Foreclosure Prevention Power Tactics

Foreclosure Prevention Power Tactics

In This Slide Presentation We Will Review:

Define the origin of a the foreclosure crisis

Why you should take action now!

Define types of foreclosures

What steps to take when you receive a foreclosure notice

How to spot common discrepancies with foreclosure documents

Best ways to stop foreclosure

Foreclosure Power Tactics

The Origin Of The Foreclosure Crisis

The origin of the foreclosure crisis was first thought be the sub-prime mortgage explosion. This was when lenders sought out people with less than perfect credit to sell them mortgages that they could not afford. However, we now know the real cause of the foreclosure crisis was not from the sub-prime mortgage explosion. I myself was an former licensed mortgage broker and the real cause was the decline of the economy because people cannot afford to pay their mortgages.

Why You Should Take Action

How should people react when they receive a foreclosure notice?The worst thing homeowners can do is not educate themselves on the foreclosure process and their rights as a homeowner.Answering the foreclosure notice. Always contest the foreclosure notice because you want the foreclosing lender to show that they have authority to foreclosure.If you don't you leave yourself at risk of being a victim of wrongful foreclosure.

Define Types Of Foreclosure

Non-judicial This type of foreclosure, also known as statutory foreclosure, is allowed by many states but requires the mortgage to contain a Power of Sale Clause. There is no court involvement and the lender sends a notice of default and forecloses on the property. Judicial Foreclosure All states allow this type of foreclosure, and some require it. The lender files suit with the judicial system, only 30 days to respond with a payment in order to avoid foreclosure. If a payment is not made after a certain time period the mortgage property is then sold through an auction to the highest bidder. Strict ForeclosureA small number of states allow this type of foreclosure. In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific time line ordered by the court, the property goes directly back to the mortgage holder.

What Steps To Take When You receive A Foreclosure Notice?

Contest the foreclosure. Answer the notice with a request to validate the mortgage documents. You want the mortgage lender to prove they have the authority to foreclose. Dont just accept the foreclosure!This is probably the most important step to take when preventing foreclosure.How you contest your foreclosure will build the foundation to your foreclosure defense.

How To Spot common discrepancies with foreclosure documents

The common discrepancies we are finding areFalsified mortgage documents i.e robo signers, improper mortgage securizationMERS often claiming to be a holder of the mortgage note when in fact they are not A Lender nor a Holder In Due Course. MERS has contested in court that they are not holders of notes. The best ways to uncover these discrepancies is through research of your mortgage documents and title on your property. Documents to pull:Mortgage note or notes

Security Instruments, such as Mortgage, Deed Of Trust, Or Security Deed

1098 IRS Forms Mortgage Interest Statements

Transfer letters from the mortgage servicer

Mortgage assignments recordings

Best Ways To Stop Foreclosure

1. Bankruptcy - Will only temporary stop foreclosure because the homeowner must make the mortgage payments in order for the Bankruptcy automatic stay not to be lifted. 2. File suit against the lender - Find out what is wrong with the mortgage loan and challenge the mortgage lenders enforceable interest authority to foreclose. 3. Submit a back off letter to the foreclosing attorney - These work wonders! 4. Quite Title - One of the most effective ways to stop foreclosure and erase a mortgage debt is Quite title! An action to quiet establish a party's title to real property against anyone and everyone, and thus "quiet" any challenges or claims to the title.5. Short Sale-If you want to get out of your home you may ask your lender to authorize a short sale. Lenders are more eager to do them.

Foreclosure Power Tactics

These are the foreclosure power tactics that we have found to be very effective:Back Off Letter -forces the attorney to follow the law

Motion For Reconsideration- very effective to keep your foreclosure defense going even after the judge has not ruled in your favor!

Filling suit based on improper mortgage securitization. Produce the note and robo signers are not enough anymore.

Quite Title great way to keep the lender from claiming title on the property and usually stop any other foreclosure proceedings.

Grab a copy of our free report The Untold Truths Of The Foreclosure Business to learn more about foreclosures and how to prevent them.