Massive Equity Theft
If you are (or know of a) homeowner at risk of mortgage foreclosure and about to enter into a negotiated loan workout, make certain you fully understand your rights and what rights you may be asked to waive forever in exchange for temporary or long term relief.
In yet another Wall Street brainchild which has exposed a million or two homeowners to risk of foreclosure, our nation has experienced massive equity theft.
Under the pretense of its concern for homeowners, the government has responded with resolution 'programs' including FHASecure, and a consortium of non profit organizations called HopeNow Alliance.
It appears to me the well intending 'helpers' are tools used, in part, to not only mitigate potential lender loss, but whose intervention and practices strive to shield the lending industry from legal liability arising from their previous, untoward lending practices...
And what of the role played by Realtors, mortgage brokers or attorneys whose participation in your transaction may have not have been in your best, financial interest? I'm interested in your story.
If you feel you have been bamboozled... e-mail me, in confidence... before you waive your rights.
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David, will you be sharing your results with the rest of us? Are you seeing first hand examples of clients being bamboozled?
The state of WA just enacted a law targeting equity strippers and just caused a HUGE headache - they forgot to carve out an exemption for Realtors so now no one wants to help sell a distressed person's home even under legitimate circumstances.