Mortgage Meltdown: Business Plan for the Distressed Homeowner


Here is my answer to the heart wrenching story presented by one of my readers. Perhaps it will help others as well. 

Your story is heart wrenching. You did everything right and it came out wrong. The deck is stacked. Perhaps there is a silver lining in all this. You have some extensive experience in dealing with this situation. I don’t know your level of education or training or job (and I would like to hear about that). There IS a possibility that you could turn this situation around to your advantage and I am willing to help you do it. I can’t give you money but I can give you an idea that might help you make more money than you did, and even acquire another house with real equity. If this strikes you as pure fantasy and not helpful then ignore it. But if it resonates with something inside you, then pursue it. Game the system against the financial perverts that started this. Here is the outline of a business plan that might help you heal from this trauma and give you the support, money and resources to get even.

1. Advertise and conduct seminars on the process of foreclosure from the lay perspective. You can either charge a nominal fee for the seminar and the charge for tapes or pamphlets which you can clearly write, since you are so articulate. Let me see the drafts and I will spruce them up a bit.

2. Form an alliance with a local attorney who understands the foreclosure process AND who is actively interested in taking on big money interests.

3. Go to see the Administrative Judge in your local area, and bring with you the proposed rule changes I have published.

4. Let the Press know what you are doing. Get on talk radio shows. It is easy. They are all hungry for material (of course I’d like a plug for my site).

5. Write a book and publish it digitally by email on eBay.

6. Form an association of distressed homeowners and pool what little resources you have so that defenses can be mounted in court.

7. Read up on Banking, currency, and lending and become an “expert” witness. it is easier than you think and you can charge a lot of money.

8. Go see the Sheriff who handles evictions and sound him/her out on their attitude on evictions — particularly their resources on handling the evictions from thousands of homes when they are short-staffed, and suffering cuts in budgets because of declining tax revenues.

9. Write to the consumer affairs office of your State Attorney general and file a complaint against your lender. 

10. Go see you local state legislator and ask him/her what they are doing about the future of a society that is heading toward ruin.

11. And by all means get your writing started on a blog. You can tie in through Google Ads a feature that will enable you to get paid every time there is a click on the Ads that Google places there. Google will figure out the ads to place. 

12. Be open about your problems. Maybe go into the campaign offices of candidates running in your area from Federal (President) all the way down to the most local offices. Ask for position papers and help candidates that seem like they are on board with your agenda. Disregard party affiliation — this is no time to stand on ceremony.

13. Join other associations that are being formed and find out what they are doing and how you can help. They might return the favor.

14. Finally, if you wish, you can send me copies of all relevant documents concerning your closing, your loan and your foreclosure. I can draft a letter to the lender demanding return of your property, damages etc. It might not do any good but I can tell you the lenders and all the other people in the this chain of fraud are VERY nervous about going to jail. If you want to do this, then let me know and I’ll give you the address. 

15. If you are successful in coming up with money or getting some relief from your lender, or both, then start looking for houses owned by investors and making low-ball bids with THEM carrying the paper (the mortgage). I have been through these markets before and I can tell you with certainty that if you are prudent and you look around, you will find something not only satisfactory, but surprising. You don’t need money to buy a house. You need a willing seller that is backed against a wall such that he /she must gives terms.

In any event good luck and God Speed. May your life recover and rebound with plenty and with meaning such that you and your family are healed from this tragic miscarriage of what was once called “justice.”

3 Responses

  1. RE: Item #14 – I’d like to have you take a look at my closing docs (I have them in PDF format and could send them via email if that’s okay) before I send them off to my soon to be attorney in Ft. Lauderdale.

    I’d like to find out if you would be able to affirm my position. I have copies of all recorded docs as they relate to my home (deed, mortgage, note, one assignment, lis pendens and a discharge of lis pendens). I noticed some flaws right from the get go, we have an 80/20 loan with JPM in 1st position & EMC in 2nd position.

    a) My wife originated financing through Maronda Homes financing arm (MFC Mortgage). We purchased our home new in April 2006. At the time of loan application my wife worked in Palm Beach County – but our new home was located in Melbourne. I can’t help but think that the Lender must have known that I was going to be the one paying on the Note as my wife did not have employment lined up locally. Her credit was much stronger than mine at time of purchase so my name was left off of the note but I signed the mortgage and have title on the deed.

    b) We made several payments to MFC Mortgage (1st & 2nd) and then our loan was assigned to SUNTRUST

    c) We made quite a few payments to SUNTRUST (1st & 2nd) and they assigned to JP MORGAN CHASE

    d) I sent in a written request to JP on my wife’s behalf to allow them to speak with me regarding mortgage related matters. For a while I was communicating with the executive resolution group at JP. Subsequently my wife notified told them I was not allowed to talk on her behalf about the Mortgage.

    e) I lost work back in May of 2007 – we began falling behind on our payments. Sometime this summer JP offered us a loan modification, I didn’t sign those papers.

    *IN SUMMARY – at closing MERS was listed as the MORTGAGEE – MFC was listed as the Lender. There was never any assignment between MFC Mortgage & MERS for either loan. Also, nothing at all on record regarding an assignment to SUNTRUST and nothing from SUNTRUST TO JP.

    Do you think I can argue the fact that JP never had the right to conduct a loan mod in the first place?

    Your help is greatly appreciated! I am saving up money and lining up strategies for my attorney down south whom I found via this blog =)

    Thank you and have a safe and HAPPY NEW YEAR!!!

    Regards,

    TA Webster
    Central Florida
    My Personal Blog –
    http://tawebster.spaces.live.com

  2. Hi,
    I like the way you write about Money, Finances and bank ..Its really different and interesting … keep the momentum going ..I hope this will really going to help me in future while making investments…I hate banks. They do nothing positive for anybody except take care of themselves. They’re first in with their fees and first out when there’s trouble.Central banks don’t have divine wisdom. They try to do the best analysis they can and must be prepared to stand or fall by the quality of that analysis..
    brilliant. .

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