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I have a question on that it is my understanding and I could be wrong, they do not need a copy of the
note. They need the original note
You are correct, the attorney of course will get a copy, because they are not going to send them the
original. Things that he's going to ask for and I forget the number I think it's 47 different items that
the attorney could ask for. I've been in the industry for 20 years and I just heard this term a couple
months ago and it's known as an alonge. What the heck is an alonge? Well apparently it's one of the
documents that has to be in the file. While essentially the whole purpose of this here is to catch
the bank, the lender having messed up your loan somewhere along the way. Because if it is true that
they violated some kind of federal law in the past when they gave you the loan or a violation of the
loan now, you can then take them to court. And you can sue them. You can have your loan rescinded.
Which basically means it comes off your credit report, this loan never happened.
As good as that sounds that may not be the best thing for the people. But why make a point, I want
to back up just a little tiny bit, you mentioned the alonge, there's more to the alonge then it sounds
like, need to have the original alonge. More importantly, the person who signed the alonge has
to have been authorized by the license entity to sign that alonge. And I know for a fact that several
people in this town, in this industry were signing alonges because they needed it signed before the
loans could fund. And they were not qualified to sign. So let's go back to this discovery process,
when we find the lender has to rescind.
And I will admit after being in the real estate and mortgage industry for over 20 years, I would have
to say that almost 100% of the loans that are originated. If you look at them hard enough you
could find something wrong with them. Something wrong, where there could be a reason for you to
rescind this loan. So let's say you go to that point and push it and get the bank to rescind your loan.
Here's the problem, the loan is gone it is no longer on your credit report, let's say you have $200,000
loan he took out two years ago, in that time, he would've paid about $35,000 in interest to get a
credit for the 35,000 the let's say you had to attorney fees. Let's say $10,000 I don't think it
would be that high but we are just throwing out numbers here. And $5000 in closing costs when you
bought the house, so that total is $50,000. You get a credit for $50,000 off of the $200,000 loan, which
means you still owe $150,000 on the house. You have to pay the difference. You have to pay back to
the bank $150,000 so it is nice that we threatened that but frankly in this marketplace where are you
going to get the $150,000 from? I think it would be very difficult to go to a mortgage broker or
lender right now as they can I get $150,000 for my house. Because I just got the loan rescinded
While more than likely your several months behind on your payment and the answer is no
Even though they cannot show that because the loan was rescinded more than likely with mortgage
brokers going to say to you okay I need a mortgage payment history. And you say you are have been in
the house for two years but the loan got rescinded. They say, you need payment history, you cannot
produce it. In this marketplace today you are not going to get that loan. And so the attorneys know
that and so that's why once they get the lender's attention they say to the lender, we do not want to
rescinded the loan really, we do not want to incur a ton of attorney fees but we will if we need to If you
do not want to play with us. What we want to do is to work together to get the best possible loan
modification for our clients. So we can keep them in this home, keep their family intact
Folks that may have been a lot of information, it being New Year's Eve and all. Dan Havey is a
wealth of knowledge we were joking around earlier with Robert and Sinclair here at the station about
Dan and his vast knowledge, so if that was too overwhelming for you. The reality of a it is, here
what we are doing we are working with a national network of attorneys that care about you and you
first so for more information you can go to the website or you can call 1-888-Mod-Info, or Dan
why don't you give the website one more time.
Well, we have two websites that you can go to for more information. In go modificationhotline.com
that will give you a lot of information specifically on loan modification. You can also go to
mortgageanswerman.com where there's going to be information about everything including, one thing
I'll add really quickly. I have something there that is known as a decision matrix. The decision matrix
will walk you through step by step by step, every single step of the process regarding what you should
do with your property, should you do a short sale, should you do loan modification, should you just let
the bank foreclose? If so, is bankruptcy an okay idea for you, or not? And the tax consequences, on
and on. All that is on the website mortgageanswerman.com