Forum Replies Created
April 18, 2011 at 8:36 pm #33706
BTW, one of the reasons a bank may choose to accept HOPES is to avoid the probability of litigation. I have been told that if the bank chooses not to accept the HOPES Proposal, a suit would be filed and pursued against the lender to have the mortgage eliminated.
Who would be funding that law suit?March 5, 2011 at 5:34 pm #33536
I e-mailed you last night.March 3, 2011 at 2:47 am #33528
FABULOUS… JUST FABULOUS!!!
Thanks, Jeff.March 2, 2011 at 8:11 pm #33535
Thanks Scott for your prompt response and your input is always invaluable… It keeps the mind in motion.March 2, 2011 at 7:59 pm #33526
Thanks for your diligence Amy. What data base are we refering to? Where would we find it?March 1, 2011 at 7:59 pm #33532
Thanks Peter… I do have a call in to Tom.March 1, 2011 at 7:06 pm #33530
My trustee, PAC Mgt., collects and keeps all late fees, they refuse to share any of it.February 25, 2011 at 4:56 pm #33511
I was aware of the move, but was hoping there would be some update on WIP reports and web availabilty of such… not so much about any drama that arose.
That’s why I stay away from most newpapers and the television that my wife owns.February 25, 2011 at 4:41 pm #33509
I was not able to make the Wednesday call… Can I contact you for an update?
You can e-mail me on this board with your best contact information or 917-224-2950.
Thanks.February 23, 2011 at 10:10 pm #33504
Call me Connie… 917-224-2950February 22, 2011 at 7:57 pm #33450
A- If all works right, at the end of the transaction, my 24% interest is to be sold to the lender at a discount; hopefully somewhere near what a real estate agent would get in a short sale. The angel would also be paid their interest and the lender and homeowner would continue on as co-beneficiaries.
I might be missing the order of things here. When I say at the beginning of the transaction, I mean that the all parties have signed on the dotted line and are moving forward as the trust agreement specifies. It seems to me that you are saying that’s the end of the transaction for you and when you get paid and everyone else moves forward. The Trust agreement is only put into force at this point, hardly the end.
To me the end of the transaction, is as in the Trusts I am involved in, is when the trust is desolved and all parties receive their respective pieces of the pie.
When I asked about sharing the upfront cash I was referring to your buyout being shared with the NARS member bringing the deal or ;you swapping positions with that member and permitting them to sell their share to the bank at the negotiated discount.
You also only list the the bank and the homeowner as continuing on as co-beneficiaries. Where is the NARS member at that point?
A- If the “Analylists” were so in tuned to trends, they should have saved us from the mortgage meltdown. They didn’t and here we are. History shows continual upticks after downturns. I hope history will repeat as soon as possible.
I did not say bankers I said analysts. Some of the same ones that predicted the meltdown and still don’t see us as on the path to recovery… I truly don’t think it was within their power to have caused it or prevented it from happening. That was up to Big Brother and the banks.
I too HOPE for a better future.
A- I don’t think so. If both parties perform according to agreement, both parties win. I see the homeowner remaining in control of occupancy, the lender getting paid in full and both sharing future equity 50-50.
If the homeowner and bank are 50-50 at his point, I am not clear on where the NARS member is at his point? I don’t think the bank is going to buy us both out and manage the tenant replacement. Especially when they will probably only agree to remaining a beneficiary for a few years and look to get bought out through a baloon payment themselves, requiring a refy by the homowner.February 22, 2011 at 7:19 pm #33449
First to Scott… I did not recommend a loan mod. What I said was that at one time some folks on this board thought it was not the best thing since sliced bread.
As far as a Loan Mod is concerned, even if one was accepted, the Loan Mod contract now eliminates the possibility of the homeowner ever being able to sue the lender for title or damages and it allows the bank to sell the property, at any time and without ANY further notice, right out from underneath the homeowner
Does this mean that we can sue the bank over mortgage fraud and violations? I would think not.
Also, in a judicial state like NY, the bank may not just evict the homeowner they must continue with the foreclosure process, and until the court gives them a judgement the homeowner is still in home sweet home and even then they still have to go through the court to eject the errant homeowner.February 20, 2011 at 6:15 pm #33443
Forgive me Dave… but I have to play devils advocate with this.
You get a 24% interest which you sell for cash at inception of the transaction and you and the ‘angel investor’ are paid and gone.
The homeowner gets a lower payment but is still on the hook for the overencumbering loan, probably at a longer term.
The homeowner is now in a quick ‘no’ foreclosure, ‘quick’ eviction position to loosing his home if he misses a payment. When a loan mod was accepted before, the bank had to start over in the foreclosure process.
The NARS member waits and ‘HOPES’ that the property value appreciates (most annalists don’t see the bottom for at least another year). Let’s not get into what the dollar will be worth if the market ever appreciates.
How about splitting that upfront cash with the person who brought the deal?
I understand that this could help the homeowner stay, but as you have stated in the past; (when we were pushing loan mods as the best thing since sliced bread) more people fail in a loan mod than not, and end up loosing their homes anyway. Yes and I do understand that it is ‘their decision.’
What ever happened to the retoric that went something like; ‘those big bad banks’?
Aren’t we positioning the bank just ahead of the homeowner with this?
It seems the banks have succeeded in pushing back and we have given into them, and are now supporting them in exchange for a ‘first position’ at a nice nice fat paycheck.
Just a few thoughts on the profits of HOPES.January 26, 2011 at 8:42 pm #33420August 13, 2010 at 4:23 pm #32670
‘There is no giant step that does it. It’s a lot of little steps.’
I might suggest you go back and read some of recent posts on this Forum.
The answer to your question has been tossed about endlessly over the last couple of weeks and months along with offers of hand holding by a number of members who are in the action.
Take some of those little steps… and you’ll be exposed to the facts in the game along with several perspectives from people in the know, that appear in some really good discussions on this subject.
Billl also hosts live teleconferences a couple of times a week and fields questions.