Sarasota homeowners facing foreclosure face trouble potentially worse than foreclosure from sneaky bankers trying to take advantage of homeowners in distress!
"Mr." Potter epitomizes today's greedy, immoral banker..."worth more dead than alive."
Carpe Diem, Bankers!
Our elected politicians stupidly bailed you out with OUR money, and you have the audacity to trick homeowners in trouble.
Jonathan Alpers, an Orlando, FL, Bankruptcy Attorney hit me with an explosive blog post the other day titled, “Don’t Say I Didn’t Warn You About Deeds In Lieu Of Foreclosure.”
source: http://floridaassetprotection.blogs.com/alperlaw/2009/12/dont-say-i-didnt-warn-you-about-deeds-in-lieu-of-foreclosure.html
Before you ever consider a deed-in-lieu-of-foreclosure, run to a competent real estate attorney before signing anything. This is very serious.
Click Read More below now for an alarming warning about bankers’ deadly tricks to attack homeowners in trouble well after giving up the home.
TO GIVE A POUND OF FLESH IS NOT ENOUGH FOR BANKERS
Jon is dead on with just how low mortgage debt owners are stooping to TRICK confused, desperate homeowners. A couple years ago, we had the holier-than-thou crowd condemning people who took on a subprime loan as losers who should’ve READ and UNDERSTOOD their loan docs BEFORE signing.
Guess what?
Jon exposes a dirty trick easily overlooked but deadly in potential outcome.
Here’s exactly what Jon posted on his blog:
“Just a few days ago I posted an article about banks luring homeowners into signing false deeds in lieu of foreclosure. Here’s the first example. Friday, I received the following email from an attorney who has an active and successful mortgage defense practice:
“I had a client retain me with a deficiency judgment suit this morning. Peoples Bank. They offered him a deed in lieu telling him it would resolve the claims. He signed the deed. Although the DIL started with language which said “this deed is an absolute conveyance in satisfaction of the mortgage”, it had one sentence hidden in the document which says “Grantee acknowledges that Grantee reserves the right to proceed with a deficiency decree”.
“In the old days, a deed in lieu was an exchange of property for a release. Today, many banks are using the “deed in lieu” as a way to avoid the time and expense of foreclosure without releasing the homeowner from anything. They are presenting deed in lieu offers to homeowners who are not represented by attorneys that the offer does not include a true release of the homeowner. In signing a deed in lieu you will lose all your foreclosure defenses which you need to negotiate favorable settlements with the mortgage company.”
“So, I warn all you people with upside down houses and delinquent mortgages– if your lender offers you a deed in lieu of foreclosure make sure you read all the fine print when they send you the documents. Better yet, consult an experienced real estate attorney who has been helping people defend foreclosures (not me; I don’t do that type of work).”
This warning should alarm all of us. To Jon, I left the following comment on his blog, thanking him for warning us of this dangerous, dirty trick:
GREAT tip, Jonathan! For 3 years now, debt owners (including Servicers & SMO’s) progressively are attempting to slide in damaging docs or statements.
It’s the same with “lien release” vs. “Full payoff and settlement of debt.”
Wachovia is the WORST offender. Default is short sale department. However, their short sale department only grants LIEN RELEASE if accepted at all.
You have to KNOW to ask for their SETTLEMENT department if you want to walk away with no deficiency after sale.
Sneaky b*stards.
By the way, Wachovia’s settlement department is operated by (that is: outsourced to) NCO Financial, the WORST debt collection company on the planet. Sued by FTC previously for illegal debt collection practices.
Thanks, Jonathan, for sharing this valuable tip. Often, we don’t know what we don’t know.
Mike
For all the finger-pointers, this is exactly the kind of tricks used by bankers to lure people into subprime loans. Not everyone should need a law degree to understand a mortgage and note, let alone a full payoff and satisfaction on a short sale approval or deed-in-lieu-of-foreclosure.
Now, it’s your turn to speak your mind. Scroll down the page now to tell me what you think of bankers, etc. If you disagree with me, by all means speak your mind. I have no problems jeopardizing future real estate business by speaking my mind. Fortunately, a bazillion other realtors gladly will take your business. I will not cave in to the PC-crowd or avoid controversial topics for the sake of a commission.
Homes Sarasota demand legal intervention before signing on the dotted line. Today, the short sale or deed-in-lieu-of-foreclosure is not over until your attorney (whom you can’t afford but whose insurance policy you cannot afford to be without) agrees it’s safe to sign.
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