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I have been involved in foreclosures for the past five years, I fought for my house and I won my case in court. I can shed some light on this mortgage mess; Modifications do not work, the most important aspect of modification is the fact that the borrower has to give up certain rights that are very valuable.
Protect your rights.
The better issue is Principal Reduction and Interest rate reduction, Wells Fargo does not own the loans, the loans, all 99% of them have been Securitized which is a pooled group of financial assets that together create a new security, which is then marketed and sold to investors.
The Homeowner, Occupier must come with a legal strategy based on law and evidence, the Occupier has to fight the Bankster on his turf and you can win, I have seen this many times,and many more times the cases goes on for years, while the homeowner lives in their home. I teach and investigate mortgages for lawyers and homeowners and I do other investigative work to help create a strategy to fight.
It is important to recruit Lawyers who are willing to fight, many of these Lawyers are in foreclosure them selves, so they have beef in the game too, the Lawyers in CA are beginning to charge $500.00 per month plus a $2000.00 down retainer, its better to pay a lawyer who is trained in fighting foreclosure a small fee than to lose the home or pay much more in over price monthly payments.
stand up and fight.
DO NOT WALK AWAY FROM THE HOME YOU WILL NEVER GET ANOTHER, STAND UP AND FIGHT, THEY DO NOT HAVE THE PAPERWORK TO PROVE THEY OWN THE LOAN, THEY ARE BLUFFING.