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$5,000 Principal Reduction

Posted in Mortgage Modification, Principal Reduction

If you got a HAMP or Making Home Affordable modification, you will be receiving an additional $5,000 principal reduction. Republicans in Congress want to put an end to HAMP and Making Home Affordable modifications. Read what Martin Andelman has to say about these developments. We have an open telephone line to brokers, buyers, sellers, and clients in general who may need help with buying or selling real estate or who may need help with mortgage modification. Services we offer: Help to Brokers, Co-Brokering Escrow Setup Lease Option Deals Mortgage Modification Help to Sellers Help to Buyers Cleaning Up Our Drinking Water Making Snohomish County a Better Place Your referrals are welcomed. Sincerely, James Robert Deal , Attorney James@JamesDeal.com 425-771-1110 telephone 425-776-8081 fax 3715 196th St SW # 2276 Lynnwood, WA 98036 www.Mortgage-Modification-Attorney.com www.Fluoride-Class-Action.com...

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Services We Offer

Posted in For Sale By Owner, Foreclosure Defense, Seller Financing

We have an open telephone line to brokers, buyers, sellers, and clients in general who may need help with buying or selling real estate or who may need help with mortgage modification. Services we offer: Help to Brokers, Co-Brokering Escrow Setup Lease Option Deals Mortgage Modification Help to Sellers Help to Buyers Cleaning Up Our Drinking Water Making Snohomish County a Better Place Your referrals are welcomed. Sincerely, James Robert Deal , Attorney James@JamesDeal.com 425-771-1110 telephone 425-776-8081 fax 3715 196th St SW # 2276 Lynnwood, WA 98036 www.Mortgage-Modification-Attorney.com www.Fluoride-Class-Action.com www.JamesRobertDeal.org...

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Door-To-Door Transit

Posted in Transit

Door-To-Door Transit: The Only Solution To Our Traffic Nightmare by James Robert Deal, Attorney Traffic is bad and getting worse, and there is no solution in sight, as one would conclude from reading Eli Sanders’  “Welcome to Town, Here’s Why You’re Stuck in Traffic” (Stranger, 1-28-15). I believe there is a solution: a flexible van system which would deliver door-to-door service to those who subscribe to it. It would use on-call vans to connect up the fragmented and disconnected...

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Reverse Mortgages – Good Not Bad

Posted in Selected

Most Seniors Should Consider the Reverse Mortgage From Martin Andleman What’s WRONG with Richard Cordray of the CFPB? Tell Me How Can This Happen?Posted: 23 May 2014 04:15 PM PDTSo, why does Cordray make it sound like he’s describing a problem with reverse mortgages when he’s actually not? Why is he scaring seniors away from a reverse mortgage, when it could transform their… Click the headline and check out Mandelman Matters for the rest of the story. Major Media...

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Servicers Make More Money By Modifying Than By Foreclosing

Posted in Mortgage Modification

Thanks to Martin Andleman and Mandleman Matters Why Does Ocwen Want to Modify Loans? Answer: Because they profit by doing so.   In case you haven’t noticed, over the last month or so there’s been an ongoing debate of sorts happening on Mandelman Matters as to whether mortgage servicers make more money modifying loans… or foreclosing. It’s the same debate that’s been going on informally all over the country since 2009, when everyone was trying to explain what the...

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Zombie Foreclosures

Posted in Foreclosure

CFPB: Zombie foreclosures hurt borrowers The Consumer Financial Protection Bureau is keeping an eye on “zombie” foreclosures, which it worries cause “direct borrower harm,” according to a CFPB executive. Zombie foreclosures occur when a bank starts the foreclosure process but then abandons it and fails to alert the homeowner. Homeowners in zombie foreclosures have often already moved out of their homes, not realizing that the foreclosures were never completed and that they are still responsible for mortgage debts, upkeep...

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Force Placed Insurance

Posted in Selected

How to avoid getting sucked into a force-placed insurance fight CFPB enforces 5 standards. Know them. March 18, 2014  Thanks to HousingWire.com Jacob Gaffney Force-placed insurance is a controversial subject. It pulls big players such as Bank of America into big fights. While it is a necessary function in many instances, the charge for the service often draws ire. The Federal Housing Finance Agency announced last year it directed Fannie Mae and Freddie Mac to restrict forced-placed insurance practices, which is a follow up from a notice the...

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New Federal Rules on Foreclosure

Posted in Foreclosure

New Federal Rules on Foreclosure —By Erika Eichelberger – Thanks to Mother Jones On Thursday, the Consumer Financial Protection Bureau, the federal consumer watchdog set up by the Dodd-Frank financial reform bill, announced a new set of foreclosure-prevention rules focused on keeping loan servicers honest. Servicers, which collect mortgage payments from borrowers and work out terms of a loan, are supposed to explore all alternatives to foreclosure before reclaiming a home, and to give homeowners a fair and clear evaluation process. But as...

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Washington MERS Suits Fail

Posted in Foreclosure Defense

Judges Dismiss MERS Suits By Evan Nemeroff Two borrower-initiated lawsuits alleging that the Mortgage Electronic Registration Systems role in the plaintiffs’ deeds of trust caused them injury were both dismissed by federal judges in the Western District of Washington Nov. 20, 2013. In Reid v. Countrywide Bank NA, the plaintiff claims the defendants -Countrywide as the lender, LS Title as trustee and MERS as the beneficiary -committed fraud, violated the Washington Consumer Protection Act, were negligent, breached the duty...

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Eminent Domain – Tool For Principal Reduction

Posted in Eminent Domain

There are homes by the thousand in which the home mortgage is in default and in many cases the homes are abandoned. These are homes where the mortgages are held in pooled servicing agreements, which do not allow foreclosure until certain conditions have been met, such as that a certain percentage of the mortgages have been paid off. By the rules of some pooled servicing agreements, no modifications are allowed, or no modifications are allowed if the borrower is...

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Chapter 13 Plan Duration

Posted in Bankruptcy

No Minimum Time Length For The Ninth Circuit by Bankruptcy Law Network (BLN)  Written by Michael G. Doan Thanks to http://www.bankruptcylawnetwork.com/chapter-13-no-time-length-for-the-ninth-circuit-part-1-of-2/ http://www.bankruptcylawnetwork.com/chapter-13-no-minimum-time-length-for-the-ninth-circuit-part-2-of-2/ August 9, 2008 When the Bankruptcy Laws changed in October, 2005, little did Congress know that they actually made Chapter 13 repayment plans quicker, cheaper, and easier in many cases. At least this has now been determined the law of the land in the Ninth Circuit (Alaska, Arizona, California, Hawaii, Idaho, Montana, Oregon, Nevada, Washington, Guam, and Northern Marianna...

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Modification on Rental

Posted in Mortgage Modification

It is harder to get a mortgage modification on a rental property than it is on an owner occupied property. The rules are not as clear. You need a higher income to qualify for a rental modification because you have to be able to cover your home mortgage. Nevertheless, persistence pays. This young couple went from an adjustable interest rate to a fixed rate of 2.54% for five years followed by a fixed rate of 4.5% for the balance...

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Rental Property Modification

Posted in Mortgage Modification

This is a rental property modification. Ocwen was the servicer, and the investor was Washington Mutual and now Chase. The owner quit paying for 20 months, and the balance rose to $254,000. The interest rate was already under 3.0%, because this was an adjustable rate loan. The payment was already low, around $1,156 plus $269.93 for taxes and insurance. The end result was an in house modification that lowered the payment to $944.17 plus taxes and insurance. This payment...

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$157,105 Wells Fargo Principal Reduction

Posted in Mortgage Modification, Principal Reduction

JS is a hard working taxi driver. He came to us after a financial hardship, including a divorce. Ocwen is his servicer, however, the important fact is that Wells Fargo is the investor, the owner of his mortgage. Wells Fargo gives principal reductions because it was nailed in the recent robo-signing scandal. In this case JS is getting a principal reduction of $52,368.51 per year for three years, for a total of $157,105.53. Further, there is a principal and...

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Preferences

Posted in Bankruptcy

What is a Bankruptcy Preference? by KENT ANDERSON on AUGUST 16, 2010 A bankruptcy preference is a transfer made shortly before the case is filed that the trustee can take back from one creditor and share with all the other creditors. The transfer must be of money or property in which the debtor has an interest. It must be made to  a creditor owed money by the debtor. The transfer must be more than the creditor would receive in a Chapter 7 distribution. Finally, it must be made...

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Principal Reduction Modification

Posted in Mortgage Modification

We just negotiated this excellent modification with Bank of America. The interest rate was reduced to 2.0%. The principal balance was reduced by $131,000....

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Condemn Underwater Mortgages – Martin Andelman

Posted in Eminent Domain

Carpe Domum! The Little City that Could: Richmond, California THANKS TO MARTIN ANDELMAN Come with me to the City of Richmond in Northern California.  It’s a city that sits 16 miles northeast of San Francisco, directly across San Francisco Bay. It’s about a 30-minute drive from Richmond to San Francisco; Oakland is only about 20 minutes away.  And you can get to marvelous Marin County in just 15 minutes, driving across the truly  magnificent Richmond-San Rafael Bridge, from which...

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How Long Before I Can File BK Again?

Posted in Bankruptcy

How Long Before I Can File Bankruptcy Again? There is no limit on the number of bankruptcy cases that one may file, nor on the time which must pass between filings. The only catch is that if insufficient time has past between filings, you will not receive a discharge. For example, a debtor who has filed a chapter 7 and has received a discharge for some of his debt, and who has other non-dischargeable debts, which he needs time...

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Eminent Domain To Modify Loans

Posted in Mortgage Modification

A City Invokes Seizure Laws to Save Homes Peter DaSilva for The New York Times  Thanks to New York Times. Robert and Patricia Castillo paid $420,000 for a three-bedroom, one-bathroom home in Richmond, Calif., in 2005. It is now worth $125,000. By SHAILA DEWAN Published: July 29, 2013 The power of eminent domain has traditionally worked against homeowners, who can be forced to sell their property to make way for a new highway or shopping mall. But now the...

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Fannie and Freddie Loosen Modification Guidelines

Posted in Fannie Mae, Mortgage Modification

FHFA expands suite of loan mod tools By Kerri Ann Panchuk • March 27, 2013 • 9:00am Servicers dealing with loans guaranteed or owned by Fannie Mae and Freddie Mac will soon be required to offer eligible distressed borrowers ways to lower their monthly payments if the homeowner shows a willingness and ability to make three on-time trial payments, the Federal Housing Finance Agency said. The program, which begins July 1, applies to borrowers with GSE loans that are 90 days or more past due....

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Lenders Lie to Modification Applicants

Posted in Mortgage Modification

We have found that Lenders often take advantage of those who apply for modification on their own. Lenders tell them they have not received certain documents and say their documents have “expired”. Often lenders  decline modification and do not make the reason clear. This is why we believe that it is best to be represented by an attorney when you apply for modification. Thanks to ProPublica for this article. Bank of America Lied to Homeowners and Rewarded Foreclosures, Former...

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Solution to Zombie Loans – Condemnation

Posted in Uncategorized

Mortgage investors raise alarm as eminent domain spreads By Christina Mlynski  Thanks to HousingWire.com. • June 10, 2013 • 1:07pm A number of securitization trade groups sounded the alarm when Mortgage Resolution Partners entered into contracts with two additional municipalities to form the use of eminent domain programs. Richmond, Calif. and North Las Vegas, NV. are now said to be seriously considering eminent domain as a potentail solution to current housing woes. The plan spooked investors in the past, namely when...

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Reapply for Second HAMP Modification

Posted in HAMP 2

If you have obtained a HAMP modification and you have redefaulted, you may be eligible for a new modification under HAMP Tier 2. HAMP 2 allows a second HAMP modification if there is a new hardship. HAMP 2 also applies to rental properties, whereas HAMP 1 only applies to owner-occupied properties. With HAMP 1 the interest rate can be as low as 2.0% and the amortization as long as 40 years. With HAMP 2 the rate will be the Freddie...

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Bank of America – Fannie Modification

Posted in Mortgage Modification

HMH came to me following a financial hardship. He faced high payments on his Bank of America serviced loan, with a rate of 5.625. The investor is Fannie Mae. HMH is self-employed as a taxi driver. He also owns a rental house in Brooklyn, which breaks even or makes a small profit. He also owns a taxi in Brooklyn,  and it has a mortgage against it. The rent on the taxi is roughly the amount of the mortgage payments....

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Mortgage Modification is the Practice of Law

Posted in Modification is the Practice of Law

YOU GET WHAT YOU PAY FOR Virtually all of my modification clients tried it on their own and were turned down. Servicers will turn a borrower down and not tell them why. There are many tricks and techniques which we have learned with are not commonly known. It is to the advantage of servicers for modification to fail. Servicers get paid more if there is a foreclosure, while the home owner and the investor are the losers. Yes, many...

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Fannie and Freddie – No Principal Reductions

Posted in Principal Reduction

The reason foreclosures will continue  By Paul McMorrow Thanks to the Boston Globe February 19, 2013 A year ago, 49 states and the federal government brought five of the country’s biggest banks to heel. They crafted a nationwide foreclosure settlement that ended a series of abuses, and committed the banks to keeping struggling homeowners off the streets. The settlement is working. But as it takes hold, it’s exposing a huge rift in the housing market. The government’s own mortgage...

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Zombie Titles

Posted in Foreclosure, Mortgage Modification

The latest foreclosure horror: the zombie title By Michelle Conlin  Thanks to Reuters. COLUMBUS, Ohio | Thu Jan 10, 2013 1:58pm EST (Reuters) – Joseph Keller doesn’t expect he’ll live to see the end of 2013. He blames the house at 190 Avondale Avenue. Five years ago, Keller, 10 months behind on his mortgage payments, received notice of a foreclosure judgment from JP Morgan Chase. In a few weeks, the bank said, his three-story house with gray vinyl siding...

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Calibur – Formerly Vericrest

Posted in Mortgage Modification

I have only modified one Vericrest loan, and that one was non-owner occupied and way underwater and with a sky high minimum variable rate. And so Vericrest agreed to a reasonable modification. Vericrest has changed its name to Calibur, perhaps to escape its bad reputation for being difficult to work with. Vericrest – Caliber is the worst servicer I know of to work with. Since then I have had the good or ill fortune to work on two more...

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Jumbo Modification

Posted in Lenders, Mortgage Modification

A residential property where the first loan was more than around $729,000 at the time of the default is not eligible for modification under the Making Home Affordable program. However, home owners with jumbo-size loans should not despair – especially if their home is under water. Many lenders will modify. Consider this modification in which the owners owed $1.078 million. They received a Making Home Affordable like modification in which their rate was reduced to 2.0% for five years,...

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Second Mortgage Time Bomb

Posted in Mortgage Modification

Chapter 13 Bankruptcy Time Bomb: Mortgage Modification  by Eugene S. Melchionne, Connecticut Bankruptcy Lawyer One of the major benefits of Chapter 13 Bankruptcy is the ability to avoid second mortgages that are not secured by any value in your home.  By following standards outlined in the Banrkuptcy Code, you can reclassify that loan on your home into the same category as credit cards or other ordinary bills and discharge them at the end of your Chapter 13 payment plan.  This...

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Modification Guidelines

Posted in Bankruptcy, Foreclosure, Mortgage Modification, Principal Reduction

Read the Hamp Handbook here. It will answer a lot of questions. Lenders may but are not required to reduce principal balances in a modification down to 115% of the principal balance owing. Lenders may not foreclose on a borrower who is in the process of modification until after the borrower is declined and other options have been considered. A borrower in bankruptcy may proceed with a modification. Unemployed borrowers can have up to six months of reduced payments will...

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To My Mortgage Modification Clients

Posted in Mortgage Modification

These are general instruction as to what you can do to make your modification a success. Please report to me by e-mail and/or fax any communications you have received from your lenders. When you talk with your lenders, ask for names, phone numbers, fax numbers, e-mail addresses. If your lender sends you forms to fill out, fill them out and send them to me. Let me review them and send them in on your behalf. If you have already...

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Tax on Principal Forgiviness

Posted in Principal Reduction, taxes

Folks underwater holding their breath Keith Harney Thanks to Seattle Times  September 13, 2014 It appears Congress will extend a tax-relief program for them, but not until after the November elections. WASHINGTON — Congress is back from its summer vacation, so the burning financial question on thousands of homeowners’ minds is this: Are you guys finally going to help consumers who are underwater on their mortgages, many of whom face crushing federal tax bills if they accept — or...

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Better Transit – Flex Vans

Posted in Politics

IMPROVING TRANSIT THE FLEX VAN SOLUTION OVERVIEW Community Transit could dramatically increase ridership and revenue and greatly improve the quality of service for those who do not own cars. I am talking about the flex van concept employing CT union drivers: Using UberX technology vans of various sizes would give rides from home to Transit Centers and from Transit Centers home at the end of the day. Many people would gladly pay an extra $2 to $3 each way...

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Water Safe To Drink

Posted in Politics

STOP ADDING TOXIC WASTE TO OUR WATER JOIN WASHINGTON ACTION FOR SAFE WATER AND CONTRIBUTE www.WASW.org Print PDF Flier at: http://tinyurl.com/paropxr DRINKING WATER ADDITIVE LEACHES LEAD. The type of fluoride utilized in Seattle, Everett, and Tacoma, fluorosilicic acid, contains lead and leaches lead from pipes and fittings. Lead permeates all cells in the body, reducesIQ, and exacerbates kidney disease and high blood pressure. FLUORIDE SWITCH. Fluoridation started in 1945 with sodium fluoride (from the aluminum and uranium industry), but the...

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