(OP – ED) — THE BIGGER LIE …
I wonder if you can actually put a figure to what you’ve been paying attorney(s) to defend your foreclosure, thinking the REMIC is just going to roll over and play dead and you’re going to get a free house. I’ve got some startling news for you … news that has never been posted online by me before.
REMICs will not agree to a short sale!
It’s one thing if your property has seriously negative equity. It’s quite another (these days) when it doesn’t matter what the foreclosure sale nets. Why?
The REMICs want the foreclosure (and this comes straight from the REMIC’s attorneys mouths) is … wait for it …
If they accept a short sale, the Trustee (Administrator) of the REMIC has to pay the difference between what the property sells for and its face value (the value of the note). If the Trustee forecloses, and the property sells for whatever, the investors who actually funded the REMIC “take it in the shorts”! Thus … by foreclosing, the REMIC will not have to pay out any sums (or any of its profits) for losses incurred upon foreclosure.
Now you know why the REMICs want your home! Now you know why it doesn’t matter what the securitization audit says or what claim you might have to the relationship between the REMIC and the Investors who funded it (and actually funded your loan).
We’re back to the dirty land record paper however … and this is why you need this workshop! Not only do you need to learn HOW TO overcome the paper trail … and if you should even bother … you also need to know how to recover from foreclosure, because 9 times out of 10, the REMIC is going to win. The REMIC will not let you do a short sale. It has no incentive!
So what excuse are you going to give me for spending all that money getting that securitization audit done? All of those little fancy boxes on the page are nothing more than …
We can discover the same thing analyzing the chain of title. The bottom line is … if the document contains false and misrepresentative information, there’s a right way and a wrong way to go about attacking it. The bottom line is maximizing time and cash flow and homeowners who are being foreclosed on seem to think they have both when in fact (1) their days are numbered; and (2) they’ve been using the wrong mindset to overcome foreclosure.