dustbusterz

The Problem with Loan Modifications

Home borrowers cannot be foreclosed on any more . There was an article that states this clearly,. If you have the original loan papers in your possession, you can permanently stop the foreclosure process, by asking for a discovery process (whereby)the bank or other entity must show their original papers).If like many banks they cannot or will not show these original papers(with no modifications to them) you can stop the foreclosure. See, mast of these loans were repackaged and sold(many times they would be sold more than once) and to do this, they had to stamp the original as paid in full. If there is any change to the original papers, you can show this is not the agreement you originally signed,thereby making it impossible for the banks to foreclose.Its actually illegal for them to repackage and resell these loans in the first place, and courts have backed up the borrower in recent cases.So check it out, you can owe money on the house and still not fear losing it. so the next question is, if it can't be foreclosed, then does the buyer get to keep it even though its been unpaid? it would seem so at this point.That puts a new twist on the banking problems. cause they were foreclosing while getting government money and then selling the home after foreclosure (essentially a second payment if you will) on the same home.But with recent courts holding for the buyer, that seems to be coming to and end ,but leaving the buyer with a home he hasn't paid for.