The pitfall of forcing your bank to rescind your loan

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Part 8
I have a question on that it is my understanding and I could be wrong, they do not need a copy of the note

They need the original note

You are correct, the attorney of course will get a copy, because they are not going to send them the original

Things that he’s going to ask for and I forget the number I think it’s 47 different items that the attorney could ask for

I’ve been in the industry for 20 years and I just heard this term a couple months ago and it’s known as an alonge

What the heck is an alonge? Well apparently it’s one of the documents that has to be in the file

While essentially the whole purpose of this here is to catch the bank, the lender having messed up your loan somewhere along the way

Because if it is true that they violated some kind of federal law in the past when they gave you the loan or a violation of the loan now, you can then take them to court

And you can sue them

You can have your loan rescinded

Which basically means it comes off your credit report, this loan never happened

As good as that sounds that may not be the best thing for the people

But why make a point, I want to back up just a little tiny bit, you mentioned the alonge, there’s more to the alonge then it sounds like, need to have the original alonge

More importantly, the person who signed the alonge has to have been authorized by the license entity to sign that alonge

And I know for a fact that several people in this town, in this industry were signing alonges because they needed it signed before the loans could fund

And they were not qualified to sign

So let’s go back to this discovery process, when we find the lender has to rescind

And I will admit after being in the real estate and mortgage industry for over 20 years, I would have to say that almost 100% of the loans that are originated

If you look at them hard enough you could find something wrong with them

Something wrong, where there could be a reason for you to rescind this loan

So let’s say you go to that point and push it and get the bank to rescind your loan

Here’s the problem, the loan is gone it is no longer on your credit report, let’s say you have $200,000 loan he took out two years ago, in that time, he would’ve paid about $35,000 in interest to get a credit for the 35,000 the let’s say you had to attorney fees

Let’s say $10,000 I don’t think it would be that high but we are just throwing out numbers here

And $5000 in closing costs when you bought the house, so that total is $50,000

You get a credit for $50,000 off of the $200,000 loan, which means you still owe $150,000 on the house

You have to pay the difference

You have to pay back to the bank $150,000 so it is nice that we threatened that but frankly in this marketplace where are you going to get the $150,000 from? I think it would be very difficult to know who mortgage broker or lender right now as they can I get $150,000 for my house

Because I just got the loan rescinded While more than likely your several months behind on your payment and the answer is no

Even though they cannot show that because the loan was rescinded more than likely with mortgage brokers going to say to you okay I need a mortgage payment history

And you say you are have been in the house for two years but the loan got rescinded

They say, you need payment history, you cannot produce it

In this marketplace today you are not going to get that loan

And so the attorneys know that and so that’s why once they get the lender’s attention they say to the lender, we do not want to rescinded the loan really, we do not want to incur a ton of attorney fees but we will if we need to If you do not want to play with us

What we want to do is to work together to get the best possible loan modification for our clients

So we can keep them in this home, keep their family intact

Folks that may have been a lot of information, it being New Year’s Eve and all

Dan Havey is a wealth of knowledge we were joking around earlier with Robert and Sinclair here at the station about Dan and his vast knowledge, so if that was too overwhelming for you

The reality of a it is, here what we are doing we are working with a national network of attorneys that care about you and you first so for more them for major you can go to the website or you can call 1-888-Mod-Info, or Dan why don’t you give the website one more time.

Well, we have two websites that you can go to for more information

In go, that will give you a lot of information specifically on loan modification

You can also go to where there’s going to be information about everything including, one thing I’ll add really quickly

I have something there that is known as a decision matrix

The decision matrix will walk you through step by step by step, every single step of the process regarding what you should do with your property, should you do a short sale, should you do loan modification, should you just let the bank foreclose? If so, is bankruptcy an okay idea for you, or not? And the tax consequences, on and on

All that is on the website
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