Good Morning America ran a special report on a last minute strategy to stop Foreclosures this morning.
It's Called: PRODUCE THE NOTE
The basics: Produce the Note encourages homeowners to make the lender prove that they have the actual authority to foreclose. The only way to prove this is by producing the original promissory note. Because of the way mortgages were packaged and resold in recent years, it is very difficult for the lender to come up with the note. It is likely that they will eventually find it in their electronic database, but in the meant the … (9 comments)
stop foreclosure: Mortgage Rescue Plan Approval Possible by Weeks End
- 07/08/08 02:02 AM
The Senate overwhelmingly passed the Mortgage Rescue Plan yesterday with a vote of 76-10, but is it too little too late? The cornerstone of the bill will allow distressed homeowners to refinance into safer, more affordable government backed loans. I find it ironic that the vote took place on the same day that IndyMac closed it doors to wholesale lending. Clearly the importance of government backed FHA products is the wave of the near future. Still at issue: FHA Limits - the House bill caps them at $725,000 while the Senate wants them capped at $625,000. Senator John Ensign is blocking progress so … (3 comments)
stop foreclosure: Short Sales, Greed and the Capitalistic System
- 07/01/08 07:58 PM
I read Mike Norvell's post "NAR Should Ban Short Sales" with great sadness. The post and subsequent comments bring to light a huge flaw in our economic system. It appears that capitalistic greed has overshadowed common sense in dealing with our current housing crisis. While I understand the frustration of agents when dealing with short sales, the concept that we should just let capitalism run its course and let homes go into foreclosure so that a "real sale" can be made is scary. The fact that lending institutions make it so difficult for the average consumer to create win/win scenarios is a travesty. Mike's blog post brings … (14 comments)
stop foreclosure: 1-888-995-HOPE - Must Have Resource for your Clients
- 08/29/07 09:37 AM
Last week I posted a blog that listed a number of resources for consumers who are facing the possibility of foreclosure. I updated that list this morning with a new resource and have decided to give this loss mitigation resource it's very own post. This resource is a 24/7 toll free phone number where homeowners can get the direction and advise that they need to effectively move forward! Keep this number on hand to give to clients who are facing the difficult decision to short sell or let their house go into foreclosure. It's called Homeowner's Hope and is funded through a … (6 comments)
stop foreclosure: Loss Mitigation Resources - Help Your Clients Save their Home
- 08/24/07 03:58 AM
The other Day on the news there was 30 second sound byte on a non-profit organization called The California Reinvestment Coalition. This is a non-profit advocate for homeowners whose position on the current mortgage crisis is - The lenders created this mess, they need to find solutions to help consumers out of the mess. I checked out the website this morning and found some interesting homeowner links that could be useful to all of us at some point: California Reinvestment Coalition This is an organization designed to help consumers fight back against predatory lending. Excellent resources and industry reading available here. HUD Approved … (13 comments)
This Blog is my voice on the political, financial and social implications of debt. My goal is to encourage my readers to think outside their own personal reality and to challenge the social and political truths we have been taught about money, finance and our "free market" economy.
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