As the CEO of The Debt Advocacy Center, I would like to take a minute to tell you about my background and how The Debt Advocacy Center often can help those facing foreclosure to obtain a loan modification or release of personal responsibility for a deficiency judgment. I know this area very well and am working with legislators and regulators to assist those in foreclosure from losing their homes. I am also personally co-counsel in lawsuits against lenders for improper valuation practices that have affected millions of consumers. Especially hard hit are people like you who have suffered the possibility of losing their homes, their hard earned equity an d their dignity as a result of the foreclosure crises which has been caused, in large part, by the lending industry.
We Can Help You Modify Your Loan
What we predicted for years: "the perfect storm" has, however, unfortunately occurred. The economy is in shambles and too many people, like you, have been caught in the storm. You, very likely, did not receive an independent appraisal when you made your loan. Not only did you pay for an independent appraisal which you never received, but might have overpaid for a house or lost your equity on a refinance that placed you in a position that led to your current problems. The disclosure of your credit terms and oral representations to may have been misleading and not properly documented, nor might you have had the opportunity to really understand what would happen if rates went up, the market fell apart, or if the value of your home was less than it should have been. Refinancing that were represented as a later solution, never should have been promised.
For many years, I have been involved in efforts to force lenders, brokers, realty agents and appraisers to stop their often unconscionable and unlawful conduct regarding valuation and disclosure practices. With the Advisory Board Members of my former company, Andrew Cuomo, previous Secretary of HUD and presently Attorney General of New York; Jack Kemp, previous Republican nominee for Vice President; and HUD Secretary and William Apgar, formerly Director of the FHA; we petitioned Lenders, Regulators and the GSE's (Fannie Mae and Freddie Mac) to end abusive practices relating to appraisals and other improper practices. I am still very much involved in efforts to compel holders of loans to modify them.
In truth, most of the holders of mortgage loans do not want to foreclose as it may cost them 30% to 50% of the loan amount. Unfortunately, this desire to modify does not make it down to the level of the servicer of your loan. When the holder of your loan is presented with the cost of a litigated foreclosure based on the facts that are uncovered in our file review, versus the cost of a modification, it only makes sense to modify. We will do our utmost to negotiate to either keep you in your home or, if necessary, to remove the possibility of a deficiency judgment if your home does not sell for enough to cover the holder's costs and losses.
When reviewing the options available to homeowners we came upon the fact that there were either expensive lawyers who, too often, were not knowledgeable in this very specific area of law and/or felt that the only solution was bankruptcy or a reinstatement of the loan with arrearages paid over time. For the great percentage of homeowners, this simply was not a solution. On the other hand were companies who were non lawyers that ranged from "scam artists", incompetents and even those who were compensated by the holders themselves.
That is why we created the Debt Advocacy Center
Fight Back
Unlike other vendors who approach only the servicer of your loan, which has little reason to modify, and hope only to reinstate your loan with even greater payments than you have today, our approach is much more aggressive and is geared to obtain a real modification that you can afford. Our fees, unlike other companies, are success based. We work only for you; unlike certain providers that actually are paid by the lenders.
Further, the information, file review and sample documents that we are giving you, as informational only, can be used by you or your attorney, where appropriate, to defend and counter sue the lender. In some instances, you might have a cause of action under the Truth in Lending Act (TILA), The Real Estate Settlement Practices Act (RESPA) or other state statutes and common law, to bring against the lender and holder. This approach might or might not win you a judgment against the lender but should usually increase the length of the foreclosure proceeding, keeping you in the house for a longer period within which to find another home or refinance your present one.
Anyone who makes a promise that they can negotiate an acceptable result with your lender is simply not being honest. Some lenders are resolute in their position on foreclosure and sometimes it is just too late to intervene. We make no such promise. We only promise that we will do everything that is legally possible to modify your loan or, if you wish, eliminate a deficiency judgment.
Specialists who care...
We can, where appropriate, also educate you on how to eradicate most or all of your unsecured debt, credit card debt and improve your credit score, even after a foreclosure.
Until now, there has not existed a company working only for you with a team of attorneys, loan underwriters and negotiation specialists who are acting as your negotiation team. Although not acting as your attorneys, we are governed by the attorneys' Code of Ethics. We are compliant with the laws of all states that have attempted to legislate the conduct of foreclosure consultants.
Success based fees...
We will do our absolute best to obtain a satisfactory settlement. You pay a low initial amount, which in certain states is only paid upon completion of the scope of work. Only if we obtain the lender's agreement to modify the loan to your satisfaction are we due a second amount. If we only can negotiate a waiver of a deficiency judgment we earn a smaller amount of second payment. If we are not successful you only have paid a small initial amount. In that event we will assist you in finding competent counsel and will turn our full file over to them in order to facilitate a successful defense or counterclaim.
Lastly we guarantee that, in a modification assignment, at least, you will receive an offer from the lender that will reinstate your loan upon paying the arrearage over no less than a year. We always shoot for much more, but that is the least you can expect.
We hope, with all our hearts that you push through these difficult times. There is always light at the end of the tunnel, although it might not seem like it now. There is hope and I believe that we may be part of it.
Our fees are lower than most and are success based. Our mission is to help those with credit problems in ways that WOW all of our customers and stakeholders.
What we predicted for years: "the perfect storm" has, however, unfortunately occurred. The economy is in shambles and too many people, like you, have been caught in the storm. You, very likely, did not receive an independent appraisal when you made your loan. Not only did you pay for an independent appraisal which you never received, but might have overpaid for a house or lost your equity on a refinance that placed you in a position that led to your current problems. The disclosure of your credit terms and oral representations to may have been misleading and not properly documented, nor might you have had the opportunity to really understand what would happen if rates went up, the market fell apart, or if the value of your home was less than it should have been. Refinancing that were represented as a later solution, never should have been promised.
We can, where appropriate, also educate you on how to eradicate most or all of your unsecured debt, credit card debt and improve your credit score, even after a foreclosure.
