《杨清泉律师专栏》Loan Modification Request Not Legal Ground to Stop Motion For Relief

Part 1

《楊清泉律師專欄》Loan Modification Request Not Legal Ground to Stop Motion For Relief (Part II)

Nowadays, ever since the anointed one became President and converted America into a third world country, LOAN MODIFICATION, has become urban legend. Apparently, many people believe that LM is the silver bullet that keeps the mortgage lender at bay irrespective of how bad the default situation is. In fact, some people believe that you can actually get your house for free by suing the lender for predatory lending. I have people coming into my office and asking me if I can do a “forensic” examination of their loan documents, to see if they can sue the bank. A “forensic” examination I presume is where you check all relevant documents to see if the lender actually gave you the correct interest and type of loan that they said they would. The truth is that the term “forensic” exam is actually a marketing gimmick that so called 'house foreclosure expert rescuers,' another ridiculous term, conjured up to make gullible people believe that some kind of complicated legal procedure is being initiated that will make the mortgage lender capitulate after sweating blood.

The fact is that in America, as in every other place in the world where printed money, instead of sea shells is currency, if you do not pay your mortgage, you will eventually lose your house to the mortgage lender in a foreclosure. That is the plain and simple truth. It may take the lender a longer time than usual to foreclose because of the current recession and the applicable mortgage foreclosure delay laws, but eventually, you will lose your house to foreclosure if you default on your mortgage. Yes, some people have been living in their houses for one or two years without paying their mortgage, something unheard of before the time of Obama. But the length of time that the house has not been foreclosed does not mean the house will not be foreclosed and the debtor gets to have the house for free. Sure, debtor gets to live in the house for free until the house is foreclosed. But the house will get foreclosed.

(TO BE CONTINUE...)