bankruptcy paralegals in arizona

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I’ve been receiving LOTS of great questions from homeowners lately and I’m honored that you trust us enough to send us your questions.

Today I received an e-mail along the following lines, with the pertinent part in bold:

Hi Christine:

My servicer is National City. I have been trying to get a loan mod for 10 months.

You’ve probably heard this many times, but until I was in default I could not get their attention. Eventually they listened; of course my credit is now destroyed. Anyway, long story short my “modified” loan is now more than I was previously (and could not afford) paying, as my previous loan was 6% interest only, and the modified loan is 4% for 5 years, 5% for 25 years, but fully amortized.

My request to the servicer to find out my investor, so that I could talk to them, rather than a National City loss mitigation person was fruitless. National City claims they cannot reveal the investor. I even wrote a letter asking for the investor, but got a letter stating they could not reveal the investor because of some agreement they have.

How can I find out who owns my loan. If I am able to 3% interest I can stay in my home. As it is right now, I’m on borrowed time.

Is your B.S. alert on right now? Mine went off a long time ago. I wish I could say that I’m surprised, but I’m not. If this is happening to this person, I’m sure it’s happening to a lot of you because someone took the time to e-mail me about it. If there’s one person struggling with it, which means there are probably thousands of you out there struggling with the same issue.

As Garfield says, begin with the QWR. The lender has twenty days to acknowledge your correspondence and sixty days to make a good faith effort to provide the documents under RESPA.

If you don’t get a response or it’s not a complete response, send them another letter and bug the hell out of them. Threaten to file a lawsuit if you have to.

After you get the response, get yourself a loan audit with an auditor who can research the chain of assignment issues, securitization and undisclosed finance charges. (I offer this service currently.)

Once you have the audit and a clear picture of what’s happening with your loan, you can proceed from there. Options may include filing a TILA/RESPA lawsuit, getting a loan modification or fighting foreclosure using the audit results.

If your QWR and loan audit reveals the lender is a mortgage pool, look on the Securities and Exchange Commission’s website, called the EDGAR database. There’s a wealth of information on that site and will reveal a lot of about the mortgage pool security.

Check this out: some of you have mortgages that may have already been paid off!

For example: Aurora Loan Services is the servicing arm of Lehman Brothers, who securitized ALL of its mortgages. They cannot prove which of these loans have been paid, written down, bailed out or who even owns them.

If, during the discovery phase of litigation it is revealed (1) payments from TARP (Troubled Asset Relief Program, a.k.a. “bailout”) or from investors have been applied to your collateral in the stream of securitization and investment and/or (2) the loan was table funded (your lender was paid a commission to “act” as the lender at the table, ostensibly to pretend to underwrite the loan, perform due diligence, confirm the appraisal, confirm the viability of the transaction, and confirm the affordability and benefits) and/or (3) the debt was released in bankruptcy, you may have a legal claim of satisfaction on some or all of your debt.

Loan modifications have been a great tool, but ultimately if you don’t owe the money on your loan, why modify it? This is why I think more people are missing the boat when it comes to resolving their mortgage issues. Many of you have serious predatory lending issues in your documents and have causes of action under TILA and RESPA that could show your loan was paid off. It’s possible that many of you are paying for something you really don’t owe.

Whatever you do, don’t wait until the last minute to deal with these issues. If you know you’re looking at a mess down the road, get started early. Sixty days isn’t a lot of time in the scope of a foreclosure filing. Plan ahead and execute so you have your strategy in place for whatever you want to accomplish.

Want more information? Visit us at http://www.ForeclosureIndustry.com.

ANTHEM PARALEGAL WEBSITE VIDEO.wmv

Everything Paralegals Need To Know About The 2005 Bankruptcy Abuse Protection And Consumer Protection Act in Arizona This manual will provide guidance and insight regarding changes to the bankruptcy code for paralegals and attorneys representing debtors or creditors in bankruptcy. The authors will emphasize the practical effect of the amendments with perspectives drawn from their many years of bankruptcy practice. Topics to be reviewed include changes in Chapters 7, 11 and 13, changes affecting filing, discharge…