23 Legal Defenses to Foreclosure: How to Beat the Bank"
Author: Troy Doucet
440 pages
Publication date: 2008
Publisher: Custom Books Publishing
ISBN: 1438278195
Did you know that there are laws on the books that protect you AND help you defend yourself against the prospect of a mortgage foreclosure? Did you know that certain lending law violations may win for you punitive damages against your mortgage lender, including the cancellation of your mortgage loan?
One of the most useful and informative books that I have found dealing with the subject of mortgage foreclosures is "23 Legal Defenses to Foreclosure: How To Beat The Bank", an easy to read ‘how-to' manual that explains various defenses you the consumer have available to you when dealing with a mortgage loan foreclosure. There a total of 53 defenses to foreclosure that is contained within the book, all of which are covered in an easy to understand format.
The following are some examples of the legal defenses of foreclosure provided in the book:
Each chapter is dedicated to one defense or counter claim (a lawsuit against your lender), and is broken down into parts as follows:
Defined: Provides the reader a brief explanation of what the defense is, and the ability to quickly understand the basics of the defense.
Spot It! This gives the reader the ability to quickly spot whether or not the defense applies to their situation.
Limitations: If the defense has limitations or drawbacks, it will be identified here.
Potential Recovery: What is the defense worth? Is it a tool that enables rescission of a loan, or is it worth only a few hundred dollars?
23 Legal Defenses to Foreclosure addresses specific Federal lending law violations that are valid defenses to foreclosure in every state, including:
•· Truth In Lending Act (TILA)
•· Home Ownership Equity Protection Act (HOEPA)
•· Real Estate Settlement Procedures Act (RESPA)
•· Fair Debt Collection Practices Act (FDCPA)
•· Failure to verify assets
23 Legal Defenses to Foreclosure also includes legal letters, forms, motions, an "Answer" to a foreclosure lawsuit, and sample discovery to get damaging information directly from your mortgage lender.
Chapters within the book are broken into sections that include:
The author is Troy Doucet, a Juris Doctor candidate in Ohio whose previous career was in residential loan origination for many years. Mr. Doucet gained notoriety within the mortgage industry several years ago when he called for the elimination of all junk fees in mortgage loans. Since leaving the mortgage industry in 2006, Mr. Doucet has pursued his law studies as well as performing Forensic Mortgage Loan Audits for TILA and HOEPA violations. Additionally, Mr. Doucet assists attorneys nationwide in combating foreclosures on behalf of consumers.
Although this book is an excellent reference guide for consumers to better understand the foreclosure process and the rights afforded to them under the law, it is not the author's intent to suggest this book as replacement for competent legal counsel.
23 Legal Defenses to Foreclosure is a must read for anyone presently in foreclosure or facing the prospect of a property foreclosure. Knowing your rights and proper defenses under the law could help you keep your home, and possibly own your home debt free too! On a scale of 1 to 10, I give this book a solid 10.
23 Legal Defenses to Foreclosure sells for $39.95. To order a copy of the book "23 Legal Defense to Foreclosure: How To Beat The Bank", go to www.Amazon.com or you can purchase the book directly from the publisher at www.CreateSpace.com/3349582.
Mike Sikorski MBA, GRI
Licensed Real Estate Broker
Licensed Mortgage Broker
Forensic Mortgage Loan Auditor
MLS OF FLORIDA REALTY CORP.
22079 Kimble Avenue
Port Charlotte, Fl. 33952
Phone (941) 206-6000
In the mad dash to relist a property for sale in the MLS after a foreclosure sale has taken place, many of these properties are not eligible for sale! The back log of filings of Certificate of Title in many circuit court systems around Florida have left many of the home titles in the previous owners name for several weeks after the Public Sale has taken place! In most instances, the Certificate of Title is recorded within 10 days after the Public Sale has taken place, forcing the previous owner to move out quickly. today, many of the Public Sales that occurred 60 and even 90 days ago have still failed to record the Certificate of Title. This can prove especially difficult, especially if a property is listed for sale and a buyer wants to close within the standard 30 day period after the purchase contract has been executed.
Mike Sikorski, MBA GRI
Licensed Real Estate Broker
Licensed Mortgage Broker
MLS OF FLORIDA REALTY CORP.
22079 Kimble Avenue
Port Charlotte Florida 33952
941-206-6000
"Unqualified" homeowners are being offered mortgage loan modifications by their bank or mortgage lender that are ultimately designed to fail, in a slight of hand effort to offer token assistance to consumers who should never have received mortgage loans in the first place.
The mortgage industry estimates that over 60% of mortgage loans modified are likely to become delinquent less than 12 months after the loan modification is made. Given the fact that many of the mortgage loans modified today do very little to help homeowners in the first place, it is not a wonder why so many ‘modified' mortgage loans end up in foreclosure.
Although many ‘qualified' consumers are receiving favorably modified mortgage loan terms due in large part to sufficient monthly income and low debt to income ratios, many homeowners who have lost significant household income since first receiving their mortgage loan are being locked out of the loan modification process, otherwise seen as ‘unqualified'. Even the government sponsored mortgage loan bailout programs are disqualifying many of these homeowners simply because they would not otherwise qualify under regular government loan-underwriting guidelines.
Thousands of homeowners, whose mortgage loans have been identified as loans that should have never closed in the first place, are being targeted early on in the loan modification process, often suggesting that the homeowners should strongly consider selling their home or refinancing with another mortgage lender, rather than making a bad loan, better. Requests for loan modifications are given little consideration to these types of mortgage loans, with mortgage lenders offering nothing more than a ‘token' loan modification, one that does little if any good at all in making the monthly mortgage loan payments more affordable or making the mortgage itself more plausible over the life of the loan.
Simply put, banks and mortgage lenders who may have run afoul of traditional mortgage underwriting guidelines, offering high loan to value mortgage loans associated with high debt to income ratios, are simply wanting to keep in that in the past, keeping only those who can meet ‘current' underwriting guidelines, such as debt to income ratios of no more than 38%. Loan modifications for those homeowners receiving mortgage loans with debt to income ratios upwards of 60% of their gross income are finding the loan modification process to very difficult, especially if their current income has changed from when they first received their mortgage loan.
It is easy to tell a good loan modification from a token loan modification, simply by using the following formulas:
A good mortgage loan modification is one where your mortgage lender offers:
*Mortgage loan balance is reduced to that of the property's current value
*Convert an Adjustable Rate Mortgage (ARM) into a fixed rate interest loan
*Waive interest and escrow arrearages, including unpaid property taxes and hazard insurance
*A low good faith payment to reinstate a past due loan
A token mortgage loan modification where the mortgage lender offers:
*Add past due interest and/or escrow arrearages to the mortgage loan's current principal balance
*Setting a high interest ARM into a high interest fixed rate mortgage loan
*Increasing a mortgage loan's term from 30 years to as much as 40 years
*A high good faith payment to reinstate a past due loan, often times higher than what a homeowner can reasonably afford to pay at one time.
A good loan modification has improved loan delinquencies tremendously, where in opposition; the token mortgage loan modification has provided disastrous results, often leaving many of these same homeowners in the same quandary they were in even before the loan was modified!
Homes secured by ‘underwater' mortgage loans, that is, where the mortgage loan balance exceeds that of the home's current market value, are without a doubt a huge problem for consumers and industry alike. Consumers who have suffered financial setbacks such as a job loss or a loss of income, and continue to pay a mortgage loan that is taking a larger portion of their household income that an ordinary would never approve of, should strongly consider their options, including the sale of their home. Although the option of refinancing a mortgage loan is an option, applicants must still qualify for financing and may have difficulty if their current lender will not consider them to a good risk.
Although homes secured by underwater mortgage loans will likely not sell in a buyer's market such as the down market we are currently experiencing nationwide, a home could sell as a short sale, with many banks and lenders who originally offered a token mortgage loan modification, more than willing to accept a short sale followed by the subsequent debt forgiveness for the remaining principal mortgage loan balance.
The short sale of a home, when properly coordinated, allows the homeowner the potential benefit of full debt forgiveness by their mortgage lender as well as reduced income tax exposure. As always, seek competent, professional advice when seeking answers to questions regarding these specific areas.
The quicker a homeowner accepts the fact that an unaffordable mortgage loan is best resolved by a short sale, the quicker they can re-establish their good standing and purchase another home another home in the near future, secured by a mortgage loan that is affordable and no longer underwater.
For FREE information regarding the benefits of short selling your home, please contact your real estate professional or call (941) 206-6000.
Mike Sikorski, MBA, GRI
Licensed Real Estate Broker
Licensed Mortgage Broker
MLS of Florida Realty Corp.
22079 Kimble Avenue
Port Charlotte, Florida 33952
Phone (941) 206-6000
Email: Mike@FloridaRealty.net
"Unqualified" homeowners are being offered mortgage loan modifications by their bank or mortgage lender that are ultimately designed to fail, in a slight of hand effort to offer token assistance to consumers who should never have received mortgage loans in the first place.
The mortgage industry estimates that over 60% of mortgage loans modified are likely to become delinquent less than 12 months after the loan modification is made. Given the fact that many of the mortgage loans modified today do very little to help homeowners in the first place, it is not a wonder why so many ‘modified' mortgage loans end up in foreclosure.
Although many ‘qualified' consumers are receiving favorably modified mortgage loan terms due in large part to sufficient monthly income and low debt to income ratios, many homeowners who have lost significant household income since first receiving their mortgage loan are being locked out of the loan modification process, otherwise seen as ‘unqualified'. Even the government sponsored mortgage loan bailout programs are disqualifying many of these homeowners simply because they would not otherwise qualify under regular government loan-underwriting guidelines.
Thousands of homeowners, whose mortgage loans have been identified as loans that should have never closed in the first place, are being targeted early on in the loan modification process, often suggesting that the homeowners should strongly consider selling their home or refinancing with another mortgage lender, rather than making a bad loan, better. Requests for loan modifications are given little consideration to these types of mortgage loans, with mortgage lenders offering nothing more than a ‘token' loan modification, one that does little if any good at all in making the monthly mortgage loan payments more affordable or making the mortgage itself more plausible over the life of the loan.
Simply put, banks and mortgage lenders who may have run afoul of traditional mortgage underwriting guidelines, offering high loan to value mortgage loans associated with high debt to income ratios, are simply wanting to keep in that in the past, keeping only those who can meet ‘current' underwriting guidelines, such as debt to income ratios of no more than 38%. Loan modifications for those homeowners receiving mortgage loans with debt to income ratios upwards of 60% of their gross income are finding the loan modification process to very difficult, especially if their current income has changed from when they first received their mortgage loan.
It is easy to tell a good loan modification from a token loan modification, simply by using the following formulas:
A good mortgage loan modification is one where your mortgage lender offers:
*Mortgage loan balance is reduced to that of the property's current value
*Convert an Adjustable Rate Mortgage (ARM) into a fixed rate interest loan
*Waive interest and escrow arrearages, including unpaid property taxes and hazard insurance
*A low good faith payment to reinstate a past due loan
A token mortgage loan modification where the mortgage lender offers:
*Add past due interest and/or escrow arrearages to the mortgage loan's current principal balance
*Setting a high interest ARM into a high interest fixed rate mortgage loan
*Increasing a mortgage loan's term from 30 years to as much as 40 years
*A high good faith payment to reinstate a past due loan, often times higher than what a homeowner can reasonably afford to pay at one time.
A good loan modification has improved loan delinquencies tremendously, where in opposition; the token mortgage loan modification has provided disastrous results, often leaving many of these same homeowners in the same quandary they were in even before the loan was modified!
Homes secured by ‘underwater' mortgage loans, that is, where the mortgage loan balance exceeds that of the home's current market value, are without a doubt a huge problem for consumers and industry alike. Consumers who have suffered financial setbacks such as a job loss or a loss of income, and continue to pay a mortgage loan that is taking a larger portion of their household income that an ordinary would never approve of, should strongly consider their options, including the sale of their home. Although the option of refinancing a mortgage loan is an option, applicants must still qualify for financing and may have difficulty if their current lender will not consider them to a good risk.
Although homes secured by underwater mortgage loans will likely not sell in a buyer's market such as the down market we are currently experiencing nationwide, a home could sell as a short sale, with many banks and lenders who originally offered a token mortgage loan modification, more than willing to accept a short sale followed by the subsequent debt forgiveness for the remaining principal mortgage loan balance.
The short sale of a home, when properly coordinated, allows the homeowner the potential benefit of full debt forgiveness by their mortgage lender as well as reduced income tax exposure. As always, seek competent, professional advice when seeking answers to questions regarding these specific areas.
The quicker a homeowner accepts the fact that an unaffordable mortgage loan is best resolved by a short sale, the quicker they can re-establish their good standing and purchase another home another home in the near future, secured by a mortgage loan that is affordable and no longer underwater.
For FREE information regarding the benefits of short selling your home, please contact your real estate professional or call (941) 206-6000.
Mike Sikorski, MBA, GRI
Licensed Real Estate Broker
Licensed Mortgage Broker
MLS OF FLORIDA REALTY CORP.
22079 Kimble Avenue
Port Charlotte, Florida 33952
Phone (941) 206-6000
Email: Mike@FloridaRealty.net
"Unqualified" homeowners are being offered mortgage loan modifications by their bank or mortgage lender that are ultimately designed to fail, in a slight of hand effort to offer token assistance to consumers who should never have received mortgage loans in the first place.
Although many ‘qualified' consumers are receiving favorably modified mortgage loan terms due in large part to sufficient monthly income and low debt to income ratios, many homeowners who have lost significant household income since first receiving their mortgage loan are being locked out of the loan modification process. Even the government sponsored mortgage loan bailout programs are disqualifying many of these homeowners simply because they would not otherwise qualify under regular government loan-underwriting guidelines.
Thousands of homeowners, whose mortgage loans have been identified as loans that should have never closed in the first place, are being targeted early on in the loan modification process, often suggesting that the homeowners should strongly consider selling their home or refinancing with another mortgage lender, rather than making a bad loan, better.
It is easy to tell a good loan modification from a token loan modification, simply by using the following formulas:
A good mortgage loan modification is one where your mortgage lender offers:
*Reduce the principal balance of the outstanding mortgage loan balance in line with the property's
current value
*Convert an Adjustable Rate Mortgage (ARM) into a fixed rate interest loan
*Waive interest and escrow arrearages, including unpaid property taxes and hazard insurance
*A low good faith payment to reinstate a past due loan
A token mortgage loan modification where the mortgage lender offers:
*Add past due interest and/or escrow arrearages to the mortgage loan's current principal balance
*Setting a high interest ARM into a high interest fixed rate mortgage loan
*Increasing a mortgage loan's term from 30 years to as much as 40 years
*A high good faith payment to reinstate a past due loan, often times higher than what a homeowner can reasonably afford to pay at one time.
A good loan modification has improved loan delinquencies tremendously, where in opposition; the token mortgage loan modification has provided disastrous results, often leaving many of these same homeowners in the same quandary they were in even before the loan was modified!
Homes secured by ‘underwater' mortgage loans, that is, where the mortgage loan balance exceeds that of the home's current market value, are without a doubt a huge problem for consumers and industry alike. Consumers who have suffered financial setbacks such as a job loss or a loss of income, and continue to pay a mortgage loan that is taking a larger portion of their household income that an ordinary would never approve of, should strongly consider their options, including the sale of their home. Although the option of refinancing a mortgage loan is an option, applicants must still qualify for financing and may have difficulty if their current lender will not consider them to a good risk.
Although homes secured by underwater mortgage loans will likely not sell in a buyer's market such as the down market we are currently experiencing nationwide, a home could sell as a short sale, with many banks and lenders who originally offered a token mortgage loan modification, more than willing to accept a short sale followed by the subsequent debt forgiveness for the remaining principal mortgage loan balance.
The quicker a homeowner accepts the fact that an unaffordable mortgage loan is best resolved by a short sale, the quicker they can re-establish their good standing and purchase another home another home, secured by a mortgage loan that is affordable and perhaps no longer underwater.
For FREE information regarding the benefits of short selling your home, please call (941) 206-6000.
Mike Sikorski, MBA, GRI
Licensed Real Estate Broker
Licensed Mortgage Broker
MLS OF FLORIDA REALTY CORP.
22079 Kimble Avenue
Port Charlotte, Florida 33952
Phone (941) 206-6000
Email: Mike@FloridaRealty.net
Serving the Real Estate Needs of Florida's Suncoast! Port Charlotte Punta Gorda Englewood North Port Venice
Mike Sikorski, MBA, GRI
Licensed Real Estate Broker
I have the knowledge and experience you need to find the perfect home at the right price!
PLUS! I can assist you in financing your home with a low fixed interest rate with NO prepayment penalties!
Personal Committment
Being a Realtor means more than just buying and selling homes. It is about people, their families, and meeting their hopes and dreams. It is about a relationship based on trust, knowledge, confidence, and expertise. My clients can be assured that I will go the extra mile towards making their experience the best they ever had when buying or selling a home. Exceeding my client's expectations is my #1 goal!
Education
Bachelor of Buiness Administration
Master of Business Administration
500+ classroom hours of specialized real estate &
residential lending education
Experience
Licensed to practice real estate in the State of Florida since 1996
Florida Licensed Mortgage Broker since 1993
Expertise
Marketing & Negotiating Expert
Certified Residential Mortgage Specialist
Career Achievements
Consistent multi-million dollar Top Producer
Professional Designations
Graduate, Realtor Institute (GRI)
e-Pro
Member
Punta Gorda-Port Charlotte-North Port Association of Realtors
Florida Association of Realtors
National Association of Realtors
Mid-Florida Regional Multiple Listing Service
Services for Sellers
Premium Property Marketing Program
Detailed property listing in the Multiple Listing Service (MLS) as well as an enhanced property listing in Realtor.com with professional digital phtoso, a virtual video tour of the property and premium visibility on Yahoo! Google and 25 additional real estate web sites and search engines to reach thousands of homebuyers every month!
Complete Property Listing Management
From tracking & scheduling property showings to monitoring changes in market conditions, your property will remain on the cutting edge of current real estate market trends to keep your property listing visible and competitive!
Complete Closing Coordination
From preparing purchase contracts and legally required property disclosures to scheduling and managing property inspections, I will work to ensure a smooth closing becomesreality for you!
Additional services include:
*Eye catching yard signs
*Full color property flyers
*Email Marketing Campaigns
*Optional Home Warranty
*24/7 Broker Support Program
...And much more!!
Pick up a phone and call me today..you'll be glad that you did!!
(941) 206-6000
(877) 293-0556
Services for Buyers
Define Your Needs and Wants
Finding the right home in the right neighborhood with the amenities you are looking for within your price range is what I will strive for. I will be your one-stop resource for information about neighborhoods, schools, recreation and other imformation important to helping you find your dream home!
Provide You With Financing Options
I will assist you in finding the best possible financing options available to you, making sure that you receive the loan terms and conditions that are most favorable to you.
"I have helped hundreds of homebuyers purchase the home they have always wanted with competitive financing terms that fit tha fit their needs. Let me put my experience to work for you!"
Contact me today to get started!
(941) 206-6000
(877) 293-0556
Licensed to practice real estate in the State of Florida since 1996, I am also a licensed mortgage broker since 1993. I specialize in working with first time homebuyers. I also offer extensive marketing services to sellers of single family homes. I taught specialty residential lending classes and Florida lending law for the Florida Association of Mortgage Brokers. I currently write a weekly column for the Charlotte Sun Herald covering topics specific to residential lending as well as offering tips for consumers on the best ways to apply for a mortgage loan.
79-125-100
THE ONLY NUMBERS YOU NEED TO KNOW!
$79
Per Month
$125
Annual E&O Fee
100%
Commission To You!
GUARANTEED IN WRITING!!
Broker's Personal Guarantee:
I hereby guarantee in writing that the following policies will NEVER be changed or amended.
*YOU CHOOSE THE CLOSING AGENT!!
*YOU GET PAID AT THE CLOSING TABLE!!
IT DOESN'T GET BETTER THAN THIS!!
IF YOU ARE A REAL ESTATE PROFESSIONAL WHO IS ABOVE ALL OF THE UNNECESSARY FRILLS OF A FRANCHISE BROKERAGE BEHOLDEN TO COUNTLESS JUNK FEES AND BELIEVE YOU DESERVE SOMETHING MORE, THAN THE FLORIDA REALTY NETWORK HAS WHAT YOU ARE LOOKING FOR!
BROKERS AND AGENTS ALIKE ARE WELCOME!!
PICK UP A PHONE AND CALL TODAY!!
941-206-6000
Email: Mike@FloridaRealty.net
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