Foreclosure Banks – If You Can’t Beat ‘Em, Join ‘Em

WHAT does a home loan bank do when the borrower injures the bank by breaching the note? You know what I mean by “breaching the note,” right? The borrower stops making timely loan payments, or let the collateral property go to ruin from lack of down. WHAT DOES THE BANK DO then?

The bank launches a FORECLOSURE ATTACK against the borrower. The bank starts the attack gently. The bank writes the borrower a letter notifying the borrower of its grievance (such as non-payment), and tells the borrower how to correct the breach. If the borrower doesn’t catch up on the payments, the bank accelerates the note, making the full balance due and payable immediately. Then if the borrower does not pay up, the bank initiates foreclosure proceedings through a trustee or by filing a foreclosure lawsuit. Foreclosure means “breach of contract” with respect to a home loan backed by the real estate as collateral to guarantee repayment. In the end, the trustee or bank orders a sale of the property and disbursement of the money to the bank for discharging the debt. And if the property brings less at the auction than the loan balance, the borrower will still owe a deficiency – the difference between the sale price and the fair market value of the property.

WHAT does the borrower do in response to foreclosure? Typically the borrower hires a foreclosure defense lawyer who pretends to defend the borrower against the foreclosure by challenging standing or raising frivolous arguments. In the end, however, the borrower nearly always loses the house. Why? Because the lawyer prefers to bilk the client $500 a month for dragging out the foreclosure, rather than conducting a proper battle.

What proper battle do I mean? I mean MORTGAGE ATTACK, precisely the same method the bank uses in FORECLOSURE ATTACK. In other words, the honorable attorney will examine the loan-related documents, find evidence that shows someone on the lender team cheated, deceived, defrauded, contract-breached, or otherwise injured the borrower. Then that good attorney will use that information as the basis for negotiating a settlement with or SUING the injurious party.

The Mortgage Attack method has only one problem. Lawyers generally lack the resources or competence to find the injuries and attack the bank, and broke borrowers facing foreclosure generally suffer the same incompetence and lack of resources. But, the method works beautifully when the borrower applies it artfully. And, often the borrower who hires a competent professional to conduct a comprehensive mortgage examination (of the loan documents) can negotiate a suitable settlement without suing the injurious bank team members.

I have posted several case histories in the blog and articles section at which show the Mortgage Attack method in action. In Brown v Quicken Loans, for example, the court awarded 2.1 million dollars in damages to Brown, and the appraiser who cheated Brown settled out of court for $700,000.

Thus, borrowers who join the bank in using the attack methodology can win monumental cash benefits, enough, in some cases, to buy several houses. That explains why, borrowers who cannot beat the bank should join the bank in using the only reliably workable method, when applied artfully: ATTACK, don’t merely defend. From the borrower’s viewpoint that means MORTGAGE ATTACK.

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Author: Bob Hurt

See Consumer advocate helping borrowers in foreclosure save their homes and obtain compensation for their injuries.

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