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    Loan Modifications, Foreclosures and Saving Your Home: With an Affordable Loan Modification Agreement
    Loan Modifications, Foreclosures and Saving Your Home: With an Affordable Loan Modification Agreement
    Loan Modifications, Foreclosures and Saving Your Home: With an Affordable Loan Modification Agreement
    Ebook84 pages1 hour

    Loan Modifications, Foreclosures and Saving Your Home: With an Affordable Loan Modification Agreement

    By Carl E. Person

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    About this ebook

    Foreclosure defense attorney Carl E. Person devotes this video to explaining how and why the best, most effective defense in most 1-4 unit residential foreclosures (whether owner-occupied or investor-owned) consists of 3 persons: (1) an experienced foreclosure defense attorney located anywhere in the United States; (2) a highly-skilled loan processor working for and under the direct supervision of the attorney; and (3) a local lawyer with an office in or near the county in which the mortgaged property is located. Person explains how the difficulties in obtaining a competent and willing lawyer locally in the nation's 3,100 counties has resulted in this 3-person team, and what their respective functions are. Person explains that most foreclosures since 2009 could have been avoided if the homeowners had defended the foreclosure with this 3-person team. This book is an expansion of Mr. Person's YouTube video posted on January 25, 2015, giving additional information not possible to provide in the 27-minute video. Also, Mr. Person has added a list with descriptions and links for his foreclosure-related videos.
    LanguageEnglish
    PublisherBookBaby
    Release dateJan 31, 2015
    ISBN9781483549293
    Loan Modifications, Foreclosures and Saving Your Home: With an Affordable Loan Modification Agreement

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      Book preview

      Loan Modifications, Foreclosures and Saving Your Home - Carl E. Person

      Person

      Background of Carl E. Person

      My name is Carl Person. I’m an attorney helping clients throughout the United States save their homes from foreclosure. I have been doing this since 2008. Also, I am a securities lawyer, an antitrust lawyer, and a commercial litigator. Until 2008, I did most of my work in federal court. I’m admitted to 6 federal Courts of Appeal, the U.S. Supreme Court, and have been admitted pro hac vice in various courts throughout the United States. I’m a graduate of Harvard Law School, and started the practice of law with several Wall Street law firms until leaving to set up my own law practice. Starting in 2008, I have been steadily increasing the time I devote to foreclosure cases, and for the past several years I have been almost full time on foreclosure cases and loan modification applications and agreements, in and outside of New York State.

      Introduction

      Most homeowners who have lost their homes through foreclosure since 2009 have done so needlessly. Loss could have been avoided, if the homeowners at the outset of their problems had and acted on the information and analysis I’m about to provide.

      Remember, I’m not saying that everyone would have saved his/her home, but I’m sure, based on what I know, that a high percentage of the persons losing their home could have prevented this loss, but didn’t know this and didn’t know what to do, or who to do it through. To a great extent this problem continues to this day, as you may well have experienced in any efforts by you to find a suitable attorney.

      Some Basic Information

      I want to make sure you understand what I’m saying so forgive me for going into some basics. The first is judicial foreclosure which refers to the type of foreclosure taking place in 22 states where the bank, loan servicer, note owner or investor files a summons and complaint in a local court asking the court for permission to foreclose on and sell the mortgaged property. In these 22 states, known as the judicial-foreclosure states (including New York, Florida. and New Jersey), the homeowner has far more opportunity to stop a foreclosure by hiring a competent foreclosure-defense attorney and responding to the complaint with a timely answer with affirmative answers and possibly counterclaims - and - at the same time using a competent, highly-skilled loan processor to prepare and file with the plaintiff’s attorney (who then sends your application on to the plaintiff) a loan modification application seeking an affordable loan modification agreement under the program appropriate for the homeowner.

      Purpose of Attorney’s Work is to

      Encourage the Plaintiff to Settle the

      Action through Agreeing to an

      Affordable Loan Modification Agreement

      The attorney’s work is designed to let the Plaintiff know that the homeowner is prepared to fight legally to keep his/her property, which encourages the Plaintiff and its attorneys to consider your loan modification application more carefully and with greater respect than they might do otherwise, because only through granting an affordable loan modification agreement will the Plaintiff be able to end the lawsuit and more quickly bring the mortgage back to a performing status. If the Plaintiff doesn’t grant an affordable loan modification agreement, the lawsuit will become costly to the bank (and to the homeowner to a lesser extent) and tend to destroy the value of the Plaintiff’s note and mortgage through costly legal fees, expenses, and continued non-payment of the mortgage, together with amounts that the Plaintiff will be laying out for real estate taxes and insurance to prevent loss of the mortgaged property through tax liens, flood, fire or vandalism.

      The Importance of Retaining the

      Right Attorney Cannot be Overstated

      The importance of having the right attorney to represent the homeowner cannot be overstated, nor can it be overstated how difficult it is for most homeowners to find a suitable attorney in their county within their judicial-foreclosure state. There are 3,100 counties in the 50 states, and there seem to be very few attorneys willing and able to take on this type of work, for many good reasons, which I’ll try to explain in summary.

      Why It is Difficult to Find a Suitable

      Foreclosure Defense Attorney

      Homeowners looking for a lawyer are generally unsophisticated as to their rights and the laws relating to foreclosure and loan modifications, and many homeowners are burdened with false information about foreclosure defense that makes things even worse. It takes an hour more or less to speak with someone about their foreclosure action before even looking at the extensive documentation that goes along with a foreclosure, and most attorneys who could, if they desired, do this type of work have not chosen to do so because of the many hours spent talking with prospective clients without compensation, in order to find a few clients who basically have no money, have a

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