Getting Your Goals Set on the Right Conclusions

For further information please call 954-495-9867 or 520-405-1688.

This for general information only and NOT an opinion on your case.
================================

I was responding to a client about the goals in opposing the wrongful foreclosures. These are hard to write or say. It might seem to be a contradiction in terms to walk away with a waiver of deficiency or some other “Settlement” or “Modification” with a party whom you know (but may not be able to prove) is false party with fake papers.

You might believe there might be as much as $50,000 in equity if and when repairs are made. My concern is that we don’t get pulled into reverse logic here. If the house is barely break-even without the repairs, then it could be wise to pursue short-sale or modification.  The real question is how much will it really cost to make the required repairs and where would you get the money from?

This is where most lay people put the cart before the horse. Equity in the home is not a matter for speculation, nor should it be calculated from a starting point of “after repairs.”

If you are looking for the pretenders to pay you damages sufficient to pay for the repairs and for them to give up on the foreclosure, it would be a mistake to assume that is going to happen without full scale litigation for wrongful foreclosure seeking money damages. That would require a lot of money in fees, costs and other expenses. You should determine whether  you have any appetite for that.

If you did have the money for repairs, then it would seem that you would have made the repairs and then sold the house, taking your equity and paying off whoever is claiming to own the loan, even if they don’t. If you don’t have the repair money, that leaves the only source of money to fix the house as the parties who wish to foreclose on it.

I have never seen them  agree to anything like that for one simple reason: They are not interested in either the house or the money. They want a foreclosure judgment and sale — that is the only path that will give them some protection against accusations of stolen money and stolen homes.

 

Since the goal of your opposition is NOT to break-even or minimize damages on the loan itself, and since their real goal is more closely related to off-record transactions in which your loan was sold multiple times, they obviously are not going to make it easier for you to save the home, save the equity, and especially [not] save the loan. They want the loan to fail not succeed. They want the foreclosure sale.

 

Now the anger and frustration nationwide with all forms of institutions flows in large part from the simple fact that we all know that the banks committed serious fraud and other illegal acts in creating these loans. We all know that there was nothing but pretense and presumption in transferring these loans and steering loans to foreclosure — rather than a workout where the original loan investments were protected, and of course foreclosure with fabricated, forged, back-dated documentation that included notes and sometimes mortgages — even if they were rescinded.

“We all know” is insufficient to prove a case or a defense. The courts have added to the problem by restricting discovery, restricting evidence on the basis that the off-record transactions (even in discovery) are irrelevant, that the money trail for the subject loan is irrelevant, and then entering orders and judgments consistent with the conclusion that might be stated as follows: “Judgment is entered in favor of the one with the most paper even if the paper does not speak the truth.”

 

My tentative conclusion, if all of my presumptions are correct, is that in situations where this analysis is relevant, on an individual basis, as a life decision, the only real goal might be to walk away without a deficiency judgment and leave it at that. Any other course of action in litigation will lead to a judgment in the trial court that statistically speaking is going to be against the homeowner, leaving the issues to be decided on appeal. That is process that will likely take at least one year and probably 2 years to complete.
From my perch of course I want all notes and mortgages to be contested if there are any claims of securitization or sale. And the proof of concept is already established — those who truly litigate all the way down to trial, have a much better chance to see a much better result than those who simply walk away. But that costs money, time and energy. And that is why I often tell lawyers and homeowners that the only right decision is what the homeowner decides to do and is willing to pay for.

38 Responses

  1. the spread sheet , says
    original loan amount= 350,000 than next entry says
    loan amount= 349,349,78 than next entry says
    ISSUE_DATE_BALANCEPAID_TO_DATE, = 349,349,78.

    djabelanger, on December 30, 2015 at 6:14 pm said:
    ISSUE_DATE_BALANCEPAID_TO_DATE
    anyone, i know what i would say this means . but am looking for others
    that might say the same. or different.
    so if you were looking at a spread sheet from a bank, and it said this. as to your balance . ????

  2. USE OF PROCEEDS
    Except as otherwise described in the applicable prospectus supplement, the net proceeds from the sale of the securities offered pursuant to this prospectus will be used for general corporate purposes, which may include, but are not limited to, prepayment of other debt.
    DESCRIPTION OF DEBT SECURITIES
    This prospectus describes certain general terms and provisions of the debt securities. The debt securities will constitute either senior debt or subordinated debt. This prospectus refers to the senior debt securities and the subordinated debt securities collectively as the “debt securities.” We will issue senior debt securities under an indenture dated June 24, 2005 among us, the guarantors and Deutsche Bank Trust Company Americas, as senior debt trustee. We will issue subordinated debt securities under an indenture between us and Deutsche Bank Trust Company Americas, as subordinated debt trustee. This prospectus refers to the senior debt indenture and the subordinated debt indenture collectively as the “indentures.”

  3. Subject to Completion, dated October 20, 2005
    Prospectus
    $12,000,000,000
    (RESCAP LOGO)
    RESIDENTIAL CAPITAL CORPORATION
    Senior Debt Securities
    Subordinated Debt Securities
    Any Senior Debt Securities will be fully and unconditionally
    guaranteed, as described herein, by
    GMAC Residential Holding Corp.
    GMAC-RFC Holding Corp.
    GMAC Mortgage Corporation
    Residential Funding Corporation
    HomeComings Financial Network, Inc.

    We may offer from time to time senior debt securities and/or subordinated debt securities. The senior debt securities will be guaranteed by our subsidiaries GMAC Residential Holding Corp., GMAC-RFC Holding Corp., GMAC Mortgage Corporation, Residential Funding Corporation and HomeComings Financial Network, Inc. We will provide specific terms of these securities in supplements to this prospectus. The prospectus supplements may also add, update or change information contained in this prospectus. You should read this prospectus and the prospectus supplements carefully before you invest. This prospectus may not be used to offer or sell securities unless accompanied by a prospectus supplement.

    Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
    The date of this prospectus is , 2005.

  4. USE OF PROCEEDS
    Except as otherwise described in the applicable prospectus supplement, the net proceeds from the sale of the securities offered pursuant to this prospectus will be used for general corporate purposes, which may include, but are not limited to, prepayment of other debt.
    Comment: link1 “DESCRIPTION OF DEBT SECURITIES”
    DESCRIPTION OF DEBT SECURITIES
    This prospectus describes certain general terms and provisions of the debt securities. The debt securities will constitute either senior debt or subordinated debt. This prospectus refers to the senior debt securities and the subordinated debt securities collectively as the “debt securities.” We will issue senior debt securities under an indenture dated June 24, 2005 among us, the guarantors and Deutsche Bank Trust Company Americas, as senior debt trustee. We will issue subordinated debt securities under an indenture between us and Deutsche Bank Trust Company Americas, as subordinated debt trustee. This prospectus refers to the senior debt indenture and the subordinated debt indenture collectively as the “indentures.”
    1

    Table of Contents

    This prospectus refers to Deutsche Bank Trust Company Americas in its capacity as either the senior debt trustee or the subordinated debt trustee as the “trustee.” When we offer to sell a particular series of debt securities, we will describe the specific terms of the debt securities in a supplement to this prospectus. The prospectus supplement will also indicate whether the general terms and provisions described in this prospectus apply to a particular series of debt securities.
    We have summarized below the material terms and provisions of the indentures. The summaries are not complete and are subject to the terms of the indentures, which are incorporated herein by reference. You should read the indentures for the provisions that may be important to you. The indentures, and not this description, will define your rights as a holder of the debt securities. The indentures are subject to and governed by the Trust Indenture Act of 1939. The indentures are substantially identical except for provisions relating to subordination, guarantees and certain covenants described under the headings “— Certain Covenants — Limitation on Certain Liens” and “— Guarantees of Significant Subsidiaries.”
    The indentures do not limit the amount of debt securities that we may issue. We may issue debt securities up to an aggregate principal amount as we may authorize from time to time.

  5. AMENDMENT NO. 1
    TO
    FORM S-3
    REGISTRATION STATEMENT
    UNDER
    THE SECURITIES ACT OF 1933

    RESIDENTIAL CAPITAL CORPORATION*
    (Exact name of registrant as specified in its charter)
    *Additional registrants shown on next page

    Delaware 6162 20-1770738
    (State or other jurisdiction of
    incorporation or organization) (Primary standard industrial
    classification code number) (I.R.S. Employer
    Identification No.)

    Incorporation Industrial Classification IRS Employer
    Name of Additional Registrant* or Formation Code Number Identification No.

    GMAC Residential Holding Corp.
    Nevada 6162 91-1902190
    GMAC-RFC Holding Corp.
    Michigan 6162 23-2593763
    GMAC Mortgage Corporation
    Pennsylvania 6162 23-1694840
    Residential Funding Corporation
    Delaware 6162 93-0891336
    HomeComings Financial Network, Inc.
    Delaware 6162 51-0369458
    * Address and telephone number of principal executive offices are the same as Residential Capital Corporation, except with respect to GMAC Residential Holding Corp. and GMAC Mortgage Corporation, whose principal executive offices are at 100 Witmer Road, Horsham, Pennsylvania 19044, telephone (215) 682-1000.

  6. The Investors didn’t get the Notes.
    I thought I said that?

    Plaintiff …KC as one half of the Estate, the plaintiffs note ….

    Reconveyence Bound
    Many Blessings to All!

  7. Except in the
    limited circumstances described in this prospectus supplement,
    owners of beneficial interests in the notes will not be entitled
    to have notes registered in their names, will not receive or be
    entitled to receive notes in definitive form and will not be
    considered holders of notes under the indenture

  8. It has started in Europe and the criminal TBTF pigs are already poised, through Dodd frank, to begin robbing US even further, here.

    http://ellenbrown.com/2015/12/29/a-crisis-worse-than-isis-bail-ins-begin/

    I encourage every visitor to this site to renounce ANY dealings with ANY of the large American banks and to do so immediately: pull your money out and put it in a credit union, at least…

    Although I am not sure how long even credit unions will be able to hold out against this criminal racketeering.

    Stop making excuses that your dealings with these banks, or the dealings of your family, with these banks , “really doesn’t add to their bottom line in any way and you just use them to cash your paycheck or process withdrawals etc…”.

    At the very least, you are aiding them in concealing their insolvency, while lending them “legitimacy” if you have ANY dealings with them whatsoever.

    Instead, as ANY victim of their criminal behavior, up-to-this-point already knows, these pigs need to be “choked-out” and denied ANY revenue streams whatsoever… period.

  9. So i had to look it up

    “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way – in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.[3]

  10. we live in times that are bringing out the worst and the best of human nature
    Charles Dickens said it first in tale of two citites

  11. @Deb and Louise,

    I think the site is “hurtin’homeowners”. In NJ they claim there is a “deepsix file” that realtors conspire not to show so as to get those homes after foreclosure.

    I don’t know how true it is.

    I also heard another story that a prominent realtor in NJ is under federal investigation.

    There is no doubt in my mind that, once the true predators have fed: the banks, for example; the rest of the carrion come out of the woodwork and local building depts, police, garbagemen etc., know which homes are in distress.

    this is the new, “get-rich-quick scheme” here in the US. It is a national disgrace

  12. Ill say this though- people are crazy to buy at this time plain crazy

    Oh and my nurse and doctor friends are all going to see the big short the ones that already have seem it are outraged- remember who they targetted-
    pass on the word folks THE BIG SHORT MOVIE – WITH BRAD PITT RYAN GOSLING AND STEVE CARRELL ( does a great job) CHRISTIAN BALE
    big Humongous THANK YOU to these amazing actors ,

  13. My point – Realtor doesnt appear to care about her commission from the story i heard had done nothing for this lady

  14. So the realtor gets more ” commission” via the bank perhaps – well do the math fmv ( fair market value) say 220k offer 205k

  15. Deb, the realtors are in on the scam. They want their commission and do not care about the homeowner.

  16. Oh and this bloody realtor had the person shortselling empty the whole house in advance, she is paying for storage currently

  17. So what do any of you reckon of this short sale there was a buyer within tbe week – in escrow, went bad, few weeks later another buyer lives in chicago ( the house is AZ) been six weeks and all kindsa excuses bank says whats going on ( words to that effects) realtor says uhumm i firgitvthe excuses they were that bad , bets on this person ends up in foreclosure, any of you heard the same or similar story,

  18. No actual “Lender” will ever, voluntarily, step forward.

    There are Trillions owed the Taxman.

    The “Trusts” are empty. There is NO “RES”. Hence, millions of violations on “pass-through certificates” that were issued on bogus, pools of loans.

    Mort (the Banker) and Gage (his secretary), took money from third parties (pension plans)…

    Mort claimed he gave the money…

    Gage is willing to “keep-up-appearances” and is, presently claiming an ability to foreclose on the collateral (your house).

    Mort took the “loans” someone else paid for (the pension plans) and made “Service Agreements” with Gage (pooling and servicing agreements) and then he placed those fully-paid “loans” into a “Bucket Trust”, (google, “Bucketeering”).

    Gage is left, keeping up appearances and collecting her fees, even as she and her fellow secretaries are placing “Short-Sale Bets” (derivatives: cdos, cds) against any given “Loan” and thereby any given “borrower’s ability to pay on any of the “loans” within phony portfolio (The “Trust”).

    THESE BOGUS, “SHORT-SALE BETS” ARE TRACKED BY THE MERS!

    The criminals are satisfied no one beyond the immediate relationship to the phony pools of “loans (the Trust)”, will ever be permitted, as third parties to penetrate the nonsense and gain a working knowledge of the multiplicity of Frauds.

    Time will tell- and although redundant, no actual “Lender” will EVER TELL WILLINGLY- THE TAX CONSEQUENCES ARE CRUSHING.

    The central bankers- in residence, through FRAUD- to the intentionally mislabeled “Federal Reserve- neither federal while owned by a private criminal banking cartel, nor, possessing ANY reserves- our money is created out of thin air, are presently, INSOLVENT. They owe 1200 TRILLION DOLLARS to the international criminal deceit that is “central banking”.

    These, “Notional Derivatives” far surpass any assets that will counter-balance them on their books… and, their books have not been available for inspection since 2006! (google “M3”).

    The same criminals that own and operate the criminal fraud that is the “Federal Reserve”, also, once-upon-a-time, owned F&F until taken into conservatorship in 2008.

    The same criminals now own the DTCC and DTC; each of which are supposed to report on “DERIVATIVES”… Anybody see a pattern here??? LOL.

    Clinton and 3 republican senators cooked this up after a double-date with Monica Lewinsky and impeachment.

    First there was “subprime” and now, there is “Notional Derivatives”.

    If HillBillary gets in, We The People are doomed.

    Donald trump, like “Benghazi”, is just another media contrivance to enhance her “VICTIMHOOD”!

    Trump is a “reality tv star” and product of the criminal, banking class; I will believe he is genuine, the day his fellow reality star, Kaitlin Jenner, separates herself from Bruce Jenner’s penis.

    C’mon people, Trump is so crude as to pillory Hillary for using the bathroom? If you believe he isn’t intentionally targeting the mentality of two-year-olds, I cannot believe you are capable of reading what I just wrote.

    Senator Sanders 2016

  19. where are the “section B exclusions”?

  20. And don’t forget those Accounting Records Required Proof..
    To get Title Insurance!
    Pleminary Title Insurance Policy. . section B exclusions bite!

    Heck Yes the Court can Void a Warranty obtained under Inducement by Misrepesatitions .

  21. SC – please check your email
    ty
    gg

  22. a subpoena to YOUR checking account bank will yield all your checks and statements if you were busy or sloppy… for at least 7 years… if i’m not mistaken…

  23. That’s it Spitfire! Get Enraged!
    How much does KC owe?
    KC wants Payoff, KC doesn’t do business with or work for Criminals!!!
    But she does keep Good Records.
    She had a Good Teacher!

  24. Here is what Neil neglected to state in this article, primarily because he does provide legal services to homeowners:

    There are hundreds, if not thousands of investors that would be willing to work with a homeowner that has any equity in their homes. They Pay Off the pretender lender or servicer and then turn around and Owner Finance the property back to the original home owner.

    However, if the home owner has kept good records, cancelled checks and bank statements, then before the Investor pays off any amounts, the home owner has every right to request, in writing via certified mail, a FULL and proper accounting of the loan with ALL debits, escrows, credits, escrow advances, etc… along with “Proof” of any payments made on their behalves on the property. By both Federal and most State Laws, if they are admitting that they are Debt Collectors then they MUST abide by the Fair Debt Credit Practices Act and turn over a full accounting and “Proof” of the debt and that they are legally permitted to collect those amounts. Which requires a PAPER TRAIL.

    I have found that it is at this point that everything just STOPS. Because once they enter into any type of “accounting” on these fraudulent “debts” they are purporting to own, things start to unravel. And they do not want anyone to actually “Pay Off” the debt. They NEED the foreclosure. They have hedged bets on it ~ sometimes several Put Options on one property exist. So if it does not foreclose… YIKES! No pay outs or returns on their investment(s).

    I currently have over a dozen requests that have been sent via Certified Mail and to date, over a 5 year period, I have yet to get a proper accounting from ANYONE EVER.

    So if they come back again, as they are prone to do, I will be happy to allow a judge to see ALL my requests for a Pay Off amount and a proper accounting. And then sue the hell out of them when they cannot provide it, as another couple here in Texas just did and won $5.4 Million dollars inn their suit, as ruled by a jury of their peers. Because as it turns out, I DO have every single cancelled check and every single bank statement and every single mortgage statement over an eleven year period. But apparently I am the ONLY one keeping track of ANY of that.

  25. Neil is Bob Hurt…

  26. Federal or state laws allow courts, under specific
    circumstances, to void debts, including guarantees, and could
    require holders of the notes to return payments received from us
    and our subsidiary guarantors.

  27. If creditors were to initiate a bankruptcy proceeding or lawsuit
    against us or our guarantor subsidiaries, the notes and the
    subsidiary guarantees could come under review for federal or
    state fraudulent transfer violations. Under federal bankruptcy
    law and comparable provisions of state fraudulent transfer laws,
    obligations under the notes or the subsidiary guarantees could
    be voided, or claims in respect of the notes or the subsidiary
    guarantees could be subordinated to all other debts of the
    debtor or subsidiary guarantors, if, among other things, the
    debtor or subsidiary guarantors at the time the debt evidenced
    by such notes or subsidiary guarantees was incurred:

  28. We will issue the notes in the form of one or more fully
    registered global notes registered in the name of the nominee of
    The Depository Trust Company (“DTC”). The notes will
    be recorded in a register held by Deutsche Bank Trust Company
    Americas, as Registrar. Beneficial interests in the notes will
    be represented through book-entry accounts of financial
    institutions acting on behalf of beneficial owners as direct and
    indirect participants in DTC. Clearstream Banking,
    société anonyme and Euroclear Bank, S.A./ N.V will
    hold interests on behalf of their participants through their
    respective U.S. depositaries, which in turn will hold such
    interests in accounts as participants of DTC. Except in the
    limited circumstances described in this prospectus supplement,
    owners of beneficial interests in the notes will not be entitled
    to have notes registered in their names, will not receive or be
    entitled to receive notes in definitive form and will not be
    considered holders of notes under the indenture. The notes will
    be issued only in denominations of $2,000 principal amount and
    any integral multiple of $1,000 above that amount.

  29. he notes will be our senior unsecured obligations and will rank
    equally with all of our existing and future unsecured and
    unsubordinated indebtedness. Similarly, the guarantees are the
    subsidiary guarantors’ senior, unsecured obligations and
    will rank equally with all of the respective subsidiary
    guarantor’s other existing and future unsecured,
    unsubordinated obligations.

  30. Certain of our subsidiaries have unconditionally guaranteed the
    payment of principal, interest and premium, if any, on the
    notes, as described under the heading “Description of the
    Notes — Guarantees.”

  31. FIRST AMENDMENT AGREEMENT
    To First Priority Pledge and Security Agreement and Irrevocable Proxy
    Dated as of August 14, 2008
    by and among
    RESIDENTIAL FUNDING COMPANY, LLC,
    GMAC MORTGAGE, LLC,
    RESIDENTIAL CAPITAL, LLC AND CERTAIN OTHER
    AFFILIATES THEREOF PARTY HERETO,
    as Grantors,
    WELLS FARGO BANK, N.A.
    as First Priority Collateral Agent
    and
    GMAC LLC,
    as Lender and Lender Agent

  32. hey TC,

    me 2 fighting for now my 6th yr. they tryed to have a foreclosure sale 3 times in that time. i just went out to them and ask for all docs , givin them authority to have a foreclosure sale. they ran away when i showed them , the promissory note i have in hand. thats show no one in there chain at all. so they run away.

    i have a signed note,dated the same day as closing. that was signed without recourse, this is not a stamp. and it is signed dated, and it is not a blank. assignment. it has a name on it. and it is wet ink. got it from closing attorneys secretary. he was not happy. hum why??

  33. bamsec.com has great info . get it.

  34. Neil – again an excellent article – I had acccumulated several hundred pages of documents before we filed our lawsuit- Oct 2010 is when I filed my class action which was pulled and my case became a counter claim in Ill State Court in January of 2011 -We filed for discovery and it took 2 1/2 yrs and a judge to ge pissed off at the Banks attys to obtain it They threw stall tactics galore including a Proprietary and Protective order request The Judge blew up-we got our docs, those lawyers were fired by the banks and that was over 2 yrs ago – then they motioned for meditation – we kept trying they kept delaying – after a year the judge got pissed and onward we go Delays are their only tactic – and after 5 yrs they are running out of time and approaching the final motions phase – VERY costly – and if I didnt have the very specific documentary evidence of fraud including emails, letters, and phone recordings, internal Bank Docs and docs from the Investor (FNMA) – i likely would have considered another approach – I tell people plan on 5 yrs or more and tens of thousands of dollars to pursue – and No attorney should be expected to shoulder the expense – Homeowners if they want to pursue it – should be active participants have excellent documents be willing to compensate their lawyers, attend hearings and be a team member – Here in Illinois – i have seen so many cases go through the court and very few homeowners present – if you are going to fight it takes a huge commitment on many levels – otherwise – take a mod or consent foreclosure and move on with your life – There is alot here to prosecute – but pro se securitization fights are a tough road – in Illinois i tell everyone – GET AN ATTORNEY! you will not likely beat a bank in this state without one.

  35. Getting full discovery would solve many problems for homeowners/borrowers.

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