2ndTimeAround

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2ndTimeAround last won the day on April 3 2011

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About 2ndTimeAround

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    Mortgage Advocate
  • Birthday 01/01/1962

core_pfieldgroups_99

  • Biography
    2nd Time Around - given a 2nd chance on life, family, home and credit.
  • Interests
    Family, daughter, son, cable TV and Internet
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    Mortgage Law Firm 631-766-4047

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    New York

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  1. I understand what you're going through. A few years ago a friend in Queens (NYC) who didn't want to use an attorney tried her own modification. At three years behind in payments asked me come over to check what was going on. We called the customer service in India, saying I was her brother. Everytime wanted to ask a question, you could tell they were reading for a scribe and started repeating what they said earier. Her sitution was different, though she did finally get a mortgage attorney and received a modification. The differrence betweeen home owners doing their own modification, they requesting assisitance. A mortgage attorney applys for assisitance. They have qualified the homeowner and are appling for programs with are specific with lender and investor. Intially sending a QWL requesting a (U.S.) litigrator. The lender responds with their contact information, and a new application to be completed on their letter-head. The next step is submitting a full finanical package that shows affordbility. After that is sending in monthly income documents and bank statements until your modification is complete. What you need to do is show there is enough minimal household income to support your fathers home. Then analize the loan balance, included missed payments ,taxes, and homers insurance. What is the smallest payment his loan can be modified to, and then showing there is enough income. If he doesnt have enough income, do you work? (per your name - see your a photograher is NYC). You need to show your living there paying him a comtribution is month. The secret is not show to much income because any modifiied payment is higher. Next you need to understand to type of mortgage you have. Knowing Ocwen is a Alt-A lender/servicer - you most likely have a conventional loan with a higher than normal interest rate. Next you need to understand who is the investor - if you have a Fannie Mae or Freddy Mac, you should apply with a HAMP Mod, looking at 31% of the gross income to show affordabilty. Look you your loan at https://knowyouroptions.com/loanlookuphttps://ww3.freddiemac.com/corporate/ If your loan is not shown, then most likely you have a private investor. Suggust applying for a Net- to-Net modification, using the aftertax income and household expenses. An important point - having a Fanny or Freddy owned loan, chances are an interest rate to as low as 2%, there is no principle reduction. It is the actual monthly income that determines the modified payment. Having a private investor - invest rates are as low as 2%, with a possible principle reduction. Every situation is different, and I do not know enough of your sitiution to comment further. Good Luck
  2. It depends on the day of the month - submitting early good chance the following month changes could appear. Waiting late month - will most like take till the following month to see any changes.
  3. Filing bankruptcy is normally the “last Band-Aid” you can apply to stop debtors from coming after you. Through Chapter 13's the debt is paid over a 60 month period though a trustee. Typically a motion for "Relief of Stay" is granted only if you defaulted on your trustee payments. If you have been making your trustee payments on time you should be OK.. As for loan servicing errors - don't waste your time. I do not know your situation - talk with many people (before, discovery, set-up, currently in, and after) bankruptcy’s. Realize you don't want to hear this - not trying to sell you anything, just telling you the truth. An analogy of your current situation is looking for a bigger Band-Aid to cover up the last You dug yourself deep into a hole, you’re looking for anything to prevent yourself from falling deeper. Right now you have tunnel vision which is normal after flying bankruptcy. You are trying to focus on the wrong things that will not help you. My point is to suggest focusing on where you problem(s) is (are), by asking how did this happen? That is where you should start changing. Strong question – where will you be in 10 years, 5 fives, next year? Learn to set goals; little steps first, then larger steps later. Do this now, because tomorrow it will be twice as hard to start turning things around. Good Luck Point you a wasting time looking at the wrong problem.
  4. . Unfortunately you do not have many options - the best is trying to catch up on the payments, working out a payment plan with the bank. California is one of the four states we do not do modifications in, specifically due to your state ruling "Senate Bill 94". I could write an essay explaining it, in short homeowners in your state borrowers cannot pay a 3rd party to modify their loan, including attorneys. I know there has been a big repeal against that which I have not been following. There is a common misconception between a Hardship Letter and a QWR. A Qualified Written Request is from an attorney sent to the lender to "apply" for a modification. An attorney is "qualified" to legally represent, speak or write on a financial level on behalf of a borrower . A hardship letter is what a borrower sends to the lender, to be accompanied with financials to "request" a loan modification. Many people get denied on modifications because they do not understand the process. Saying your working with your lender and sending your financials to them. That is bad because you are leaving your self wide open. The following applies to any type of mortgage - FHA, Fanny, Freddy, or Private (Credit Unions). First matching the mortgage with available modification programs available for the loan. Then look at if 31% of your gross income to check affordability. If there's is not enough income - the options are getting another job, have a roommate or renters, or letting the house go. A big issue is your type of lender. Loans are owned by investors when mortgages serviced by conventional lenders. Mortgages through credit unions, are owned by members. What needs to be done is understanding what programs the leader has for modifications, and see the lowest modifiable payment. As long as there is enough house hold income, chances are good on receiving a modification. I have also seen the opposite, sending too much information including people that are not on the loan and lenders are calculating the total household income to result in a higher payment. Understand the bank only thinks one thing - Profit Profit and Profit. You owe them, they do not owe you. Years ago when foreclosures reached a pinnacle point and the government lent money to the top conventional banks. One stipulation was setting up modification programs to help home owners save their home. Lenders that received the money created modification departments. This government stipulation did not require them approve modifications. Lenders looking at request's for modifications approved them if they made a profit or denying if they made no profit. My point is since your loan is through a credit union, that received no money from the government bailout. They don't have to help you, and will most likely follow the guidelines set forth on your loan note. Also realize your credit union will lose money if the foreclose, especially if you are upside down with the value. I don't understand why your BK attorney filed bankruptcy before your received your notice of default when there was no sale date.??? The correct course of action is to send in the loan modification paperwork at two to three months late (which takes minimum of three months to review). Then you either get approved or send you a notice of denial. 30 days later is sending you a demand letter to pay the arrears or start the foreclosure process (30 days). Then another 30 to 90 days before a sale date. On a national level I am seeing a minimum of six months in non judicial states for a foreclosure to go forward. Then bankruptcy can be filed the day before to stop a sale. Filing protection through bankruptcy is normally a one shot deal. When there is an actual sale date since you already filed a chapter 7, the remaining two options are a chapter 13 which you would fail the means test, or the other option is letting the house go. A relief from stay of a chapter 7 bankruptcy is for unsecured debt which protects you from creditors from coming after you. Chapter 13 bankruptcy use for secured debt home (or car), making payments to the trustee. If you go late on the payments the lender has the option to remove to home from bankruptcy protection by filing a mortgage relief from stay. By filing a chapter 7 in your case, doesn't buy you any extra time. All the lender has to do is reapply which takes about three months (90 days) from when your chapter 7 was filed with the courts. The internet has brought a mortgage red herring fallacy especially for people who are in financial hardships seeking answers. Searching for anything to support a fake argument to not be held responsible to pay a debt. In my opinion you are not going to find your answers on the internet. Stay away from a quiet title or an action trying to block a foreclosure, because all you are doing a putting a band-aid on the problem that will require a bigger band-aid later. Every month you don't pay gets added to your arrears, there will be a point of no return trying to save your home. Your strategies to delay the foreclosure for as long as possible, is only going to end up in one result. - losing the home. Just this month a lady (loan officer) in Arizona lost the battle to save her home. When she was two months late spoke to me about the steps a get her loan modified. Her goal was get the lowest payment doing everything herself. Her real problem was she didn't have a steady income and didn't want to get professional help. Over the course of a year developed a relationship followed her situation. The arrears grew to the point the loan was no longer affordability. She began reading into things other people had done, which didn't apply because her loan was held by a private investor. She finally paid an attorney to file a bankruptcy, it went in and out of court stalling the foreclosure. Spoke with her a couple of nights ago, she wished she could go back and do things differently. Again you best option to save your home is working with your bank. If they don't work with you they another option is a deed in lieu or short sale. Good Luck ..
  5. Is your loan a conventional, or and FHA loan? You need to first determine what modification programs are available for your type of loan. Simply sending a hardship letter to the lender will most likely be trashed because they do not care. Sending a QWR (qualified written request) to your lender is not valid because it's you loan. The word "Qualified" means a person qualified to represent you. An attorney sending a OWR to a lender is more efficient because they are not part of the problem (they are not on the loan). Most of the time lenders are not going to tell you the real reason why you were denied on a modification. Lenders are simply saying they are missing paperwork. I have experienced many times after analyzing financials see the real reason was non-affordability. Getting a denial notice doesn't mean you can't get a modification, it means you will have to re apply. If you show non-affordability need to consider rental, or contribution income, etc... You are in a serious position in Colorado being three months late on your mortgage payments. Your state is a non judicial state, meaning the lender could start the foreclosure process faster without going through the court process as compared to judicial states where it takes longer. The main factor I see when trying to predict how fast they act is the value. Being upside down the lender has no incentive to act quickly because if they foreclose they gain nothing. Contrary if there is equity and they could foreclose sooner and make a profit. Stay away from firms operating out of California and Florida, these two states have heard countless of times from clients of false promises and no results. Any law firm you go with make sure they thoroughly analyze your situation and you see their attorney license. Again you need to be very careful requesting help. Good Luck.. .
  6. https://support.google.com/websearch/answer/173733?hl=en This has been around awhile it is a benefit. Searching via https encrypts data that between the your computer and Google search so that third parties cannot spy on the to find out what you are looking for. The main issue with "http" - personal information, passwords, what you're doing online is stored in cookies. Cookies allow websites to load faster and speed up surfing. But through sniffing tools it easy for anyone to capture personal information. ...
  7. .. Big sister is correct - by disputing your credit report first, this is going to take 30 to 60 days to get a response. During this time you can be negotiating your debts. Then when your get your revised report - the accounts you settled, you a send settlement letters with a 2nd request to scrub your report. Doing it this way over all will take less time. Again agree with our Big Sister - It is important to tell them when you settle, you want it reported "settled as agreed". So it is your best interest for your future. Not saying anything, it's going to show "settled for less". How it is worded on your credit report will have an impact of fast your report heals, plus it's going to be listed for the next seven years before it falls off your report. Answering your questions in your first post; Even though an account shows a zero balance - most likely they wrote of the debt and sold it to a collection agency. You are correct on the statue of limitations in Texas. source http://www.statutes.legis.state.tx.us/Docs/CP/htm/CP.16.htm#16.004 No legal action to collect on a debt after four years in court. However a collection company can try to make you life impossible to the point of changing your phone and contact information. I some what agree horror stories are exaggerated. I remember one case a collection company sent embarrassing mail Every letter one digit off on the address so neighbors got the mail. Because this persons name listed neighbors hand delivered bad debt notice cards to him after they found out he owed money. That is a sneaky way of doing things, but when you owe many you are responsible to pay. Trying to remove an actual account (TL) is unlikely, because it was reported by that one creditor you had an account with them. If they reported information that is not correct, this is the basis of your dispute. One thing to your advantage - the credit agency's have 30 days to verify a dispute after which they cannot, the negative information falls off. If the negative information is verify after 30 days, the following month it will reappear. Lastly - most bad information after 7 years does fall off your credit. However I have personally working on reports where a collection account is about to expire, Then a collection company opens it up reporting activity to the credit bureaus. Then the accordance stays on the report for another seven years. Good Luck
  8. . I'm going to be the devil's advocate - nationwide work almost daily with people that are deep in financial trouble, looking to grasp anything to help them. A person can seek out information by reading books and studying cases easily found on the internet. There are many people reporting misunderstand or are misrepresenting the key points of a mortgage. Either by their lack of knowledge or trying to sell something. You'll never be able to predict 100% of the outcome if the mortgage payment isn't made, other than being foreclosed upon. My point is every situation is different. When the individual is in default and facing foreclosure, the key principles are the investor/bank, the borrower and the closing documents signed accepting the terms of the loan. On refinances there is a three day rescind period, on purchases once you leave the closing table the terms of the loan are in affect. Because the mortgage is secured against the home, this gives the bank the right to foreclosure if payments are not made. I'm working case right now on a property in Georgia involving CW/BOA and BONYM. In the short term future the mortgage is scheduled to balloon to include both interest and principle. Being a former loan officer, there is no way this loan should of been approved. A mature borrower on a fixed income (social security) entered into a no-document, no income check 5/25 adjustable Interest-Only mortgage at 95% financing to purchase an investment property. Countrywide ignored conventional underwriting guidelines regarding the borrower's debt to income ratio. Guidelines state if a borrower is obligated to pay 55% of his monthly income to principal, interest, and property taxes and another 20% to installment loans, medical, or other expenses, they are destined to fail. The type of underwriting process Countrywide initially used placed the borrower in a precarious financial situation where the ability to repay this loan would be very low if the interest rate increases. Specifically the borrowers loan is part of trust series CWALT 2007-HY2, which does not allow any modifications. Pursuant to HUD No. 12-026 agreement dated February 9, 2012, United States Attorney Eastern District of New York, involving settlement of mortgage fraud, Bank of America agreed to resolve a loan modification program for Countrywide borrowers. Under the terms of the program, Bank of America is to solicit all potentially eligible borrowers and provide a loan modification to anyone with an eligible mortgage who accepts the offer. My question and case - is it fraud when Countrywide deceived borrowers by misrepresenting loan terms. Borrowers accepted unfair loan terms, usually through aggressive sales tactics. They were taken advantage of because of their lack of understanding of terms and involvement in complicated transactions. Months ago sent Bank of America an appeal to have this loan modified, and it was denied. It is a common practice of servicing banks to purchasing loans from the investors when there are no-change clauses on a loan. My next step is filing a motion for Bank of America to purchase directly the loan from Bank of New York Mellon. My $00.02
  9. I think that is a very conservative number. 5 years ago when I originated mortgages. Read 65% of the credit reports in America had errors, enough to disqualify somebody for new credit. Disputing credit back then was also like clock work, today trying to fix credit is like throwing at a dart board hoping to hit yellow or black. My $00.02
  10. . Recently have had unlisted calls from people claiming to be Microsoft technicians. I am well aware what they are claim doesn't happen. Today had another call and I played along until they hung up. "We are receiving an I.P. alert from your computer, we need to check it out". I asked how they have my telephone number, they said your computer is registered to Microsoft. He wanted me to look at my error messages of my computer, did a search for event viewer, saw a few error messages. They wanted to me go to a website so they could log onto my computer to check it out my errors....... Getting bored told him Microsoft does not call people to alert them with computer problems. I then told him I have an A+ cert from Microsoft, and an IT Technician certification from CISCO. I asked him what was the I.P. Address he was claiming to have. He said he had closed that screen and was no longer available. He said there were problems with my transmission control protocol. I told him Windows 7 does not use TCP/IC to connect to the internet and asked how the weather was in India? He promptly hung up. It is truly amazing with lengths people go to scam people....... ..
  11. Tom, The years I have worked in mortgages, I can honestly say every situation is different. Looking at the USDA Credit Requirements concerning your credit history. A credit history reflecting any or all of the following is considered unacceptable credit history: * More than one 30-day late within the past 12 months. * Bankruptcy or foreclosure discharged less than 36 months * Outstanding judgments within the past 12 months * Two or more rent payments 30 days late within the past 3 years. * Outstanding collection accounts with no payment arrangements * Outstanding tax liens or delinquent federal debt with no payment arrangements * Accounts converted to collections in the past 12 months. The USDA Credit Requirements clearly state what not acceptable. You having $60,000 in outstanding collections then being approved for an USDA loan in late 2010 and later in 2011 for a $200k loan? You being an exception, obviously, there is more to your story.....
  12. , The years I was a loan officer reviewed many credit reports, personally help many resolve past debts. Once the balance is paid, the status will be updated to show “Paid Charge off” or "Settled" and the balance will be updated to zero. When qualifying for a mortgage many times (depending on the individual underwriter as preclosing conditions) the borrower would need to provide an additional settlement letter showing that the account had been settled. Your two trade lines that are charged off or sold? The items that show sold - most likely was sold to a collection company's at penny's on the dollar. They will be attempting to collect as much as possible in an attempt to make a profit. How much you will pay to settle the debt is determined on how well you negotiate with them. One negotiating tactic that could done - mentioning an appointment to speak to an attorney about doing a chapter 7 bankruptcy to wash away your debts. (I do not want you to do bankrutcy - only mention it). Next say a relative is concerned about your credit and will be helping you by providing the funds for a settlement. (Firmly) state you want to do a settlement. . The methodology with this - if you did an actual Chapter 7 , a bankruptcy can dismiss revolving debt away. A collection company will lose everything unless they settle for something. Second If you try to do a settlement on your own, you are required to provide pay stubs and checking account statements. Then they will determine how much you will pay them. By saying another person helping you settle, they cannot ask to see that person's income of bank statements. That way you have more control to determine the settlement. When borrowers do a settlement for less, the credit will report this as "Settled For Less". This is can be a "weight" preventing a credit score from raising as quick if it wasn't worded differently. When negotiating a lower settlement, one of the items you want reported to the credit bureaus is "Settled As Agreed". Good Luck .
  13. I grew up in Austin, back in the 1980's owned a duplex renting it out. Having a 2 bedroom, 2 bathroom apartment paying less than $750 a month is a good deal. If you truly have an income issue - think about applying for a section 8 apartment. Link http://www.tdhca.state.tx.us/section-8/
  14. Saw this recent link about BOA - http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458
  15. This is a little off topic in the mortgage section. I had a similar scenario with Cable-vision here in New York. In August 2010 Long Island got hit by Hurricane Irene, we were out of power for two weeks lived off a generator. We lost service from Verizon, found out Cablevision customers still had service. Cablevision offered a special promotion a free package for 30 days.Called them and switched internet carriers. By the 2nd day noticed many inferior differences between them and Verizon. The following week called Verizon and reestablished our account with them. I waited to the following week in return the router to Cablevision. Six months go by a collection company called trying to collect a fee for $400+ dollars. I immediate told them they were wrong. Another year goes by and again they are trying to collect on an unpaid balance. I simply said "prove I owe you this money". I took about an hour between three representatives, forcing them to read the notes. They saw when the service stopped after I turned turned in the router. My advice to you is the first ask them to explain to you - how you owe them . If they cannot, demand an explanation letter and tell them to update your credit report. If in fact you do owe this, ask them to settle for less. When you do settle you ask for a satisfaction letter, saying you want them to report the account as satisfied to the CB's. After about 2 months do a soft-pull of your credit report, to see if it was updated. If no activity, then on your own do a dispute sending a copy of the satisfaction letter. Good luck with your endeavor of getting your home. .