I have been in the financial and investment
business all my life. Because of what I do I am solicited almost
every
week by someone who wants me to represent them or recommend their program.
99.9 % of the time I say,
"Thanks, but
no thanks".
Recently and old friend that I trust who I have
known for more than 35 years had me look at a program for
people
who have a foreclosure problem or who have a situation where they
are seriously underwater. It is
put
out by
an educational company. I took the time to investigate and was very
impressed.
Today those who are underwater and want to walk away (called a strategic
default) are seriously afraid
of
a deficiency judgment.
It can follow the
homeowner for 20 years. Banks or their collection agency can
be
really
nasty and can draw a credit report on you every year. When you are making money
again they will
activate the deficiency judgment and come after you with
guns blazing.
There are many unscrupulous people who prey upon these homeowners telling
them they will modify their
loan, do a short sale or get the bank to reduce
their payments and many other promises - FOR A PRICE.
From
what I
have seen don't believe them.
Don't send money even if it is 'guaranteed'.
All States
Foreclosure has no up front fees and does not require the homeowner to
sign anything.
It has been published
in New York that 92% of all foreclosures do not have proper documentation. Yet
the
banks continue to take homes anyway. Don't
be one of their victims.
What All States Foreclosure
does is put the home owner together with a foreclosure
specialist attorney. It
is a very complex field of law and may require a
forensic loan analysis. There is no charge for the interview
with the attorney. If there is an agreement
there could be a
one-time payment to the attorney if the
homeowner decides to
proceed .
A forensic loan
analysis requires the talent of a special foreclosure attorney. He gathers every
piece of
paper that has anything to do with with making
the mortgage valid and follows it from the original signature
to its final destination. He is looking for
missing documents. Her wants to know who signed what. You may
have heard of robo-signers. They are improperly
signed documents and will show during this type of forensic
investigation. If discrepancies are found the
bank is in deep trouble because they do not have the right to
foreclose.The bank knows it is in deep
trouble.
The attorney then sues the bank. This is a long and expensive
proposition. This can take 6 months to a
year.
The homeowner when the case is settled with the bank then, and only
then, signs over the house to the
attorney. In
most cases the homeowner has long since left the house if he wants
to. The house is sold and
the
homeowner receives 20% of the profit from the sale. The attorney also in almost
every case has the bank
waive
the deficiency judgment and credit problems caused by
the foreclosure.
For example, if the profit from the sale is $100,000 the homeowner will
receive a check for $20,000. At the
time he
and the attorney came to the agreement the homeowner can walk away and forget
about further bank
payments. If
the homeowner wants to continue paying he can, but most do
not.
There are some minimum requirements to participate in the program, but
none require payments or signing
over the
house.
If you or a friend want to walk away because you are under water or are
being foreclosed on now please
give
me a call and I will be glad to explain all the
details.
You have known me for a long time and know I try to help
people.
Give me a call any time.
Al
321-453-5300