Happy New Year! We have much to talk about this year as we push forward. By all accounts, the economy, the dollar, the foreclosures, the job situation etc are all getting worse by the minute. Even if Obama is a magician it will be 2 years before there is a glimmer of hope. The homeowner aid programs are window dressing. Even the Sheila Bair one from FDIC/Indy Mac while well-intentioned does little for most homeowners. The ONLY hope for homeowners and the only hope for our economy is if we face the music and take the free market enthusiasts at their word, to wit: everyone agrees they artificially inflated real estate values and those values are still too high for the market to support. The only reason the “values” are stated so high is that the sellers are still deluding themselves in their asking prices. There is at least another 20% to go. As Brad Keiser says, we are only in about the 2nd or 3rd inning of a 9 inning game that might go into overtime.
Refi’s that leave homeowners under water simply will not work. People are not that stupid. It is easier to walk from the house and rent or buy another at real (lower) values.
Thus the Garfield Continuum plan is the only viable option — get rid of the note, obligation and mortgage altogether or at least force a modification that will bring the obligation to around 80% of true fair market value. Only a credible threat to the financial services sector pushing foreclosures will result in this relief. The threat comes from understanding and enforcing the basic law applicable to these mortgages — they screwed up and now they want borrowers to sign new paper that clears up their screw up and leaves the borrower in a horrible position.
The loss belongs where it was created — on Wall Street and Main Street Banks that rented their charter to Wall Street operatives who caused an unprecedented collapse of loan underwriting standards and crossing the line into fraud, forgery, and creation of false documentation. Companies SHOULD fail. Banks SHOULD fail. Borrowers CANNOT fail — because they are the backbone of the country and the economy. There are plenty of lenders, investment bankers and money managers who did not play the game and are perfectly healthy. Bailout money should go to the players who played by the rules and are healthy. They are the ONLY ones who can and will lend, thus freeing up, somewhat, the tightening death grip of no credit and thus no commerce.

5 Responses

  1. I have a lawsuit underway in San Bernardino county for wrongful foreclosure ect I have been scrutinizing the original loan instruments including HUD mandatory forms and although my original lender on the dot is stated as Seattle mortgage company on the HUD docs they claim Seattle is the sponsor agent and home center inc is lender is this a red flag of possible fraud from the gate also 2different loan #s and no proper assignment and champion mortgage had its license suspended by FDIC in2012 yet they are claiming right to foreclose on my hecm for $3000 property taxes the dot states to be obligatory cash advance by lender my max claim is $544,185 on an appraised $400,000 property with a out. Balance of $235,000 can this be for real?

  2. Allan,

    I am happy to see you here and thanks for the new year wishes.I am flooded with people wanting aid but the task is bigger than me,still I am able to assist in one manner or another.I have seen alot of progress,somewhat but by far not enough.

    The banksters are really very clever,they guide the homeowners to preset traps and snag the homes.

    Its the personal Ignorance that gets the jobs done,most people just will never get it.

    786 274 0527

  3. Neil, and Everyone Else!

    Happy 2009!

    We all knew it was coming and now it is here!

    This is a great community we are building here, and the information that has been discovered here is un-matched to any of my other sources.

    Folks, we have much work to do!

    ANYONE that needs help, please get a hold of ALL of us qualified folks on here to help you!

    Neil may not be able to get back to everyone, and we are thankful for every ounce of effort he puts towards our cause.

    With my personal investment at the peak of the Real Estate Market into 27 homes in 4 different states in 2007, becoming a millionaire on paper for the first time, My 2008 became the ultimate NIGHTMARE!

    We have experience now in FIGHTING the FORCES in MOTION. IT IS TRUE! You CAN SAVE YOUR HOME! You can fight it BEFORE you are late on your payments, unlike the bank that tells you to wait til you are 90 days late… HA!

    By recording the Lis Pendens you cloud your title, preventing any clear reconveyance, or title insurance to be issued. You also provide a warning to anyone that decides to take ANY action in this case, that they may be joined as a Defendant(we have done this as well).

    Your goal should be to “Call their bluff”… Evidentiary, and deposition discovery, to reveal Patent Defect(s) in Chain of Ownership of Note, Mortgage/Deed of Trust, and Title.

    If you need help, it is here, in the numbers of homeowners educating themselves, to stand up and fight, PRO SE. “If you want something done right… You have got to do it yourself”. No One cares more about your home than you.

    Everything will be fine, in 2009, within the right minds, all in due time.

    Allan Hennessey
    Foreclosure Protection Expert
    1-800-552-9313 Ext. 111

  4. Hi Neil ,

    Once again you have distilled the problem to the essence . Until our so called “leaders” get it in their heads they must force the banks to really “modify” the loans with a reduced principal balance & affordable interest payment based on what the borrower can afforded , nothing will change. As you well know I have been fighting now for over almost 18 months , my battle as been harder in the last 9 months since I am post foreclosure . I have seen your website grow from a few hundred hits a month to thousands a week without your great advice, using your website & workshop have been key to my saving my home . Finally I found a great local lawyer , he is doing a great job.
    My day is court is coming soon , I hope to have positive news soon . My advice to all in this new year is simple .


    Best to all & happy new year !

    Alan Baron

  5. It will probably be another 2 years until we hit bottom.

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