Putting Up a Fight Means Staying in Your Home, Sometimes for Years Without Payment

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EDITOR’S COMMENT: It’s no secret. Homeowners who have been willing to take on the banks have been staying in their homes for years without making payments. They do it with letters and legal challenges of all sorts that make it difficult if not impossible for the Bank to process the foreclosure. Faced with denials of delinquency and other challenges, the Banks seem to be putting these challenges in another pile as they pursue the low-hanging fruit of people who simply believe that because they didn’t make a payment, and who believe the payment was due, are leaving the keys on the kitchen counter and even cleaning up for the Banks that are illegally foreclosing on their homes.

The more information you have, the easier it is to put up a credible challenge. Of course I would strongly advise you to at least consult with an attorney licensed in the jurisdiction in which your property is located. But you can’t argue with success. These people are recovering their losses by non-payment of a questionable mortgage loan. Each month that they don’t pay that $2,000 payment is another month where they keep the money and the house. And the longer they persist, the more likely they are to get the benefit of changes in the judicial system where it is slowly being recognized that there is something fundamentally wrong with both the mortgages and the foreclosures.

As a pilot, we are offering from an anonymous bank fighter a package of letters he has used with varying degrees of success — extending the sale and eviction by months  or years. By doing this, we are not advising that you do it, or even that it will work, much less that it presents an effective legal strategy. The truth is we don’t know what these letters do if they ever become the subject of court scrutiny. If you want to take a shot look at LAYMAN PACKAGE OF LETTERS. As the author of these letters explained to me, the appeal of this approach is that it is cheaper than a U-Haul.

See Full Article on CNN.Com

NEW YORK (CNNMoney) — Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they’re willing to put up a fight.

Among the tactics: Challenging the bank’s actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.

Nationwide, the average time it takes to process a foreclosure — from the first missed payment to the final foreclosure auction — has climbed to 674 days from 253 days just four years ago, according to LPS Applied Analytics.

It takes much longer than that in Florida, where the process averages 1,027 days, nearly 3 years. In D.C., foreclosure averages 1,053 days and delinquent borrowers in New York often stay in their homes for an average of 906 days.

And while some borrowers are looking for ways to make good with lenders and get their homes back, many aren’t paying a dime. Nearly 40% of homeowners in default have not made a payment in at least two years, according to LPS.

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |