Mortgages & Creative Financing

Fighting Foreclosure: How One Homeowner Fought the Trustee For Time and Won!

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27 Articles Written
Caught up in Foreclosure and In Need of Help A homeowner in Dallas contacted me in December and told me their lender had just filed to foreclose on their house and wanted to know if I could help them. I met with them soon after and read the notice to foreclose. It was scheduled to [...] View the full article: Fighting Foreclosure: How One Homeowner Fought the Trustee For Time and Won! on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

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    BawldGuy Talking
    Replied over 11 years ago
    Josh — A bored Trustee employee never had a chance against you. Great stuff.
    Joshua Dorkin
    Replied over 11 years ago
    You’re right, except they didn’t stand a change agains Jim Watkins, the post author. I accidentally posted the article as mine (and have since corrected it). Its great to see that he was such a help to those homeowners! Nice work Jim!
    Joshua Dorkin
    Replied over 11 years ago
    You’re right, except they didn’t stand a change agains Jim Watkins, the post author. I accidentally posted the article as mine (and have since corrected it). Its great to see that he was such a help to those homeowners! Nice work Jim!
    Nicole
    Replied over 11 years ago
    What an inspiring story. I think this could give a lot of people hope. Thanks!
    Annie Maloney
    Replied over 11 years ago
    You did an excellent job Jim. Went above and beyond. Its nice to see that these days. There is such a “everyone for themselves” attitude most of the time. I would venture to say that you made a friend for life…. No wonder foreclosures take so long.
    Jim Watkins
    Replied over 11 years ago
    Thanks for the comments guys (and gals). Honestly, I am surprised to see the positive responses because I had thought that the article was really dull when I sent it in. Since I am around foreclosures on a daily basis, instances like this seem routine for me. It really does feel good to be able to help people out like that too. Annie… Is that rustic looking log cabin on your site banner for sale??? That is the most incredible looking house I have seen! -jim
    Annie Maloney
    Replied over 11 years ago
    Jim, That cabin is awesome. And no its not for sale, sorry. I would love to sell it to you though. :>) We have many cabins like that in East Tennessee and they are beautiful inside and out. One day….
    Erik
    Replied over 9 years ago
    Interestingly, incorrect foreclosure filings have all kinds of repercussions. Here, Bank of America conducted foreclosure proceedings on the wrong house. A house which had been paid for in cash was “foreclosed” upon by B of A. Just how common are mistakes on foreclosure paperwork?
    Erik
    Replied over 9 years ago
    Interestingly, incorrect foreclosure filings have all kinds of repercussions. Here, Bank of America conducted foreclosure proceedings on the wrong house. A house which had been paid for in cash was “foreclosed” upon by B of A. Just how common are mistakes on foreclosure paperwork?
    Erik
    Replied over 9 years ago
    http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632
    dm
    Replied about 9 years ago
    I am surprised you received so much praise for helping your clients “game” the system with small inaccuracies that take “legal loopholes” to a whole new level… Imagine…. the lender actually held the mortgage holders accountable in meeting their contractual agreement?! You have got to be kidding me!!!! This is why they call it a contract…. Your signature to a contract means something… Your word and your committment in signing a contract matters…. and there is a price to be paid for failing to do so… Plain and Simple!! What you fail to mention in your article is that the foreclosure process does not begin for at least 3 months of missed mortgage payments… Tell me something, did this couple have any savings or game plan to meet their obligations if they lost their job?? Having found myself in difficult personal financial circumstances in the past, I was determined to find solutions; some of them were: (the combination of such things got me through the worst and actually built back my savings after I succeeded in securing a second job…) A. Get a second job B. Get a third job if necessary … Most jobs are 9 to 5 Monday to Friday…. That leaves 4 additional hours each evening to work a job and the weekends to work more hours… Won’t kill you….(x’s two if both of you work a second/third job temporarily) C. Put your savings to use in order to make sure you do not miss a payment… D. Get a renter to help share your expenses E. Sell some of your personal jewelry and possessions in order to raise cash. The truth of the matter, is that if you find it difficult paying your mortgage… and both of you are working…. you should n e v e r h a v e b e e n q u a l i f i e d f o r h o m e o w n e r s h i p ….. in the first place… and if only one of you is working then it is time for the other to get a job….even if it’s a retail clerk in a department store or waiting tables in a local restaurant….preferably both…. Secondly, if you find yourself missing 3 mortgage payments, there is definitely something wrong with your financial planning strategies… and chances are….you are not saving enough for the “rainy day” our parents described to us… We live in a world that continues to make excuses for irresponsible behavior and we find that those who get involved look to make the lender the “bad guy” … when in fact …. it is the individual (s) that signed the contract as adults and then proceeded to behave like children when it came time to committing themselves to their obligations….that are the offenders… When responsible individuals take on a mortgage, they generally have enough in savings for at least 6 to 12 months…. and in so doing, have enough smarts to begin to take action way before the foreclosure process begins… Finding cheap tricks to salvage a home when you have clearly demonstrated an inability to meet your obligations is not something to be applauded….
    mike
    Replied almost 9 years ago
    Hey D M, a little bitter about something? Your generalizations are really poor form, and come perilously close to thinly veiled bigotry. Had trouble with that forclosure property you thought was a killer deal? Forgot actual people lived there before tragedy hit them hard? Wow… maybe if people would stop “gaming” the real estate market then maybe the lenders would actually start acting like lenders instead of loan sharks. Many, many people have had their lives devastated by back-to-back recessions, and losing their homes as well is just horribly painful. Losing a few bucks on a bad investment, because of jumping on the REO bandwagon without doing homework, is just “par for the course.” Lenders and trustees are definitely cutting corners just to collect fees out of pure greed and they DO NOT CARE. The homeowners/borrowers need to protect themselves, and very few are uneducated or deadbeats. I would be more than happy to provide direct evidence of negligence and malfeasance on the part of a lender and trustee.
    dm
    Replied about 9 years ago
    I am surprised you received so much praise for helping your clients “game” the system with small inaccuracies that take “legal loopholes” to a whole new level… Imagine…. the lender actually held the mortgage holders accountable in meeting their contractual agreement?! You have got to be kidding me!!!! This is why they call it a contract…. Your signature to a contract means something… Your word and your committment in signing a contract matters…. and there is a price to be paid for failing to do so… Plain and Simple!! What you fail to mention in your article is that the foreclosure process does not begin for at least 3 months of missed mortgage payments… Tell me something, did this couple have any savings or game plan to meet their obligations if they lost their job?? Having found myself in difficult personal financial circumstances in the past, I was determined to find solutions; some of them were: (the combination of such things got me through the worst and actually built back my savings after I succeeded in securing a second job…) A. Get a second job B. Get a third job if necessary … Most jobs are 9 to 5 Monday to Friday…. That leaves 4 additional hours each evening to work a job and the weekends to work more hours… Won’t kill you….(x’s two if both of you work a second/third job temporarily) C. Put your savings to use in order to make sure you do not miss a payment… D. Get a renter to help share your expenses E. Sell some of your personal jewelry and possessions in order to raise cash. The truth of the matter, is that if you find it difficult paying your mortgage… and both of you are working…. you should n e v e r h a v e b e e n q u a l i f i e d f o r h o m e o w n e r s h i p ….. in the first place… and if only one of you is working then it is time for the other to get a job….even if it’s a retail clerk in a department store or waiting tables in a local restaurant….preferably both…. Secondly, if you find yourself missing 3 mortgage payments, there is definitely something wrong with your financial planning strategies… and chances are….you are not saving enough for the “rainy day” our parents described to us… We live in a world that continues to make excuses for irresponsible behavior and we find that those who get involved look to make the lender the “bad guy” … when in fact …. it is the individual (s) that signed the contract as adults and then proceeded to behave like children when it came time to committing themselves to their obligations….that are the offenders… When responsible individuals take on a mortgage, they generally have enough in savings for at least 6 to 12 months…. and in so doing, have enough smarts to begin to take action way before the foreclosure process begins… Finding cheap tricks to salvage a home when you have clearly demonstrated an inability to meet your obligations is not something to be applauded….
    dm
    Replied about 9 years ago
    I am surprised you received so much praise for helping your clients “game” the system with small inaccuracies that take “legal loopholes” to a whole new level… Imagine…. the lender actually held the mortgage holders accountable in meeting their contractual agreement?! You have got to be kidding me!!!! This is why they call it a contract…. Your signature to a contract means something… Your word and your committment in signing a contract matters…. and there is a price to be paid for failing to do so… Plain and Simple!! What you fail to mention in your article is that the foreclosure process does not begin for at least 3 months of missed mortgage payments… Tell me something, did this couple have any savings or game plan to meet their obligations if they lost their job?? Having found myself in difficult personal financial circumstances in the past, I was determined to find solutions; some of them were: (the combination of such things got me through the worst and actually built back my savings after I succeeded in securing a second job…) A. Get a second job B. Get a third job if necessary … Most jobs are 9 to 5 Monday to Friday…. That leaves 4 additional hours each evening to work a job and the weekends to work more hours… Won’t kill you….(x’s two if both of you work a second/third job temporarily) C. Put your savings to use in order to make sure you do not miss a payment… D. Get a renter to help share your expenses E. Sell some of your personal jewelry and possessions in order to raise cash. The truth of the matter, is that if you find it difficult paying your mortgage… and both of you are working…. you should n e v e r h a v e b e e n q u a l i f i e d f o r h o m e o w n e r s h i p ….. in the first place… and if only one of you is working then it is time for the other to get a job….even if it’s a retail clerk in a department store or waiting tables in a local restaurant….preferably both…. Secondly, if you find yourself missing 3 mortgage payments, there is definitely something wrong with your financial planning strategies… and chances are….you are not saving enough for the “rainy day” our parents described to us… We live in a world that continues to make excuses for irresponsible behavior and we find that those who get involved look to make the lender the “bad guy” … when in fact …. it is the individual (s) that signed the contract as adults and then proceeded to behave like children when it came time to committing themselves to their obligations….that are the offenders… When responsible individuals take on a mortgage, they generally have enough in savings for at least 6 to 12 months…. and in so doing, have enough smarts to begin to take action way before the foreclosure process begins… Finding cheap tricks to salvage a home when you have clearly demonstrated an inability to meet your obligations is not something to be applauded….