What Are Your Goals?

It is understandably difficult to focus on any one thing when we get served with any lawsuit. Dealing with legal matters on a day to day basis is not a normal part of the daily lives of most average people. This article is intended to cover all the bases or possible remedies without regard to any personal regard as to what someone else considers to be actual remedy.

The first thing I would recommend doing is determining a goal. Whet is it you want out of this? Reasonable goals are based upon what would possible remedy is available to someone on an individual basis.

Let’s first determine what the possibilities are before we look at the probability of a remedy. Some possibilities are;

  • Loan Modification
  • Re-Finance (principal and interest reduction)
  • Bankruptcy
  • Short Sale
  • Deed in Lieu of Foreclosure
  • Quiet Title (declaratory judgment)
  • Sue the bastards for millions and hang them all for treason. Let’s address that one now. Not going to happen. Now that we have that one out of the way let’s move on.

When we look at these possible remedies we need to remember that there are very few things a bank will consider unless we have some leverage. I have never seen a financial institution just voluntarily do anything good for a homeowner unless the homeowner can provide some sort of incentive for the institution to give the homeowner what he wants.

Loan Modification; Re-Financing: In times when a homeowner wants nothing more that a loan modification, or to re-finance their loan with a reduction of principal and interest, the homeowner should know the disposition of their loan and their situation. A “Loan Disposition Analysis” can be performed to see if a homeowner is even eligible for a loan modification or re-finance. I you have been trying to get a loan modification and have sent in multiple applications for what ever reason, and you then have the disposition of your situation turns out that you are not even eligible you might have some questions for the company that keeps having you go through the application process over and over again. It may turn out the company you are dealing with knows you are not eligible but they just want to get paid again and again for submitting another application. The legitimacy of this method of soaking a homeowner for all these companies can get is discussed in further detail in a previous article titled, Mortgage Loan Modification; How Do You Modify Fraud?

Short Sale; Deed in Lieu of Foreclosure: The only remedy in these two methods is salvaging what is left of a credit record. Though a short sale or offering a deed in lieu of foreclosure might save your credit rating you will still have to forfeit the property as part of the nature of either of these agreements. By offering the deed to the property in lieu of having the foreclosure on your credit record you agree to simply sign the house over to the bank and walk away. The company you offer a deed to, may go so far as to offer you a, “cash for keys” deal as an incentive for you to negotiate this kind of an agreement. In a short sale you are telling the bank that you can find a buyer if the bank would accept less than the pay off amount.

These types of deals are not so easy to negotiate to your benefit unless you can show that there is something wrong with the loan itself. Something so wrong that you feel the wrong doing gives rise to a cause of action upon you would have the right to sue and that you would intend to sue if an agreement is not made. It is always best to have something on paper from a licensed uninterested third party who possess the lawful authority to look into your issues and who can appear in court to inform a jury just what is wrong with your mortgage. In other words you might consider having a Mortgage Fraud Analysis performed on your closing documents and public records documents to see just what went wrong, when it went wrong, and thus why the bank should work with you on getting you what you are wanting from them.

Bankruptcy; Quiet Title: A declaratory judgment is generally a judgment sought from a court with no expectation of being awarded any money damages. In general, in a bankruptcy proceeding we are asking the court to declare us insolvent or ‘bankrupt’ and unable to pay back any or some of our accumulative debts and by doing so allow us to “write off” these uncollectible debts and start over with a clean slate. Keeping in mind that only unsecured debts can be written off you may be thinking that a mortgage is considered a secured debt and so you would not be able to write off the mortgage debt, when in fact in some cases mortgage debt can be shown to be unsecured in which case the mortgage can be written off as bad debt, and in a recent article titled, Will Bankruptcy Stop a Foreclosure? I go into greater detail in regard to showing a mortgage should be considered unsecured and written off.

In a quiet title action we are seeking a judgment from the court quieting any controversy over two of more liens, or claims against a piece of real property usually in regard to a right to possess the property and for the court to establish superior title in the moving party. In either case, a party seeking a declaratory judgment of this nature, having a burden to prove he deserves what he asks for must show that there is no debt associated with an alleged note, thus to which no collateral is associated. See my article titled, When is a Negotiable Instrument no longer eligible for negotiation for further details.

Not going to happen? Let’s revisit ‘Sue the bastards for millions and hang them all for treason.’ Granted nobody should reasonably expect a court to hand down a death penalty for any of the corruption within the Wall Street financial and investments industries. Many feel this issue is arguable and if you are one of those who do, by all means seek your remedy, but don’t be too disappointed when you’re told flat out that is “not going to happen.”

That leaves, “Sue the bastards for millions” That is not so impossible. In fact, if you won, you would not stand alone. See OCWEN LOAN SERVICING, LLC v. Davis, No. 01-06-00363-CV (Tex. App. Apr. 17, 2008) in where a jury awarded Davis 11.5 “Million” dollars for mortgage servicing fraud; JP MORGAN CHACE BANK, NATIONAL ASSOCIATION vs Valerie Kaan, et al., No. 2008-CA-000713 in the 15th Judicial Circuit, Palm Beach County, FL. A jury awarded Kaan roughly 10 “Million” dollars. David Brash vs PHH MORTGAGE CORPORATION, d/b/a COLDWELL BANKER MORTGAGE No. 4-09-cv-146 (CDL) in the U.S. Dist. Ct. Mid. Dist. GA., Columbus Div. wherein a jury awarded Brash 21 “Million” dollars.

If this sounds like your kind of fight, that’s great, I’m glad it is. Figuratively speaking, I would not dare go to this knife fight with anything less than a legal nuclear device. You will need all you can get if you expect to win this type of challenge. Though the homeowners in the above three case prevailed on one or two issues, you don’t know what issue you are going to win on, so it makes perfect sense to get all you can before even thinking of starting this kind of war. If it’s me going into this battle, I am going to want to know everything: was I eligible for another remedy but remedy was denied or never offered; exactly what went wrong with the mortgage itself; what went wrong in the secondary securities market; are the documents my opponent claims a right under enforceable, and if not, why not; I want to make arrangements to have my expert witness available for deposition; to prove all of this I want “Competent Evidence” sworn under the penalty that the facts therein are true actuate and correct, and that my witness, the finder of my facts, has a license to gather my evidence thus making everything that I present to the court is competent and therefore should be entered on the record as evidence to prove my claim.

Everything you will need plus limited extra support, whether you want leverage for loan mod or if you want to sue the bastards for millions can be gotten right here or you can send an email for assistance.

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