So You think it is bad now? - Posted by Jack-E

Posted by WAREIA on January 25, 2010 at 19:56:28:

Yes, “acquiesce”, not default. Acquiescence is done “out of court” as part of an Administrative Process. The process by which you prepare a legal case but rather than face demise in a court of law, the lender simply acquiesces.

The reason you don’t see many cases even filed, let alone end up in court is because the lender in their infinite wisdom, bows out and… acquiesces. This has be my personal experience and that of I’m sure, many many more.

This is exactly the point I’ve been trying to make. Why would anyone, who either knows they have no chance or does not want to be put in the public eye for fraud, what to go to court?

So You think it is bad now? - Posted by Jack-E

Posted by Jack-E on January 13, 2010 at 16:37:13:

The tip of the iceberg is what I called our original housing bubble. If you get any advice from relators and others who say the problem is over or even almost over, show them this from a respected R.E. Lawyer and investor.

There are no specific numbers on how many option ARM loans there are. But analysts estimate that as many as 1.3 million borrowers took out $389 billion in option ARMs in 2004 and 2005 alone. Many of those option ARM loans have already re-adjusted to higher payments, but more are on the way. Some 88 percent of Option ARMs originated between 2004 and 2007 are going to adjust higher between now and 2012. Those option ARM borrowers could see their housing bills go up as much as 63 percent, according to Fitch ratings. “It’s going to kill off housing,” warns Patrick Pulatie, CEO of Loan Fraud Investigations, a predatory lending audit firm. “We have pretty close to 500,000 option ARM payments going higher in California over the next couple of years. The impact of the higher payments will be devastating for homeowners who are having trouble now making ends meet.”

As the terms of those mortgages now readjust, homeowners are facing much higher mortgage payments at a time when the value of their house has plummeted and many are out of work. In some cases, homeowners who chose a very low starting interest rate have actually seen the overall amount of their mortgage increase?known as negative amoritization?putting them even deeper in debt. “Option ARMs have been a disaster from day one and a lot of them have already defaulted,” says Greg McBride, senior financial analyst with “This is a very big issue because interest rates are rising.”

And there’s more misery. If the Fed increases rates in the months ahead to fight inflation, rates tied to option ARM indexes will rise further?causing more payments to adjust up even sooner. And while Option ARM borrowers might want to re-finance, they often can’t because of falling home values and tighter credit restrictions. “I don?t see how the option ARM problem is not a huge issue,” says Sylvia Alayon, vice president and director of operations for the Consumer Mortgage Audit Center, which provides auditing services to advocacy groups. “This is a major hit for housing. It will continue to feed the excess supply of housing with more foreclosures.”

So the ? is… - Posted by WAREIA

Posted by WAREIA on January 13, 2010 at 21:26:39:

So the big question is, what can we do about it. As Creative Real Estate Investors, where do our opportunities lie. Is it in Foreclosures, Short Sales, Loan Mods, Mortgage Settlement, REOs, what?

And, what will the future look like for investors?

Do the techniques and methods of old still work?

Where do you see the CRE World 2 to 5 years from now?

Hi there - Posted by Kristine-CA

Posted by Kristine-CA on January 13, 2010 at 21:30:46:

Hi there and Happy New Year. So, any update/news on the eliminate your
mortgage front? I think I was told there would be actual, verifiable case
studies soon… :slight_smile: Kristine

new info and video - Posted by WAREIA

Posted by WAREIA on January 25, 2010 at 19:59:10:

Kathrine, we at least got our guy in Las Vegas to make a video to explain his case. You can view it at

His, like most others, never made it to court, which is exactly the way it should be 99% of the time.

Re: Hi there - Posted by WAREIA

Posted by WAREIA on January 18, 2010 at 15:46:18:

Kristine, I’ve made contact with a couple attorneys who are going toy ask their clients if they will share their stories with us. I’ve also made contact with another man who did it completely on his own without an attorney and he is considering posting here.

In the meantime, here is yet another case regarding a ruling against MERS and the Lender they represent. The defendant is still in limbo because MERS or the Lender can’t foreclose because MERS can’t by ruling and the Lender can’t “produce the note”.

Re: Hi there - Posted by Bill H

Posted by Bill H on January 14, 2010 at 20:42:37:

This is from one of the othr boards that I visit from time to time. I suspect it is from the OHIO case that got it all started and is now re-winding its way back to foreclousre…NOT…cancelling anything.

“This matter comes on for consideration of plaintiff’s motion for summary judgement. A review of the pleadings indicates that the endorsement of the note to plantiff was not attached to the complaint and was filed subsequently but undated. Morever the assignment of the mortgage was excuted after the filing of the complaint. Plaintiff has failed to provide any additional evidence to overcome the evidence submitted in this case that demonstrates that plantiff did not have standing to file.”

I have no idea what this means. When I looked up our case on the county website it says dismissed with out prejudice. What now?

(The answer was)

My non-legal opinion:

If the foreclosure suit was dismissed without prejudice, the lender will be able to refile the foreclosure suit. It appears there was a lack of proper documentation in the first suit causing the court to decide the plaintiff(lender) did not have standing to file because the assignment of mortgage was completed after they had filed foreclosure.

Some courts have begun requiring lenders to follow the laws regarding foreclosure procedures exactly which wasn’t always the case several years ago.

The lender will most likely make sure the t’s are crossed and the i’s are dotted, then refile the foreclosure suit.

Again, that’s a personal opinion, and not any kind of legal advice.

How’s things in CA. Got down to 7 degrees here in MS and with our humidty that is COLD!

Good Luck,
Bill H

Re: Hi there - Posted by WAREIA

Posted by WAREIA on January 13, 2010 at 21:39:12:

Soon? I guess that depends on what soon is to you. Sorry, not trying to pull a Clinton here just being real.

I have over 30 in the works. Some are further along then others. I have stopped two from the foreclosure steps and the others are in various stages of undress.

We did have one complete the process and resulted in over $1.2 million dollars in mortgage elimination. I’m trying to get owner to come on here and discuss it. Most of these are done privately through trusts and don’t ever appear in a court. Some may in fact end up there if the lender is stupid enough to try and challenge it. We’ll see.

I’m sure were at best 4 to 5 weeks from seeing the next ones get done.

I’m not going anywhere and I’ll be here to report what happens, either in our favor or the banks.

Fair Enough?

Re: Hi there - Posted by Brian

Posted by Brian on January 19, 2010 at 10:44:12:


Any attorneys in NY (judicial state) you can refer me to? I have a few MERS loans that I need to “vacate”. Serious. Hit me up please at

No, not really - Posted by Jack

Posted by Jack on January 14, 2010 at 09:57:18:

How about providing the slightest bit of evidence supporting your claim of eliminating a $1,2000,000 mortgage? Give the address of the property where the $1,2000,000 mortgage was eliminated. Give the owner’s name. Say if it was a 1st DOT or something else. Say if it was a primary residence or something else. It is self evident that you have a marketing website showing all the related documents to this huge mortgage elimination, give us the link.

Re: Hi there - Posted by Brian

Posted by Brian on January 13, 2010 at 23:07:30:

I have an rental house in foreclosure in NY. Can I do the “produce the note” tactic? I sent them a certified letter asking for the original note. I want them to remove the mortgage or pay me for damages caused from their fraud. can you email me more information? Any info would be appreciated, I plan to fight back.

Re: Hi there - Posted by SedonaSam

Posted by SedonaSam on January 20, 2010 at 06:30:06:

Kathleen Scanlon. Simply the best.

Re: No, not really - Posted by Paladin

Posted by Paladin on January 15, 2010 at 06:33:43:

Here is a link to a pic of the guy’s house. His name is Robert. That’s as
much as I have been able to determine.


Re: Hi there - Posted by WAREIA

Posted by WAREIA on January 20, 2010 at 19:19:03:

Kathleen knows of the movement but is not up to speed on it… Yet. I have talked to her and she is going to study it and give us her take on it as a NY Attorney.

I do know there are at least two NY Attorneys that are representing homeowners in the “produce the note” movement but I have not talked to them myself.

Re: Hi there - Posted by Brian

Posted by Brian on January 20, 2010 at 12:07:59:


Re: No, not really - Posted by Mark (SDCA)

Posted by Mark (SDCA) on January 18, 2010 at 09:27:38:

Yes. You are correct. That IS indeed the picture of house.

Sounds like enough proof to me.


Naive Noob

Re: No, not really - Posted by Jack

Posted by Jack on January 15, 2010 at 22:09:15:

That link didn’t work for me, but I was able to search that site and found a picture of a house supposedly owned by a Robert in Las Vegas that had a million dollar lien removed. LOL!!! Your into MLM also aren’t you? And just why is it that you felt compelled to respond when the question was directed to the person making the claim, are you partners with that guy. Oh wait it is coming to me… your in his down-line!

Re: Hi there - Posted by Brian

Posted by Brian on January 20, 2010 at 22:21:17:


please email me the NY attys. thanks, Brian

Re: No, not really - Posted by Paladin

Posted by Paladin on January 16, 2010 at 07:01:43:

Hey Jack, you omitted the last three letters from your name. I don’t
belong to ANY MLM and haven’t since the 1980’s. Your posts read the
same. You claim to know something and just keep proving what an
arrogant dude you really are. As to the house, I WAS able to follow
links provided by another poster that did work. Maybe you need a
computer that was made in this century.

Re: Hi there - Posted by WAREIA

Posted by WAREIA on January 21, 2010 at 13:04:10:

BTW, you don’t need an Attorney. The process of Mortgage Cancellation is an “Administrative” process, it is not a legal process. It only becomes one “IF” the lender makes the mistake of challenging your claim. I can promise you, 99% of the time they will simply acquiesce.

However, there are Attorneys in NY using our process for clients. Particularly bankruptcy Attorneys. I did find out yesterday that I can send you their names. I will send them to you as soon as they are sent to me.