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My lawyer said that it is not even that hard to fake an authorization letter from fannie mae. There is some funny business going on here, and if there are a few more cases, maybe the thread can be moved up to tell us your strategic recovery story. If this happens you will get a whole new round of legal notifications etc.

I am not a lawyer, but from the experience and my lawyers advice, you fall behind for whatever reason, the lender has the right to his money or the property. This is done through a foreclosure and all the legal paperwork and official notifications. The end result is the sheriffs sale or auction where people can bid on the property as well as the bank (if bids bad credit loans utah loan poor credit do not reach the amount owed in the DEFAULT judgement the bank will almost always bid higher so as to at lease recover the property). I was told by 3 lawyers that this almost never happens. If it does, this would be a separate action, requiring re-filing with the court, official notifications, and must be done within a legally prescribed time period (in Pa.

This action is seeking the court to give them a DEFFICIENCY JUDGEMENT.

Update - So after my lawyer responded to Strategic Recovery Group asking for a break down of charges they finally send another letter.

Update - So after my lawyer responded to Strategic Recovery Group asking for a break down of charges they finally send another letter.

I currently consult with people to empower them to defend themselves against this problem.

This is a junk debt buyer and they take people to court and ask the court for a judgment and usually get it as most cannot afford a lawyer. Currently I have one client that I have supported with legal documents using a rule of the court where the junk debt collector fails to state a claim for relief to be granted. The suit bad credit payday loan direct lender was filed against them over a year ago and I have shown them with supporting court documents how to stop them. Now the court wants to dismiss if the plaintiff does not request a hearing. Technically a Motion was put before the court by the defendant and must be ruled on. I am supplying and training the defendant to go to the hearing and present evidence that the Plaintiff has no license to collect. This is a bombshell and will blow these crooks along with their crooked lawyers out of the water. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

If the loan is negotiated in Spanish, then the loan documents need to be in Spanish.


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The reality is that this never happened and many of these borrowers are going into foreclosure when they have a legitimate defense and can fight back against this form of predatory lending. According to data from the United States Census of 2000, of the more than 12 million Californians who speak a language other personal load than English in the home, approximately 4. The top five languages other than English most widely spoken by Californians in their homes are Spanish, Chinese, Tagalog, Vietnamese, and Korean. Together, these languages are spoken by approximately 83 percent of all Californians who speak a language other than English in their homes. The law is very clear and it states that if a contract is negotiated in a foreign language then that contract needs to be written in that foreign language. If the loan is negotiated in Spanish, then the loan documents need to be in Spanish. If a person described in subdivision (b) does business at more than one location or branch, the requirements of this section shall apply only with respect to signature loans the location or branch at which the language in which the contract or agreement was negotiated is used.

The reality is that this never happened and many of these borrowers are going into foreclosure when they have a legitimate defense to The law states that Regulation M and Regulation Z mean any rule, regulation, or interpretation promulgated by the Board of Governors of the Federal Reserve System and any interpretation or approval issued by an official or employee duly authorized by the board to issue interpretations or approvals dealing with, respectively, consumer leasing or consumer lending, pursuant to the Federal Truth in Lending Act, as amended (15 U. Upon a failure to comply with the provisions of this section, the person aggrieved may rescind the contract or agreement in the manner provided by this chapter. When the contract for a consumer credit sale or consumer lease which has been sold and assigned to a financial institution is rescinded pursuant to this subdivision, the consumer shall make restitution to and have restitution made by the person with whom he or she made the contract, and shall give notice of rescission to the assignee. Notwithstanding that the contract was assigned without recourse, the assignment shall be deemed rescinded and the assignor shall promptly repurchase the contract from the assignee. The facts are that many of these people were severely taken advantage of and many were swindled by unscrupulous brokers and lenders.

May times it was people of their same race and spoke the same language that used their heritage to gain the confidence of the non-English speaking borrower to fly under the radar and place them in high costs loans and homes that they never should have bought.


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I assume that there are many other states that have similar laws and these non-English speaking borrowers have an equitable defense against a foreclosure action or unlawful loan. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of bad credit payday loan direct lender the firm or any individual attorney. Please Read our I understand the application of this code for retail loan officers, but what about when receiving applications from brokers in a Wholesale situation? Would that apply only to the lender not the broker? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

In PA also and probably will be in the same boat after they finally take the house. If I understand this correctly even if FM does not go for a deficiency judgement, they will try to recover the deficiency amount through Strategic Recovery or some other entity? Are the rights to collect the debt sold to this other entity, and if so are they the one who will attempt to seek a judgement based on what? When I read that in PA they only have six months to file for a deficiency judgement I was hopefully that i might be able to get through this without filing BK, but now not so sure.

The banks(and Fannie) made money off of the foreclosures, they get the house and then the greedy sociopathic frauds that they are start coming after for more from people who make an average income.... In PA also and probably will be in the same boat after they finally take the house. If I understand this correctly even if FM does not go for a deficiency judgement, they will try to recover the deficiency amount through Strategic Recovery or some other entity? Are the rights to collect the debt sold to this other entity, and if so are they the one who will attempt to seek a judgement based on what? When I read that in PA they only have six months to file for a deficiency judgement I was hopefully that i might be able to get through this without filing BK, but now not so sure. At this point Lender has gone to court to make the case that you are in default on your loan. The amount of the default judgement will be for the balance of the loan when they first notiified you, plus interest through the anticipated date of the sheriffs sale, plus all legal fees and the cost of the sheriffs sale.

The bank will be at the sale to make sure that the home does not fall into the hands of a third party for less than they are owed. The only legal way to do this in Pa is to go before the court a second time, (with all new notices to you) and seek the amount they feel is due them. At banks that offer personal private money lending loans this point they need to establish the value of the home, and apply that to the amount owed, then add fees etc. You should grab an attorney quickly to watch over your rights. To state all bad credit payday loan direct lender this another way,,, the default judgement only says the total you owe them at the time of the sheriffs sale, it does not include the value of the home. Overall you do not owe them the amount of the judgement, you owe them the amount of the judgement less the value of the home. If Fannie Mae, or Strategic Recovery Group try to circumvent this proceedure, they would be fraudulently colecting a debt, and they will get nailed. These loans are sold to Stategic by Fannie as fannie knows the person foreclosed on has no money and to collect is probably not affordable to fannie. So, fannie sells the debt to a collector for pennies on the dollar and the junk debt buyer goes after the person. Most do not have money bad credit payday loan direct lender to hire an attorney, so they settle. They do not realize, that first the debt collector must have a license within the state it collects and if it does not it is in violation of the Fair debt and collections act. It is a sad deal what these crooks are allowed to do, but they are only allowed to do what they do as nobody challenges it. These loans are sold to Stategic by Fannie as fannie knows the person foreclosed on has no money and to collect is probably not affordable to fannie. So, fannie sells the debt to a collector for pennies on the dollar and the junk debt buyer goes after the person.

Most do not have money to hire an attorney, so they settle. They do not realize, that first the debt collector must have a license within the state it collects and if it does not it is in violation of the Fair debt and collections act.

It is a sad deal what these crooks are allowed to do, but they are only allowed to do what they do as nobody challenges it.