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Old 04-13-2011, 08:53 AM
 
Location: Atlanta, GA
12 posts, read 26,900 times
Reputation: 11

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I just had my foreclosure mediation meeting on April 8, 2011. I hired an attorney to represent me and I was surely glad I did that. He found so many errors wrong with the bank's filing and with the title that it appears to have de-railed the foreclosure certificate issuance. From what I understand the mediator will release his report in 10 days (which will recommend that the certificate NOT be issued). The court does not have a deadline for deciding whether or not to issue, so I am in a holding pattern. If the certifcate is NOT issued, the bank will resend its original notice of default and will need to file a new one. The process will start all over again. The problem is that I lost my job on March 17, and have depleted my funds trying to fight this. At this point in time, I cannot afford to pay another $200 filing fee and another lawyer fee. So, I'm not sure what I'm going to do when the ball gets rolling again.
I will let you all know that the process itself was a joke as far as the lender's performance. The so-called "man who could make a decision today" at the bank (on the phone) couldn't make a decision to save his life. He couldn't offer any solutions and he said he was not "authorized" to release the amount that the loan cost the bank. I found this extremely interested as a Nevada ruling (law) requires the bank to do so. It needs to be clear if there is a deficiency or not on the loan when they go to sell the house. What's very frustrating to me is that I came prepared and the lender did not. I have no recourse on getting them to cover the costs for any of this. Everyone merrily talked about there being a "next time" or another round of this. Gees, if everyone would chip in and contribute financailly I might be able to afford another round. This is not a matter of me being "fat" with cash to do this and it being a strategic default. It is a matter that I don't have money and I don't have a job right now. I am up a creek without a paddle! At least I have some more time without a mortgage payment to try to get myself a paddle...
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Old 04-13-2011, 05:33 PM
 
1 posts, read 2,522 times
Reputation: 10
Very confusing
just wondering how much did it cost you for atty. Fees i have put in for meadition and iam thinking of going alone i dont have a date yet waiting ..
Thank you
dan
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Old 04-20-2011, 12:53 PM
 
Location: Atlanta, GA
12 posts, read 26,900 times
Reputation: 11
It cost me a flat fee of $1500 and my lawyer took care of a lot of other things for me (like my realtor and a short sale that was falling apart). He was wonderful. Oh yes, it did cost me an additional $250 for a one hour consultation for him prior to me securing him for the mediation representation.
There is a lot of law that is involved and it would take an enormous amount of time to get up to speed with all of it. My lawyer was sharp as could be and knocked the lender's lawyer down on a lot of points. Those are points I would never had ever known about on my own. He was definitely worth the money.
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Old 04-20-2011, 01:04 PM
 
Location: Atlanta, GA
12 posts, read 26,900 times
Reputation: 11
By the way, I have received a copy of the mediator's statement. Not quite what I had expected as I thought it would have a section for the mediator to make a recommendation. For those who are curious what this form looks like you can find it and much more information at: Nevada Foreclosure Mediation

The mediator in my case indicated that “Three original certifications were provided for the note, deed & assignment but none of the certifications stated that the affiant was in actual possession of the original documents; the confidential proposal document was not specific to the homeowner; no evaluative methodology was produced specific to the homeowner; the BPO was unsigned; none of the bank documents were produced 10 days prior to mediation” What it did not state was the person that was supposed to be able to make a decision couldn't make a decision and that the lender refused to disclose the amount paid for the loan.

The Administrator of the program will be making a decision based upon the mediator's statement as to whether or not to issue a certificate of foreclosure. My lawyer feels quite confident that it will not be issued. As I understand it, the Admistrator will not notify of the decision to NOT issue a certificate. I will just have to keep checking the assessor's office to see if the certificate has been issued. In that regard, it does suck.

It's a wait and see game right now. This may have bought me a little more time but without a job, I have no way of saving any money right now. And, that really sucks!
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Old 05-04-2011, 09:16 PM
 
2 posts, read 4,777 times
Reputation: 10
It is my understanding that if you filed your mediation request before your indicated deadline in your Notice of Default packet your lender absolutely can NOT legally foreclose or sell your home. Call the mediation department ASAP.

I filed my foreclosure mediation packet in October 2010. Just this week (May 2011) I received a call from my assigned mediator and my mediation appointment was schedules 30 days out. For those of you considering a short sale - DON'T DO IT! …unless you are certain to get a waiver on your deficiency balance. And why bother anyway?? I have been advised that there is only about a 20-30 point credit score difference between a short sale and a foreclosure. Nevada is a single action state. Meaning foreclosure is a single legal action and it’s a done deal. The bank only has 6 months to try and chase you down for the deficiency balance which these days just doesn’t allow them enough time and you’ve likely already proved that you don’t have it anyway. However, a short sale is NOT a legal action and it allows the bank 6 years to chase you on your 1st mortgage deficiency balance, and up to 20 years to chase you on a second mortgage deficiency balance…plus you have to deal with the headaches of trying to sell the house. There is just no advantage and potentially huge consequences.

For more information look up or stop by Legal Aid Center of Southern Nevada.

Good Luck!!
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Old 05-04-2011, 09:24 PM
 
2 posts, read 4,777 times
Reputation: 10
Quote:
Originally Posted by brosati View Post
I finally received my Mediation Scheduling Notice. The mediation is scheduled for Tuesday, June 8th.

I’m in the process getting all my paperwork done in preparation for the mediation. My hope is to get my current monthly mortgage payment of $2,717.00 (which is 38% of my gross monthly income) reduced to $2,075.00 (which is in line with the Obama Plan of 31% of my gross monthly income).

My main purpose in seeking a loan modification is to replace my Interest Only Adjustable rate to a fixed rate. I could not qualify for re-financing since my house is only worth half of what I owe on it, so I stopped my loan payments to force my lender into mediation.

My task now is to convince the lender that it would be to their benefit to modify my loan rather than allowing it to go into foreclosure. I purchased my house in 2006 for almost $400,000. The house two doors down from me which is the exact same model as mine sold last month for $165,000. I need to convince the lender that they stand to make more by modifying my loan than if they have to sell my house for $200,000 or less.

My question: Did anyone out there attend one of the free Foreclosure Mediation Community Legal Education Classes that are currently being held each Thursday at the Legal Aid Center of Southern Nevada William S. Boyd School of Law? During that class a slide was presented showing the costs of foreclosure to the lender vs. loan modification. The instructor stated that the example slide was not in the class manual, but could be found on his website. Unfortunately I did not write down the web address for the slide.

Hopefully someone reading this thread will be able to point me in the right direction.
The document you are looking for is on the Legal Aid Center of Southern Nevada Website. Legal Aid Center of Southern Nevada - Foreclosures
Look under FORMS FROM CLASS
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Old 05-04-2011, 10:30 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,064,258 times
Reputation: 2661
Quote:
Originally Posted by Do NOT Short Sale View Post
It is my understanding that if you filed your mediation request before your indicated deadline in your Notice of Default packet your lender absolutely can NOT legally foreclose or sell your home. Call the mediation department ASAP.

I filed my foreclosure mediation packet in October 2010. Just this week (May 2011) I received a call from my assigned mediator and my mediation appointment was schedules 30 days out. For those of you considering a short sale - DON'T DO IT! …unless you are certain to get a waiver on your deficiency balance. And why bother anyway?? I have been advised that there is only about a 20-30 point credit score difference between a short sale and a foreclosure. Nevada is a single action state. Meaning foreclosure is a single legal action and it’s a done deal. The bank only has 6 months to try and chase you down for the deficiency balance which these days just doesn’t allow them enough time and you’ve likely already proved that you don’t have it anyway. However, a short sale is NOT a legal action and it allows the bank 6 years to chase you on your 1st mortgage deficiency balance, and up to 20 years to chase you on a second mortgage deficiency balance…plus you have to deal with the headaches of trying to sell the house. There is just no advantage and potentially huge consequences.

For more information look up or stop by Legal Aid Center of Southern Nevada.

Good Luck!!
Somewhat misleading. If you do a short you negotiate the loan away or you don't do the short. Has not been a problem to date.

If you can't get acceptable terms on first and second you don't do a short.

Simple as that.
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Old 05-05-2011, 08:46 AM
 
2,076 posts, read 4,053,621 times
Reputation: 2589
The six month limit would only be on the 1st. If you had a 2nd that would convert to a regular unsecured loan which they could collect thru any standard means for 6 years.

I agree with olecapt, try to short, if you don't get the deficiency waived to your satisfaction then don't do the deal and let it go to foreclosure. The deficiency language should be in the short sale approval.

If you have a 2nd, a short sale is far better than foreclosure since it's your only opportunity to negotiate the 2nd down.

Quote:
Originally Posted by Do NOT Short Sale View Post
I filed my foreclosure mediation packet in October 2010. Just this week (May 2011) I received a call from my assigned mediator and my mediation appointment was schedules 30 days out. For those of you considering a short sale - DON'T DO IT! …unless you are certain to get a waiver on your deficiency balance. And why bother anyway?? I have been advised that there is only about a 20-30 point credit score difference between a short sale and a foreclosure. Nevada is a single action state. Meaning foreclosure is a single legal action and it’s a done deal. The bank only has 6 months to try and chase you down for the deficiency balance which these days just doesn’t allow them enough time and you’ve likely already proved that you don’t have it anyway. However, a short sale is NOT a legal action and it allows the bank 6 years to chase you on your 1st mortgage deficiency balance, and up to 20 years to chase you on a second mortgage deficiency balance…plus you have to deal with the headaches of trying to sell the house. There is just no advantage and potentially huge consequences.

Good Luck!!
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Old 05-11-2011, 11:00 AM
 
Location: Atlanta, GA
12 posts, read 26,900 times
Reputation: 11
Default Short sale vs foreclosure

I was advised that the foreclosure was the way to go as my lender was not going to forgive any of the balance due. Heck, they could not even come to any solution at the foreclosure mediation meeting!

I have only a first mortgage so my choices are either foreclosure (6 month limit for bank to come after me) or short sale (6 year limit). Having started a short sale, I now realize that I don't want strangers invading my privacy during this stressful time (looky-loos). I had a realtor from hell (I swear she was bi-polar) and it was just nasty. The whole short sale process was just so stressful and nasty! I would not recommend it at all.

My lawyer did his job well and I am still in the house. A certificate should not be issued. I just don't know how much time I have to stay here.

I went through a divorce and had to file bankruptcy at the same time (1997 time frame). You survive the bad credit hit and you don't die from it. A foreclosure will be the same way. It is not the end of the world if your credit suffers for a few years. From what I have been told, there is not that much difference in your credit if you short sale or you foreclose. In Nevada there is a significant difference as to paying back the deficiency. I'd rather go with 6 months than with 6 years. Who knows I may strike it really rich in the future.

Why would I want to give some of that back to a lender who wouldn't work with me and took away my house? I was unemployed for 12 months back in 2008/2009 and I made sure I made my house payments during that time. I exhausted my savings for the sake of my lender and my house. I made sure they were whole while sacrificing myself. They don't care that I'm broke now as I am nothing but a number to them. As far as I'm concerned they have raped and beaten me and they are now dumping me to die. That is a strong visual but that is exactly how I feel.
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Old 05-11-2011, 11:19 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,064,258 times
Reputation: 2661
Get a new agent and work the short. If possible go to mediation again.

The people at the bank who work shorts and who work mediation are very likely completely different crews. There is a substantial loss to the bank if they go the foreclosure route. Normally faced with a reasonable short they will take the money and forgive the debt. If not you let them foreclose. You lose nothing by trying...and a short is better than a foreclosure.
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