Bank Security Fraud Securitization In Illegal Mortgage Foreclosure Actions

Bank Security Fraud Securitization In Illegal Mortgage Foreclosure or bank securitization is a scheme by the banks to sell your promissory note and mortgage many, many times and making multiple amounts of money using your debt signature and good credit to swindle you out or your home or property by placing your mortgage and note in a pool of loans within a Trust.

After this mortgage and note securitization happens, your mortgage loan is electronically recorded and this strips the equality out of your note making it a worthless piece of paper. Inside the Trust, your note gets converted from a security under the Uniformed Commercial Code, UCC, Article 3, to a Stock Certificate under UCC Article 8, and selling just a small part of the same Stock Certificate to thousands and thousands of investors many times.

It is similar to you selling the same car title to many people for the same price, but you would be arrested for fraud if you did this as the banks are doing and getting away with robbery and theft of your home and commercial property.

After your promissory note was sold into the trust and was converted into a stock certificate, your note had to be destroyed under the Federal Security Law… No more Note… No more Mortgage, but hello Mortgage Foreclosure fraud!

The Trust is controlled by the Lender’s Pooling and Servicing Agreement, PSA, which spells out that the original Note and Mortgage are accepted by the Trust Custodian, what the Trustee’s job is, and the conversion of the note into a stock certificate. Almost all the time the Lender, Trustee, Investor, or Servicer DO NOT follow their own PSA or legal rules against The Securities Exchange Commission, SEC, rules and laws; therefore, the fraud against WE THE PEOPLE starts and is perpetuated by greedy lawyers representing the greedy banks in an illegal mortgage foreclosure.

This is why homeowners need to complete the Phase One, Notary Administrative procedure to satisfy the “Clean Hands Theory” to show that there is nothing to hide and to exhaust all other remedies before you begin Phase Three. This legal procedure falls under the UCC, Article 3 and all State laws.

The Bank Security Fraud Securitization Audit In any Mortgage Foreclosure is the Second Phase in this Three Phase process to get your Mortgage Lien Released so you can own your home FREE and CLEAR in under 6 months.

Free Tax Foreclosure Listings

Tax foreclosure is a situation in which the home owner is unable to keep up with their government property taxes. In this situation, the government tax agency takes possession of the property and sells the it as soon as possible. The process of foreclosure goes on; the main objective of the agency is to sell the property very soon. They sell the property at a very low price, which is often even less than the market price.

How to Get Started with Tax Foreclosures

There are tons of online foreclosure listing services available. Nevertheless, before you subscribe to a service do several studies, as the superiority of every service can very from one to another. Find out where they gather their information. Also find how frequently they update the foreclosure listings and how regularly old listings are removed. The best foreclosure listing websites are usually voted to be the most major sites. These sites have been around for years, and have developed a solid reputation for quality properties.

Browse Online Foreclosure Listing, Free of Charge!

If you have any problem in paying the monthly fee which is charged by all major sites, then there is no difficulty. The majority of websites offer a 7 day free trial membership, through which you are granted full access to all the listing of the websites. These free trial memberships are the perfect way to get started with tax foreclosures, right now. You can even try out the trial membership from more than one website, which will allow you to find your favorite.

Foreclosure Listing Sites That Are Totally Free

Totally free foreclosure listing sites are definitely not a gimmick. These sites are assisting home buyers and investors with the opportunity to view multiple listings in a matter of minutes without leaving their home or office. Usually the listing sites offer a limited free usage of 7 days, which is ample time for home buyers looking for a one time property purchase. Investors and home buyers interested in more than one foreclosure will be interested in extending their service by enrolling in membership. The membership fee is nominal and there are no fees involved when suspending the service. This listing service is helping the housing industry along with homebuyers and investors.

The real estate arena is flooded with home foreclosures due to the current depressed housing market. This is a buyers’ paradise with the lowest prices in decades, tagged on these bank owned properties. The time saved by using a free listing service is priceless with busy consumers. There is adequate buying information about the homes and many times pictures are offered for viewing purposes on the free listing sites. This is the perfect way to spend a Saturday afternoon, instead of driving around town for hours. Going from one home site to another is tiring and can be difficult to keep track of the different home sites visited.

Taking a tour of foreclosed homes through a free listing service is comfortable and inexpensive. A lot of information can be gained in a short period of time which can pare down a long list of potential homes to just a few for viewing in person. Take advantage of the free foreclosure listing sites and become a savvy home buyer in a few minutes, or take your time and enjoy an afternoon of viewing homes with great deals.

How Any Real Estate Agent Can Generate New Leads & Listings from Foreclosures

The title to this article is a pretty bold statement, but if you’ll allow me a couple of minutes of your time today, I’ll show you how you can take advantage of a brand-new Real Estate niche that most Agents don’t know about. It’s not that they aren’t aware of it; it’s just that they haven’t put two & two together.

This new source of Real Estate Leads could mean another 100 – 600 new, very motivated (Seller) Leads that are desperate for your professional help. And that’s only for a market of 100,000 homes. You’re market could have even more.

Why hasn’t this opportunity been available before?

Well, before now all the pieces were not readily available. Today, the technology is in place, the turnkey business-in-a-box-training-systems are available, and the market for this business is very ripe & growing.

Foreclosures will be the next big thing in Real Estate Leads

We are often asked by our Coaches Corner{tm} Newsletter Subscribers (350,000+): “What’s the next big thing going to be for Real Estate Agents?”

Well, if you asked me that question specific to Real Estate Lead Generation, I’d have to say Foreclosures & PreForeclosures are going to be the next big thing for New Real Estate Lead Generation.

You’ve probably already heard that Real Estate Foreclosures, as of April 2007 U.S. Foreclosure Market Report (published by RealtyTrac® – the #1 online authority for Foreclosure data), are up by 62% nationwide from April 2006. Some states are up by as much as 3,325% (New Hampshire).

Real Estate Foreclosures Rates continue to grow

Recently USA Today printed an article about the fact that 75% of the new home mortgages in California are No-Doc-Loans (some industry experts call them liar-loans). These No-Doc-Loans allow the homeowner to use stated income and often allow them to borrow more money at higher debt-to-income ratios than they could traditionally. The no-doc loans have become very prevalent in the last couple of years and are now widely used nationwide.

In my opinion, the majority of these liar-loans are Real Estate Foreclosures in embryo. It’s likely just a matter of time before the homeowners get into trouble and fall into Foreclosure.

Over a Million Real Estate Foreclosures Each Year

According to RealtyTrac®, with whom we’ve established an exclusive partnership, the number of Foreclosures will likely exceed 1.2 million this year if we continue at this pace. To read the complete May 15th, 2007 press release for RealtyTrac®’s U.S. Foreclosure Market Report click here.

What this means for the average Real Estate Agent in a market with 100,000 households is that about 127 new properties will enter some state of Foreclosure per month. Some of the not-so-average counties will see 431 new foreclosures per month for those same 100,000 households. So, that means that there will be 14 new Real Estate Foreclosure Listings per day per 100,000 households.

If you had the home seller information in a timely manner and were equipped to deal with this specific type of lead, it could mean 100 – 500 brand new leads every month in a market with 100,000 households.

Most Real Estate Agents don’t know how to handle prospects in Foreclosure and usually see them as junk prospects. So, there’s very little competition for you in this niche if you become a Real Estate Foreclosure Expert.

Couple that with a very highly motivated home seller, and you have a recipe for New Lead Generation Success.

Do you know your State’s Foreclosure Rate? If it’s only the national average, you’ll have 1 Foreclosure for every 783 households like quite a bit of the country? How many households do you have in your market, and what does that equate to in Foreclosures? A whole lot no matter where you live!

The Foreclosure Rates are growing almost everywhere and there are already an enormous amount of potential leads for you where you live, so take action and equip yourself with as much information as you can on Real Estate Foreclosures. The information will help you carve out a brand new niche in Real Estate Foreclosures in your area and help you grow your Real Estate Business.

The Power of the Power of Sale Clause

We are finding out the hard way in a Contract for Deed we purchased in Alabama about the Power of the Power of Sale Clause. The Power of Sale clause is one of many clauses written into most mortgages which will allow the lender or owner of the mortgage the power to sell the property in the event of a default by the homeowner, in order to pay off the mortgage debt. It is for all purposes the equivalent of a foreclosure, without having to foreclose judicially in non-judicial States.

In our case, the Power of Sale clause was not included in the deed, so we are not able to easily “evict” the occupants non-judically as we expected. It is causing us to file for a judicial foreclosure, resulting in more time and money to remove the non-paying occupants. We are offering them a “Cash for Keys” option to help them motivate them to leave quickly.

The clause pre-authorizes the sale of the property when the homeowner defaults, and each State has its own procedures for this. They typically call for a limited notice of foreclosure such as mailing, posting the notice on the property, or publishing it in the newspaper. Then the trustee can sell the property at a foreclosure sale. The process must follow the timeline and waiting periods set by the State when completing the Power of Sale foreclosure.

As of today, 30 states allow for a foreclosure by the Power of Sale, and for the borrowers, it has some advantages. The first is you can not seek a deficiency judgment in some states. This means that if they owe $100,000.00, and the house sells for $80,000.00, there is still $20,000.00 owed.

Lenders typically file a deficiency judgment against the person, which is a unsecured lien that needs to be taken care of before they can finance anything in the future like a car or new home. Also, if the borrower files a lawsuit, it will need to be reviewed judicially, or in court.

The disadvantages for the homeowner is the process is much faster, and less costly to the lender than foreclosing on the property. So they can lose their house quicker. Foreclosures in NY or NJ could be 5-7 years and reach $5,000.00 to $10,000.00+.

Also, there is no judicial review unless they file a lawsuit. They can not plead their case to a judge unless they file a lawsuit, which includes paying the court and attorney fees. Difficult if they are not even able to pay the loan.

And even with the Power of Sale Clause, some lenders decide to pursue a judicial foreclosure if there are some title issues such as flaws in the document, as we found out, or if they want to pursue the deficiency judgment since some states will not let them have the deficiency judgment unless they judicially foreclose.

When buying defaulted mortgages and deeds, always remember to review the documents for the Power of Sale clause, as we have found out, it’s a very important clause that should be in there.

Can I Represent Myself Against Foreclosure Fraud? Yes, It Is Called Pro Se: "By Myself"

“DON’T FIGHT THE PROBLEM… DECIDE IT”

“George C. Marshall”

Nearly all Borrowers who have contacted me about an imminent, or already taken place, foreclosure believed that it was imperative that they find an attorney to represent them in a court foreclosure action. For three years I believed the same thing. Many judges will suggest it so strongly that a borrower believes that it is actually a law, which it is not. But, it does make sense that we believe it. We see it on TV, in the news, magazines, and, of course, most attorneys will tell that you need an attorney

But, the reality is that this so-called mortgage melt down is so big and is rife with illegal and criminal behaviour that defies what most people regard as normal, there are few, very few, attorneys that can win for a borrower.

Attorneys, for the most part, are not familiar with the subject of Mortgage Fraud. Certainly not as familiar as they will lead you to believe I have resented this fact for a very long time. As I said, most of my clients have been advised by a judge or an attorney that they absolutely must have an attorney. They are right, except for one thing. Shouldn’t that read “they absolutely must have a Good Attorney?”

You are not better off with an uninformed attorney representing you.

Can you afford an attorney at this time? What if you think you are unable to pay an attorney? Should that automatically mean that you have no choice but to leave your home?

Well, there is another way. You don’t have to hire an attorney to start the fight to save your home. In my opinion you cannot win with 99.9% of the attorneys in your state anyway. If that is not true, then why do we hear so much about mortgage fraud and so little about the victims of mortgage fraud winning their cases?

The reason you don’t know what to do, is because trials and courts are not your areas of expertise. But, you can be strong if you get the right kind of help. You can do a lot of what an attorney should do at the beginning of the threat of foreclosure. You can do it as Pro Se, which means “I am representing myself” if you have the right help and accurate information.

You can learn how to use your constitutional civil rights to force the courts to treat you in a fair way.

I now believe that finally you actually have the advantage. But, like anything new you must learn the rules to play the game.

DON’T MOVE FROM YOUR HOME WITHOUT IT BEING A FAIR FIGHT! YOU CAN WIN.

How to Perform an Interior BPO

The most difficult task of the interior BPO can be gaining access into the home. The property may either be vacant or occupied by tenant or homeowner. If vacant, the home generally has a lock box or supra key. If occupied, an appointment must be set to enter. In order to gain access for either case you must contact the real estate agent overseeing the property. Your local MLS will have their contact information, or the valuation company should provide it. That agent will provide codes to lock boxes or offer to set up an appointment with either themselves, the homeowner, or in some instances both. Most valuation firms will pay real estate agents $65-$75 per interior BPO for the extra work involved.

Tips & Tricks For Photographing an Interior BPO

1. Don’t delay

Valuation companies usually allow up to 72 hours to perform an interior BPO and you will get paid one and a half times as much as an exterior. The problem lays in the fact that gaining access to the property is sometimes out of your control when a third party is involved. Avoid procrastination and set the appointment well ahead of the due date. If the realtor has to cancel then you still have time to reschedule and complete the interior BPO on time.

2. Be firm and in control

Always remember you are working for the valuation company, not the realtor. When contacting the realtor in charge of the property, be assertive in scheduling appointments. If you have to meet with the realtor or homeowner, inform them when you will be in the area to perform the interior BPO rather than asking what time they are available. This method will work the majority of the time. You can keep your sanity by controlling multiple appointments throughout the day. Most agents are willing to bend to your schedule because they cannot receive a commission without you completing the interior BPO.

3. Politely ignore the realtor

If you are meeting with the realtor, chances are they have prepared a 10 page summary of data and documentation on why the property should be valued at the low end of the market. You will most likely receive a CMA and exaggerated repair estimates for the home. They will talk your ear off during the whole inspection to try to manipulate the interior BPO value. Inspect the house yourself and only note what you observe personally. Don’t just take their word for it. They are only pushing you to value the interior BPO low so the bank approves their short sale and they walk away with a commission.

4. Take note of visible damages

An interior BPO will need to address both interior and exterior repairs. It’s very important to photograph and document all damages. The lender will want to see the report reflect what is visible in the pictures. Repairs will ultimately affect the as-is value of the interior BPO. Make note of any repairs in the report when they are present in the home.

5. Double check your work

The valuation companies are pretty meticulous when it comes to photographs. If any pictures are missing or unclear they will require you to go back and take what you missed. You will lose a lot of time rescheduling an interior BPO and the other realtor won’t be a happy camper. This is not practical so re-check the pictures in your camera to make sure you have what you need before you leave.

Pulling Comparables

Generally, you should complete the report portion of the interior BPO after taking photographs of the home. Implementation of this method will result in more accurate as-is values if you personally observe the home and neighborhood prior to performing the report. In addition, the inspection will also be fresh in your memory.

To perform an interior BPO report, you must search for six comparable homes (comps) in the immediate area of the subject. Three comps must be sale comps; the other three must be listing comps. The selection of comps is determined using a variety of similarities to the subject property. These similarities may include size, age, and location to name a few. Adjustments on interior reports are also necessary and important for arriving at an accurate as-is value.

Interior orders are more work than exteriors but are ultimately more money. The main differences between the two reports will be obtaining access into the house and reporting the damages which may be found inside or outside the home. Easy enough for an additional $25.

Smart Hints to Successful Buying of Bank Owned Foreclosures

Bank owned foreclosures refer to those that have reverted to the bank’s ownership after a public sale. These properties can range from single units to multi-family units, condominiums, apartments, townhouses, duplexes and other types of structures. Once these properties become REOs or bank owned, they will be listed as for sale usually through listings provider or real estate brokers. Although you can choose from a wide selection of properties from a foreclosures list, it is still important to take note of the following guides to ensure that your investment is adequately protected and remains an asset rather than a liability.

Always Inspect The Property

Inspection of the property is very important. The photographs showing a property’s facade or any of its angles will not compensate for a thorough, personal inspection. Photos will not show the leaks, broken tiles, smashed windows, molds, and other repairs that are needed to be done on the property. A licensed home inspector can help you assess the damage and state of the property as well as give you a written estimate of the repairs that should be done on the property.

An ocular inspection will not only provide you a firsthand knowledge of the current state of bank owned foreclosures but give you a glimpse of the type of neighborhood surrounding them as well. You may also ask a few questions from the people in the neighborhood about their personal experiences in living in the area and other questions which would give you a clearer picture of what to expect. The information that you will gather from a house visit should help you in formulating your decisions later.

Research The Title

Once you have found a property that you are interested in, do a title search. You may want to search the public records to see if there are any outstanding debts, liens or judgment on the property. Any annotation should give you an idea that the property may still have to satisfy a money debt. You do not want to buy a property for which you would have to pay twice the amount as you would have paid for one with a clean, good title. If the property has any outstanding tax or property liens, you may have to pay for them before you can have the title.

Negotiate With The Bank

Although banks necessarily want as much amount as they can gather from a property to recover any of their losses, they can still be open for negotiations especially if the subject property is one which has been on the market for too long. Normally, banks are flexible when it comes to bank owned foreclosures that are in need of major repairs. If you are one who can manage a fixer upper property and a remodeling project either for resale or rental, then negotiating with the bank can give you a favorable outcome.

Becoming a Foreclosure Consultant

A foreclosure consultant is a professional that offers to help you resolve you foreclosure problems. They can do this in several ways, which include:

• Postponing or stopping the foreclosure sale

• Getting the homeowner a forbearance, which is when the foreclosure consultant gets the homeowners mortgage payments postponed for a short period of time or getting the payments lowered

• Getting the homeowner an extension of time to reinstate their mortgage, which involves giving them time to pay off past due amounts and bring their mortgage current.

• Getting a waiver of an acceleration clause in their mortgage. This clause is what gives the bank the right to demand in full the immediate payment right after the homeowner defaults on the mortgage

• Helps the homeowner get an advance of funds or a loan to help pay on the mortgage

• Helps the homeowner avoid seriously hurting their credit rating,

To become a foreclosure consultant you have to become an attorney or apply for a government license. The professional requirements vary but generally the government will require that they register with the attorney general or a department of justice after they have fulfilled the training requirements. There are two types possible license. If you want to become a foreclosure specialist for an established agency you would have to have an associate’s license, also known as an agent’s license. If you want to be self-employed and have your own foreclosure consultancy business you would need an independent license.

The application process to get your license to become a foreclosure consultant involves:

• Undergoing pre-licensed training, which is about fifteen to twenty-five hours of in-person or online instruction that is specified by the local attorneys general.

• Paying licensing fees

• Becoming bonded

• Submitting a completed application that includes your background information, business details if starting your own foreclosure consultancy business, and any other qualifications like experience in mortgage lending or real estate.

In some cases you may also have to take a licensing exam. Once you receive your license you will need to register with the local government before you can begin practicing as a financial consultant. Generally the licenses expire after twelve months so you will have to complete continuing education and pay a fee to have them renewed. You will also have to submit a financial statement prepared by a certified accountant to the government. The foreclosure consultant will also need to set up a trust account to hold any money that is being transferred between the lenders and homeowners. If you have an independent license you will have to review the actions of any employees or associates each quarter. Those with an independent license must also obtain a bond for their services.

How to Price Foreclosure Cleanup Jobs For Profit Using HUD’s Guidelines

A foreclosure cleanup business does everything from lawn maintenance, to trashouts, to cleaning, pressure washing, gutter cleaning, repairs and more.

The foreclosure trashout industry is proving to be a lucrative business option for hardworking entrepreneurs. With one in every 25 homes in foreclosure, per Michael Williams, Fannie Mae CEO, and with millions of adjustable-rate mortgages poised to reset in the coming years (creating the prospect of a new round of foreclosures), foreclosure cleaning startups are perfectly situated to have evergreen enterprises for years to come.

Though foreclosure cleaning is a burgeoning industry, due to the sheer number of jobs available, foreclosure cleanup can be a business with thin profit margins if entrepreneurs aren’t pricing their services for profit.

Pricing for profit can be tricky for new property preservation business owner who don’t know the ins and outs of how contracts are won, who gets paid first, where they are on the totem pole in getting paid, etc.

A good tool to use in pricing foreclosure and trashout type jobs is HUD’s pricing guidelines for property preservation type companies — BUT, to use this tool alone can be a grave mistake.

When using HUD’s guidelines to price jobs, business owners should be aware that the tables list the maximum amount HUD will generally pay the PRIMARY contractor of a foreclosure cleaning job.

As a smaller company, business owners should know where they are on the totem pole in actually getting paid to know how to charge using the tables. They should also learn how to figure out whether they are the primary subcontractor, number two in line, number three, etc. This will not only help them figure out how to price, but will also guide them in figuring out the best strategy to use in winning jobs.

Foreclosure cleanup business owners cannot simply look at the HUD pricing charts and use those figures for bidding, or they’ll certainly overbid a job and lose out. The tables have to be dissected effectively

Remember, the HUD pricing guidelines for foreclosure cleaning are what HUD will pay, maximum, for a service (though certain scenarios will permit them to go higher with substantiating information). The amounts listed in the charts are really for that primary contractor.

Anybody can price, but pricing “for profit” in the burgeoning foreclosure cleaning industry is an art. New foreclosure cleanup businesses should plan to do their research so they can learn how to dissect the HUD charts and price effectively for profit to win more cleanup business.