How Our Law Office Can Help Stop Foreclosure?

How Attorney at Law

Malik Ahmad

Can Help You?

Keep Your Home

www.Fastbankrutpcynevada.com

 

We Prepare litigation that raises several arguments which include:      1. Statutory defenses where appropriate, pertaining to the Notice of Default and Intent to foreclose, were they proper.      2. We can attack the foreclosing parties as incorrect parties.           3. Raising an argument where appropriate of Predatory Lending.      4. Requesting to have your Note and Trust Deed reformed to the actual  current value of your home.      5. We also make an argument that if your property has been sold at auction the sale should be set aside and you should be reinstated on title.      6. We also prepare for your filing a Notice of Pendency of Action which when recorded with the County Recorder’s office will cloud the title thereby preventing your property from successfully being transferred during the litigation.

Mortgage Help Not Working

AP
Mortgage aid falls short, Bush admin official says
Wednesday November 19, 5:17 pm ET
By Alan Zibel, AP Real Estate Writer

Federal government changing mortgage assistance programs after efforts fall short

 WASHINGTON (AP) — Two government programs designed to help hundreds of thousands of delinquent borrowers avoid foreclosure are having negligible effects, a top Bush administration official acknowledged Wednesday. One program will be revamped immediately, and the other possibly in the near future.Steve Preston, secretary of Housing and Urban Development, said both private industry and government efforts have fallen short as the foreclosure crisis has exceeded all but the most dire forecasts.

“The response has not kept up with the need,” Preston said in a speech the National Press Club. “Many Americans who should be getting help are not getting help.”

The “FHASecure” program announced in August 2007 has only assisted about 4,000 delinquent borrowers and “has really not met the need,” Preston said.

The other, called “Hope for Homeowners,” has received just 111 applications from distressed homeowners since it was launched Oct. 1. “Few lenders have actually signed up, and few borrowers are submitting applications,” Preston said. “So clearly we needed to make meaningful changes.”

The HUD chief outlined changes intended to encourage more participation in the Hope for Homeowners program, which refinances cash-strapped borrowers into new government-backed mortgages.

He also said that housing officials are reviewing whether additional changes to FHASecure might help that program gain traction.

Last week, hundreds of lenders gave HUD officials an earful of criticism about the Hope for Homeowners program. They blamed drawbacks in the program’s original design for their lack of participation. Among their complaints: lenders were required to absorb large losses on the delinquent loans.

Under the new rules, lenders would be allowed to take a smaller loss. New loans can be made for 96.5 percent of the home’s current value, rather than the previous level of 90 percent.

Even with the changes, borrowers would still have to pay back half of any appreciation back to the government if they sell their house or refinance.

The new guidelines only apply to borrowers who are spending up to 31 percent of their pretax income on their home loans. Borrowers who are spending a larger share of their incomes are required to have at least 10 percent in home equity.

Preston also said that lenders who hold home equity loans or other second mortgages must not block the transaction, but will receive an small payment and a share of any eventual appreciation in return for doing so.

In addition, lenders will be allowed to create new 40-year mortgages, rather than the traditional 30-year term, which will lower the borrowers’ monthly payments but cost them more in interest over the life of the loan.

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, called the changes “very helpful steps and reflect a commitment to meeting the need for more aggressive action to diminish foreclosures.”

However, consumer advocate John Taylor of the National Community Reinvestment Coalition said the changes “offer sweeteners for the lender and nothing for the homeowner.”

Preston did not release updated projections of how many homeowners are expected to participate, but officials hope the new guidelines will help the program reach its original estimate of helping 400,000 distressed borrowers over the next three years.

Why a Licensed Attorney is Better for Loan Modification?

Why Licensed attorneys are better for Loan Modification?

Malik Ahamd, Attorney at Law

 

Loan modification should only be handled by a local attorney. It should not be considered handling by some former loan officers, real estate agents and especially from folk from California. Truthfully, most of the foreclosure, ARMS interest mess has been created from and originated from California. I still get innumerable phone call, and solicitations in mail from California.  Every day some new scammer is born who is trying to eat up the distressed home owners once more.

 

Non Attorneys Cannot Practice Laws. State Bar of Nevada is very strict in enforcing non attorneys practicing laws. Most of the foreclosures are the result of some predatory lending practices, including a violation of RESP and TILA laws and only a licensed attorney qualified in this regard can help and render legal services.

 

A  loan modification is not guaranteed in every case and that is true with licensed attorneys as well. But once attorneys are involved, the things get accelerated, phone calls are answered, and letters are acknowledged.  Again, an attorney who is well versed can better advice if a filing of Chapter 7 or Chapter 13 is better suited to help the distressed homeowners.

 

Sometime a short sale, or a loan workout program or a forebearance is appropriate in different circumstances. An attorney in this field has a wealth of knowledge and can appropriately guide his clients.

Others may be better off discussing short sales.

 

There are legal defenses to a foreclosure sale.

Yes, there are legal defenses to a foreclosure sale and they include a proper history of all of your loan payments, PMI which stopped your proper rendition of loan payments and created an extra burden on borrowers. There are severe violations mentioned in RESPA and TILA, and your out of state or even in state former loan officers or real estate people cannot answer those questions. I am contacted everyday by these folks and they request me to take over. It is sometime difficult to rectify their fatal mistakes.

 

I am getting more and more calls from homeowners who hired companies in California and then found themselves stranded after they paid a fee and cannot get anyone on the phone. It seems that there is rampant unlicensed practice of law going on now in the loan modification area in Nevada and California. Practicing law in Nevada is a violation of the rules of State Bar of Nevada, and the Bar association pursues these cases very diligently, but they can’t do much to stop the harm already done to the borrowers and homeowners.