Foreclosure what are your Federal Rights!!!
November 26, 2008 2:20am CST
I have lots of friends who live in the States and two of them have already been Kicked off of their property by Countrywide and EMC. It's sad to hear stories of families displaced and dreams trampled by the circumstances of the American Economy today not to mention the sheer number of cases where people don't even know what to do and just give up. A friend of mine was saved from these circumstances by a Loan Officer they met a few months back, his name is Steve Young. They told me what things that this wonderful man has done to save them and that is why I am compelled to tell the story to you guys who have the same problems. A year ago when all of these Foreclosures started to escalate to confusion, Karen Roxas(Real name not disclosed for their safety.) of California who was my classmate in college here in the Philippines gave me a call one day out of the blue to tell her sad story. She said "Niel next month we're going to move to a small apartment, my parents have lost their jobs as nurses and now our house is getting taken by the bank. We have lived here for 2 years now, we don't want to leave..." Being a Filipino who has never been to the states I was confused of what she was talking about, aside for the fact she was crying over the phone 3:00 am in the morning my time. So I tried my best to research for them on what to do with not much luck, I just read a lot of Foreclosure advertisements and Scam warnings and stuff so I wasn't any help. Two months later she called me back very cheerful and happy, as if all the strain and anguish of her previous call just melted away. Finally she fessed up, her parents met with a Loan Officer named Steve Young over a leadership training in Las Vegas Nevada and this guy took charge of their situation and saved them from being thrown out! Steve helped them by educating them on the State and Federal rights with regards to Foreclosures. He told them about the cover up of almost all lenders in their dirty doings when making "Option Arm Loans" for those who dont know what it is its the Loan that increase payments every so often but started out as a small monthly payment. 83% of all Option Arm Loans that were made within the past 3 years were actually fraudulant, or having some serious State and Federal Violations in them. Steve contacted a Auditing Company to have the loan documents of my friend's family checked up. To their surprise their lender (Countrywide) had 3 violations on the said documents one of them was TILA (TRUTH IN LENDING ACT) it seems that the original company that drafted the loan docs of the Roxas family "forgot" to show them the documents that allowed them to back out on the mortgage within three days of signing the final loan docs. And the Realtor who had them sign the documents knew this and he didn't tell them at all. This ofcourse is money running away from him so why should he tell them when he is earning thousands of dollars to close mortgage deals for the Lender. With the Forensic Loan Audit in hand, or something that sounded similar to that. The Roxas family sent a letter of request to countrywide stating that they want their Loan redone since there are discrepancies on them. Believe it or not Countrywide actually modified their loan within a month from their request even if they were already 6 months behind on their payments. Plus they didn't have to pay for their back payments that amounted 15,000 dollars already for the past few months, the only thing they had to pay were the taxes that amounted not less than 1500 dollars. Steve explained to them that if Countrywide didn't act on it within 60 days from when they recieved the request, the Roxas family would have had grounds for a full blown "LAW SUIT" against countrywide with damages amounting to 3,000,000 dollars! even if the house they lived in only costs 365,000 dollars. This is one of your Federal rights against dishonest lenders that I believe is essential!!! Please those who are reading this, research more on the Federal Rights on Mortages and you will never loose your house. Steve Young established a website to give more tips to people out there, I started reading his site and it has tons of Foreclosure facts, and the Laws that protects Americans from Mortage Fraud. Knowledge is the best defence and not a Foreclosure Attorney that will cost you more money that you might not have in the first place. Got to www.foreclosurepreventionagency.com and read up on your rights or you can get Steve's business number and get some free advice from him or his assistant Marcus like what he gave to the Roxas Family. Don't forget to read the FAQ's and the News on the site which is updated daily for everyone to see. He told them there is always hope 100% of the time you just need to take the time to ask. I hope this discussion has been a help to those who had the same situation.