JohnQPublic
13th July 2011, 12:25 PM
Home Foreclosure Remedies (http://www.homeforeclosureremedies.com/mep_how.php)
Basically- you pay these guys $3500 up front. They help you challenge your lender(s) through the normal administrative processes. The lender generally does not respond so goes into technical default.
You create a Federal case against the lenders, and prove to the Federal court that you exhausted all administrative processes.
You end up settling with the lenders through the Federal court operating pro per (for himself).
If you get sued by the lender (supposedly doubtful) these guys will "help" you.
There is a back end fee of 25% of equity gain and/or punitive gains.
The biggest risk is that this is a scam. If it is real, there is a risk of failure along the way, a judge who stops it, the law changes to protect the banks, etc. There is also risk at the back-end that you end up owing on equity, but not having cash to pay the back-end. The LLC involved purportedly will give you a loan on the back-end charges with your house as collateral for 7% / 15 years as part of the agreement.
There are two processes- one for homeowners who are current on payments, and one facing foreclosure.
These are not atorneys running this.
Note that you are a "student" and they are "educators".
Here are the goals:
"
The non-negotiable points from the Student's viewpoint are as follows:
A written release of the lien(s) by the lender(s) concerning the alleged current outstanding mortgages/liens on the Student's property, and A written acknowledgement by the lender(s) that they will never proceed legally against the Student in the future concerning the ‘loan' and property in question, and A written acknowledgement by the lender(s) that they will send no Form 1099s to the IRS concerning the taxable forgiveness of alleged mortgage debt. In addition to these two points, The Student and the lender(s)/defendant(s) will negotiate a financial settlement satisfactory to both parties (our desire is that this amount equal or exceed our back end fee thus eliminating the students need to pay us). The amount of money of original filing by the Student may easily exceed $1 million and will usually be reduced by negotiation down to a more modest amount.
That terms of the settlement agreement between the litigants will be under seal of the court and that the terms will not be disclosed to any unrelated parties. "
Basically- you pay these guys $3500 up front. They help you challenge your lender(s) through the normal administrative processes. The lender generally does not respond so goes into technical default.
You create a Federal case against the lenders, and prove to the Federal court that you exhausted all administrative processes.
You end up settling with the lenders through the Federal court operating pro per (for himself).
If you get sued by the lender (supposedly doubtful) these guys will "help" you.
There is a back end fee of 25% of equity gain and/or punitive gains.
The biggest risk is that this is a scam. If it is real, there is a risk of failure along the way, a judge who stops it, the law changes to protect the banks, etc. There is also risk at the back-end that you end up owing on equity, but not having cash to pay the back-end. The LLC involved purportedly will give you a loan on the back-end charges with your house as collateral for 7% / 15 years as part of the agreement.
There are two processes- one for homeowners who are current on payments, and one facing foreclosure.
These are not atorneys running this.
Note that you are a "student" and they are "educators".
Here are the goals:
"
The non-negotiable points from the Student's viewpoint are as follows:
A written release of the lien(s) by the lender(s) concerning the alleged current outstanding mortgages/liens on the Student's property, and A written acknowledgement by the lender(s) that they will never proceed legally against the Student in the future concerning the ‘loan' and property in question, and A written acknowledgement by the lender(s) that they will send no Form 1099s to the IRS concerning the taxable forgiveness of alleged mortgage debt. In addition to these two points, The Student and the lender(s)/defendant(s) will negotiate a financial settlement satisfactory to both parties (our desire is that this amount equal or exceed our back end fee thus eliminating the students need to pay us). The amount of money of original filing by the Student may easily exceed $1 million and will usually be reduced by negotiation down to a more modest amount.
That terms of the settlement agreement between the litigants will be under seal of the court and that the terms will not be disclosed to any unrelated parties. "