CA cannot be rescinded unless the borrower can tender a true offer paying bac the lender the money that is owed.
When you talk audits, you need someone who knows the law, the lenders, and has been in front of judges and attorneys and knows how to do an audit that an attorney can use for his complaint. If not that, it is a complete waste of money.
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