Robin Basichis

Thousands of distressed homeowners have been calling their lenders for loan modifications. A lot of people just want an interest rate reduction that will lower their payment at least for awhile - until things turn around - until the economy starts getting better. A payment reduction of say $200 or $300 would allow some folks who are struggling to continue to stay in their homes and put food on the table. You wouldn't think it would be that hard for a lender to lower an interest rate or lengthen term of the loan to bring the payment amount down.

If the firm that sends you your monthly statements is the actual lien holder of your note then it shouldn't be so hard. On the other hand if the company that collects you money every month is not the actual lien holder but a servicing company for the investor or investor group, then things can start getting complicated. They may just be acting as a shill as they do not have the ability or the authority to grant a request for loan modification.

Since the downturn in the economy most lenders have cut back on staff and the ones her are actually trying to do loan modifications and short sales are jammed up with so many files they may not be able to look at yours for months.

I have a client who filed for loan modification six months ago. He called the lender a couple of times a week to find out what his status was. They continued to stall him a told him to just keep on calling back. One day he saw a notice of sale on the door. His house was to be sold at Sheriff Sale the following week. When he asked what happened to his loan modification the lender told him they never received one.

We were able to intervene on his behalf and stop the foreclosure and we are now in the process of trying to work out a loan restructure - but what happened was wrong. They claim they lost this persons file. He's calling them weekly and they are just giving him the run around and never checked his file to see what the status was. The client was communicating with a loan servicing company that did not own their loan and they were not able to grant a loan modification. They were just tap dancing and stalling until the house got foreclosed on.

Why did the servicing company do this? They did it because they benefit from the foreclosure by collecting fees for service from the actual owner of note and deed.

SOMETIMES IT'S A DIRTY WORLD CRUEL WORLD

When the tides turned for the worst on Las Vegas Real Estate, and I saw people struggling to keep their homes I decided to learn as much as I could about the legal side of Real Property. For the last two years I have been studying, reading and asking questions about how to protect folks who are going through hard times with their homes.

Now, for the first time in my life I have found real passion in my work. It gives me a rush when I can help someone scared of losing their home out of a jam. Although some will deny it, we are going though one of the worst financial times this country has ever seen. I believe we will come out of it but it's going to take time. Until that time we have to help each other.

Properties in Las Vegas and other parts of the country have lost so much value that the dream of owning a home has created a liability for most people. The equity they once had may never come back. Something has to be done.

Now I work with Attorneys, Paralegals, CPA'S Lenders and other professionals in the industry to help homeowners restructure their loans or encourage their lenders to do a short sale or deed in lieu of foreclosure.

If you or someone you know is struggling to keep afloat because of their mortgage payment please has them contact me - Robin Basichis at 702-279-8025.

ONE WAY TO SLOW DOWN FORECLOSURE

When a Lender of Investor tries to foreclose on a property they normally do not have the original promissory note that displays the wet signature of the homebuyer. When a lien holder does not have the original note they produce an Affidavit of Lost Promissory Note. This Affidavit is a loophole in the law created under a special statute that creates a mechanism to prove prior procession of a financial instrument that was lost by the lien holder. The statute takes into consideration that the lien holder may have lost the note involuntarily, like in a burglary, fire or flood.

Rules of Summary Judgment say that any pleading to be used by the moving party (here, the lien holder) must be filed with the court or Sheriff’s Office prior to the sale. The timeline is different for individual states. Your representative can demand to see the original note at court sale, and if there is no note and no prior notice the party who is running the sale is supposed to stop it.

This tactic should not be used as a rabbit out of the hat trick to allow the homeowner to live in the house for free; rather it is a way to delay a sale in order to continue with a short sale or negotiate a loan restructure. There is more than one way to skin a cat.

The Federal Housing Administration, more commonly known as FHA is the insurer of about $750 billion in outstanding mortgages. A HUD Audit on FHA found their cash reserve fund is rapidly depleting and may drop below its Congressionally mandated 2% of insurance liabilities by the end of the year.

At a 50 to 1 leverage ratio, the FHA will soon have a smaller capital cushion than did investment bank Bear Stearns on the eve of its crash. FHA is now dealing with a 14% thirty day or more late rate. This is three times more than conventional mortgages. FHA'S cash reserve ration has fallen over two-thirds in the last three years

Why is this happening to FHA? They are the only one's taking on sticky loans. Conventional Banks will not loan without a substantial down-payment and a stellar credit score. FHA has now placed itself in the position that the secondary lenders were in a couple of years back. Too bad they can't dump their portfolios onto the stock market like the sub-prime lenders did. At least when the smoke clears somebody walks away with a trunk full of cash and there's a good story to tell. This won't happen with FHA. If they go under the tax payer is going to have to pick up the bill.

Out of every four loans currently being written FHA is writing one. Back in 2006 the ratio was 50 to 1. FHA is gambling with public money. If property values continue to decline then we can wave bye-bye to FHA

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CALL ROBIN BASICHIS - 702-279-8025

If were to combine mortgage delinquencies with foreclosures as of today you would come up with a 14.50% national total. This is the highest percentage total on record in.

Nevada, Florida and Arizona make up 43% of the national total.

Things are likely got get worse before they get better. Stuff like jobs and employment have to come back. Hopefully jobs will start coming back to Las Vegas.

Didn't the current administration say it was going to help homeowners who were in trouble? What happened to the $50 billion dollars worth of TARP money that was supposed to be earmarked for the Housing Affordability Stability Play (HASP)?

This plan promised to help between 3 to 4 million homeowners. What happened? What happened to all the campaign spiels that led all the way up to Obama's inauguration where he promised Bruce Springsteen and James Taylor that he was going to help at least 9 million homeowners?

So now what? More defaults - more foreclosures? I guess so. Things won't start to turn around until we see new jobs being created. We need to expand and improve commerce in Las Vegas. We need to somehow stabilize the declining real estate market in order to survive this downturn. I do not believe the government is going to help solve our problems. It is up to us to work together through our businesses and communities and make a full fledged effort to pull ourselves out of this mess. There is strength in numbers and together we can do it.

If you life in Las Vegas or anywhere in the country and you are having problems keeping your home - call me. If you are facing foreclosure call me. If you have an investment property that you are upside down on and it's bleeding you - please call me.

Call Robin Basichis - at CBC Property Solutions and I will try and help you any way I can. "I'm mad and I'm angry and I'm not going to take it anymore."

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