It’s not news that the housing meltdown continues in 2010. Just ask any one of the millions of homeowners who are receiveing Notices of Default this year.

1. Foreclosure rates remain high

2. Foreclosures are occurring in higher-priced neighborhoods. Higher priced homes are now coming under price pressure.

3. Unemployment is rising and is expected to continue to rise throughout the yearwith a leveling off period before beginning to decline.

4. Commercial property foreclosures will increase throughout the year – vacancy rates are at an all-time high.

5. Experts all agree that inflationary pressures will be a problem in the coming years. Deficit spending (borrowing) virtually insures it.

6. Bailouts proved to be controversial in many ways and are not expected to continue.

There’s no reason to expect that there will be any appreciation in home prices anytime soon. A report recently predicted that as many as 48% of homeowners will be “upside-down” on home mortgages by the end of 2010. More price erosion is expected in the coming months before the decline stops and we hit bottom. Gov’t efforts to stem the tide of foreclosures, most notably the loan modification program, just gets more scandalously slow each month. Backlogs, erroneous denial of applications, errors galore…the banks can’t hire and train fast enough to keep up. Some negotiators have as many as 300 files at one time! Real, meaningful principal reductions seem like so much hype at this point.

More than ever, you need to use every tool available to save your home! During the housing market run-up, lenders loosened their underwriting standardssome would say they abandoned themto sell more and more loans to meet the seemingly insatiable Wall Street demand for mortgage-backed securities (MBS). Loan originators, many of whom had been hastily recruited, poorly trained and with no experience in any other market condition, cut corners to meet high sales quotas. Lenders, brokers, appraisers, Realtors, and Home Inspectors responded with what has now been labeled predatory lending. Predatory Lending is unethical and some actions are illegal. Some violations have remedies that are inconsequential to most borrowers. After all, do you really care if Chase gets a nasty letter from a regulator, or if Wells Fargo gets cited for failure to provide triplicate copies of disclosures? No, what you care about is whether/not the error or omission or commission can now benefit you by improving your negotiating position in your loan workout. Predatory Lending was common. Actually, experts estimate that MOST Adjustable-rate mortgages, taken during the 2003-2008 timeframe evidence violation of consumer protection laws. Whether through unintentional errors caused by haste or through greed and blatant disregard for the law, the violations may now provide the leverage you need to negotiate a good workout solution.

Following are the most common violations.

1. Charging Fees for services that were not necessary

2. Charging more (higher points) than needed to buy-down rate

3. Charging for private mortgage insurance when the borrower did not need it

4. Adding a single-premium life insurance policy (one that pays the mortgage if the borrower dies) and charging the premium in the loan – without prior knowledge and consent of the borrower.

5. “Stripping Equity” by refinancing so many times that the fees eat up the equity and make the borrower vulnerable to foreclosure (too high DTI)

6. Not fully disclosing loan terms

7. Use of low (aka “teaser”) rates with adjustable-rate mortgages to get buyers to accept loan products that are high risk

8. Misrepresenting facts (income, home value, assets, etc.) on the loan application

9. Selling a more expensive loan than the borrower could actually qualify for

10. Targeting protected minority groups and other vulnerable groups with unfair loan products

11. Selling loans that were clearly “not in the borrowers’ best interest”

12. Promising refinancing after a short period – to get buyers to agree to bad loan terms

What if I told you that your lender violated laws in at least seven instances during your loan process and what if one of those violations was serious enough to warrant a lawsuit! Would that give you confidence in negotiating for a modification? If there is evidence that the lender violated the laws in selling you a high interest-rate or high fee loan, or by illegally “assisting” you in preparing the documents, or by approving a bad loan, you may have additional leverage to use in your loan modification or even in a lawsuit. Lenders and others were pretty well versed in the law and how to skirt the fringes. So, often your findings will not reveal egregious violations. But, the audit may uncover “patterns of inappropriate actions” that show disregard for your rights and that caused you damage. The presentation of the “evidence” of violations that your case can be made and your purpose achieved.

I highly recommend you conduct a Forensic Loan Audit:

1. your loan was taken in the peiod 2002-2008

2. if your loan was sold to you by a broker

3. if loan is an ARM, negative-amortizing loan, “Pick-a-Pay” Option ARM loan, or interest-only type

4. if the loan is a sub-prime loan or an Alt-A loan

5. if your loan had/has pre-payment penalties

6. if the loan is a stated-income loan

7. if you felt “hustled” to get the loan or sign the documents

8. If you were pressured to accept terms and costs that you had not been advised of earlier…with promises of a refinance in the near future to a better loan

9. If, either when you took the loan or during the projected life of the loan, your debt-to-income ratio was (or was projected to be) higher than 40%

10. If you were forced to accept mandatory arbitrationto limit your legal rights. Legal Action – Is it worth it?

Legal Action – worth it? The loan modification process is a negotiation. The more leverage you have the more likely it is that you will succeed. Proof of lender violations of TILA, RESPA, HOEPA or state or federal consumer protection laws can give you a significant advantage. Forensic Loan Audits are professional audits of the loan and the process used to qualify you and the property for the loan. They are extensive. They are performed by auditors, specially trained in spotting violations.

Three Comments

I am convinced that Forensic Loan Audits give leverage to homeowners in loan modifications negotiations. Workouts are routinely concluded faster and better for borrowers who present such information during the negotiations. Secondly, I have observed that the power isofte in the effective use of the information. That is, even common results from an audit can be used effectively in negotiations as a signal that you are serious about the negotiations and will not just stand in line…like everyone else. finally, I’ve seen that often there are what I call “low-hanging fruit”. These are clear violations of a serious nature that can be readily identified. An informed consumer can spot these violations without too much effort. After that it is simply a matter of finding a trustworthy auditor. More on this topic, next time.

Want to find out more about actually getting loan modifications? Visit Rockwood’s site about DIY Loan Modiification at Home Loan Modification Get a totally unique version of this article from our article submission service

The dream of paradise that is embedded in American popular culture includes beautiful beaches, ample sunlight, palm trees and luxurious living space. When all of these conditions are found at a location conveniently close to a bustling metropolis, it is not surprising to find paradise-seekers flocking to it in ever-greater numbers. Once called “the Venice of America,” Sunny Isles, Florida has all of these desirable criteria – and then some. Located on a barrier island minutes from luxurious Bal Harbour and downtown Miami, its 2.5 miles of fine sand beaches attract nearly a million vacationers each year.

Located in Miami-Dade County, Sunny Isles is halfway between downtown Miami and Fort Lauderdale. In addition to fishing on its landmark pier, it offers water sports of all kinds, including boating, sailing and windsurfing. The area has plenty of fine dining, shopping and entertainment options that are conveniently located nearby. Traveling to and from the area is easy as well, as it is just minutes from both Miami International and Fort Lauderdale International airports.

Sunny Isles is sometimes called “Little Moscow” because of its high population of Russians and Russian-Americans. Italian, Polish, English and German residents also form significant percentages of the population, and the city has the 17th highest population of Israelis in the United States. Such mixed demographics make for a very culturally diverse and exciting living experience for residents.

Given the area’s appeal to tourists and residents alike, Sunny Isles real estate is a hot commodity, with increasing demand for oceanfront condos. The Sunny Isles and Bal Harbour areas abound with beachfront residential condominium towers, such as the Regalia, the Trump Towers and the Jade Ocean. Buying or renting a condo is a popular option in Sunny Isles, and it doesn’t have to be as expensive as one might think. Luxury condominiums on the local beaches can run from five to eight figures, and all are considered a great investment due to their optimum location.

With so many visitors flocking to Sunny Isles each year, tourism is a major local industry, and many residents depend on it for their livelihoods. But the area’s close proximity to Miami also offers residents a wealth of diverse economic opportunities; Miami is a major hub for international business and is also home to major corporations, from Burger King to Carnival Corp.

From the retiree to the young family to the business professional, a diverse range of people chooses to relocate to Sunny Isles. Living in this area offers activities and sights that fully satisfy a variety of tastes. Many come to vacation, but there is also a growing population of year-round residents. According to present trends, people will continue relocating to Sunny Isles in even greater numbers, and the reasons are as clear as the surf.

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Stephen Daniels is an acclaimed NetBiz SEO 2.0 researcher. If you are interested in Sunny Isles real estate, he highly recommends Priority Properties. Their experienced agents specialize in luxurious oceanfront condos for sale or rent, in addition to home listings, investment properties and more.

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