Question about company offering to lower loan amount (recourse, foreclose, stocks)

[minniepearl]

who knows!!!! you can't deed 25% interest to a BK. they way i understand it they are forming a trust then placing the property into a trust with someones else's name, because the way i understand it you can't foreclose until all parties in and on the trust have been notified. I think this how it went down.

[minniepearl]

however it is sure quiet out there??? I guess everyone has given up, and embarrassed by all this, no need to be embarrassed, jw talked a big game or a convincing game??

[dimplesinsac]

I think it is sad people who are not working with JW are coming up with formulas and ideas on how it all works--it is not out of embarrasment but out of shock I think we are all being quiet. Originally, this "conversation" was between those of us who were involved with JW trying to make sure we are all hearing the same thing and they are doing what they say and now people are speculating on what is going on. There is no one on my deed but me. I have not and will not file BK yet JW has been able to postpone my sale three times now. I am part of the Wells Fargo Pool--which Wells JUST this week sold over $600 million worth of mortgage loans for $.35 on the dollar. You can read about that in the Sac Business Journal. This is the type of negotiation JW is doing for our loans right now.

[Zelva]

Ditto Dimplesinsac - I also got a little tired of the non-Jw clients saying "you should" or "you shouldn't have" -- it gets old when it's also pretty clear they don't quite have an understanding of the JW programs, yet giving advice and direction like they do.

Anyway, interesting about Wells loan sales. I'm sorry, but the banks need to take some of these mortgage losses. (News Flash) Their hay-day is just over. Unemployed, under-employed, and self-un-employed home owners are not going to 1) get more money off the money tree in the backyard, or 2) keep paying for something that has lost half or more of it's value.... and the banks (investors, or whoever) can either take these losses now, or more loss later through non-payment, foreclosures, BK, etc. Maybe they are getting the clue now. I hope so.

[Va-Cat]

Originally Posted by Zelva

Ditto Dimplesinsac - I also got a little tired of the non-Jw clients saying "you should" or "you shouldn't have" -- it gets old when it's also pretty clear they don't quite have an understanding of the JW programs, yet giving advice and direction like they do.

Anyway, interesting about Wells loan sales. I'm sorry, but the banks need to take some of these mortgage losses. (News Flash) Their hay-day is just over. Unemployed, under-employed, and self-un-employed home owners are not going to 1) get more money off the money tree in the backyard, or 2) keep paying for something that has lost half or more of it's value.... and the banks (investors, or whoever) can either take these losses now, or more loss later through non-payment, foreclosures, BK, etc. Maybe they are getting the clue now. I hope so.

Been lurking here for quite a while to see how this all would turn out. I'm not gonna join the ranks of people that have said "you should" or "you shouldn't have" but I will summarize it for what has been posted here. So far:

• Earliest post regarding JW goes back to Sept 2008
• Since then approximately 10 other posters (or family and friends) have mentioned that they too have given JW $3,500.
• Todays date is July 17, 2009. Thats almost 10 months and not one of these so called "pools" has closed
• 1st post stating that a "pool" would be closing in 2 week was posted on Feb 14, 2009. Thats 5 months ago and...still not one of these pools has closed
• May 21 correspondence that bank "agreed to the offer and money is in escrow" Today is July 17, 2009 and still no pool has closed
• 1 year date has passed for some of the people involved in this and no one has confirmed that they have either gotten their "pool" closed or gotten their money back from JW

Look - all I'm saying is that you might want to also look into an alternate strategy in case this whole thing goes south on you. For all your sakes, I DO hope it will work as you were told but as my very wise Grandpa used to tell me. "Plan for the worst and hope for the best"

Good luck!

[glowormkvh]

I wish Paul Vallas would give us an update on his situation...he is with the Bank of America/Coutrywide pool that was sopposively on the verge of going through. Whats going on Paul????

[paul vallas]

I have been trying to get a hold of JW all day but no one is in the office and the voice mail box is full.

[Zelva]

VA-Cat - you got any "plan B" ideas for upside-down in mortgage and sideways in employment (one of two unemployed - in construction)? Rental shopping is next option... so I guess I do have a plan for the 'worst'. :-/

Last JW info (about a week ago?) was that BofA/CW agreed to sell at 65% of loan value; however, JW investors want 50% or less... so I guess bottom line agreement has not yet been reached.

[learning101]

Why do i talk about this here is why

1.I went down to LA and meet with West Coast and Horizon Properties Holding H.P.H. over 10 times
2 I know people that work for JW i Have meet with them talked to Jesse and there whole crew.
3. i know a lot about this subject and how it works.
4. I know a ton about how to do modificaiton and how to buy notes from lenders.
5. I know peopel that worked for other companies other then JW that are selling the same thing.

For me to be quite would be just like me taking your money myself it is almost my dutie to say something what type of person would i be if i sat back a said nothing. im here to just help and educate people on the truth of the subject.

You do what you want with the info i really dont care anymore. It would be onething if it it worked and was working it would be the greatist thing ever.

But it is not.

o yeah and even if your home is forclosed on you can stay in it for a few extra months as a squater.

[learning101]

O yeah give me a fax number or email and i will email anyone deeds that we supposed to be filed over to HPH and its not 25% its 50%