UncleNasty
Posts: 1108
Joined: 3/20/2004
Status: offline
|
quote:
ORIGINAL: OrionTheWolf
There is no such thing as "Free Market", as that would imply that only the market influences itself, which it does not. If the huge amounts of money were spent in different ways, I am sure there would have been enough to address this issue. While I am a small "L" Libertarian, I still believe in some regulation. My problem is that it becomes a choice of two extremes, rather than a moderate compromise, on how to address these issues.
On to some of the particulars: I helped him dig through things and his loan is actually not with Countrywide, and has not been for several months. It appears to be handled by a company called Litton Loan Services, and they manage things for third party mortgage holders. Many of the sites I checked (thanks again Louve) require some precise information, so I am assisting him in drafting a letter requesting the information on the mortgage holder.
It appears as if he is behind by four payments, with a total of five payments being due. I recommended, and he agreed, that he is going to contact his church and a couple of others and offer to do work at a reduced amount. Any work is better than no work.
I am also writing a letter to the county commissioners and recommend a program to assist the elderly with fixing up their properties, using some of these people that are out of work. I was looking through some of the neighborhoods around here and they need all kinds of assistance from yard maintenance, to minor repairs on the home. Heck a small temporary 1% increase in sales tax could even create a fund to operate this out of. Yeah it is a redistribution of wealth, but if properties stay nice looking then everyone benefits from property values staying up, to the area being more attractive for home buyers.
Thanks for all the ideas folks.
quote:
ORIGINAL: Ialdabaoth
quote:
ORIGINAL: OrionTheWolf
So to all of those that have all the solutions, that talk about all the great change, about how important so many things are, how does this simple man keep his house?
He doesn't. Free market at work, bitches!
If he is dealing with Litton there is no chance he will be able to modify his loan. No chance.
In fact Litton WILL proceed with a foreclosure. Litton is not a "lender," and they act as mere "servicers" of his account. Servicers make more money on fees they are able to extract from borrowers than they do by just servicing the accounts. So they have an incentive to tack on as many fees as they can. Foreclosures present numerous opportunities to tack on additional fees, with many of these fees being trash and illegitimate fees. Why aren't more troubled loans being modified, even when financial incentives are being provided by Obama's program/s? Because there is more money to be made in foreclosures than in modifications. The media doesn't share much of this information with the public, but there are a few that do. It just doesn't get much coverage.
He really needs to start circling the wagons. This is not something you can do for him. Becoming legally sophisticated and knwledgeable to the degree required is very time consuming. It isn't a matter of people not being smart enough or capable, only a matter of devoting the many hours required to read local statute and law, and some national as well, and also to read numerous (in the hundreds) local active and recent foreclosure cases. It is time consuming, and very stressful.
He will have little success in finding an attorney that is even knowledgeable about the myriad legitimate and worthy foreclosure defenses. This area of the law is emerging even as I type. Banking and lending have seen dramatic and sweeping changes in the past 10-15 years. In fact neither attorneys nor courts are aware of the impact these changes and the laws regulating such really have. The image and mentality that most have is still of "Banker Bob" down the street - this is a completely outdated image and is a gross misunderstanding of the processes involved currently.
If he finds an attorney that is up to date in his/her knowledge and understanding they will likely be out of his economic range.
This is a fight worth fighting, and a fight that can be won. Because it is an emerging issue it isn't easy, and it isn't short or quick. I have read numerous cases that have been won. In some areas of the country local courts are becoming more aware of the illegalities involved by the numerous parties in the chain. Federal District Courts are showing a much deeper awareness and understanding of the issues. Federal Bankruptcy Courts are in some ways leading in this regard.
There is a case in the NE District Louisianna BK Court in which the US Trustee has enjoined an additional party (one of the worst players in the national scene whose primary function is to act as contract perjurers and contract document forgers), has overruled that entities objections to being named, and also overruled that entities objections to having the US Trustee run discovery against them. This is very, very significant.
There is also a recent case in the NE District of Ohio BK Court in which US Bank, as creditor, submitted documentation as a "proof of claim" the the BK Court ruled as being insufficient and defective. Their claim was disallowed. In reading the decision it appears that US Bank is going to be sanctioned, and potentially substantially, for attempting to sneak bullshit paperwork in through the back door. This is also very significant.
In many cases the foreclosing party doesn't even have the requisite constitutional standing to invoke the jurisdiction of the court. In other words they don't own or hold the promissory note or mortgage and as such have no right to "enforce" the documents.
Also in many cases foreclosing parties quite literally fabricate evidence to be used in judicial foreclosures. False and/or fabricated documents have no legal effect whatsoever.
Litton Loan, Larry Sr and Larry Jr, are both involved in law suits. They are about as crooked as they come. Your friend seriously needs to start circling the Wagons.
Perhaps the best place for him to start is to pick up a book put out by the National Consumer Law Center specifically relating to foreclosures. First published in 2007 it also comes with a 2008 update. Used on Amazon it may run $125. From NCLC probably a bit more. I've not seen a more complete or thorough publication.
At the same time he needs to start reading the rules of civil procedure in his state. There is no way he will be able to comport himself with any efficacy in a law suit if he doesn't know the rules of the game. And yes, it is a game. Our system is not geared towards truth, fairness or justice. It is geared towards playing by the rules. When a court doesn't want to hear an issue, or a case, the easiest thing for it to do is to rule against the party bring the discomfort into court for an infraction of the rules. Keep in mind that this is an emerging area of the law in terms of interpretation and application. Courts appear to be fairly reticent in adjudicating based on the facts and law and see doing so as really upsetting the apple cart. They hate doing the "heavy lifting" involved in doing that and they also hate being considered by their peers as being renegades. there is also the threat that in doing so they may lose their membership in the private club.
Another reason for him to do this research and acquire this knowledge himself is in the event he is able to find a knowledgeable and affordable attorney he will need to pay attention to this attorney and ensure the representation he is getting is not only adequate but is zealous. If he doesn't know what can and should be happening he'll have no way to keep his attorney on task and on track.
I should probably just stop here, LOL.
Uncle Nasty
|
RE: Simple question from a simple man - 
Profile
New Messages
No New Messages
Hot Topic w/ New Messages
Hot Topic w/o New Messages
Locked w/ New Messages
Locked w/o New Messages
Post New Thread