Short term lenders

Yes, they would definitely have to file and record the paperwork, etc. They would have to do all that, and notify you of any sale date, etc.

There have been a few comments (above) about various codings on the letters, but no one has given an update as to what happened after receiving them. One is by so I am following along with them for updates. Our letter said they may refer the house for long term payday loans online foreclosure , but did not say they had yet, and nothing is showing up in our County Recorder yet.

I replied to them stating I am ready to litigate on Aug 24 via Certified Mail. I replied to them stating I am ready to litigate on Aug 24 via Certified Mail. I just got off the phone with the bank tried to talk about settlement,they said that may be an option BUT we must first get denied for a modification and they are asking for a lot of items,and I totally will not sign a 4506T. I just got off the phone with the bank tried to talk about settlement,they said that cash advance omaha ne may be an option BUT we must first get denied for a modification and they are asking for a lot of items,and I totally will not sign a 4506T. I think this is a tactic they use to get your financial info... Perhaps you should post your question in short term lenders other forums also, to see if someone can help with the question.

I know on the two rental Helocs we settled with BofA, we never sent any financials, just a hardship letter. At that time, they seemed to be settling a lot of the Helocs at BofA, that was February of last year. Just got a package from Mediation Service saying that BOfA has requested to meet with me. They have to offer the homeowner a opportunity to mediate before initiating foreclosure (mandatory easy payday loans online mediation requirement in Oregon). I plan to meet with them but will not apply for loan mod. Whether they will go ahead with the foreclosure is too early to tell. Just got a package from Mediation Service saying that BOfA has requested to meet with me.

They have to offer the homeowner a opportunity to mediate before initiating foreclosure (mandatory mediation requirement in Oregon). I plan to meet with them but will not apply for loan mod. Whether they will go ahead with the foreclosure is too early to tell. Well I do not know what this means ,but as of today I go to my B of A screen to check the the balance of my heloc, which is still showing a balance. I click on it and it does not show me anything ,,,and a box pops up and says to call bofA for more information. It stills shows the balance due, but when I direct money lenders click on need a loan today it, it will not show me transaction history, statements or payments due....

Just got a package from Mediation Service saying that BOfA has requested to meet with me. They have to offer the homeowner a opportunity to mediate before initiating foreclosure (mandatory mediation requirement in Oregon). I plan to meet with them but will not apply for loan mod. Whether they will go ahead with the foreclosure is too early to tell. I am not a very good thread follower so hopefully something I say is helpful whether or not it takes into account all that has been said on these oregon threads. I short term lenders have represented a number of homeowners at these mediations. The reason they are offering the mediation of course is so that they can get their certificate of compliance and go ahead and foreclose. The lender is never scared of litigation or hesitating about filing because of the threat of litigation. The only time they really start working on a loan mod or settlement as a reaction to homeowner claims is when you have actually filed strong counterclaims and survived a motion to dismiss or motion for summary judgment. Before that, everything that happens in terms of starting and stopping and pauses in the foreclosure process usually has to do with loans being sold, servicing transferred, and just the size of the piles that are on the foreclosing attorneys desks, time to put together numbers, get title reports, and all the other things that need to happen. They will of course hold off on foreclosures based on the CFPB rules and the mediation program requirements and therefore applying for loan modifications is a good way to get more time in the home since the most helpful CFPB rules are the ones that say they have to stop the process when you have a facially complete modification in and acknowledged (at which point the servicer sends a loss mitigation hold to the foreclosing law firm.

Passage of time without resolution does more than anything to soften up the lender for some kind of larger cash for keys settlement or modification. Filing counterclaims and seeking loan modifications makes more time go by without resolution. I have also found that when you are in a situation where they improperly denied you for a mod or kicked you out of a trial payment plan or something that it can be very helpful to get into a new mod 2 or 3 or 5 years later because then it is much easier to calculate damages by comparing the two modification scenarios to each other. I am just settling a case with Chase in which my client was kicked out quick loans chattanooga tn of a trial plan and then we got her into a comparable mod 5 years later. They have offered her 40K cash to offset the interest that accrued over the five years the loan was in limbo and they have offered to report the credit as on time for those five years.

Seeking loan modifications can also be a good way to get fresh UTPA violations. Especially for those whose original issues happened prior to the new attorney general loan servicing rules became part of the UTPA.

Any organizational deposition is one of the most powerful tools as things get bogged down and they are softening up for settlement because responding to an organizational deposition is a huge pain for them and can only cost them money and sending out the notice is really cheap on your side.

The biggest reality for the lender is that no matter what your claims, if you get past a motion to dismiss or summary judgment they are stuck just throwing more money down the drain and so 30-60K is often an acceptable settlement range from their perspective for them to give you either as cash for keys or with a corresponding loan modification. I have handled a couple of hundred judicial foreclosures and I have only settled a handful of cases that included cash settlements. The rest of them were just getting loan modifications, short sales, and more time in the home. You basically have to have a trial payment plan that is upheld as a contract to really have a good case, but their are UTPA claims that have potential as well and perhaps other claims of fraud, misrepresentation, etc. If they were suing on the debt then perhaps the contract 6 year sol would apply, but there will be a lien on the house until the debt is paid and they can foreclose that lien 20 years from now if they want. If there is a lien and the note is in default, it can be foreclosed. Yes, they would definitely have to file and record the paperwork, etc. They would have to do all that, and notify you of any sale date, etc.

Often short term lenders the form of alternative service te judge will allow will be to publish the sale in the paper for four consecutive weeks at which point you will be deemed served and they will take a default judgment against you. If I wanted to know if I was getting foreclosed I would watch the county recorders office, for recording of notice of default and election to sell (for nonjudicial foreclosure) and recording of lis pendens (for judicial foreclosure).

For a nonjudicial you are not served you just get the paperwork by certified mail. IN Oregon it is much easier and cheaper to drag out a judicial foreclosure than a nonjudicial. If you have actual viable claims then it can work either way, but if you just want more time and opportunity to get you income in the sweet spot to get a mod then you are much better off if they file judicially.

I closed on a short sale in Feb 2009 (in FL) which left a 2nd balance of 120K.


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I believe the SOL ran out in Feb of 2014 at which point I thought I was out of the woods. My thought is that in general in a short sale with two loans (here in oregon) there are two loans (or portions of them) that can potentially be forgiven. Whether or not any of the second is forgiven depends on how the short sale was structured.

In many short sales the first pays a bit to the second and the second releases its lien and generally settles or forgives the debt as well. If the second was not paid off or settled for less than face value at the time of the short sale then no forgiveness would have happened then and it would instead be happening now.

One thing to understand is that IRS rules state that if you filed BK on the debt or were insolvent at the time of the debt forgiveness then those are exclusions or exceptions to counting the forgiven debt as income that existed easy loans online no credit check before and continue exist regardless of the blanket protection that was in place from 2007 through 2014. My understanding is that you determine insolvency at the time you still had the debt that is being forgiven. The best thing to do is talk to an accountant about whether you have to count the forgiven debt as income. Free Wheelin, can you tell me what your Heloc balance was with BofA? That is the question I would be wanting to find out from all these group members. There is no statute of limitations on foreclosing a lien. If they have a lien and it is in default they can foreclose it. Presumably the states statute of limitations for a contract would apply to their ability to sue on the note.

I am an oregon attorney so my comments should be taken with the understanding that I only know Oregon law. That took about 4 months for BofA to get them recorded. Maybe we can settle this one too, even thought the tax consequences would be huge. For those who have seconds that are way under water they can still go ahead and sue you on the note any time they want and garnish your wages and bank accounts. There is an outfit out of Eugene oregon that is preaching their business model all over the country. They specifically look short term lenders for those who have a first they are paying on and have a second they are not paying on.

Its too small beans for a Wells or Chase or BofA but it is a good business model for them.