what is a home equity loan

Are you still wondering if you should trust the bank’s promise to give you that loan mod?  Are you still trying to decide if it is time you got a forensic loan audit?  No matter what, the facts speak for themselves.  What are the facts of your loan?  How can those facts help save your home?

Despite government intervention, people continue to churn and burn while desperately hoping for a Loan Mod, while thousands report abusive, deceiving, unfair, and inept practices in the Loan Mod Departments.  Foreclosure statistics are still on the rise — they are moving along seamlessly. However, those departments are adequately staffed.

Lenders, bankers, news media – and even government officials warn you away from seeking professional services to help you save your financial life and your home. . .   Why?

The clue lies here in a video recently released on the web – you probably saw it.  In summary, it states that IndyMac makes more money foreclosing, short selling, and collecting from the FDIC than they do modify loans.

Some allege that the deal has been made with other banks who bought out failing loans, such as Bank of America, Chase, and Wells Fargo too.  As news of the Goldman Sachs Investigation hits the papers (banks put people into failing loans purposely so they could clean up on the stock market when they failed).  Bankers scammed homeowners.
Tila Solutions personnel hear from homeowners daily how they are being forced into foreclosure or short sale by their banks.  This strongly suggests that the findings in this video may have merit.

The money is in foreclosure and short sales. Loan Mods are not profitable, and the professionals that could and do help are often maligned. (Companies like Tila Solutions are cutting into the bank profits when they save homes).  It makes sense really because bankers are not in the business of helping people, they in the business of money-making.

Tila Solutions is in the business of providing forensic loan audits, and helping homeowners save their homes. That’s got to wreck those bank profits in the foreclosure and short sale departments!

But, how did we end up as a nation in foreclosure?  Who did it?  More importantly, who scammed you originally, and who is still scamming you now?  Read on.

It started in the late ’90s:  a 1999 Orlando Sentinel article states, – In a move that could provide stronger consumer protections for more than 1 million new home buyers a year, the federal government plans to take a novel, get-tough approach with lenders: It’s going to hold thousands of banks and mortgage companies directly responsible for the number of home buyers they finance who fall into default or foreclosure within the first 24 months after loan closing. (gotta wonder what the heck happened, don’t you?)

Over the past decade, estimates are as high as 80% of the loans issued by banks contain federal violations and are predatory loans.  Now there’s a huge contributing factor to escalating foreclosures and bankruptcies over the past five years!  (Tila Solutions has still not investigated a loan that did not contain numerous violations!)

And how many banks issued predatory loans that they then collected that federal mortgage insurance on after they foreclosed on the homeowner (and so often the homeowner didn’t know he had been foreclosed upon – he thought he was getting a loan mod). Tila hears from and helps these homeowners every day.

How about WaMu – once touted as the nation’s largest bank (they’re out of business now)

Seattle Times reported in October of 2009, that the fallout from the ‘biggest banking collapse in U.S. history shows no sign of ending soon.”  What fallout?  It’s all those lawsuits and federal investigations alleging securities fraud “whether fraud played a role in WaMu’s collapse,” and bankruptcy.

Of course, WaMu was shut down by the FDIC, and Chase was forced to buy their failing loans. Of course, Tila Solutions gets hundreds of calls from homeowners, desperate to stop Chase from foreclosing on their WaMu loans – you know those loans they produced that now has them being investigated for fraud and securities violations (back to issuing loans designed to fail for the benefit of the stock market, are we?)

Today, Chase is servicing all those loans.  Still burning and churning in Chase’s Loan Mod Department – listening to their recording which says, “we will modify your loan for free” while hoping to hear from a customer service rep that you don’t have to fax your tax return for the 20th time, or fearing that you will hear that since you didn’t, you will now be foreclosed upon.

Or are you one of the more recent statistics – a person who thought they were getting a loan mod (for free) even made all your trial mod payments, and then received your auction date in the mail? They may claim to modify your loan for free – but rest assured they charged YOU several thousand dollars to foreclose on you.

Why on earth wouldn’t you get Tila Solutions to investigate and negotiate for you? The bank hired a professional to foreclose on you.

Many homeowners still, to this day, appear to put their faith in the banks – but would they have if our government’s efforts to stop the bank scams had made a much bigger media splash?

Summing things up then:

Can we be so bold as to assume that under the pretense of “working” to modify loans, they are taking homes in record numbers?  Tila sees the rising foreclosure statistics as a strong indication that this is the case.

Why is there no steady onslaught of media reports on this? How is bilking homeowners out of thousands of dollars in trial mod payments before their homes are foreclosed upon not a scam?  Tila Solutions helps homeowners stop these actions daily.

In an article in the March 4th, 2010, Orlando Sentinel, we see that Bank of America carries the lowest scores for loan mods:  “The lender, one of the nation’s biggest banks, holds more than a million mortgages that are months behind on their payments — twice as many defaulting home loans as any other lender in the country. But it has given permanent mortgage modifications to only about 1 percent of those borrowers — one of the lowest rates among lenders nationally.”

Unless the homeowner stops “listening to what the banks say” and starts reading the lawsuits the banks are passing out like lollipops when you make a deposit, the foreclosures are going to just keep on multiplying.  It is time to stop thinking the bank is going to help you.  It is time to start helping yourself.

Investigations have resulted in fraud and federal violations being found and addressed – albeit not adequately by our government, but even they cannot ignore them. Thus, one can surmise that when federal violations and fraud are found doors have opened – at any level.

Tila Solutions finds these violations, and doors open – no matter how the lenders may wish to deny it.  TILA, RESPA, HOEPA, ECOA, and Fraud violations when finding in open loan doors and save homes.

Do yourself a favor and contact Tila Solutions. Take matters into your own hands.  Just remember this:  The bank wants your money and your home.  Get a Forensic Loan Audit and let the people at Tila negotiate new terms for you with the bank.