Because it is probable that 75% to 90% of all home foreclosures may be "warranted" (although the paperwork still MUST BE DONE CORRECTLY), it will be very easy to turn sympathy against the other 500,000 to 1,000,000 million homeowners who either did not get a fair break by the banks or were mislead by a HAMP program that then actually accelerated their foreclosure via a process called parallel foreclosure!
It is video stories like the one below that will hurt foreclosure victims and also turn public opinion against the foreclosure controversy. Most people don't understand that the paperwork MUST be done CORRECTLY, but most people will NOT CARE about the PAPERWORK ISSUE when they hear that a homeowner has not paid their mortgage for the past two years but still wants to be viewed as a foreclosure victim anyways.
Videos like the one above are poorly made and actually make one wonder, is this family receiving assistance, trying to get a HAMP, and still not paying on their mortgage? It sounds like they were able to make the payments for the first five year, then when the home mortgage escalated, they just gave up but continued living in the home for two more years. The synopsis of the video, "In September the number of foreclosures in the U.S. hit an all-time high as many question the banking industry" is a poor match for the actual content of the video.
To make the plight of this family more sympathetic, issues revolving around what happens to the down payment they did make, or possible available equity that could have been applied towards the monthly mortgage could have been analyzed. Also, WHY WASN'T the family eligible for a HAMP? Get them in a HAMP right away and then if they still don't pay, then their case gets very weak.
Lets be real here, and LETS NOT BE WHORES and celebrate every time the news media reports about home foreclosures. There are too many REAL VICTIMS of home foreclosures who did the many many things that were required of them, and still were suddenly out on the street because of an ineffectual HAMP program and the parallel foreclosure tactics that were used the moment they applied for the HAMP program.
NOT EVERY STORY ABOUT HOME FORECLOSURES WILL HELP THE TRUE VICTIMS OF HOME FORECLOSURES. The reporter who did this story is an IDIOT who is helping to kill the foreclosure issue before its time. As I stated above, not every home foreclosure that is reported on will generate sympathy from the fair minded television viewer and I am begging anybody with media contacts to START VETTING THE FORELCOSURE STORIES they participate in, and help shape the story if necessary.
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SUBJECT: GOLDMAN SACHS EMBEZZLEMENT SCHEME - SECRET SECONDS
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Hi Leslie, I am going to respond as someone who is UNTRAINED AND UNQUALIFIED to offer any kind of legal or financial advice or advice that could be used anywhere other than here, as it is just my opinion and observation.
I actually did look at the PDF documents you provided.
I noticed the judge in your case focused in on what your monthly payment was (over $6,000 dollars) and how long it had last been since the plaintiff had made a payment, (apparently April of 2008, the case was heard in late March of 2009, so I am guessing a year had gone by with no payments?)
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One of the arguments made by the plaintiff was that the plaintiff had a prior foreclosure and that it was hidden by the loan originator to make sure the loan went through, and therefore the loan broker committed fraud by not allowing that information into the loan. Isn't that a "Watch where I'm going" type of defense?
Did not the hiding of this prior foreclosure information actually favor the plaintiffs loan and perhaps even give the plaintiff a lower interest rate as a result. If I were a judge, I would rarely give the "Watch where I'm going" type of defense any credibility.
It seems to me that two things might have been done to help your case.
A. show a comparative loan to another homeowner for a similar amount for a similar property relatively nearby, but with much much better terms.
A 6,000 dollar mortgage with a 500,000 balloon payment at the end seems rather excessive for a home valued around a million dollars, so, prove it by showing the judge that someone else got a loan for a similar home nearby for a more affordable monthly mortgage amount, thereby possibly proving predatory lending.
Then, in my opinion, one could use the example of a more reasonable mortgage amount and put that amount in an escrow account every month and show it to the judge. "Look your honor, we have been putting money into an escrow account every month that matches what the loan should have been for."
I don't know how the judge would react to that, but it probably would be more favorable than not making any payments for a year.
As for the plaintiff allegations of embezzling, I am wondering if the alleged holders of the note are simply figuring out a way, legal or not, to draw off funds the equity of the property to offset the lack of mortgage payments.
If that is what they were doing, then they did lie in court when they said the plaintiff was living in the home for free for the past year.
The issue of the loan companies and holder of the note not responding to the plaintiff do not necessarily mean the homeowner can simply not make any payments at all.
Even a reduced amount, paid every month, probably would be looked upon more favorably by the judge than no payments at all.
I am worried that your attorney might, and I say might because I am not an authority and it is just my opinion...have focused you on what the other side did wrong, rather than what you could have done to be more in the right.
I hope whatever down payment you made isn't lost due to foreclosure and at the very least keeps you in your home for an extended period of time as a form of "rent", this is an area of discourse that nobody seems to argue in court.
If you feel my comments above somehow damage your case, please let me know and I will delete your comment and mine as well.
It is my opinion that these foreclosurre cases are more winnable if the lawyers can stick to the guts, the money aspect of the cases. Prove the home loan was a crap loan, prove that the original down payment and built up equity should be made available to the plaintiff to either extend their stay in the home before it is foreclosed on, or should be given to the plaintiff as part of an exit strategy from the home, as a way to prevent crap loans from being written in the future.
If the loan originators write a crap loan, and it is provable in court that it is a crap loan, and the loan originators lose the down payment back to the plaintiff as a result, the loan originators might be less likely to make crap loans in the future.
Americans Against Foreclosure AAF ® are proposing a much simpler strategy for 62 million home owners. Have your local judge declare the note illegal. No note no debt.
While I philosophically don't agree with someone being given something for almost nothing because someone else made a mistake, keep the fight going because if your position is viewed as the extreme, but possible position, perhaps the banksters will be more ready willing and able to be....fair and reasonable.
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