Besides giving the obvious relief to many homeowners facing dispossession from their homes, this provides homeowners with a unique period of time in which they can prepare to confront the participants who are pursuing schemes of illegal foreclosures.
While most foreclosures and evictions will be suspended don’t make the mistake of thinking they are cancelled.
USE THIS TIME TO YOUR ADVANTAGE. PREPARE
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This window of opportunity will not last forever, even though there are projections that say that the epidemic may last until we have a serum that will inoculate at least 40%-70% of the population from further damage. The projected time of arrival for that serum is 12 to 18 months. My opinion is that while I believe all foreclosures should be shut down for all time I don’t believe, based upon decades experience, that foreclosures on mortgages or tax liens will be put on hold until COVD19 is not a threat anymore.
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And while courthouses are closing down or restricting access and services, court administrators, law enforcement and law offices are getting together with third-party vendors to enable court process to resume and continue in a virtual space using computers. It is now possible with vendors like veritext.comto conduct a remote deposition from the safety of a home office in which the witness is anywhere in the continental United States, with an accurately reported court transcript that is certified.
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Remember that this makes it easier for homeowner or homeowner’s attorney to reach out and conduct depositions that might otherwise have never occurred. Opposing counsel will object to any subpoena you issue, but if you persist, you will most likely be able to force the appearance of the witness in a virtual deposition.
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So don’t get too complacent about the moratorium since it will probably not last nearly as long as the current emergency. When things start up again, you might still be self isolating at home and you might be expected to either have a computer or get to one. Those who have attorneys may be fast tracked because the lawyers can probably be forced to have connectivity to a system supported by the courthouse.
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Do not assume that you no longer have to defend your house from foreclosure just because you have heard about a moratorium. You should assume that the fight will resume shortly. Failure to do that will put you in a worse position than you already are in. So if you have been served with foreclosure papers, you should be taking this time to consider your options and among those options should be whether you are going to contest the foreclosure.
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There is good reason to contest almost any foreclosure with or without the Coronavirus.
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Nearly all residential mortgage loans in both judicial and nonjudicial state’s are subject to various claims of securitization.
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In virtually all cases where a loan is subject to any claim of securitization, the scheme employed by the investment banks is not recognized by law or nor should it be. They are merely seeking profit. They are not seeking restitution of an unpaid debt because they have already sold the debt many times over.
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CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
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CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
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FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. IN FACT, STATISTICS SHOW THAT MOST HOMEOWNERS FAIL TO PRESENT THEIR DEFENSE PROPERLY. EVEN THOSE THAT PRESENT THE DEFENSES PROPERLY LOSE, AT LEAST AT THE TRIAL COURT LEVEL, AT LEAST 1/3 OF THE TIME. IN ADDITION IT IS NOT A SHORT PROCESS IF YOU PREVAIL. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.
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Please visit www.lendinglies.com for more information.
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The fact remains – no one will help us during this difficult time. We have to be ready to pounce if markets recover. Like today.
Steve Nelson – it is not just about home prices, but also about REITs.
Oh – did anyone know that CFPB and Florida AG lawsuit against Ocwen, is now also against PHH Mortgage – acquired by Ocwen Financial Corp?
Ocwen Loan Servicing became a hired subservicer for New Residential Investment Corp in 2017 who acquired master servicing rights in, actually, 2015. Home Loan Servicing Solutions (HLSS) , did not have a servicing licence, so when HLSS sold to New Residential in 2015 – New Residential also did not have a servicing licence and could not service. Ocwen remained until 2017.
New Residential acquired a servicing license in 2017, and then hired PHH Mortgage to sub-service in 2019. Ocwen was long done. New Residential became known as NewRez to borrowers. They are a REIT. PHH is nothing but hired help.
Ocwen has been nothing since at least 2015, or before, since HLSS was nothing since 2012 (oh- national mortgage settlement time? Whoops). Hired help for the REIT is all we have. REITs are collapsing. .
So — What is the CFPB and Florida AG doing about it?? I suspect – not much.
I do suspect, as you and Neil state – foreclosures will increase. They never ceased in my state. Continue on massive scale.
We shall see.
Thank you.
EVERYONE LISTEN TO NEIL. The bailout will not be enough!!!
How long will the delay be before banks start foreclosing after the COVID19 is over? Not long enough says one economist. Give us a read at cr.defenders.com.
Everyone read this: [photos deleted]
“The novel coronavirus outbreak will likely bring the U.S. housing market to a halt, according to one economist.
With consumers staying at home to slow the spread of COVID-19, open houses have been canceled, and potential buyers will likely decide to put off their home purchase, a large financial commitment as the U.S. spins into a potential recession.
“We’re gonna have a shutdown in the housing market because people aren’t out there seeing the houses, and also because generally economic activity is contracting in almost every sector of the economy,” said Tendai Kapfidze, chief economist at LendingTree.
“People basically are not gonna go and see houses… You don’t want to be out there mixing it up with people you don’t know, for one. And two, more importantly, the people who have homes to sell, they don’t want people walking through their houses touching everything,” said Kapfidze.
Additionally, many Americans are fearful about what the economy will mean for their job security and financial stability. The uncertainty will likely cause buyers to pause their home search, even with record-low mortgage rates, according to Kapfidze.
“I think we’re guaranteed to have a recession at this point,” he said.
A need for nationwide homeowner relief
In the meantime, said Kapfidze, the government should extend lines of credit to lenders, so they can, in turn, grant relief to homeowners unable to make mortgage payments. As of March 23, the U.S. government has granted a moratorium on federally-backed mortgages, and banks such as Bank of America, Capital One, JPMorgan Chase, Goldman Sachs, TD Bank, Wells Fargo and others are offering mortgage payment relief — but currently there is not a total national pause on mortgage payments.
“For a lot of people, their housing costs are the highest cost that they face each month… by putting this moratorium on mortgages, you help out a lot of people who are having interruptions in their stream of income… And the way that would work is to protect the financial markets, you still want those payments to flow to investors,” said Kapfidze.
Despite a pause in the housing market, homes and other real estate assets will likely retain their value compared to stocks and other invisible assets, he said, adding that the value of illiquid assets is safer than those of liquid assets.
“Home prices I think are just kinda gonna get frozen into place. And then once the public health crisis is over, the housing market can kind of restart,” said Kapfidze.
Sarah Paynter is a reporter at Yahoo Finance. Follow her on Twitter @sarahapaynter
Thanks to Sarah at Yahoo for this article.
2 little, 2 late, IMHO I think these trust are used to launder money…paranoid, yes, I am.
That’s why you need to contact your state’s AG and/or Governor’s office to get all foreclosures stayed. That’s what we did in Md and within 48 hours we got the Order from the Court of Appeals that foreclosures were stayed. https://www.courts.state.md.us/sites/default/files/admin-orders/20200318suspensionofforeclosuresevictions.pdf
Java,
I noticed right away that the “moratorium” only referred to FHA loans, and now, apparently, includes GSE loans.
No moratorium for the private label MBS, even if they do exist. What a fraudulent nightmare. Hard to keep track of all the changes, what it means going forward, and then try to dissect the info like a conspiracy theorist, otherwise none of it makes any sense whatsoever.
Very interesting timing that Fannie apparently sold our mortgage and note they owned for 15 years in January 2020 to a Trust and US Bank Trustee. Would that now make it not covered under the Federal Foreclosure Moratorium ????
Unless the Federal Gov’t updated its stay on Foreclosure sales it only applies to FHA insured loans and Fannie/Freddies loans. Securitized loans and privately owned loans are not protected from foreclosure sales. I’m in Maryland and we (the housing chair from the Md state NAACP and me) called Md AG office stating that despite the courts being closed foreclosures were still ongoing. 48 hours later the highest court in Md issued an Order staying all foreclosures and evictions indefinitely due to the coronavirus. Everyone needs to check with their state as to foreclosure stays if their loan is not FHA or GSE. Sales are still moving forward. Calls need to be made to your AG/Governor’s offices to get sales stopped in your state.
And… as in California, if there’s already a recorded NOD, the 3-month period between then and the NTS has not been extended so it will get chewed up and they’ll nail you quickly when and if they’ve put off the actual trustees’ sales which have only been delayed for HUD/FHA, judicial foreclosures and U.D.s and if anything, little else.
SO, continue to prepare and work on your case… the criminals and lying lawyers continue to shape-shift into whatever it takes to continue stealing properties supported by the corrupt judicial system.