Bank of America Employees Told To Lie and To Deny Qualified Loan Modification Requests

Bank of America Center, Financial District San Francisco

 

“We were told to lie to customers,” said Simone Gordon, who worked in the bank’s loss mitigation department until February 2012. “Site leaders regularly told us that the more we delayed the HAMP [loan] modification process, the more fees Bank of America would collect.”

http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458

NACA in LA: Thursday April 11, 2013 to Monday April 15, 2013 – LA Convention Center

NACA In LA April 2103

 

Los Angeles Convention Center, 1201 South Figueroa St

California San Francisco Assessor Finds Widespread Violations of Laws by Banks in Foreclosure Process

I hope this is treated more seriously than the banks’ huge robo-signing fraud.  To my knowledge, no one was ever prosecuted for that widespread fraud.  The Banks received a slap on the hand and the settlement involved a promise by the banksters to stop fraudulently manufacturing documents.!

NACA Save the Dream Event at Los Angeles Convention Center Feb.16-20, 2012

Pasadena, CA Home in Historic Highlands Neighborhood

Neighborhood Assistance Corporation of America (NACA) is a non-profit HUD Certified Mortgage Counseling Agency which represents itself to be the largest and most effective advocate for homeowners in the country.   NACA’s Save the Dream Event is a multi-day loan modification event that tours the country.    Most major servicers and  lenders such as Bank of America, CitiMortgage, Wells Fargo, and Chase participate in NACA’s Save the Dream events.

In addition to loan modifications, NACA offers future home buyers mortgages at incredible terms such as no down payment, no closing costs, and low  interest rates, even if your credit is not perfect.

NACA’s Los Angeles California Save the Dream Event  is scheduled as follows:

• Los Angeles Convention Center
• 1201 S. Figueroa St. Los Angeles, CA
• Thursday February 16 to Monday February 20, 2012
  

  Los Angeles Convention Center

• 8am to 8pm
• NACA Los Angeles Save the Dream Flyer 2012

To learn about the NACA loan modification services and find out what you should bring, see Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Bring.

For VIP treatment and counselling on your loan modification, be a NACA volunteer.  NACA relies upon hundreds of volunteers each day  to help at the events.

By volunteering, not only do you help  many others get help with their mortgage problems, but you also receive “VIP” status to speak to a NACA  Counselor on your mortgage issue.

For more information on volunteering see attached NACA Los Angeles Save the Dream Flyer  and attend the Volunteer meeting on Wednesday, February 15, 2012 at 6pm at the LA Convention Center.    Contact information:  Lucia Gutierrez at lgutierrez@naca.com and Linda Moten, lmoten@naca.com.

For NACA’s Save the Dream tour schedule go to NACA.com.

NACA is Back: Loan Modifications Jan 26-30, 2012 in Ontario CA

Mr. Bruce Marks, NACA Founder and CEO

NACA:  Neighborhood Assistance Corporation of America

NACA’s Save the Dream Event is back in Southern California and will be at the Ontario Convention Center for 5 days: January 26 to the 30th.

NACA is a non-profit HUD Certified Mortgage Counseling Agency which represents itself to be the largest and most effective advocate for homeowners in the country.   NACA’s Save the Dream Event is a multi-day loan modification event that tours the country.    Most major servicers and  lenders such as Bank of America, CitiMortgage, Wells Fargo, and Chase participate in NACA’s Save the Dream events.

According to Mr. Bruce Marks, NACA’s founder and CEO, its loan modification success rate is 55% at the Save the Dream Event and up to 80% once unfinished loan modifications are finalized after the event.  Judging from the numerous testimonials on its website, NACA is indeed one of the few effective resources to obtain loan modifications.

NACA Save the Dream at Ontario Convention Center

In addition to loan modifications, NACA offers future home buyers mortgages at incredible terms such as no down payment, no closing costs, and low  interest rates, even if your credit is not perfect.  Both NACA’s mortgage assistance services and loan modification services are FREE.

Sound too good to be true?  Find out for yourself at NACA’s Ontario Press Conference Wednesday January 24th, noon at the Ontario Convention Center.  Can’t make the press conference?    Check out the numerous video taped testimonials by homeowners at NACA.com.    If you are struggling to make your house payments or to qualify for a mortgage,  you cannot afford to miss NACA’s Save the Dream Event.

NACA’s Ontario California Save the Dream Event  is scheduled as follows:

• Ontario Convention Center
• 2000 East Convention Center Way, Ontario, CA 91764
• Thursday January 26 to Monday January 30, 2012
• 8am to 8pm
• NACA’s Ontario CA Save the Dream Flyer

To learn about the NACA loan modification services and find out what you should bring, see Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Bring.

For VIP front-of-the-line treatment on your loan modification, be a NACA volunteer.  NACA relies upon hundreds of volunteers each day  to help at the events.  NACA asks that persons utilizing its free services to consider paying it forward by volunteering 8 hours of your time to help at an event prior to utilizing its services.  By volunteering, not only do you help  many others get help with their mortgage problems, but you also receive “VIP” status to speak to a NACA  Counselor on your mortgage issue.

To Volunteer at the upcoming NACA  Ontario Save The Dream event, attend the NACA Ontario Volunteer Meeting on Wednesday January 25, 2012 at 6 p.m. at the Ontario Convention Center.  See  memo from NACA’s Volunteer Coordinator, Linda Moten re: volunteering at NACA’s Ontario CA Save the Dream Event.

If you can’t volunteer at the conference you can help out by speaking out and defending NACA from HUD’s recent attempts to defund NACA.   Why would HUD want to defund one of the only successful programs that helps American Homeowners?  Demand an answer from HUD!

Altadena Historical Society’s October 23rd tour of Mariposa Street

Altadena Home, Country Club Area

Two houses will be open for interior docent- led tours:

• The Chamberlain House, built in 1912, likely designed by architects Brockway and Buchanan who apprenticed with Charles and Henry Greene, has never been open to the public. The restored house is a pristine example of craftsman architecture at its absolute best.
• Also open for the first time, the 1924 Georgian cottage of historian, artist and author Sarah Noble Ives.

In addition, you’ll get an up-close and personal look at the exterior of an Altadena landmark, the McClintock House, designed in 1911 by Elmer Grey. It remains completely original, inside and out. Also included in the sidewalk walking tour: the Markham House, a home designed by Charles and Henry Greene, and a long-lost Wallace Neff house.

Tickets are $15 for members, $20 for non-members and $25 the day of the event.
You can send a check to AHS, 730 E. Altadena Drive, Altadena, 91001 or get tickets on-line at  http://altadenahistoricalsocietytour.eventbrite.com/
Call the Altadena Historical Society if you need more information 626-797-8016.

 

 

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Milwaukee: You Can Make a Difference – Volunteer at NACA’s Save the Dream Event

Altadena, CA Home, Country Club Neighborhood

NACA’s Save the Dream loan modification event is coming to Milwaukee and it needs the help of hundreds of Wisconsinites.

NACA is a non-profit HUD Certified organization which represents itself to be the largest and most powerful and effective advocate for homeowners in the country   NACA’s Save the Dream event is a multi-day loan modification fest.

What makes NACA succeed in helping distressed homeowners when the programs promulgated by our Legislature have failed miserably?  First, it’s probably due to NACA’s CEO Bruce Marks’ passion and commitment to fight abuse by the financial industry.

Further, in contrast to our Legislature, there is no conflict of interest; NACA is not dependent upon Banks to fund multi-million dollar election campaigns.   In addition and most importantly, NACA relies upon Public Support and active participation.

The upcoming Milwaukee NACA Save the Dream event will be held:

• Dates:  August 5 -9^th
• Time:  8:00 a.m. to 8 p.m.
• Location:  Frontier Airlines Center
• Address:  4th Street & Wisconsin Avenue, 400 W. Wisconsin Avenue, Milwaukee, WI 53203

NACA is relying upon hundreds of volunteers to help out each day at the upcoming Milwaukee NACA Save the Dream event.   In exchange for 8 hours of volunteer time prior to the event, you get “VIP” status to speak to a NACA Counselor.

To Volunteer at the upcoming NACA Milwaukee Save The Dream event, attend the NACA Milwaukee Volunteer Meeting on August 4^th at 6 pm at the Frontier Airlines Center.   See the memo below from NACA’s Volunteer Coordinator, Linda Moten.   If you can’t volunteer at the conference you can help out by speaking out and defending NACA from recent attempts to defund NACA.

NACA

Neighborhood Assistance Corporation of America

Save the Dream Tour

is coming to

Milwaukee, WI

Frontier Airlines Center

MEETING FOR ALL VOLUNTEERS and MEMBERS

On

 Thursday, August 4, 2011

 at 6:00 p.m. at

 Frontier Airlines Center 400 W Wisconsin Ave

Milwaukee, WI 53203

RSVP to rsaldana@naca.com

Ruth Saldana

All Volunteers who participate prior to this event with total of 8 hours will receive VIP with a Designated Counselor seating area

 at the

Save the Dream Event

Milwaukee, WI Frontier Airlines Center

In addition, NACA Purchase Members will receive their confirmation

Volunteer Participation Letter and VIP 1^st Counselor Appointment Schedule.

When you join NACA, every Member is encouraged to contribute their unique skills to NACA and its missions. You agree to the Participation Pledge which requires you to participate in least five actions and activities a year.

“Beware” there will be more update newsletters regarding the:

Milwaukee, WI Save the Dream Event for all members and volunteers.

Thank you for your support

Linda Moten

Volunteer Coordinator

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For further information on volunteering, contact Ruth Saldana at rsaldana@naca.com   Go to NACA.com for schedule of Save the Dream Tour.

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See blog:  Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Bring

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New CA Law: Expanded Protection for Sellers against Deficiency Judgments after Short Sales

Altadena Home, Poppyfields Neighborhood

On July 15, 2011 California Governor Brown signed into law Senate Bill 458 which provides greater protection to sellers in short sale transactions from personal liability.

The new law prohibits any lienholder, regardless of whether it is a senior or junior lienholder, who agrees to a short sale from pursuing the seller for a deficiency judgment.  In other words the lender cannot sue the borrower for the difference between the sale proceeds and the balance on the note.

Senate Bill 458 extends the protection against deficiency judgments contained in the recently passed Senate Bill 931 which became effective on January 1, 2011.    Senate Bill 931 merely prohibited the first lienholder from pursuing a deficiency judgment following a short sale.

The California Association of Realtors (CAR) opposed SB 931, arguing that it did not go far enough since it did not include junior lien holders.   CAR sponsored SB 458 to include all lien holders and was able to successfully see the bill pass this month.

According to C.A.R. President Beth L. Peerce:

“SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders– those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

SB 458 will amend California Civil Procedure section 580e.   [C.C.P. section 580e].

Can the Lender Force a Seller to Pay Money Over the Sale Price?

Like most things in law, the answer depends upon how you frame the facts.   The statute specifically prohibits a note holder from requiring additional compensation from the seller:

“A holder of a note shall not require the trustor, mortgagor, or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.”   C.C.P. section 580e(b)

According to CAR, however, the above provision does not prohibit a homeowner from “voluntarily” offering additional monies to the lender with the hopes that a lender will agree to a short sale.   A lender may also negotiate for a contribution from someone other than the borrower, such as other lenders, agents, and relatives.

When is the Effective Date of Senate Bill 458?

SB 458 is effective immediately due to the “urgency” of the need to mitigate “the ongoing foreclosure crisis and to encourage the approval of short sales as an alternative to foreclosure”

Will the New Law Help Homeowners?

Like most laws passed purporting to “assist homeowners,” the cards are stacked in favor of the bank/lender/purported note-holder, whoever that may be.   The purported note-holder still has absolute authority to decide whether to accept a short sale or not, and is not required to consider the homeowner’s interests at all.

Financial contribution by the Seller is still an item of negotiation since a “voluntary” contribution may be necessary to obtain the lender’s agreement to a short sale.

The legislation does, however, provide important protection against homeowners unknowingly exposing themselves to deficiency judgments by short selling their homes.

What Kind of Properties Qualify for Protection under the amendment to C.C.P 580e /SB 458?:

The deficiency judgment prohibition applies to a broad category of 1 to 4 residential units with exceptions noted below.  It applies to:

•Cash-Out Refinanced loans

•Non-Owner Occupied Homes

•Second Homes

•Vacation Homes

Are There Exceptions to C.C.P. section 580e? (SB 458):

Section 580e does not apply in the following circumstances:

• Where debtor is a corporation, limited  liability company, limited partnership, or political subdivision of the state.   C.C.P.  580e( d)(1).
• Where debtor engages in fraud in the sale or waste of the property  C.C.P. 580e( c).
• A lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.    C.C.P. 580e(d)(2).
• For other exceptions that may apply to your specific factual scenario, speak to a lawyer.

How to Close a Short Sale when There are Insufficient Funds to Pay CaliforniaTax Liens

Altadena Home, Poppyfields Neighborhood

One of many potential obstacles to successfully closing a Short Sale are liens recorded against the property.   There are several kinds of liens, such as, among others, mechanic’s liens, judgment liens, child support liens, spousal support liens, and California State Tax liens.

A lien on the property is security for payment of a debt.   A lien generally prevents the sale or refinance of a property unless the lien is satisfied first.   A lien generally carries with it the right to sell the property to satisfy the debt.    In order for a lien to be enforceable, it must be recorded with the County Recorder’s office in the county where the property is located.

A California State Tax Lien may arise if you have unpaid California income taxes, corporate income taxes, or employee payroll taxes, and the Franchise Tax Board records a State Tax Lien against you for those unpaid taxes with the County Recorder’s office.

If there is a California State Tax lien on the property, however, you may still be able to Short Sale the house without paying off the State Tax Lien, under a Partial Release of Lien for Short Sale.   Under this program, the taxpayer submits an application to the Franchise Tax Board for a partial release showing, among other things, that there will be insufficient escrow funds to pay a State Tax Liens in the short sale transaction.

If the Franchise Tax Board approves an application for a Partial Release in a short sale transaction, then it will releases the specific property from the lien.   The release, however, is only a partial releasse because the lien remains in effect against the taxpayer personally and continues to encumber other property the taxpayer may own, or property the taxpayer may acquire in the future.

It takes approximately 21 working days to get a response to an application for a Partial Release of a Lien for Short Sale.    The escrow or title representative handling the Short Sale transaction should send the following documents to support the application:
1. Letter of explanation detailing the request.
2. Estimated closing statement.
3. Current preliminary title report that includes the legal description of the property.
4. Current appraisal.
5. Documentation to substantiate all lien payoffs through escrow.
6. Lender’s Short Sale Approval.

The above documents should be sent by title or escrow via overnight mail to:
Attn: Lien Resolution Unit – Mail Stop A317
Franchise Tax Board
Sacramento, CA 95827

Some of the factors that the Franchise Tax Board will consider are:
1. The reason and substantiation for the request.
2. Whether the the property is being sold at, or near fair market value and whether verification has been provided.
3. Whether industry standard fees/commissions are charged.
4. Whether only senior lien holders and/or judgment creditors are paid.

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Mortgage Servicers Make More Money if Mortgage is in Default – They Have Quotas to Meet to Foreclose

The above may shed light on why Mortgage Servicers do not modify loans in good faith. Per former EMC Mortgage Coproration employee fired for “helping” elderly homeowners. It was more profitable to foreclose.

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property – until their children wake-up homeless on the continent their fathers conquered.”

Thomas Jefferson, 1802