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Help - Free House. Urban Myth or Truth?
The bankers loudly complain about the horrible danger of a borrower getting a free house and want the states to let them get by with anything they want so that doesn't happen. (Non-judicial forclosure is one big way.) Judges too have a real aversion to a borrower not having to pay. The real point is, the borrower has the right to not pay a bank without standing. The borrower/homeowner has the right to pay the bank that is actually owed the money. If a bank is owed money it is their duty and responsibility to prove it as the law requires. If they were sloppy with the paperwork or outright crooks, that is hardly the borrower's responsibility or problem. The truth is the banks have ripped off the borrower, the investor, and the American taxpayer. They try acting like they walk into court with clean hands, but they of course are still just lying and cheating like they always have.
Many in the media and the pundits say getting your house free is an urban myth.
For the most part it appears to be a myth. At the same time it does happen, but it usually happens without the media or even the court (in a public record sense) ever finding out about it.
There are people who use the right tactics and the bank knows they are going to lose. Sometimes the bank wins, but the borrower/counsel know they are right and file an appeal.
This is what happens. First, the bank does not want to lose in trial on a basis that other people could find out about and use. Court records are public record. When the bank voluntarily dismisses the case, you know there is something seriously wrong with their position.
Secondly, the very last thing a bank wants is for a state appeals court to issue an opinion that rules against them, but worse, spells out in details exactly how to beat the bank. That appeals court decision is then controlling case law throughout the state. It gets published all over. The banks simply will not take that chance.
The result is a free house, but you never hear about it. The borrower and the attorney are paid off. They sign a non-disclosure agreement, which means nobody can talk about the case and the attorney can't use that tactic for any of his future clients. The case goes away and nobody outside of the case will ever know why.
The proof is in the pudding. Some of these cases are tracked. The homeowner is in foreclosure and then all of a sudden the case is dismissed by the bank. The only telltale sign is that the property records show that the mortgage is satisfied. The note is paid off in full. Who do you think did that?
You might hire a good attorney, but if he was any good in the past and was going to win a major victory, he probably has already sold out and signed a non-disclosure agreement and given up one or more of the best tactics. Not only doesn't he want to rock the boat, he is legally prevented by contract from disclosing his best play. You might be hiring an attorney who has already sold out and you won't even know it.
Your attorney might well be going into court with one hand tied behind his back. This is just one reason we always recommend that the client also know the law and exactly what is going on in his case and why.
We help you do that.
On top of it, we have tactics and techniques that will get the foreclosure case dismissed if the judge likes it or not. Besides, he is dismissing without prejudice which means the bank can re-file, and he assumes they will, so the free house issue does not even come up.
There are times the bank will simply give up because when everything is said and done, they will end up with a property that has a clouded title. It will be very expensive to sell, and they will end up with another piece of REO that they have to pay taxes on and take care of before it sells. (REO: Real Estate Owned). Actually, if it is considered trust property, it is all deducted from the trust income and the investors end up eating it.
In reality, with some of our tactics, the bank will never re-file. They might just walk away and forget about you. Chances are they will come to you and say how great their new case is going to be, and give you an opportunity to settle for something like a mortgage modification or similar deal. They are trying to save face and salvage a bad situation. The truth is, if you stay the course and refuse their deals, they will go away and you will have a free house.
People don't really get the house totally free anyway. They have been paying mortgage payments and chances are they have already paid a bundle of money. The mortgage and note are probably in a REMIC trust and sold to investors, plus there is likely insurance that was paid to the bank, so the note in reality has already been paid off and they are trying to collect for a second or third time.
People who beat the banks don't want to crow about it. They aren't going to go to the media and say, "Look at me, I got my house for free from the bank!" It does not happen. They breath a sigh of relief and go on with their lives, living a better life not having to make those mortgage payments.
Chances are the judge is not even going to realize you will end up with a free house and it is best to keep it that way, which some of our tactics do. In other cases, it is going to become clear to the judge that you are walking away with the property and he is not going to like it. Other resources on this site tell you exactly how to deal with that.
The banks will argue it is just a technicality. In truth, they simply don't have the legal right to foreclose. It is not your responsibility to figure out who does have the right. That is the business the banks and their lawyers are in. The judge should not worry about it either.
Free House? Urban myth. There is no evidence of it, is there?
HOME OWNERS CAN WIN REMIC FORECLOSURES
We provide tons of free information, but in order to really know how it all works for your benefit and to learn foreclosure case and trial tactics, plus much more about defeating the banks and servicing firms, you need to read our 171 page book and special report: Home Owners Can Win REMIC Forclosures.
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