Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 8

!: Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 8

realestatemarketingthisweek.com - Real Estate Marketing - The pitfall of forcing your bank to rescind your loan for lending violations when in foreclosure - With Michael J Barnes and Dan Havey of Real Estate Marketing This Week Part 8 - I have a question on that, it is my understanding and I could be wrong, but they don't need a copy of the note, they need the original note. You are correct. Your attorney of course will get a copy, because they are not going to send them the original. Items that your attorney is going to ask for, and I forget the number, I think its 47 different items that the attorney could ask for. Heres one. I've been in the industry for 20 years and I just heard this term a couple months ago, it's known as an alonge. What the heck is an alonge? Well apparently it's one of the documents that has to be in the file. While essentially the whole purpose of this is to catch the bank, the lender having messed up your loan somewhere along the way. Because if it is true that they violated some kind of Federal Law in the past when they gave you the loan or are in violation of the loan now, you can then take them to court. And you can sue them. You can have your loan rescinded. Which basically means it comes off your credit report. This loan never happened. As good as that sounds that may not be the best thing for the home owner. I want to back up just a little tiny bit, you mentioned the alonge, there's more to the alonge then it sounds like. The bank needs to ...

Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 8

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