BofA, Chase, Ocwen & Wells Fargo Get Willow Switched in the Wood Shed The Obama Administration

has finally decided to punish a few lenders for their poor performance. This should come as good news to those in foreclosure. However, it is more likely to be the predecessor to another round of fraudulent foreclosures, with thousands yet again wrongfully losing their homes. (This is because of the massive issues surrounding securitized loans the one who claims to be your lender is not, and doesn t have the right to foreclose on you). On June 9, 2011, CNN Money released the news that three top mortgage servicers are finally being taken to the woodshed. The servicers are Bank of America, J.P. Morgan Chase and Wells Fargo. The Treasury Dept. stated they ll withhold incentive payments to these banks. Ocwen, though cited for poor performance, will not lose its incentive payments. Let s take a look. In January of 2011, here were some statistics for HAMP (Homeowner Affordability Modification Program). y y Since the program s inception in March of 2009, 1.5 million HAMP trial modifications have been started. 750,000 of those trial modifications have been canceled due to the borrower defaulting or the bank rejecting the homeowner after the trial period. o Accurate statistics for that borrower default are not available, but if you interview homeowners, you ll find many made six, nine, twelve or more payments while waiting for the bank to finish their paperwork. They were only required to make three payments. If they fulfilled the agreement, and made many extra payments waiting on the bank, then how can they have defaulted? Thus we can safely assume that the borrower default statistic is another fraudulent misrepresentation by the banks. Only 152,289 of the trial modifications that were converted to permanent status are currently active.

Now, let s compare those mod statistics to the foreclosure statistics: y y y y 2.8 million American property owners were handed a foreclosure notice during 2010 A million properties are somewhere in the pipeline still, with a further 5 million serious delinquencies stacking up. Currently Realty Trac is listing 1.7 million homes on their foreclosure Rolls those people are long gone, with their homes resold or empty. For the month of May, 2011, Realty Trac has listed 214,927 new foreclosures

I think we can all be assured from these numbers that the banks have had no trouble performing in their foreclosure departments. It seems things are just going terrifically well. I wonder if they have office parties every Friday, celebrating the numbers of foreclosures they completed as compared to the number of loan mods they rejected or canceled that week.

Ok, so we compared performance and clearly the banks are still not modifying loans, but they sure are great at foreclosing on homes, so how did the banks respond to their trip to the woodshed? Wells Fargo said it would formally dispute the findings because this does not reflect their leading role in making loan modifications . Chase said it respectfully disagrees, Ocwen said it was surprised it was dinged for problems with modifications, and Bank of America said it acknowledges it must make improvements, but also they said, We have made great progress in several key performance areas. I m thinking they re referring to their foreclosure department. As for the rest of the comments, my only suggestion is that they are all on drugs. And what does this trip to the woodshed actually entail? Are we seeing CEOs finally charged with foreclosure fraud, fraud upon the courts, perjury, SEC fraud, or any other kind of fraud? No, we are seeing that they will not get their $4,500.00 incentive for having modified a loan. That s all. No real pain there when they get such a handsome sum for the foreclosure. I think we can all expect another flurry of auctions and foreclosure notices now that the Federal Government has taken that willow switch to their backsides. Those minor bruises will quickly heal with a few thousand more foreclosures. Nothing like a chocolate bar after a licking . The facts are clear and have been for a very long time: Banks do not intend on modifying your loan. They intend on taking your home. Don t go it alone with the bank if you want a loan modification. Just don t do it. The bank is lying to you when they say you can do the same thing as a company you hire. You can t because the bank plays tricks with your emotions, your finances, and your desperation. They don t get away with that when you hire professionals, which is why they don t want you to get help. It is harder for them to steal your home. Get help. Your home is not something you should let them forcibly take from you. Forensic Loan Audits and Securitization Audits still prove to be the most effective tools that a homeowner has when attempting to keep your home out of these bad boy s hands. Don t listen to the bank. Listen to the people who will not get tens of thousands of dollars by suing you for your home. Most professionals charge some kind of fee to help you save your home. Be prepared for that, but remember that s how they keep their doors open and pay their staff to be there when you need them. They don t pretend to help you and then take your home instead. But do remember they are up against what sometimes appears to be an unstoppable criminal element in our society, the banks. Don t think they win every time. Nobody does. It has been known for some time that banks started this mess. So don t listen to their lies and think that there are companies out there that only want to scam you, that is what the bank does. Decent companies charge an acceptable fee for their services. Moreover they go up against incredible odds and work for hundreds of hours on your behalf to get you a loan mod. More often than the bank admits, they get the job done.

If you need help saving your home, whether from foreclosure, or to get a loan mod, or if you want to request a quiet title action, you need forensic and securitization audits first. To begin ending the nightmare requires isolating the crimes the lender committed against you. That opens the doors to true recourse and real solutions, no matter what solution you need. Call Tila Solutions. 702 508 0335. Ask for a consultant and start on the road to real help. They have a number of services they can provide to you.