National Mortgage Settlement Summary

According to the National Mortgage Settlement web site, 49 state attorneys general and the federal government reached agreement to settle a long-running dispute with the country’s five largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government.

The agreement settles state and federal investigations finding that the country’s five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

If you are a home owner, and your loan was serviced by one of the five loan servicers listed above, the settlement may apply to you. However, eligibility may take some time to determine. The agreement will be performed over a three year period.

Another point to consider is that, the agreement does not affect any individual’s rights. A consumer may still bring an individual action, be a part of a class action, or seek further review/relief from the Office of the Comptroller of the Currency (OCC).

Additionally, loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. The FAQ page on the site contains links to both sites to help you determine if your loan is owned by either Fannie Mae or Freddie Mac.

The National Mortgage web site contains quite a bit of useful content, including a list of Frequently Asked Questions about the agreement, an executive summary of the agreement, and even a list of contact information for the 49 participating state attorneys general offices.

This is a complex agreement. I may be able to help you understand your situation; I can certainly help you by discussing certain tradeoffs and options concerning home ownership and bankruptcy. You can contact my scheduler through our website for your free consultation. If you wish, you may schedule your free consultation by phone by calling us at (615) 496-1127.

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Home Owners to Receive Mortgage Relief

Tennessee homeowners may have their MORTGAGES FORGIVEN or MONEY REFUNDED if they were foreclosed on in Tennessee.
Tennessee homeowners may have their mortgages forgiven, or money returned if they were foreclosed on according to the new bailout for the banks. Tennessee homeowners, mortgage holders, and other people that have timely paid on their mortgages or have been foreclosed on in Tennessee are about to get the same bailout that banks have already enjoyed.

All Tennessee homeowners and mortgage holders may be entitled to have the principle on their mortgages in Tennessee reduced or completely forgiven. Tennessee homeowners may all be given a cash refund to their mortgage if they paid the bank. The refund extends to people who may not even know it.
Tennessee homeowners that were foreclosed on also may get money if they were the subject of a Foreclosure in Tennessee.
Tennessee homeowners were not aware of the banks practices, but the banks have settled as a result of their mortgage practices in Tennessee and across the country. If the amount that the bank took from the homeowner is bigger than what the Government paid the banks to take care of the problem, a private lawsuit being filed is the other option made available by the Government.
There is a lot to know.  Please call me as I can help.

Below is an article that outlines some of the details. There is a huge benefit that is coming to homeowners but if they don’t act now on the new Government bailout of the Banks, Tennessee homeowners and people who were foreclosed on in Tennessee will miss out on what they are owed.

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Is my Tennessee home being wrongfully foreclosed on? Was my Tennessee home that was already foreclosed on done legally? What documents do I need to have?

How do I get money from bank on foreclosed Tennessee home and or how do I stop the bank from Foreclosing in Tennessee?
A Tennessee Foreclosure Attorney is your best option to help you determine whether or not you are owed money from the Governments recent bailouts of the major banks. It is very important that you review and get the following Documents for my firm to review:
1) Real Property Purchase Contracts
2) Loan Application
3) Contracts Archived by Title Companies:
(Contact the Title Company and request the documents)
4) Real Property Purchase Contracts
5) Note
6) Mortgage or Deed of Trust
7) Complete Escrow / Closing package
8 ) Recorded Documents: (Recorded, Mailed, Posted, Advertised)
9) Deeds
10) Default Notices
11) Assignments
12) Substitutions of Trustee
13) Court Complaint or Notices of Trustee’s Sale
14) Sheriff’s Deed or Trustee’s Deeds upon sale
15) Prior Servicer Communication:
(You recorded them right? Probably not but do so in the future)
16) Monthly statements
17) Missed-payment related documents
18) Responses from any attempted communications
19) Loan modification documents

Keep in mind that when dealing with Banks and their Foreclosure practices, Banks are well aware of the fact that they may have
substantial problems foreclosing on your house in Tennessee, they are still being very aggressive in doing so
and are not going without a fight. They can wait forever with their unlimited money and chances are you can’t.
It is important that everyone who wants to keep the rights to their properties or any rights they may have had
on a property that has already been foreclosed on in Tennessee to act now. The Banks are aggressively lobbying
congress and based on the Supreme Courts current makeup, they may be in the position to get all of their fraud
forgiven. So be organized-they are very well organized!
The Banks that are foreclosing in Tennessee when they should not, have taken the
position that it was a few “bad apples” that did this. The problem is we don’t know if that’s true–
but ultimately they are responsible for what their members do.
If corporations and banks that foreclose in Tennessee when they shouldn’t want to be considered “people”,
then let’s treat them like people and hold them accountable.

Contact me to get an assessment on your rights and to see what your options are.

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Tennessee Mortgage Foreclosures: Federal Judges and Lawyers

This article by Neil Garfield illustrates how far-reaching the Mortgage Foreclosure Fraud may go. The author Neil Garfield is with us on the front lines in the battle against Tennessee Mortgage Foreclosures and Bank Fraud. He has taken the lead in the fight by providing valuable information about key issues.

Mortgage Foreclosure problems in Tennessee are not quite as exposed and well know as they are in other states. All of this is changing quickly. Neil Garfield’s article highlights the fact that Federal Judges pensions may be tied to Mortgage Backed Securities. This could present an issue for Judges being able to hear Tennessee Foreclosure matters because they may have an interest in the outcome. The Federal Judges did not choose to put themselves in this position, but may have to recuse themselves from some Mortgage Foreclosure cases if they feel they cannot be fair or impartial. Fortunately for Tennessee, the Federal Court system and Judges are generally very competent and fair. The Federal Courts aren’t allowing the Banks to get out of their responsibility to show they actually own the house they are foreclosing on.  This story further illustrates that the Tennessee Mortgage Foreclosure issues are about to get more and more complex.

There may be other Mortgage Foreclosure issues in Tennessee in coming weeks. I personally have discovered and seen the emergence of documents that were fraudulently created, notarizedor “robo signed”. Tennessee has not yet faced the massive fraud in Mortgages and Foreclosures like many other states; however, the fraud is here. If the fraudulent documents that have been discovered across the nation turn out to be as wide-spread in Tennessee Mortgage Foreclosures, this will create a problem for any Bank Foreclosure lawyer who has any reason to know that they are presenting fraudulent documents to the court. It will be interesting to see how this unfolds. I suggest that everyone go get a copy of their Deeds and look them over. If you have any questions about Tennessee Mortgage Foreclosures please feel free to email or call me right away.

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Questions and Answers on the Mortgage Settlement

On February 10th, The Tennessean published a helpful article that provides brief answers to some of the key questions about the mortgage settlement. I recommend reading the article, then, if you still have questions about your rights and about how the settlement may affect you, I urge you to contact my office and make an appointment. During that time, we can discuss your individual situation, and how best to protect your rights.

In addition to the article in The Tennessean, I wrote an article that discusses the mortgage foreclosure settlement and the rights of Tennessee residents that I hope that you find useful.

If you have questions about mortgage foreclosure and your rights under Tennessee law, please contact my office today.

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Tennesseans and the Mortgage Bank Foreclosure Deal

Tennessee Banks to return money to people who were foreclosed upon

What does the Tennessee Mortgage Bank Foreclosure deal mean to me? Am I eligible for a portion of the settlement funds? If so, how can I collect my money? What does all this mean?

It means that in Tennessee and around the country, banks have been foreclosing on houses that they did not own. They were given money by our federal government to help people with loan modifications on houses the banks didn’t own! Bank of America and Wells Fargo Bank were just two of the big banks that were involved in the mortgage foreclosure scheme. Many people were denied loan modifications–apparently, for no real reason. What’s worst, many people were told that in order to qualify for a loan modification, they had to stop paying their mortgages. Trusting Tennessee customers did as they were told. This put many people in a position where they were at the mercy of the bank’s loan modification department. The bank would then string them along until the foreclosure date- which the bank suggested was the customer’s best action-then stop answering people’s calls and foreclose on the property. The banks never had any legal right to foreclose on the properties because the banks had sold their interests in the properties long before. Now that the Banks have foreclosed on the properties, the banks are receiving money from the government, and are paying out a fraction of what the consumers lost–and the banks are being allowed to keep the property!

Protect yourself and your family! Before any Tennessean innocently settles for pennies on the dollar compared to what they lost in a foreclosure process like the ones I described above, please, inform yourself. Learn and know your rights about mortgage foreclosures. I am prepared to advise and represent Tennessee residents in cases of this type, and I would be happy to discuss this with you. Don’t let the banks get away with any more of your money! Please contact my office and arrange an appointment today!

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