Über die Autorin bzw. den Autor

As a mortgage banker Paul Stemborowski took on hard to finance clients. People and families that had gone through financial hardships, like losing their job, Medical catastrophes, tax liens, judgments and yes bankruptcy. Paul has personally closed over 250 million dollars in real estate mortgages and with the many companies he founded has closed over 750 million in loans. Working with clients with a large amount of complications has enlightened Paul to the unintended consequences created by actions taken by families to save their most valuable possession, their home. After the latest banking and financial crisis took place, Paul's past clients and co workers realized that Paul was in the unique position of knowing all the answers to financial questions on how to negotiate lower payments and reduce debt on all types of mortgages and credit cards. Word spread fast and Paul had to share his knowledge with whoever needed it.

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How to Modify Your Loans

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Contents

#1 TITLE...................................................................................iii#2 DISCLAIMER..............................................................................v#3 ACKNOWLEDGMENTS.........................................................................vi#4 WE ARE A NATION OF LAWS.................................................................1#5 THE HISTORY OF THE HOUSING CREDIT BUBBLE................................................2#6 REFINANCING AFTER THE CREDIT BUBBLE.....................................................8#7 THINKING OF USING YOUR 401K TO STAY OUT OF BANKRUPTCY...................................10#8 NEW BANKRUPTCY LAW......................................................................11#9 VERBAL COMMUNICATION MEANS NOTHING......................................................13#10 HOME RETENTION DIVISION................................................................15#11 LOSS MITIGATION........................................................................16#12 OUTSOURCING AND CUSTOMER SERVICE.......................................................17#13 ORGANIZATION...........................................................................19#14 HUMAN FACTOR...........................................................................23#15 I MODIFIED BEFORE MARCH 4, 2009........................................................26#16 KNOW YOUR OPTIONS......................................................................27#17 HOMEOWNER AFFORDABILITY PLAN...........................................................29#18 I DON'T QUALIFY FOR THE HOMEOWNER AFFORDABILITY AND STABILITY PLAN.....................33#19 CHOOSING A LOAN MODIFICATION COMPANY...................................................39#20 LOAN MODIFICATION PITFALLS.............................................................41#21 I WAS DENIED A LOAN MODIFICATION.......................................................45#22 BEHIND THE CURVE.......................................................................52#23 BE PREPARED FOR THE WORST..............................................................55#24 ALL THE DOCUMENTS YOU CAN FIND.........................................................56#25 THE INTERNET IS WHAT YOU MAKE OF IT....................................................59#26 HARDBALL...............................................................................61#27 FAX BOMB...............................................................................64#28 NO INCOME-VERIFIED LOAN MODIFICATION...................................................66#29 EFFECTS ON THE SELF-EMPLOYED...........................................................68#30 SPOUSE PASSED AWAY.....................................................................71#31 SECOND MORTGAGE LOAN MODIFICATION......................................................72#32 NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA (NACA)..................................75#33 TWO PEOPLE TO BE AFRAID OF.............................................................76#34 A JUDGMENT FOR FORECLOSURE FILED.......................................................77#35 REVERSE PSYCHOLOGY.....................................................................79#36 PRE-FORCLOSURE LETTER..................................................................81#37 I KEEP GETTING FORECLOSURE LETTERS.....................................................83#38 TWO PROPERTIES AND FOUR MORTGAGES......................................................85#39 I HAVE THREE PROPERTIES, AND I CAN'T CLAIM CHAPTER 13..................................87#40 SHORT SALE.............................................................................88#41 SHORT REFINANCE........................................................................90#42 HOW TO DISPUTE THE VALIDITY OF THE DEBT................................................91#43 COURT OF EQUITY........................................................................93#44 SHERIFF'S SALE DATE....................................................................95#45 MEDICAL BILLS..........................................................................96#46 KEEPING YOUR CREDIT CLEAN..............................................................98#47 LIFE AFTER BANKRUPTCY..................................................................104#48 CLEANING UP YOUR CREDIT REPORT.........................................................106#49 CREDIT CARD DEBT.......................................................................115#50 HOW TO BEAT THE BANKS..................................................................118#51 HOW TO AVOID FINANCIAL PROBLEMS........................................................138#52 DIVORCE: A REAL NET-WORTH DESTROYER....................................................140#53 QUESTIONS AND ANSWERS..................................................................142#54 MAKING MONEY AT LOAN MODIFICATIONS.....................................................145

Chapter One

We are a nation of laws. A lot of politicians are or were lawyers. The United States of America is so successful because we have rules, and they are law. We have a court system that keeps the majority of us law-abiding citizens. A lot of our problems stem from not understanding the rules and how they affect us. If we can learn the rules and understand the effects of our decisions, we will have a better chance of making the correct decision. I do not know everything, but I do know the effects of the law on people experiencing financial difficulties.

Since 2000, I have listened to the problems of a cross-section of people in the United States. I listen to the mistakes they have made because they did not know the rules or who to go to for advice in a time of financial trouble. Also, it is hard to predict what the future holds. In writing this book, I have tried to relay the problems that a lot of people have experienced and put them on paper in hope that you can benefit.

Do not get frustrated. You can overcome this temporary financial distress by learning how foreclosures and bankruptcy really work. Understand what your creditor can do to you. Better yet, understand what your rights are. There are a lot of laws. The laws are geared to protect the consumer. We all get a three-day right of rescission when we refinance or sign a contract. If a company violates the many rules made to protect you, you could win an award or have the loan nullified! Google Troy Doucet and 23 Legal Defenses to Foreclosure. The tactics explained in Troy Doucet's book are interesting and could help you negotiate. The more you know, the better your chance of success!

Chapter Two

Since 1977, when I started in the real estate business, this country has been through many cycles of ups and downs. If you understand the rhythm, you could work hard and save money through bank CDs, stocks, bonds, and the purchase of real estate. Most of us only heard of the Great Depression. We have never experienced that kind of economic disaster. My parents and uncles never let me forget that saving for a rainy day was very important. To tell you the truth, I was sure that the global economy would never let a great depression happen again.

Now that the events from 2001 to 2009 have unfolded,...