Loan Modification Demands (Needs Research)

[Solus Hospes]

Please note, I am posting this only to prompt productive action. It seemed to me that although we have been passing proposals, little work is being done on them there after. I thought to make it easier by starting threads in appropriate groups with proposals that need work. Anyone can help with these; please, and thank you. -M.E.

6. Tabled last meeting: “Defund the banks by everyone filing for loan modifications on the same day; then open an escrow account in a local credit union. Send a letter to your bank that your mortgage payments will be made to the escrow account until the modification is approved. Instead of sending a check, send them a copy of the deposit slip.”
Legal team is still researching the legality of this though again it may solely depend on your loan. If someone has an example loan contract they’d be willing to provide the legal team (feel free to black out any personal information) we could have a better idea of where to start asking some questions and what questions to ask.

What we need from this Work Group:
Is this legally possible?
What steps need to be taken and in what order for most effective results?
Do we have a contact at the banks to address these loan modifications?
Do we have a contact at the Credit Unions?
Suggestions for either?

Anything else you can think of.

[Ubor]

Each persons situation is going to be different and they should talk with an attorney. There may be consequences to giving the type of advise tabled. Could it be legally possible? You should know who 'owns' the loan, your attorney can help you here by sending a "Qualified Written Request" to the 'supposed' 'loan servicer'. You should be able to 'make sure' you're sending the right people the money. Again an attorney could tell you if there is sufficient cause to take the tabled action, upon a response, as required under RESPA.
There will be no help from any of the banks or regulators to assist in the tabled suggestion.

There is help via some web groups namely foreclosurehamlet.org and 4closurefraud.org.

The latest and a chance for those who feel wrongfully foreclosed is the independent foreclosure review ordered by the Comptroller of the Currency and other regulators. Go to: www.independentforeclosurereview.com/

As a teller of stories and reporter, I see problems when asking for loan mod's or even the so-called 'independent' review. Usually there is some requirement that you agree that you owe an amount and this is the person you owe it to, whether you actually know so or not. Again ask an attorney.
With the independent review I would have to tell 'them' everything I know that would help me in a court case, should it come to that. If it did, then I have 'showed' all my cards.

Good discussions on the first two websites, follow-up research should elevate our collective knowledge of what then might be a good course of action to recommend to the group entirely.

[Solus Hospes]

Great information, thank you so much for weighing in on this!