Will this foreclosure stall tactic work?
I live in Los Angeles, California (a non-judicial foreclosure state).
After being 8 months behind in my Bank Of America mortgage payments, my Notice of Default arrived on Friday (08-18-11), and it was filed on March 8th. So I now have less than 90 days before the Trustee Sale phase starts.
Since I have become a victim of The Great Recession and getting laid off mid last year, I am still holding onto hope that I will get a job soon in order to still try to save my home . . . as long as I can stall the foreclosure in some way or with a bankruptcy. Right now, I have heard that the "Show me the note." tactic is not working out too well nowadays, as lenders are now wise to this, and now they often have the note available on demand at the time the NOD is issued. But I figure if I file for BK near the Trustee Sale date, that might buy me some more time in my house, but I am not sure how long a BK 7 or 13 will allow me to hold onto my house.
Needless to say, not really knowing what I should do right now, I have been desperate to come up with a good foreclosure stall tactic, so I came across this one company (during an online search), and this company claims they can do the following (for monthly payment of less than $200, I think). However I just wanted to post their claim here, and see if anyone of you are familiar with California foreclosure laws enough to tell if this tactic might work.
One other thing, I am not sure if I would actually do business with this company, however if this seems like a doable option, then I may hire a lawyer and consider trying the method this company is trying to sell.
Please review and advise. Thank you.
“Understand, that we can speak only in general terms so as not to reveal the specifics of our solution (we’ve actually had lawyers call in trying to learn how to do what we do). When the banks are taking your home, they check to make sure that the title of your home is clear. Which means that it’s just your name(s) on the title. When your title is clear, it makes it easier for them to foreclose on your home. Now on the morning of the trustee sale, they check the title one more time just to make sure nothing additional such as a lien or something else came in. If something else has come in on the title, the sale date has to be rescheduled.
So what we do is right before the Trustee sale date, we put the house in a specially designed trust so that both your name and the specially designed trust is on the title. Now the bank can’t sell your home until this is addressed. Their legal team instantly goes to work on “piercing the trust”. And they will do it…it’s just a matter of time. Once they “pierce the trust”, they set a new Trustee sale date. Yet while the bank’s legal team is maneuvering, our team is counter-maneuvering to tie the bank’s legal team up in administrative red tape. So we draw the entire process out. By the time the bank’s legal team is ready to set the new Trustee sale date to sell your home, our clients report anywhere from 3 to 7 months have passed! In some cases, it took up to 2 years!
Now the bank is happy to reschedule a new sale date on your home. They’re ready to start counting the money that they’re going to make from selling your home. Yet right before the new sale date, we launch the same strategy all over again. This time with a new trust! So now the bank’s legal team has to start all over again from scratch.
We simply keep doing this process over and over and over again postponing the Trustee sale date for up to 3 years. Anytime within that 3 year period, you can enroll in our "program” and get your mortgage greatly reduced or get your home “free and clear”."
After being 8 months behind in my Bank Of America mortgage payments, my Notice of Default arrived on Friday (08-18-11), and it was filed on March 8th. So I now have less than 90 days before the Trustee Sale phase starts.
Since I have become a victim of The Great Recession and getting laid off mid last year, I am still holding onto hope that I will get a job soon in order to still try to save my home . . . as long as I can stall the foreclosure in some way or with a bankruptcy. Right now, I have heard that the "Show me the note." tactic is not working out too well nowadays, as lenders are now wise to this, and now they often have the note available on demand at the time the NOD is issued. But I figure if I file for BK near the Trustee Sale date, that might buy me some more time in my house, but I am not sure how long a BK 7 or 13 will allow me to hold onto my house.
Needless to say, not really knowing what I should do right now, I have been desperate to come up with a good foreclosure stall tactic, so I came across this one company (during an online search), and this company claims they can do the following (for monthly payment of less than $200, I think). However I just wanted to post their claim here, and see if anyone of you are familiar with California foreclosure laws enough to tell if this tactic might work.
One other thing, I am not sure if I would actually do business with this company, however if this seems like a doable option, then I may hire a lawyer and consider trying the method this company is trying to sell.
Please review and advise. Thank you.
“Understand, that we can speak only in general terms so as not to reveal the specifics of our solution (we’ve actually had lawyers call in trying to learn how to do what we do). When the banks are taking your home, they check to make sure that the title of your home is clear. Which means that it’s just your name(s) on the title. When your title is clear, it makes it easier for them to foreclose on your home. Now on the morning of the trustee sale, they check the title one more time just to make sure nothing additional such as a lien or something else came in. If something else has come in on the title, the sale date has to be rescheduled.
So what we do is right before the Trustee sale date, we put the house in a specially designed trust so that both your name and the specially designed trust is on the title. Now the bank can’t sell your home until this is addressed. Their legal team instantly goes to work on “piercing the trust”. And they will do it…it’s just a matter of time. Once they “pierce the trust”, they set a new Trustee sale date. Yet while the bank’s legal team is maneuvering, our team is counter-maneuvering to tie the bank’s legal team up in administrative red tape. So we draw the entire process out. By the time the bank’s legal team is ready to set the new Trustee sale date to sell your home, our clients report anywhere from 3 to 7 months have passed! In some cases, it took up to 2 years!
Now the bank is happy to reschedule a new sale date on your home. They’re ready to start counting the money that they’re going to make from selling your home. Yet right before the new sale date, we launch the same strategy all over again. This time with a new trust! So now the bank’s legal team has to start all over again from scratch.
We simply keep doing this process over and over and over again postponing the Trustee sale date for up to 3 years. Anytime within that 3 year period, you can enroll in our "program” and get your mortgage greatly reduced or get your home “free and clear”."
341 Meeting 12-16-2010 
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