I’m hearing a lot about Quiet Title Action, what is it?
This Quiet Title Action that you’ve been hearing so much about is a legal proceeding that is done to establish a person’s right to ownership of their property against one or more adverse claimants. (Think of your Servicer, the Investor, MERS and other unnamed or unknown investors as the adverse claimants.) In essence any false ownership is removed from the title to your home.
The quiet title lawsuit is filed to establish ownership of what is called ”real property” (that is the land and structures affixed to land). The plaintiff in a quiet title suit asks for a court order that stops the respondent from making any subsequent claim to that property (which is what lenders are doing through foreclosure – often without any proof that they are even the rightful owners of the note and deed). Today, due to the issues of Securitization, Quiet title actions have become not only critical, but very necessary because the lenders securitized loans, used MERS (Mortgage Electronic Registration System) to track notes, and separated deeds from notes. When the loans were securitized, this opened the door to many investors owning a small part of your note. Thus, it is not always easy to determine who has a rightful claim to the property.
All these various entities claiming to have a valid claim to your land and home are often identified as clouds on the title. Thus, you will sometimes hear a quiet title suit being referred to as a suit to remove a cloud.
The general rule in a quiet title action is that the plaintiff may succeed only on the strength of his own claim to the real estate, and not on the weakness of the respondent’s claim. For this reason, it is imperative that any homeowner who is attempting to get his lender’s claim to the property quieted be able to show that the lender is not in fact the rightful holder of the note and or deed, and that is why the Securitization Audit (and very often a full forensic audit as well) are needed.
Can you help me even if my home has been auctioned??
There are many times when we can still help, however it will depend upon the situation. It is best to contact one of our consultants and review your circumstances with them to find out. There is no fee for this consultation. Keep in mind that no matter your circumstances, you will need both audits and legal professionals to help you. If you don’t have legal help already, we can refer you to somebody who can help you.
How do I know if I need a Forensic Loan Audit?
If you have any of the signs of a predatory loan, you need a forensic loan audit. If your lender has refused to modify your loan, you need a forensic loan audit. If you are still current and the lender says he won’t modify your loan until you miss payments, you need a forensic loan audit. If you got your loan in the past decade, you need a forensic loan audit.
My lender told me that if I get a forensic Loan Audit done, it will only show my guilt or that I am guilty of fraud. Is this really true?
No! The lender just doesn’t want you to get the forensic loan audit. Remember this: The loan was created by the lender for you, thus the violations found in the loan, would be the violations he created. That will show his guilt. He’d rather scare you off so that he can continue on his course.
I’ve been hearing a lot about Robo-signing and Foreclosure Fraud in the News. I still am not sure if I understand what this is and if I am a victim.
Robo-signing was the lenders “solution” to speeding up and processing massive numbers of foreclosures. In its simplest form, the lenders hired minimum wage employees who signed affidavits by the thousands, claiming that they knew the contents of the documents and that they were the vice presidents of those banks and had personally confirmed the validity. The kids who were signing these documents had no idea, in many cases, what a foreclosure was; let alone what a mortgage was. They had no personal knowledge of anything in the foreclosure lawsuit itself.
Some homeowner advocate groups, including Tila Solutions have suspected that lenders were willing to “let that robo-signing error slip to hopefully deflect attention from a much harder problem to solve: the fact that potentially 65 million loans cannot be foreclosed upon because the lender is no longer the legal debt collector. This is why securitization audits have become so critical for homeowners.
How do I know if I should get a Securitization Audit?
If your lender has turned you down for a loan modification and started foreclosure on you, then in light of the robo-signing scandal and the securitization scandal, you should safely assume that you need to get a securitization audit. Lenders do not stop foreclosures unless you can prove to them they are the ones guilty of violating the law. The Securitization Audit is the audit that shows this.
If your loan has been sold, or if you got your loan in the past decade, those are also two excellent signs that you need a securitization audit. If MERS appears anywhere on your foreclosure or pre-foreclosure documents, then you need a securitization audit.
My lender said that even if I get a Securitization audit or a Forensic Loan Audit that I still won’t get a Loan Mod. How come?
Remember, we combine the power of the audits with referrals to legal professionals. That’s why the success is so much better. Most homeowners who come to us have first tried and failed to get a loan modification. Once the violations are revealed to the lender, they change their tune and you get a loan mod, but again you have to remember, they’d rather that you just stick with their program and do what they say because that makes foreclosing easier for them. So, you can hear any number of lies from their collections dept., or their loss mitigation dept. staff in an attempt to prevent you from protecting your home.
My lender said that the only thing I qualify for is short sale or deed in lieu of foreclosure.
Again, almost all the people who come to TILA have been turned down for loan mod, often they’ve been told the same thing. As long as you have no proof of violations, then the lender will pull these types of tactics. If, however, you get your loan investigated, then you will find that in 90% of the cases, the lender was again lying to you. Lenders usually find more solutions on how to modify your loan once they are presented with the evidence of their own wrongdoings.
I contacted my lender and told them I was going to hire a company to help me and the lender cautioned me not to do so. They said they would help me free. Why are they telling me this?
First – their help is not free. They charge fees, stall the process, adding each missed payment to the back of your loan, often you come to them before you are in foreclosure and they start foreclosure while claiming you are “under review” for loan mod. IF you are one of the 20% who actually gets the loan modification, they will be adding all late payments, penalties, interest, and foreclosure fees into the balance of the loan mod for you to pay for over the next 30 years. If you are one of the 80% who doesn’t get a loan mod, then they have more money they can collect by getting you to pay off the full amount in arrears, or by foreclosing on you and collecting insurance claims.
Second – sadly there have been companies in the industry that took advantage of homeowners, however, that is the case for every industry, so you do need to do your homework and make sure the company you choose has a good track record. But also you should know that these companies are much fewer than lenders would have you believe.
Third – It is much easier for the lender to disapprove your loan modification and foreclose on your home when you do not have professional help, thus they’d prefer you work directly with them.
Fourth – In many cases, the lender may still be able to collect money from you, thus by working directly with you, he hopes he will be able to get payments, this is not something he can do if you are working with investigative and legal professionals.
I contacted my lender to find out what my options were, but they told me that I did not qualify for any kind of loss mitigation services. How can this happen?
Most of the people who come to Tila Solutions were originally told that they do not qualify for either short sales or loan modifications, yet they have now been successfully qualified and serviced by their respective lenders. The difference was that we first conducted either a forensic loan audit or a securitization audit and the referral to proper legal professionals. Usually, the lender has run calculations and determined that he can make more money for the investor if he does not modify your loan. No matter what “reason” you are given, it will boil down to that simple mathematical equation. But once you have an audit done, that mathematical equation changes.
Why did my lender tell me that they would only work directly with me, and that I could not qualify for any type of services with them if I was working with an authorized third party?
You are easier to manipulate. You are ignorant of the laws that protect you. You are afraid of what the lender may do to you if you don’t do what he says. Of course they are going to try and strong arm and bully you. It works better for them.
It is your right to choose an authorized third party and your lender cannot take this right away from you. If this should happen to you, contact us immediately and we can help you get this matter resolved. Remember legal professionals know the antics the banks play as they prey upon you and will protect you.
General Loss Mitigation Questions
Is it too late to save my home?
No! Even if your home has been sold there is still hope. Contact us immediately. We are using Securitization Audits and Forensic Loan Audits (also known as Forensic Loan Document Reviews) to save homes. If you don’t havelegal assistance, we can, in many cases, refer you to an appropriate legal services provider who knows how to use audits to help you.
Can I really put an end to foreclosure proceedings?
Yes you can. Tila Solutions has found that when you combine the Forensic Loan Audit or the Securitization Audit with the negotiations, the lenders will change their spots and finally look at the solutions to keeping you in your home.
What’s the best way for me to stop foreclosure?
Contact us. If you believe you face the threat of foreclosure contact us immediately. Our staff will give you immediate attention to protect your home and family. Our goal is to prevent foreclosure through effective solutions that work for you. We strive to give you more than a quick fix; you’ll get a lasting solution to your unique circumstances so you never have to face foreclosure again.
What exactly is an authorized third party?
This is an individual or company that you have authorized to speak for you, and represent you. An authorized third party is chosen by you to work for you and on your behalf. They work to represent your best interest.
I have heard that it can take and months and months to get a loan modified or a short sale negotiation completed, why is this? Others say it can take only 30 days.
As the need for loan modifications and short sales has grown, so has the amount of time increased to process these through to completion. The time varies greatly from lender to lender. When lenders first began negotiating short sales or modifying loans, there were a good number committed to the 30-day process. Some can still process files within a 30- to 60-day time frame. Others simply cannot or will not. You are dealing with a crisis of great magnitude in our country at this time. The number of homeowners who are unable to make their house payments grows exponentially every month. Lenders who were once receiving all these revenues were able to keep their departments staffed and keep the work load moving along.
Generally speaking, loss mitigation departments were relatively small and not very active until around the year 2006. Prior to the massive influx of lending into the sub-prime markets, and the plummeting home values, these departments did not have much activity as a rule. If homeowners were having difficulty with their loans or needed to relocate, they could simply refinance, or sell their home.
Now that there are literally thousands upon thousands of homeowners nearing or in default on their loans, the lenders are experiencing massive loss of revenues, and will not adequately staff their loss mitigation departments to manage the massive influx. Studies have been done as well that have concluded that the lenders do not want to modify loans and this is a major factor in why they will not staff up these vital departments.
This is one of the many reasons that so many homeowners come to professional firms for help. They do not have the time to attempt to reach their lender, let alone try to keep enough attention on their file to keep it moving along.
Some lenders are so overwhelmed by phone traffic, such as Chase, that they have a recorded message which tells you to call back later, tells you to hang up, and then hangs up on you. Some homeowners report that this situation has happened to them for several consecutive days. Unless the homeowner can basically hang up, redial, repeat consistently, his or her chance of getting through is greatly reduced.
Should I try to do this myself?
No. If you have a claim with an insurance company you will be treated much better with a public adjuster pushing the insurance company to treat you fairly. A public adjuster works for you, not the insurance company. Loan modification and short sales are the same situation. The bank is not your friend. You need someone who understands your rights and the processes of loan modification or short sales. You need a real “defense” against the lender, which we provide with our audits and referrals to legal professionals.
Possibly the most important reason you should work with us is the fact that all families who are candidates for loan modification or short sales are experiencing very difficult times. Extremely high levels of stress cause sadness and confusion. You need an advocate who understands how difficult it is for you and your family to weather such a storm.
We understand. We care. We will help you. Just call. We will help you.
My lender says that I should not have to pay for services provided by the authorized third party until the work has been completed. Why do you charge a fee?
Many states have now been pressured (mostly by lender influence) to pass laws that require homeowners loan modification fees be billed at the end of the service. We do not conduct loan modification services and the loan mod attorneys that we can refer you to will be in compliance with the billing or fee requirements of their state.
We are an audit company, providing an investigation into your loan. We will require a partial payment to begin. Audits are costly to conduct, and we must ensure that you receive the highest quality service that we can provide to you.
How long does foreclosure take?
Usually, after you have missed your third mortgage payment, your lender issues a NOD (Notice of Default), in some states it is called a Lis Pendens. Shortly after you receive this notice they will begin the legal process of foreclosure within the court system. Every state has different foreclosure procedures, which must be strictly adhered too. If no steps are taken to prevent the foreclosure of your home then it will eventually be sold at auction. If your home is sold for less than you owe then the bank will normally come after you for the difference – unless you are in a state where this action has been prohibited.
What is a loan modification?
A Loan Modification is a way to renegotiate your current mortgage allowing you to maintain or repair your credit, lower your monthly payment, and ultimately remain in your home. Many aspects of your mortgage can be changed to your benefit, including the term of the loan, interest rate, balance of principle and monthly payments. It’s even possible to have late fees reduced or waived. There are many opportunities opened through loan modification and each home owner’s situation is unique. The banking industry has made the process confusing, difficult and almost impossible to get. For this reason, Tila conducts investigations that will reveal banker foul play and refers you to suitable legal professionals if you do not have legal help.
Why will the bank agree to my loan modification?
Because you armed yourself with a defense, that’s why. If you are serious about getting a loan modification, then you will need either a forensic loan audit or a securitization audit to get the bank’s attention and a good legal professional to use those audits and get the modification approved.
But it wasn’t always this way. Initially, the banks entertained the idea of loan modification as a way to take a loan that had fallen into arrears and get it current and ‘performing’ again. There was a lot of hope for homeowners when the banks first agreed to do so. However, as the months passed, it seemed that 80% of the people who applied were getting turned down. Some suggestions for why the banks are disapproving so many loan mods are a) the banks didn’t realize how many predatory loans they had issued and it was going to cost them much more money than they originally anticipated. b) The banks were unwilling to take the heavy losses that would be required in principal balance reductions to keep the homeowner in the home. C) they actually cannot find the original loans they issued to modify.
Because there’s been such a problem with betrayal and deceit by the lenders, it can be difficult for the homeowners to know what to do. We completely understand the confusion, mistrust and betrayal that homeowners have been suffering with and have done our best to provide you with the investigative and legal referrals to help you get things back on track.
I’m currently in bankruptcy proceedings, can you help?
Definitely! As the banks have become more and more intent upon foreclosure, we have had to audit many loans while under the protection of bankruptcy.
There are many homeowners today who are using audits combined with adversarial proceedings under the protection of bankruptcy to get their loans modified. A good bankruptcy attorney can assist with this venue. Bankruptcy, however, if used incorrectly can work against you. Please do not think that you can use a bankruptcy to stop an auction and not follow through. A good legal professional is essential to making sure you pursue this avenue correctly. Tila audits are essential to helping you get the most out of it.
What kind of loan can be modified?
Almost any loan can be modified if you have placed the right tools in the right people’s hands. Investigations and legal professionals can help you no matter what type of loan you may have.
Short Sale Questions
How can I find out if my home can be short sold?
Just give us a call. We will review your situation with you and tell you over the phone. Generally speaking if you owe more on your house than it is worth, then you are a definite candidate for a short sale.
Will I ever be able to buy another home if I let my current home be short sold?
Yes, in the future if you have been able to recover your credit scores you will be able to purchase a home again. The process of foreclosure stays on your credit report and drags your score down for several years. Most homeowners who short sell their homes have a settled debt on their score which looks much better and normally they will be able to purchase again in as little as one year.
