Creditxp CEO talks about Lender Guidelines and How Software Program is used against Lenders by Attorneys & Auditors
Currently we have 250 major wholesale lenders and 1000’s of mortgage companies that have gone out of business.
Wall Street offered teaser rates to consumers to get them into loans, knowing that they could not qualify for the fully index rate, making billions for there firms.
Many of these loans have been sold and transferred to other lenders not caring about the borrower.
You here it was because of this or that on the news, but what really matters is that it is happening to you. And after hearing everything you still don’t know what to do.
We have and use the underwriting guidelines of these Wall Street firms and use them to your advantage.
Our automated software program determines which of the loans you have and what violation are associated with your file.
Not only do we know the guidelines but we have underwriters that worked for these companies auditor your files for these violations, as well as HUD and RESPA advisors.
Our automated system allows the consumer, auditor, counselor and attorneys to correspond with each other by logging in and checking the conditions of the file.
This saves valuable time.
Our system is secure and creates your own barcode for your file. You know that your information is being delivered. You can login at any time and be informed; leave notes for your auditor or chat live with our counselors.
We have attorneys nationwide participating with our program that are trained and know what needs to be done.
Not only will we help you save your home but keep you form paying thousands of dollars in IRS debt because of the new laws associated with foreclosure. That right for every dollar you lender looses they send you a 1099 as income to you so that they can write the lose off.
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7 comments:
Has anybody used this system? I would like to here from some people that are using this system. Sounds to good to be true. Is there any DEMO that one can review?
Is this the same thing as Bush Mortgage Freeze?
Kevin
Does anybody know if it is all lenders that will accept the Mortgage Freeze.
Kevin
I am currently using them and they just posted my recent update. Dont know what the result will be but at least they are keeping me posted to know what is going on. I like the fact that i can just login to my account and see what the status is. You can also use the live chat when they are on line.
Robert
Bushes Mortgage Freeze only has a few lenders that are signed up.
Myrecast works with all lenders regaurdless of the freeze. Phase III should be completed with in 30 to 45 days.
As such, traders are now betting that a rate cut at the Fed’s next meeting, a two-day session that concludes on Jan. 30, is certain. The question is simply how big of a cut it will be.
As of today, Wednesday January 2nd, we are already seeing some movement in the rates. The bond market is up and that has driven the 30 year interest rate back down into the 5’s.
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
Prior to proceeding with a foreclosure, Texas laws state that the lender must mail the borrower a letter of demand, informing the buyer he has twenty (20) days to pay the delinquent payments or foreclosure proceedings will begin.
At some point after the borrowers twenty (20) days have expired, but at least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: 1) filed with the county clerk; 2) mailed to the borrower at their last known address; and 3) posted on the county courthouse door.
The foreclosure sale must take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender, who bids by canceling out the balance due on the note, or some part of it.
Lenders may obtain deficiency judgments, but they are limited to the difference between the fair market value of the property at the time of sale and the balance of the loan in default.
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