# 21 SKU 107-A Release 2022
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GUIDE TO FORECLOSURE DEFENSE
For Consumer Bankruptcy Attorneys
CHERYL SOMMERS, Esq.
For over 12 years Cheryl has run a firm handling a wide variety of consumer oriented matters, including family law, probate, estate planning, Foreclosure Defense, and bankruptcy.
With principal office in the San Francisco Bay Area for over 12 years, the Sommers firm has expanded their services to Sacramento, Placer and El Dorado County areas.
She is the author of "Marketing & Building a Consumer Bankruptcy Practice," published by King Law Publishing.
Web site Sommerslawfirm.com
RICHARD WEST, Esq.
Richard West is a Board Certified Consumer Bankruptcy Attorney. He has been practicing bankruptcy law for 32 years and has handled more than 10,000 bankruptcy filings.
He is also the author of numerous consumer guides to personal finance and bankruptcy issues, including West's Lien Stripping and Avoiding, by King Law Publishing.
West’s firm has offices in Dayton, Springboro and Fairfield, Ohio. He is a member of the National Association of Consumer Bankruptcy Attorneys, the King Bankruptcy Academy, the American Bankruptcy Law Forum, and the National Bankruptcy Law Forum.
Rick has been teaching Bankruptcy Law to attorneys for years. He has taught for all three of the largest “for profit” companies, Lorman, PESI and NBI, as well as for the Ohio State Bar Association sponsored seminars.
Foreclosure Filings Spike 34% In Q3 2021
Oct 14, 2021
ATTOM released its Q3 U.S. Foreclosure Market Report, showing 45,517 U.S. properties with foreclosure filings.
Nationwide in September 2021 one in every 7,008 properties had a foreclosure filing.
10,289 U.S. properties started the foreclosure process in September 2021, up 23 percent from the previous month and 106 percent from a year ago.
Flings can include default notices, scheduled auctions or bank repossessions.
The total, up 34% from the second quarter and 68% from the third quarter of 2020, means 1 in every 3,019 homes in the United States has received some form of foreclosure filing.
The report also shows there were 19,609 U.S. properties with foreclosure filings in September 2021, up 24 percent from the previous month and 102 percent from September 2020.
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PART 1 –
PART 2 -
Online sources of information
Creation of a document depository and pleadings bank
The various programs available.
Chapter 13 bankruptcy
The client requirements – if they don’t meet these, or won’t
cooperate, you cannot assist them for Caapter
Working with the realtor.
Working with the court.
Working with the short sale negotiator.
Working with the bank on the other side.
The location of the client’s home.
Valuation -The 50% rule of thumb – if the value is less than 50% of the mortgage – it’s time to move on.
Multiple mortgages make your job tougher
How steady is the client’s job?
If they are in commercial construction or a real estate
professional, it’s time to downsize.
Is your client’s employer leaving for Texas or Arizona?
There needs to be some way to pay back the money.
Who is the bank on the other side?
Wear them down – keep sending the materials.
2nd and 3rd trust deeds
A walk through the process
The Weak Link
Following your client’s transaction into the black hole.
The MERS ID number
Finding out where your client’s mortgage ended up
What is in the public record and what is not.
o Recorded Documents – deeds of trust or mortgages
o Unrecorded documents – the note
The mortgage transaction documents.
The six documents you really need and how to read them.
o The 1003 application
o The Good Faith Estimate
o The TILA disclosure
o The Deed of Trust or Mortgage
o The Note
o The transfer disclosure documents
The Escrow Company or lawyer who handled it – the mortgage broker is now working for Wendy’s
The real estate agent
The public record
The recorder’s office
The Tax Authorities
Building and Planning
Types of foreclosure process
Judicial Foreclosures –
Non-judicial foreclosures – no judge, no jury, just documents timeline.
There is no due process
The mechanical process
Which states are which?
List of each type of state
Attacking the process in the type of state
Federal Rules and Regulations
Real Estate Settlement Procedures Act
Truth in Lending Act
What it is, why it does not matter
Fair Credit Reporting Act
What it is, why it does not matter
Fannie Mae and Freddie Mac Regulations
Chapter 7 – State Rules and Regulations
Most states have these.
Reference to state laws
Many are broader than federal regulations.
What it is and how to prove it.
Both federal and state issues
Causes of Action
Statutory Causes of Action
RESPA, TILA, FCRA, etc. Common Law Causes of Action
Breach of Fiduciary Duty
Intentional Infliction of Emotional Distress
Slander of Title
Discovery and the Achilles Heel
Federal electronic discovery rules.
California as an example
The deposition and production of documents.
What to ask for
Common terms and acronyms
The basics of the system setup
Contractual Attorney Fee Provisions
All mortgage documents have these
Statutory Attorney fee provisions
Subject to individual State Laws
Contempt of Court and Sanctions
Contempt of court