Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada
Enough is enough as lenders had their say and swayed of course in all loan modification programs and in preventing the foreclosures process. They have frustrated almost every program the government and the fed had announced. The latest of course was the Obama Plan, which was launched with great fanfare, and of course it had helped the deterioraing foreclosure situations little bit but not enough--it has not stopped tremendous homeowners and their foreclosures. Banks had frustrated all these efforts, and are determined to do their nitpicking on every small issues. We agree with the analysts that the Obama Plan had no teeth in it when it comes to enforcement. Also, the 31 percent limitation of loan modification is not rationale. Again, it had not addressed the principals reduction which is a core issue in this crisis and bring it to the latest market values. Lately, the state top prosecutors are agreeing to seek the judicial remedy again, and are thinking of taking the lenders back to the judicial process. In our view, they are late. A judicial remedy is best, and of course quite expensive for the lenders, who had lately again been giving the despicable bonuses to their executives for doing nothing. When are they going to learn a lesson in this regard.
Here is what you should do and write to your state attorney general:
1. Write all the facts about your loan, no doc, full doc, ARMS etc.
2. Write down the name of your loan officers, and all the names of the concerned parties like escrow agent, loan officer, real estate agent, the full docs situations, your credit report score at that time etc. Make a detailed summary and send to attorney general's office.
3. Find out what issues your are claiming like issues under TILA, RESPA, HOEPA and deceptive trade practices etc.
4. Attach the copies of default notices.
5. Send them the copies of your detailed notes with the lenders and the helplessness they had shown in this regard to have a viable workout program with you.
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