In most states, foreclosure is initiated after three payments have been missed. In most states, the beginning of foreclosure is a document known as the notice of default. It will be mailed to the property address, and often nailed to the door of the property as well. In some states foreclosure is judicial – meaning the process has to go through the courts, in other states foreclosure is non-judicial and can be done through a trustee, such as a title company or a foreclosure specialist company. Then there are some states that allow for either method.
Traditionally, the foreclosure process has taken approximately 90 days to complete, and it is completed by the bank auctioning off the home, usually at the county courthouse or curing the default. If nobody buys the home, the lender will buy the home back and then place it with a real estate agent to be sold. Sometimes homeowners think that if nobody bought the property, then it didn’t get sold and it is still theirs. This is not the case in at least 95% of the auctions. Once the lender buys it, the home is his and the homeowner will have to vacate the property, normally within 30 days.
Today, homeowners have opportunities available to them to stop the bank’s attempts to foreclose on him or her before the home is auctioned off. Tila Solutions is able to help homeowners who contact them before the home is auctioned off.
It is important to know that the homeowner does not have to leave his home at the beginning of the foreclosure process. And the homeowner still has time to stop foreclosure and save his home. But, also understand that the lender will not accept any payments from him except for the full default amount. The default amount is the total amount of missed payments, plus all fees.
Traditionally, paying the full default amount, which always includes fees and penalties and other “additional costs” – often marked up to create more profit for the lender, is known as curing the default. If the homeowner cures the default any time before the auction date on the property then he is not going to lose his home. It is estimated still that at least 50% of the homeowners manage to cure their defaults. This is one reason why lenders would prefer to use the foreclosure process to make money instead of give a homeowner a loan mod. However, statistics are also showing that these homeowners who cured the default normally end up back in foreclosure in very short order.
Tila Solutions receives countless calls and emails from people every day desperately trying to save their homes. There have even been reports of people committing suicide because they could not stop foreclosure. They call Tila because they need help. Real Help – not false hope.
Lender Lies & Deceit
In any given month Tila Solutions receives countless calls from people that they can no longer help. These are the people who were told by their lenders that they did not need to worry about the foreclosure, because they were “under review” for a loan mod, and the homeowners actually believed the bank. Then somehow the auction date or denial letter didn’t arrive at the property address or in the mail, and the homeowner learned that either a) his home was going to be sold in the next couple of days or day, or b) his home was already sold at auction.
Tila Solutions is an audit company. They conduct forensic loan audits and help people locate the federal laws that were violated by the banks when the loan was issued. They use the results of these audits to help people save their homes and get the loan mods the banks refused to give previously. But they can only help IF the home has not been auctioned off!
These days, the lenders have the goal of cleaning up their books, turning a profit, and making more money (actually the same goals the banks have always had – cut the losses and turn a profit). Banks determine where they will see the best return on the money they loaned, and sadly, you are not it. Now that means auction off your home, and make money elsewhere, and that is what has been happening to the masses.
It is always the same story: You, the homeowner, were lied to when you were given the loan: it wasn’t a good loan worked out in your best interest, it was a predatory loan that is now consuming you, but has made money hand-over-fist for the lender. Now you are being told there just seems to be no way possible to qualify for a loan modification and lower their monthly payment, or worse yet, that you are under review and not to worry about the auction date.
Until Tila Solutions conducts the Forensic Loan Review and finds the crimes that the banker is guilty of, you will continue to be lied to, and either cure the default, only to end up in foreclosure at a later date, or just lose your home.
It’s a story we are all quite familiar with now: somehow, that poor family, sitting in foreclosure does not make enough money to pay a smaller monthly payment, so the bank refuses to do the loan modification. Of course they will also continue demanding the higher monthly payment or you lose your home to foreclosure.
Stopping the Bank Scam
Homeowners just don’t realize that the bank will tell them lies. It will tell them that they are getting a loan mod and then it will auction off their home. If any other company operated this way they would be shut down rapidly and prosecuted! But the banks have billions of dollars and they are getting away with it. If homeowners do not have somebody on their side, and keep listening to the bank lies, they will be another statistic of the bank scams.
When Tila Solutions comes on the scene, foreclosure is stopped, banker crimes are found and exposed, and lower monthly payments (and often principal balance reductions too!) are gotten.
Tila Solutions uses the power you have always had to protect you: TILA, HOEPA, RESPA, ECOA. These are the laws that protect borrowers and prevent them from having their lives destroyed through the predatory acts of unscrupulous lenders and bankers who would use them for their own profit.
Borrowers have so much power and strength when they know their rights and use these laws. Tila Solutions helps them do this.
Banks are not above the law, but will try to operate as if they are. You don’t have to take that anymore! A Tila Solutions Consultant is available for people by telephone at 1- 307—459—0232. Or you can visit the Tila Solutions website at www.tilasolutions.com. They will help you and your family. They are on your side.
Tags: loan mod, loan modification, foreclose, foreclosure, Tila Solutions, Tila, loan, audit, fraud, forensic loan audit, predatory loan, notice of default
Once you have missed a payment the lender is not your friend. Missed payments equal more money for the lender. The more the lender gets, the happier he is. The best way for the lender to get more money out of you is to increase your monthly payment through accrued interest from late payments or missed payments, late fees and penalties. It is a real money maker for the lender. This has always been a fact and all homeowners know it and accept it.
Where the problem currently lies is that the homeowner has been led to believe by both government campaigns and lender lies that the lender is actually going to help him – the homeowner, who has fallen behind. The lender is not going to help you – unless there’s money to be made in it for him. Enough money to make it worth his while – and that means he will actually pretend to help you. In fact, the lender will just string you along with false promises and pretenses for months and months and months, finally you’ll end up in foreclosure and possibly lose your home to public auction.
You, the homeowner have always been nothing more than a loan number to the lending institutions. Sadly, that’s all you’ll ever be. They’re not particularly moved by the fact that your child has special needs, or your mother needs extra care. They don’t really care that your spouse lost their job, or that the home has been in your family for six generations. In fact they have no interest in any of the aspects of your life. The equation is simple: Your money or your home.
What matters is that your loan number has fallen behind and now you are on the very-profitable-for-the-lender road to foreclosure. Soon they will either get a large, normally uncontested “chunk of change” from you-who-represents-your-loan-number, or they’ll get your house – which secures your loan number.
Sure, they have seemingly courteous people on the phone (well some of them do, others use call centers in India or hire brutes to scare, manipulate and threaten you), all who say “stop making your payment and we’ll get you a loan mod,” or “we can’t help you until you are three payments behind,” or we have you in the system for a loan mod, now it will take only 4 months to get you a mod (of course it actually turns out to be 13 to 18 months because they are always losing your paperwork).
Why does a process as simple as a loan mod take so long? Because every missed payment is more money for the lender. Did you know that almost half the homeowners manage somehow to cure their default amount to prevent foreclosure from starting? Sure, but they wiped out every financial resource the homeowner had, and once again, he can’t make his monthly payment!
The homeowner is back in default and on the road to foreclosure in no time at all. Meanwhile the lender made a nice sum and gets to go for round two. The only route left to save the home is bankruptcy – most homeowners think—so they destroy the rest of their credit and dignity in a last ditch effort to save their home. It bought them a bit of time, but it seems the lender still gets the home in the end.
What started all this? Rather, who started all this? It was the lenders themselves. That’s correct, they gave you loans designed to fail. They’ve made billions of dollars at your expense. That’s why it is predatory lending and predatory servicing. Since the day you got your loan you have been preyed upon. You have been told that this is “all your fault,” and the government has “tried to comfort you” with promises of help through President Obama’s HAMP program. That, of course we all know now, is just a great big joke. Most people only give money to the lender for months on end, while none of it goes to their loan, then they get disapproved and foreclosed upon.
And it seems to so many homeowners that everybody is in on their pain for the lender’s gain. Attorney’s won’t take on the homeowner and fight for him when the lender will pay him well to foreclose. Judges don’t really want their courtrooms clogged up with foreclosure cases, so warehouse them through. Lenders ‘warn” homeowners not to get professional help, ‘cuz, well you know, “the lender will help you for free”, yah, sure we all know that lie by now. And saddest of all: politicians are passing laws that prevent homeowners from hiring professionals to help them get their loans modified!
But there is hope, and there is help. Rockingham Associates is there for the homeowner. They conduct forensic loan reviews which reveal all the violations in the loan the lender gave you. They conduct predatory servicing investigations, which reveal all the predatory acts the servicer has committed against you. They use those investigations as the springboard to getting you successful negotiations. Lenders suddenly would rather modify your loan, than deal with investigations.
Homeowners don’t have to stand alone, they don’t have to be abused and preyed upon. They just need a professional on their side and that would be the good people at Rockingham Associates. Visit their website at www.rockinghamassoc.com to learn more about this company and what they can do for you. They are busy rekindling the American Dream. Their goal is to get you complete financial recovery. Consider contacting one of their representatives to begin to unravel your financial dilemmas.
Tags: lender, late payments, default, homeowners, Foreclosure, Loan Mod, Loan Modification, Predatory Loans, Predatory Lenders, Credit Scores, Foreclosure, predatory foreclosure, bankruptcy, Rockingham Associates, Rockingham, borrowers, HAMP, HAMP Program, Obama Plan, Bankruptcies, Predatory Servicing