Mortgage Foreclosure: Neil Shares Real Experiences

Posted on July 19, 2013 by RonMamita — 4 Comments

Thank you Neil for sharing and educating us on the legal bullies and intimidation tactics.
This is a GOOD READ:

Modification notes. Another one bites the dust — 45% Principal Reduction

Posted on July 15, 2013 by Neil Garfield

I have been ghost writing and representing many clients across the country where the law permits me to do so. Or I assist a HUD counselor in representing people who are attempting to get enough information to actually get a modification. One such HUD counselor whom I highly recommend is Cyndee Estrada who is fully licensed, experienced, trained and educated — in addition to have a collection of lawyers, accountants, real estate brokers and other professionals. Her number in Phoenix is 602-233-8730. People often overlook HUD counselors but they can get information that even lawyers can’t get .

This time I was representing an old friend in Florida. After ridiculing him and threatening him and pulling all sorts of antics they sent him the following from new counsel after I shared with him my latest discovery drafts.———————————–///
Here is the exchange I just received. When we really put the pressure on a major bank they collapsed, they realized that the discovery I was pushing was probably going to be ordered by the Judge. Ridicule and intimidation turned into an initial offer of 45% off the principal balance allegedly due on the loan. The reason? They are either getting a free mortgage or free house in foreclosure courts but the Judges are starting to realize that there is something big behind the curtain.

So here is the exchange between me and my client. I have changed information for privacy reasons.

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Hi Neil – any thoughts ?? This came to my lawyer out of the blue. It shaves about 175 K off the mortgage.

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Subject: CASE#XXXXXXXXXXXXXXXX******PROPOSED LOAN MODIFICATION*********
Importance: High

Good Day,

Please be advised that our Firm represents the Plaintiff in the above mentioned foreclosure case and our client requested that we reach out to you and your client to offer the attached proposed Loan Modification Agreement.

These are time sensitive documents please see our client instructions below,

These would be the instructions to follow upon acceptance of this Modification:

• Fax ALL PAGES of the signed Modification Agreement to (XXXXXXXXXXX

• Initial payment must be made via certified funds (Codes & Instructions are provided in the Agreement)

• Signed Modification Agreement & Initial payment must be received no later than 07/29/2013

Please advise what your client’s intentions are in regards to the loan modification

Thank you,

xxxxxxxxxxxxxxxx, Esq.

Loss Mitigation

Pursuant to the Fair Debt Collection Practices Act, it is required that we state the following to you: “This is a communication from a debt collector. This is an attempt to collect a debt and any information obtained may be used for that purpose.”

PRIVILEGE AND CONFIDENTIALITY NOTICE: This e-mail is covered by the Electronic Communications Privacy Act, 18 U.S.C. § 2510-2521 and is legally privileged. The contents of this e-mail message and any attachments are intended solely for the party or parties addressed and named in this message. This communication and all attachments, if any, are intended to be and to remain confidential, and it may be subject to the applicable attorney – client and or work product privileges. If you are not the intended recipient of this message, or if this message has been addressed to you in error, please immediately alert the sender by reply e-mail and then delete this message and its attachments. Do not deliver, distribute, or copy this message and or any attachments if you are not the intended recipient. Do not disclose the contents or take any action in reliance upon the information contained in this communication or any attachments. Although this E-mail and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by xxxxxxxxxxxxxxxxxxxxxxxxxxxx for damage arising in any way from its use.

I have several thoughts concerning this. You could argue for attorney fees if you want. Or maybe some “expert witness fees.” My charges against this account total $12,500. Your attorney should ask for twice that amount. But if you want to be done with it, then you can choose not to rock the boat. Keep in mind that I view this offer as an admission that they neither had the right nor authority to foreclose and more importantly that they probably did not have the right or authority to collect payments from you.

They could owe you all the payments plus interest at the statutory rate from each payment. And they could owe you the overpayment they received by virtue if collecting money from the investors, the insurers, the credit default swap counter parties, the Federal Reserve mortgage bond buying program ($80 Billion per month) and other thus far undisclosed third party co-obligors or guarantors. You could ask for a full accounting from the Master Servicer of all receipts and disbursements relating to this loan or any mortgage bond relating to this loan, but the chances of you getting it without pitched battle litigation are very low.

They might and probably do owe you first, the amount of the tier 2 yield spread premium representing the money they skimmed for the investor advances and second, treble damages under TILa and RESPA for failure to disclose compensation required by TILA, plus interest from the date of the closing.

Lastly they could owe you damages and punitive damages for the slander of your title if the note and mortgage were fabricated and forged in the sense that the payee and mortgagee were not the true lenders, leaving you with a cloud or defect in your title which you were unable to correct.

And finally they should be required to restore your credit and they could be required to pay damages for identity theft and slander of your credit. Punitive or exemplary damages could be quite high if they were used to revert the same or other banks that engaged in the same illegal, fraudulent and even criminal behavior (but don’t mention criminal because under Florida law threatening a criminal action to gain a civil advantage is a felony in itself and will undermine the credibility of the rest of your claims.

1. Apparently your latest discovery request has produced one desired result, to wit: you now have their attention.

2. If you are unable or unsatisfied with their offer it is virtually certain that you will receive a better offer, but there is no guarantee.

3. If you are satisfied and wish to continue with their offer by acceptance I suggest that you do so with the following caveat: I accept your offer but I am constrained to do so under certain conditions that should not pose a problem for you.

First, you have stated that you represent the plaintiff and I wish to receive confirmation of that on xxxxxxxxxxxx letterhead, approving of the settlement offer.

Second, perhaps in the same letter your client can give assurance to me that they approve of the agreement and will be bound by it, despite the fact that the offering and signing party is xxxxxxxxx and not yyyyyyyyyyyyy.

Third, I wish to receive satisfactory assurance that the creditor has been named or the letter should identify the creditor.

Fourth, if the creditor is different than xxxxxxxxxx then I should receive confirmation of the settlement from the creditor.

Fifth I should receive assurance, indemnification and a Guarantee of Title in which the true creditor is named as the mortgagee and that no other creditor or mortgagee will have any claims other than those specified expressly in the agreement.

Sixth, I wish to receive confirmation from you first and then in the confirming letters if representation and assurances that none of the codes or other oblique references in the body of the agreement or the summary of the agreement has or will have any effect on the balance due as of 9/1/13, the starting date of the agreement nor have any effect on the amount of payments.

Seventh I would like estoppel information confirmed by all parties based on the new agreement providing balance due, payments, amortization, per diem interest,, taxes and insurance.

Lastly, I want the settlement confirmed by court order specifying the name and address of the mortgagee and that there are no other parties claiming a mortgage lien on the property, and that the court order may be filed in the County Recorder’s office, and will be filed at the expense of zzzzzzzzzzzz, who will also pay for the Guarantee of Title from the Title Insurance company. The name of the order should be “Final judgment of dismissal with prejudice” and provide that each party shall be responsible for their own court costs and attorney fees, and that no accrued interest or other charges not specified in the agreement will be added to the balance payment due.

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