Request for ideas for people facing mortage foreclosure

by Ausk Thu Jun 27, 2019 12:52 pm

I am helping some people who purchased private unemployment insurance. This has been a very bad decision for them in that they took out private unemployment insurance at all.
To get the unemployment insurance payment they had to wait 60 days.
The company paid out only 60% of the wage at the time of unemployment occurring, as an unemployment payment.
They had to pay the monthly premium in advance to get the unemployment payment.
As a result of this they have gone broke. They have only enough money to make two or three mortgage payments.
These people are fighters and are intending to fight this with an organization I don’t trust be because they have to come up with $10k to get a deal from the creditors.
I am thinking of suggesting they write a letter making a one off "offer of payment" in return for full settlement and closure of the debt. This will stave of bankruptcy for them and loss of further money for the lender.
While I have assisted others with debts they have been defaulted on, I have no experience of dealing with the 'before default' offer.
My plan is for them to attach a full statement of assets and liabilities and personal living expenses to show the creditors their true financial situation as part of the letter of offer to settle the debt with the remaining 2-3 months worth of mortgage payments.
I would like the thoughts of others on what I plan to do for these people and I would also welcome readers suggestions on what else they can do. Is there something else that should be offered or claimed. Am I going down the right path with this plan?
thanks for all and any help.

by **daveiron** Thu Jun 27, 2019 1:15 pm

Hi Ausk,

Mortgages are a very difficult one as I am sure you are aware. Just a couple of thoughts spring to mind.
See what your suggestion brings forth .
Do they have much equity in they property ? If yes would it be better to sell up ,before its repossessed ?
Because if it is taken it will no doubt be sold cheaply & they will likely end up with nothing or worse
still owe on the property.
You can have a look at the method below & check out the rest from his site,but personally I would
not hold my breath on this approach as its far too big a deal for tptb to let it succeed.
You could take an in depth look at the t&cs of that insurance ,but I bet they have got that well covered.
Sorry its not a lot of help,maybe others will have something.

https://www.thebernician.net/mortgage-fraud-101-the-commercial-lien-process/

by flyingfish Thu Jun 27, 2019 2:09 pm

I wouldn't dismiss the idea of a claim against the insurance. If it's proved not be be effective in the very circumstances it was supposed to cover, they might have a miss-selling claim against the insurers. Was the insurance by any chance offered by the mortgage company?

by Ausk Mon Jul 01, 2019 8:58 am

daveiron wrote:Hi Ausk,

Mortgages are a very difficult one as I am sure you are aware. Just a couple of thoughts spring to mind.
See what your suggestion brings forth .
Do they have much equity in they property ? If yes would it be better to sell up ,before its repossessed ?
Because if it is taken it will no doubt be sold cheaply & they will likely end up with nothing or worse
still owe on the property.
You can have a look at the method below & check out the rest from his site,but personally I would
not hold my breath on this approach as its far too big a deal for tptb to let it succeed.
You could take an in depth look at the t&cs of that insurance ,but I bet they have got that well covered.
Sorry its not a lot of help,maybe others will have something.
https://www.thebernician.net/mortgage-fraud-101-the-commercial-lien-process/

No that's good thanks daveiron, good ideas there.

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Request for ideas for people facing mortage foreclosure

Request for ideas for people facing mortage foreclosure

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Re: Request for ideas for people facing mortage foreclosure

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