- Personal Finance
How To Stop A Forclosure
Your Mortgage Bigger Than Your House?
If you are like a lot of homeowners these days, one or both of the following is true for you:
- Your mortgage balance greatly exceed the value of your home
- You are struggling to make the mortgage payment you currently have
- You have tried and tried to modify your note only to get the run a round from your bank
- You have received a foreclosure notice
- You are currently in the foreclosure process
You obviously cannot bury your head in the sand and think everything will magically work out for the best.
Of course "something has to change" but you don't know what that something is. There are ways to get help. But first you must understand what is happening and why.
You probably experienced this as well
What is MERS?
What the heck is MERS?
An estimated 62 million mortgages were issues using this electronic note and paper system that many courts have said is not legal. Indeed, some courts have gone on to say that MERS is a fraud and is fake and has no right at all to foreclose on a single home.
Some of the biggest banks in the nation have used this system to record and track mortgages. The problem is, nobody seems to know where all the original documents are.
In fact, in most cases, its is very hard to determine who actually now owns the mortgage note. Watch the video to the right to get a clear understanding about MERS and why it is so dangerous and down right evil.
Foreclosure Freeze by Major Banks
Mass Joinder Lawsuits
The nation's top trial lawyers have banded together.
These are the lawyers who previously represented these very same banks;
the lawyers who know their way around the courthouses better than
Already, these lawyers have filed a mass joinder case in 2009 that remains pending against Bank of America (Countrywide) and additional litigation against JP Morgan Chase/Washington Mutual, One West/IndyMac, GMAC, Wells Fargo/Wachovia and City Bank which have all defrauded hundreds of thousands of Homeowners. This case is now going national. These lawyers have invoked laws and procedures the banks were previously unaware of, and Bank of America is getting beat at their own game because of it. Recently the Bank was forced to admit that it had been defrauding the government in foreclosing on mortgages nationwide. Furthermore, on October 4, 2010, the Honorable Manuel Real of the United States District Court called the Bank's primary argument "absurd" and kicked the Bank out of Federal Court.
The case is now proceeding in the trial court, and the mass joinder of plaintiffs from around the Country is expanding. It may be that the Bank are unable to show they own any of their promissory notes, or that the Bank have made other errors that will cause other penalties to be levied against them. In this case alone, they have racked up consecutive wins in each round against Bank of America (Countrywide).
Case Results to date
What About YOU and YOUR Home
If you are behind (and in many cases you don't have to yet be in arrears) on your mortgage, there is help and hope. Even if your home is currently in foreclosure, it can be stopped. And for even a few, if you already lost your home, you may be able to be compensated by the banks for fraudulent behavior.
Now I cannot tell you that everyone can be helped but if you are one of some 62 million American homeowners who got a mortgage within the last 10 to 15 years, there is a good chance we can help.
But you need to get all the facts as they pertain to your situation. Its not hard. You can contact a real estate lawyer in your area and ask to speak with them about your situation. However, be forewarned by the "sticker" price of their service.
You will have to decide if the cost of their services are worth saving your home and maybe even your credit. One thing you should not do is just walk away. Did you know that a foreclosure could haunt you for years? In fact, a bank could come after any balance owed to them plus interest 15 even 20 years later. Just when you think you have your life back and your credit back, they slap you with lawsuit after lawsuit.
Scarier still is that often banks win. This is serious business and you should take it seriously. Don't wait around for a "miracle" to happen.
You can also join in the "Mass Joinder" suit currently underway and have your mortgage restructured to fit your needs and budget. You may even get a reduction in the amount of principle on your home as well as a new mortgage with an interest rate below 4%. Yes below 4 percent.
One Last Thing; if you like this post, if you have questions, if
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Free Information and Qualifications
- 7 Ways To Stop A Foreclosure
Read of seven simple ways you can do starting today to stop or postpone your foreclosure on you home or other property. Don't give up your home without a fight. You have a right to protect whats yours.
- Save My Home
Get Free information on your exact situation. No obligation. Resources and links to other resources as well.