[00:00.000 --> 00:10.120]  You are listening to the Liberty Beat, your daily source for Liberty News and Activist
[00:10.120 --> 00:15.280]  Updates online at thelibertybeat.com.
[00:15.280 --> 00:20.360]  John Bush here with your Liberty Beat for February 22, 2013.
[00:20.360 --> 00:29.560]  Gold opened today at $1,571, silver at $28.70 and Bitcoin is trading at $31.24.
[00:29.560 --> 00:34.440]  Today's edition of the Liberty Beat is sponsored by Voice and Exit, conference in Austin taking
[00:34.440 --> 00:39.480]  place March 9, exploring social entrepreneurship and radical community.
[00:39.480 --> 00:42.600]  Tickets and information online at voiceandexit.com.
[00:42.600 --> 00:43.600]  And now the news.
[00:43.600 --> 00:49.480]  A U.S. senator has said an estimated 4,700 people, including some civilians, have been
[00:49.480 --> 00:53.720]  killed in the contentious bombing raids of America's secretive drone war.
[00:53.720 --> 00:57.280]  It was the first time a politician or any government representative had referred to
[00:57.280 --> 01:01.640]  a total number of fatalities in the drone strikes, which have been condemned by rights
[01:01.640 --> 01:05.000]  groups as extrajudicial assassinations.
[01:05.000 --> 01:08.520]  The toll from hundreds of drone-launched missile strikes against suspected al-Qaeda
[01:08.520 --> 01:12.940]  militants in Pakistan, Yemen and elsewhere has remained a mystery as U.S. officials
[01:12.940 --> 01:17.960]  refuse to publicly discuss any details of the covert campaign.
[01:17.960 --> 01:23.400]  In 2008, President Barack Obama made statements regarding a, quote, civilian national security
[01:23.400 --> 01:24.400]  force.
[01:24.400 --> 01:27.860]  Just that day, many have been curious as to what President Obama had in mind when he
[01:27.860 --> 01:29.560]  made that statement.
[01:29.560 --> 01:33.760]  Representative Charles Rangel may have just given a bit of insight into what he meant when
[01:33.760 --> 01:36.800]  he introduced HR748 last week.
[01:36.800 --> 01:42.280]  HR748 would require all persons in the United States between the ages of 18 and 25 to perform
[01:42.280 --> 01:43.680]  national service.
[01:43.680 --> 01:47.280]  These persons in the United States would either serve the country as a member of uniform
[01:47.280 --> 01:50.280]  services or as a civilian service.
[01:50.280 --> 01:54.320]  The civilian service could be served with a federal, state or local government program.
[01:54.320 --> 01:58.120]  Local government programs include community-based organizations.
[01:58.120 --> 02:02.920]  An Illinois state representative has introduced the Internet Posting Removal Act, which was
[02:02.920 --> 02:08.160]  introduced February 13th by Illinois General Assembly veteran Iris Silverstein, a Democrat.
[02:08.160 --> 02:09.520]  Here's a summary of the bill.
[02:09.520 --> 02:14.120]  The act provides that a website administrator shall, upon request, remove any posted comments
[02:14.120 --> 02:18.440]  posted by an anonymous poster unless the anonymous poster agrees to attach his or her name to
[02:18.440 --> 02:24.440]  the post and confirm that his or her IP address, legal name and home address are accurate.
[02:24.440 --> 02:27.560]  Privacy advocates are protesting the measure.
[02:27.560 --> 02:31.600]  Members of a task force proposing regulations for recreational marijuana in Colorado approved
[02:31.600 --> 02:36.360]  recommendations Tuesday that would allow for marijuana tourism but block out-of-state
[02:36.360 --> 02:40.520]  pot shop owners.
[02:40.520 --> 02:45.480]  Today's edition of the Liberty Beat is sponsored by Central Texas Gun Works, CHL forces and
[02:45.480 --> 02:51.920]  firearm sales, online at centraltexasgunworks.com and by Brave New Books, free thinking materials
[02:51.920 --> 03:20.920]  for free people since 2006, online at bravenewbooksstore.com.
[03:52.920 --> 03:55.120]  All right, the bad boys are back.
[03:55.120 --> 04:01.840]  This is Randy Kelton here tonight all by my lonesome but I do have a special guest tonight.
[04:01.840 --> 04:13.600]  This is Friday the 22nd of February and we have Winston Wallace five years in the loan
[04:13.600 --> 04:16.880]  modification business.
[04:16.880 --> 04:21.280]  And we talked some about loan modification here and we talk a little bit about how the
[04:21.280 --> 04:28.320]  banks use loan modification to screw you around but we never have talked to anyone who actually
[04:28.320 --> 04:34.400]  offered loan modifications and I've talked to Winston about this and I was surprised
[04:34.400 --> 04:40.280]  at some of the things he had to say that there's a lot more to it than we thought.
[04:40.280 --> 04:45.520]  Winston, will you kind of give us the rundown on loan modifications, what they are, what
[04:45.520 --> 04:49.360]  to expect, how to get them and what they can do for us?
[04:49.360 --> 04:56.800]  Hi, Randy, yeah, loan modifications lately have morphed into this one giant that they
[04:56.800 --> 05:03.000]  call the HAB program which is a homeowner's, home affordable modification program.
[05:03.000 --> 05:06.000]  All the big banks are doing it.
[05:06.000 --> 05:11.480]  Before the HAB program, we had what they called business as usual modifications where the
[05:11.480 --> 05:18.280]  lender would just basically look at your income and expenses and figure out a way to capital
[05:18.280 --> 05:23.080]  out of the past payments and bring the loan term but on the HAB program, the government
[05:23.080 --> 05:29.480]  has specific guidelines and rules and regulations that have to be followed.
[05:29.480 --> 05:35.640]  So now instead of having the regular business as usual, you have the HAB and the business
[05:35.640 --> 05:42.600]  as usual modifications are not called a non-HAB so you have HAB and non-HAB modifications.
[05:42.600 --> 05:52.600]  Okay, in order to, what should we know about seeking a modification?
[05:52.600 --> 05:59.880]  Well, one of the biggest problems that people have when they're getting a modification is
[05:59.880 --> 06:03.480]  that they're not cognizant of how much money they earn.
[06:03.480 --> 06:10.200]  For example, a homeowner making $500 a week would think, okay, it's $500 a week times
[06:10.200 --> 06:17.040]  four, which is $2,000 a month and that's not how the underwriter views income.
[06:17.040 --> 06:21.040]  Most underwriters today are looking at the year-to-date pay stuff, you know, the year-to-date
[06:21.040 --> 06:28.080]  figures on the pay stuff and they're actually averaging the income over the total amount
[06:28.080 --> 06:33.880]  of months to date from the beginning of the year to figure out how much money they actually
[06:33.880 --> 06:34.880]  earn.
[06:34.880 --> 06:41.520]  The homeowners are just not aware and when they factor their income and expenses, they're
[06:41.520 --> 06:45.280]  just not paying attention and they're just arbitrarily putting numbers down and they're
[06:45.280 --> 06:53.040]  not paying attention to, you know, if you're having too much income versus too much expenses
[06:53.040 --> 06:57.400]  versus too little income and that's almost a surefire way to get yourself denied.
[06:57.400 --> 06:58.400]  Okay.
[06:58.400 --> 07:08.040]  So how would we look at our income-to-outgo to be able to rationally make this decision
[07:08.040 --> 07:11.920]  and get over our misconceptions and presumptions?
[07:11.920 --> 07:21.360]  Well, the first thing that people should do is get their pay stuff and take a look at
[07:21.360 --> 07:24.200]  the year-to-date figure.
[07:24.200 --> 07:34.640]  They would then divide, for example, today's November 23rd, we've gone 23 days into the
[07:34.640 --> 07:42.560]  month of November, so we would divide out two months and 23 days from the beginning
[07:42.560 --> 07:48.160]  of the year and divide that income to figure out exactly how much money they made per month
[07:48.160 --> 07:55.120]  because what the HAB program is doing is that it's taking their gross income and multiplying
[07:55.120 --> 08:00.880]  that amount by 31%, which will equal their new monthly mortgage payment including tax
[08:00.880 --> 08:01.880]  and insurance.
[08:01.880 --> 08:07.440]  Now, the key is if a person had a payment reduction or a reduction of their income,
[08:07.440 --> 08:10.600]  you know, let's say the wife got laid off or the husband got laid off and they're making
[08:10.600 --> 08:17.400]  less money than you were before, you can't just arbitrarily take 31% of the new income
[08:17.400 --> 08:25.320]  and expect the bank to be able to use that new income to create a modified payment because
[08:25.320 --> 08:28.240]  typically what they're going to come back and they're going to say, well, we're not
[08:28.240 --> 08:33.320]  able to create an affordable payment or the borrower doesn't qualify because of too little
[08:33.320 --> 08:34.320]  income.
[08:34.320 --> 08:39.520]  So, almost just spending months and weeks and months putting all this paperwork together
[08:39.520 --> 08:43.240]  and their loan will be denied from the get-go.
[08:43.240 --> 08:50.040]  But had they paid more attention, they could have finessed their expenses a little more
[08:50.040 --> 08:55.640]  carefully or structured a little bit more differently because sometimes it could be
[08:55.640 --> 08:58.440]  a $20 difference between getting approved or getting denied.
[08:58.440 --> 09:03.680]  So, it's just important to know up front how much exactly do I make and how much exactly
[09:03.680 --> 09:04.920]  all my expenses.
[09:04.920 --> 09:14.440]  Okay, what is the debt-to-income ratio that you have to have in order to qualify for HAMP?
[09:14.440 --> 09:18.800]  Well, the HAMP is 31% of the gross income.
[09:18.800 --> 09:25.240]  So, is it just purely debt-to-income or are there more factors?
[09:25.240 --> 09:29.120]  There's going to be more factors.
[09:29.120 --> 09:34.880]  Lenders look at, well, starting out, they're looking at the first thing they want to know
[09:34.880 --> 09:37.120]  is, for example, what is my current mortgage payment?
[09:37.120 --> 09:44.960]  If my current mortgage payment is $1,200 a month and 31% of my income has to be less
[09:44.960 --> 09:47.440]  than that $1,200 a month.
[09:47.440 --> 09:55.440]  So, if a guy's mortgage payment is $1,200 a month and 31% of his gross income is greater
[09:55.440 --> 10:00.440]  than $31 a month, that's an automatic denial right there.
[10:00.440 --> 10:06.600]  So, he needs to know that that 31 is the hallmark of the entire program.
[10:06.600 --> 10:07.600]  That's one.
[10:07.600 --> 10:13.080]  Number two, lenders look at the home price appreciation forecast, which is beyond the
[10:13.080 --> 10:15.040]  purview of the average homeowner.
[10:15.040 --> 10:21.640]  They're looking at the REO stigma, how much the property has gone down due to foreclosures
[10:21.640 --> 10:22.640]  in the area.
[10:22.640 --> 10:24.880]  And there's just a lot of other underlying factors.
[10:24.880 --> 10:30.840]  Now, there are some resources online that homeowners can use to calculate their own
[10:30.840 --> 10:31.840]  net present value.
[10:31.840 --> 10:38.640]  I believe Bank of America has a, or if you Google net present value calculation, every
[10:38.640 --> 10:44.200]  homeowner who's looking for a low modification must ask the net present value calculation.
[10:44.200 --> 10:51.280]  That's, you know, that and missing income documents is a number of them.
[10:51.280 --> 10:57.800]  How does net present value affect your qualification for a loan?
[10:57.800 --> 11:05.280]  Under the Obama program, under the Ham program, the NPV is what the investors, what the servicer
[11:05.280 --> 11:10.600]  look at to determine whether or not to foreclose.
[11:10.600 --> 11:16.600]  If that net present value is negative $1, they will proceed with the foreclosure.
[11:16.600 --> 11:23.120]  If that net present value is a positive number, then it means that they ought to consider
[11:23.120 --> 11:25.120]  modifying that loan.
[11:25.120 --> 11:32.000]  Oh, so it means either you're under water or above water?
[11:32.000 --> 11:34.840]  Well, not exactly.
[11:34.840 --> 11:41.640]  Net present value is discounting for future income.
[11:41.640 --> 11:48.280]  It's a financial calculation that the investors use to determine if an investment is good
[11:48.280 --> 11:50.160]  or bad.
[11:50.160 --> 11:55.920]  And for the Ham, they look at the home, the value of the home, the income, and a myriad
[11:55.920 --> 12:00.760]  of other parameters to derive with that NPV.
[12:00.760 --> 12:03.960]  Now, the NPV is very sensitive.
[12:03.960 --> 12:04.960]  Very little changes.
[12:04.960 --> 12:09.440]  My new changes can have a vast impact on that value.
[12:09.440 --> 12:16.240]  So it's real critical for homeowners to Google the input and NPV calculator, NPV calculator,
[12:16.240 --> 12:20.680]  run themselves through it, make sure that they qualify.
[12:20.680 --> 12:27.040]  And if they don't qualify, look at your financial situation and find, okay, maybe it's my income,
[12:27.040 --> 12:33.680]  $10 too low, $10 too high, did I do everything right, and just make sure because without
[12:33.680 --> 12:36.640]  that NPV, you're just not going to get through.
[12:36.640 --> 12:48.880]  Okay, the thing I'm looking for is what a borrower needs to know to be able to at least
[12:48.880 --> 12:57.800]  get a ballpark idea of whether or not he will be qualified for the Hamplon.
[12:57.800 --> 13:06.960]  Well, in addition to the first knowing your income and your expenses, if your expenses
[13:06.960 --> 13:14.080]  are too high or if you're negative, if your income is too little for the amount of expenses
[13:14.080 --> 13:17.160]  that you're reporting, that's a killer right there.
[13:17.160 --> 13:25.120]  So in addition to the income and expense ratio, in addition to the net principal value calculation,
[13:25.120 --> 13:32.160]  the number one reason we used to deny modifications at Bank of America is missing documentation.
[13:32.160 --> 13:33.680]  That's the number one killer.
[13:33.680 --> 13:37.440]  So if you've got your income and expense in order, if you ran yourself through the net
[13:37.440 --> 13:43.520]  principal value calculator, and your income and expense ratio is reasonable after you pay
[13:43.520 --> 13:48.360]  all your bills, you've got $100, $200 left over a month, you're in good shape.
[13:48.360 --> 13:53.840]  If you've got $500 or $1,000 left over after your expenses are paid, you're probably going
[13:53.840 --> 13:58.440]  to shoot yourself in the foot because what you're telling the lender is, hey, not only
[13:58.440 --> 14:03.560]  can I pay all my bills and pay my mortgage, but hey, I got $1,000 left over.
[14:03.560 --> 14:08.000]  So what you're telling them is, well, go ahead and increase my mortgage payment using that
[14:08.000 --> 14:10.720]  reserve, that money I have left over.
[14:10.720 --> 14:16.200]  So it's just really important just to pay attention to all the numbers.
[14:16.200 --> 14:19.560]  This really begins to sound like a balancing act.
[14:19.560 --> 14:22.080]  That's exactly what it is.
[14:22.080 --> 14:28.080]  If you don't make enough, you don't qualify, you make too much, you don't qualify.
[14:28.080 --> 14:35.680]  What is there a mean level that an ordinary person could look at and say, these are the
[14:35.680 --> 14:39.320]  parameters I have to fall with yet?
[14:39.320 --> 14:41.320]  Yes.
[14:41.320 --> 14:49.600]  If I add up all my income and add up all my expenses, if after all my bills are paid,
[14:49.600 --> 14:57.840]  if I can show the lender that I have a reasonable amount of income left over, $50, $100, no
[14:57.840 --> 15:03.280]  more than $200, if you show more than $200, then that indicates to the lender there's
[15:03.280 --> 15:05.400]  a bit of financial responsibility there.
[15:05.400 --> 15:08.440]  So the guy makes enough money, but he's still not paying his mortgage.
[15:08.440 --> 15:12.480]  So it's not necessarily an affordability issue, it's more of a responsibility issue.
[15:12.480 --> 15:19.280]  So you don't want to show the lender that you're making more than, you have over $200
[15:19.280 --> 15:23.080]  left over after your income and expenses.
[15:23.080 --> 15:29.040]  That plus knowing what 31% of your gross income represents, is that higher than my current
[15:29.040 --> 15:30.040]  mortgage payment?
[15:30.040 --> 15:34.480]  Is that lower than my current mortgage payment, which includes taxes and insurance?
[15:34.480 --> 15:41.880]  If you can get those bases covered and you are upside down on your mortgage where you
[15:41.880 --> 15:48.160]  owe more than the analysis worth, chances are you're in pretty good shape for modification.
[15:48.160 --> 15:53.600]  If you've got a lot of equity, that could be a problem.
[15:53.600 --> 15:58.840]  Okay, equity can be a problem.
[15:58.840 --> 15:59.840]  That's interesting.
[15:59.840 --> 16:00.840]  Absolutely.
[16:00.840 --> 16:01.840]  Yes, sir.
[16:01.840 --> 16:07.120]  How does equity negatively impact your position?
[16:07.120 --> 16:11.920]  When you run through the net present value calculation, they're looking at how much,
[16:11.920 --> 16:16.560]  well, when I run my MPVs, I'm asking the lender some questions.
[16:16.560 --> 16:20.800]  The first question I ask is, what is my unpaid principal balance?
[16:20.800 --> 16:21.800]  How much do I owe?
[16:21.800 --> 16:24.200]  What is the interest bearing principal amount?
[16:24.200 --> 16:25.200]  That's important.
[16:25.200 --> 16:26.200]  Right?
[16:26.200 --> 16:34.560]  Then I ask, okay, what was my original balance, do I have my unpaid balance, what was my original
[16:34.560 --> 16:42.640]  balance, what was my rate, and if when you factor those numbers out, if you have too
[16:42.640 --> 16:46.840]  much equity, the lender is probably going to want to see you in on that equity.
[16:46.840 --> 16:49.960]  Okay, okay, hang on, we're about to go to break.
[16:49.960 --> 16:54.080]  This is Randy Kelton, Deborah Stevens, and Craig, we're going to go to the radio, our
[16:54.080 --> 17:02.960]  phone lines are open, 512-646-1984, we'll be right back.
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[19:30.720 --> 19:44.720]  Okay, we are back, Randy Kelpin here by myself tonight, rule of law radio, here with our
[19:44.720 --> 19:53.720]  special guest, Winston Wallace, our resident loan modification expert.
[19:53.720 --> 19:59.360]  One thing I would like to know and I'm sure listeners are interested in and concerned
[19:59.360 --> 20:03.840]  about, especially if you have a mortgage and they're considering asking the bank for a
[20:03.840 --> 20:06.520]  loan modification.
[20:06.520 --> 20:11.720]  How do we know going in that we will qualify?
[20:11.720 --> 20:17.840]  How do we get ourselves set up so that we know that we will be able to qualify?
[20:17.840 --> 20:25.520]  And then, what tricks and traps will we watch for if the bank is trying to use the loan
[20:25.520 --> 20:33.440]  modification process to force us into foreclosure?
[20:33.440 --> 20:44.120]  The main way is by telling you that we are unable to reach an affordable payment.
[20:44.120 --> 20:49.400]  That goes back to the homeowner not paying attention to how much money they make and
[20:49.400 --> 20:53.120]  not paying attention to the items that's on the credit report.
[20:53.120 --> 20:56.640]  And the lender asks, when the lender gives you the application form and you're filling
[20:56.640 --> 21:01.080]  in your expenses, don't look at those expenses, but on the back side, they're also looking
[21:01.080 --> 21:03.320]  at your credit report.
[21:03.320 --> 21:10.240]  If you put that your credit card expenses are $300 a month, but on your credit report,
[21:10.240 --> 21:16.640]  you're showing charged off credit cards that reflect $2,000 a month, charged off balance
[21:16.640 --> 21:20.960]  with an amount owed is equal to the monthly payment.
[21:20.960 --> 21:25.960]  Now, the underwriters, they're so spaced out that they count that credit card payment
[21:25.960 --> 21:31.320]  as a $200 monthly payment, which doesn't make any sense.
[21:31.320 --> 21:35.520]  Sometimes in your credit report, you may show two card payments when you only have one card
[21:35.520 --> 21:37.020]  payment.
[21:37.020 --> 21:44.280]  So when you enter your information in on the app or on the application form, when it looks
[21:44.280 --> 21:51.720]  like, okay, I've got a $200 cash flow after my expenses are paid, but when the lender
[21:51.720 --> 21:56.200]  adds in the credit report, now you're $2,000 in the hall.
[21:56.200 --> 21:58.800]  You've got to know exactly what's on your credit report.
[21:58.800 --> 21:59.800]  Number one.
[21:59.800 --> 22:03.400]  Number two, you've got to be cognizant of your income.
[22:03.400 --> 22:08.680]  You've got to know that if the lender gives you a payment that is greater than what you
[22:08.680 --> 22:14.360]  know 31% of your income is, that's a recipe for failure.
[22:14.360 --> 22:20.280]  If they tell you we're not able to achieve a payment, that's not accurate.
[22:20.280 --> 22:25.280]  Underwriters always routinely screw up on the income calculation.
[22:25.280 --> 22:30.080]  That's the number one check that I check when a homeowner can't get through the modification.
[22:30.080 --> 22:32.040]  Did they calculate the income properly?
[22:32.040 --> 22:33.040]  Yes, no.
[22:33.040 --> 22:35.000]  Did they calculate the expenses properly?
[22:35.000 --> 22:36.000]  Yes, no.
[22:36.000 --> 22:41.800]  Did they double-counting items on the credit report, yes or no?
[22:41.800 --> 22:44.920]  That really brings up a question.
[22:44.920 --> 22:52.480]  If an underwriter, if this is what he does, this is his business, his profession, how
[22:52.480 --> 22:58.320]  is it that they consistently make these kinds of errors?
[22:58.320 --> 23:03.880]  Is it that they're not getting information in a way that they can sort it correctly or
[23:03.880 --> 23:06.240]  is there some other factor?
[23:06.240 --> 23:17.720]  Well, I worked at a poor lender and on the inside, we are required to review 20 modifications
[23:17.720 --> 23:19.840]  per day.
[23:19.840 --> 23:25.080]  Sometimes it's simply not possible to review 20 modifications per day.
[23:25.080 --> 23:29.880]  Sometimes it requires that you sit down, that you take two hours to go through a guide's
[23:29.880 --> 23:38.320]  file whereas the system only allows you 15 minutes per file just to try to get your 20
[23:38.320 --> 23:40.320]  per day quota.
[23:40.320 --> 23:45.360]  That's the thing that I was always complained about when I worked for the bank because it's
[23:45.360 --> 23:46.360]  just not possible.
[23:46.360 --> 23:51.120]  I used to tell them, look, we've got real people in real foreclosure situations out here.
[23:51.120 --> 23:55.640]  It's up to us internally to do a good job for these people, but it always falls on their
[23:55.640 --> 23:56.640]  fears.
[23:56.640 --> 24:00.840]  Another focus is, we've got to get the money from the government, let's just move these
[24:00.840 --> 24:03.520]  loans, move them, move them, move them.
[24:03.520 --> 24:09.040]  If we make a mistake, the next person looking at the loan will catch the problem and that's
[24:09.040 --> 24:13.480]  a big problem because homeowners send in their income documentation.
[24:13.480 --> 24:19.760]  But we're in such a rush internally, okay, 45 or 6, paced up, profit and loss, tax turned,
[24:19.760 --> 24:26.440]  we're just scanning real fast and the system internally is not laid out in a matter that's
[24:26.440 --> 24:29.520]  consistent with the way you send the documentation.
[24:29.520 --> 24:37.560]  For example, if a homeowner faxes over the 2012 tax return, when the system receives the
[24:37.560 --> 24:43.920]  file and it goes into a document review, the person labeling that document may name that
[24:43.920 --> 24:46.120]  document as miscellaneous.
[24:46.120 --> 24:50.960]  Instead of labeling it as 2012 tax return, they put it as miscellaneous so when the underwriter
[24:50.960 --> 24:56.400]  scans through the document, she says, oh, I'm missing the 2012 tax return, file denied.
[24:56.400 --> 25:01.960]  But you're like, I sent those tax returns in twice, but it's mislabeled, it's not labeled
[25:01.960 --> 25:05.520]  tax return, it's labeled miscellaneous income document.
[25:05.520 --> 25:11.080]  And you may have to do this dance two or three times, and I think that's got to be the number
[25:11.080 --> 25:17.640]  one frustration for homeowners is I'm faxing the documents over and over and over and we're
[25:17.640 --> 25:19.600]  just, we're not getting anywhere.
[25:19.600 --> 25:25.520]  And that's one of the major reasons why homeowners need to keep their homes.
[25:25.520 --> 25:34.400]  If this is such a common problem, do you have any reason why the banks haven't taken steps
[25:34.400 --> 25:36.960]  to correct this problem?
[25:36.960 --> 25:47.040]  Well, Ranny, like I said, internally, I believe the people on my staff, we generally cared
[25:47.040 --> 25:53.040]  about the homeowners and we would do our best as a team to review the documents as thoroughly
[25:53.040 --> 25:58.280]  and to be, you know, if there were documents missing or items missing, we would explain,
[25:58.280 --> 26:07.120]  yes, we have the 4506, but on line 9A, you need to put, you know, we would be very vocal
[26:07.120 --> 26:12.680]  about what was wrong with the file, so we would keep the homeowner out of that loop.
[26:12.680 --> 26:20.920]  Now internally, we have changes, every other week there's a change, so one week you come
[26:20.920 --> 26:27.360]  in, you're absolutely clear on how to review a file for modification, you come back tomorrow
[26:27.360 --> 26:29.440]  and they change the entire system.
[26:29.440 --> 26:34.000]  So the underwriter is dumbfounded, he doesn't, it's going to take him two weeks to figure
[26:34.000 --> 26:38.680]  out the new rules because they change them so often on an internal side, on the internal
[26:38.680 --> 26:39.680]  side.
[26:39.680 --> 26:49.800]  Oh, you are giving me such great questions and what you're saying goes exactly to what
[26:49.800 --> 26:56.720]  it has all along appeared to be that's going on here.
[26:56.720 --> 27:05.120]  Nobody here on the bottom that's dealing with the public is really a bad guy, we have all
[27:05.120 --> 27:13.320]  these people all trying to do the best they can and the problem is in the underlying structure
[27:13.320 --> 27:20.840]  and these issues are absolutely perfect for a way for us to protect ourselves if we know
[27:20.840 --> 27:26.600]  what's going on in the underwriting department, then that'll give us some clues as to how
[27:26.600 --> 27:32.640]  to fix it or how to deal with it from our perspective.
[27:32.640 --> 27:34.840]  So that's a great information.
[27:34.840 --> 27:36.840]  That's a great information.
[27:36.840 --> 27:41.720]  If I can add one more thing, please.
[27:41.720 --> 27:49.520]  When homeowners submit themselves for modification, they often piece to meal the data, they piece
[27:49.520 --> 27:56.280]  and they fax, face up today, tax return tomorrow, piece by piece by piece and that kills their
[27:56.280 --> 27:57.280]  chances.
[27:57.280 --> 28:03.880]  The system is so screwed up internally that if homeowners are not very defensive and
[28:03.880 --> 28:08.960]  know their rights and know how to stand up against a lender, when the lender says you
[28:08.960 --> 28:15.280]  don't qualify for modification, you have to know, for example, that if you don't meet
[28:15.280 --> 28:20.920]  the guidelines for the hand program, you should automatically be reviewed for the non-hand
[28:20.920 --> 28:21.920]  program.
[28:21.920 --> 28:28.440]  That doesn't mean that your loan is denied foreclosure and that has happened to me personally
[28:28.440 --> 28:34.760]  a lot of times where I'm working on a customer's modification as things along the band of America,
[28:34.760 --> 28:39.760]  the band of America tells me, I'm sorry, this is false, your client has been denied for
[28:39.760 --> 28:40.760]  modification, we're going to proceed with the foreclosure.
[28:40.760 --> 28:46.040]  If it weren't for the fact that I worked there, I had to tell this lady, look, if you
[28:46.040 --> 28:53.080]  open this software, if you look over this page, please tell me if we have a half and
[28:53.080 --> 28:58.720]  a non-half LMA checklist and choose the yes for the wallets, I do see the LMA checklist.
[28:58.720 --> 29:01.520]  Now, did the underwriter close the half?
[29:01.520 --> 29:04.480]  Yes, Mr. Wallet, she did.
[29:04.480 --> 29:10.160]  The non-half application is open, oh my God, Mr. Wallet, it is.
[29:10.160 --> 29:14.320]  Please advise your client that we will now review the client for the non-half.
[29:14.320 --> 29:20.160]  So if you really don't know and clear about where you are and how much money you make
[29:20.160 --> 29:26.560]  and be absolutely sure that you pass all your documents the next one time, the internal
[29:26.560 --> 29:33.240]  system of the bank is designed to frustrate you, to tire you out, and ultimately take
[29:33.240 --> 29:35.400]  your property.
[29:35.400 --> 29:39.120]  This is what we've thought all along, and it's never been the guys on the bottom.
[29:39.120 --> 29:43.600]  It's always been the guys higher up that create a situation.
[29:43.600 --> 29:48.360]  This is what happened to us in the military, we were put in positions where we were doing
[29:48.360 --> 29:50.600]  the best we could in a bad situation.
[29:50.600 --> 29:57.360]  Okay, we're going to break, this is Randy Kelton, the rule of law radio, 512-646-1984,
[29:57.360 --> 30:03.680]  and we'll be right back.
[30:03.680 --> 30:08.160]  Britain leads the world in public surveillance cameras, but now they've taken surveillance
[30:08.160 --> 30:09.160]  to a new low.
[30:09.160 --> 30:14.120]  I'm Dr. Catherine Albrecht, back to tell you the repulsive place those peeping toms
[30:14.120 --> 30:16.920]  have invaded, next.
[30:16.920 --> 30:18.640]  Privacy is under attack.
[30:18.640 --> 30:23.040]  When you give up data about yourself, you'll never get it back again, and once your privacy
[30:23.040 --> 30:27.240]  is gone, you'll find your freedoms will start to vanish too.
[30:27.240 --> 30:32.200]  So protect your rights, say no to surveillance and keep your information to yourself.
[30:32.200 --> 30:35.000]  Privacy, it's worth hanging on to.
[30:35.000 --> 30:40.560]  This message is brought to you by StartPage.com, the private search engine alternative to Google,
[30:40.560 --> 30:42.320]  Yahoo, and Bing.
[30:42.320 --> 30:46.080]  Start over with StartPage.
[30:46.080 --> 30:50.000]  Britain is swimming in surveillance cameras, at last count nearly two million of them were
[30:50.000 --> 30:52.360]  spying on law-abiding citizens.
[30:52.360 --> 30:56.880]  But the UK privacy group Big Brother Watch just revealed something I can only describe
[30:56.880 --> 30:59.080]  as disgusting.
[30:59.080 --> 31:03.840]  Cameras have been installed in bathrooms and changing rooms in schools across Britain.
[31:03.840 --> 31:08.000]  It's unclear who's watching the footage or what the schools do with the film.
[31:08.000 --> 31:12.760]  School officials claim they need these bathroom cams for security, but parents want to know
[31:12.760 --> 31:17.800]  who gave Headmasters permission to film their children using toilets and taking showers.
[31:17.800 --> 31:22.120]  Shame on those schools for teaching kids the wrong lesson about safety.
[31:22.120 --> 31:31.680]  I'm Dr. Catherine Albrecht for StartPage.com, the world's most private search engine.
[31:31.680 --> 31:37.080]  This is Building 7, a 47-story skyscraper that fell on the afternoon of September 11th.
[31:37.080 --> 31:39.200]  The government says that fire brought it down.
[31:39.200 --> 31:44.120]  However, 1,500 architects and engineers have concluded it was a controlled demolition.
[31:44.120 --> 31:48.120]  Over 6,000 of my fellow service members have given their lives, and thousands of my fellow
[31:48.120 --> 31:49.560]  force responders have died.
[31:49.560 --> 31:53.360]  I'm not a conspiracy theorist, I'm a structural engineer, I'm a New York City correction officer,
[31:53.360 --> 31:58.040]  I'm an Air Force pilot, I'm a father who lost his son, we're Americans, and we deserve
[31:58.040 --> 31:59.040]  the truth.
[31:59.040 --> 32:00.920]  Go to RememberBuilding7.org today.
[32:00.920 --> 32:07.120]  It is so enlightening to listen to 90.1 FM, but finding things on the internet isn't
[32:07.120 --> 32:10.960]  so easy, and neither is finding like-minded people to share it with.
[32:10.960 --> 32:14.080]  Oh, well I guess you haven't heard of Brave New Books then.
[32:14.080 --> 32:15.080]  Brave New Books?
[32:15.080 --> 32:19.360]  Yes, Brave New Books has all the books and DVDs you're looking for by authors like
[32:19.360 --> 32:22.240]  Alex Jones, Ron Paul, Angie Ebert Griffin.
[32:22.240 --> 32:25.720]  They even stock inner food, Berkey products, and Talbin Soaps.
[32:25.720 --> 32:28.560]  There's no way a place like that exists.
[32:28.560 --> 32:30.000]  Go check it out for yourself.
[32:30.000 --> 32:33.920]  It's downtown in 1904 Guadalupe Street, just south in UT.
[32:33.920 --> 32:37.720]  Aw, by UT, there's never anywhere to park down there.
[32:37.720 --> 32:43.000]  Actually, they now offer a free hour of parking for paying customers at the 500 MLK parking
[32:43.000 --> 32:45.000]  facility just behind the bookstore.
[32:45.000 --> 32:48.960]  It does exist, but when are they open?
[32:48.960 --> 32:53.800]  Monday through Saturday, 11 a.m. to 9 p.m., and 1 to 6 p.m. on Sundays.
[32:53.800 --> 33:00.480]  So give them a call at 512-480-2503, or check out their events page at bravenewbookstore.com.
[33:00.480 --> 33:10.480]  You're listening to the Logos Radio Network at LogosRadioNetwork.com.
[33:10.480 --> 33:25.920]  Yeah, I got a warrant, and I'm gonna solve them, to the end of the month, then, prosecute
[33:25.920 --> 33:26.920]  them.
[33:26.920 --> 33:27.920]  Okay.
[33:27.920 --> 33:28.920]  All set.
[33:28.920 --> 33:58.800]  Okay, we are back, Google Law Radio, here with our special
[33:58.800 --> 34:10.640]  guest, Winston Wallace, I'm brain dead today, Winston Wallace on modification, and when we
[34:10.640 --> 34:15.880]  went out, we were talking about modifications, hemp modification, and the banks modification.
[34:15.880 --> 34:23.920]  I'd like to talk about the modifications that banks normally offer, and what are the
[34:23.920 --> 34:27.320]  requirements, and the rules, and how strict they are.
[34:27.320 --> 34:30.320]  Can you tell us about those?
[34:30.320 --> 34:31.320]  Winston?
[34:31.320 --> 34:37.320]  Randy, I'm sorry, I missed your last question.
[34:37.320 --> 34:40.320]  Wait, say that again?
[34:40.320 --> 34:44.320]  I missed your question, I apologize.
[34:44.320 --> 34:52.240]  Okay, no, just tell us about the non-hemp modifications.
[34:52.240 --> 35:00.760]  If someone comes in and they don't qualify for a hemp modification, what are their rules
[35:00.760 --> 35:02.280]  for a non-hemp?
[35:02.280 --> 35:09.760]  Is it completely voluntary by the bank, and if so, how strict are the rules, are they
[35:09.760 --> 35:13.040]  actually applied, or are they arbitrary?
[35:13.040 --> 35:18.400]  Is there any government intervention in that part of the modification process?
[35:18.400 --> 35:28.240]  The non-hemp modifications, before the hemp program started, that's all they were, were
[35:28.240 --> 35:31.080]  what they called business institution modifications.
[35:31.080 --> 35:37.200]  It was where the homeowner and the contractor, back then, you know, they would actually have
[35:37.200 --> 35:43.360]  a third party called the negotiator, and you would actually sit down and hammer out a deal
[35:43.360 --> 35:48.080]  that worked for the homeowner, and that worked for the bank, okay.
[35:48.080 --> 35:52.920]  These types of modifications don't have that many rules, they don't use the net prison
[35:52.920 --> 35:58.960]  value calculation, which, if I could just add one thing about the net prison value calculation,
[35:58.960 --> 36:07.800]  the banks guard those NPV sensitivity levels, like regarding the nuclear launch codes.
[36:07.800 --> 36:13.320]  They don't want you to know what it takes to pass, and a lot of, you know, a lot of
[36:13.320 --> 36:19.640]  this is a mystery, they try to keep it close to this bail secrecy, so it's meant to trap
[36:19.640 --> 36:26.000]  the homeowners, to keep them in the dark, so by going through that NPV that they have
[36:26.000 --> 36:32.560]  online, it's a good tool to know where you stand as far as that goes, but back to the
[36:32.560 --> 36:33.560]  non-hemp.
[36:33.560 --> 36:38.800]  The non-hemp is just a modification where they look at the net income versus this income,
[36:38.800 --> 36:43.840]  and they just try to hammer out a modification that works for you, that works for the investor.
[36:43.840 --> 36:49.040]  If they can squeeze you a little more per month to get your money out of you per month,
[36:49.040 --> 36:50.040]  they'll do it.
[36:50.040 --> 36:54.880]  So it's important for the homeowner to be alert, to be aware, to know how much you can
[36:54.880 --> 36:55.880]  actually afford.
[36:55.880 --> 37:03.680]  Don't let them push you into a situation that, you know, if you can't afford, and it's always
[37:03.680 --> 37:04.680]  important.
[37:04.680 --> 37:10.400]  Make sure, make documentation in order, write the loan number on the top or the bottom of
[37:10.400 --> 37:12.320]  every single page.
[37:12.320 --> 37:16.440]  Make sure your bank statements, if you're getting them two months worth of bank statements,
[37:16.440 --> 37:19.440]  it has to be page one of seven, two of seven, three of seven.
[37:19.440 --> 37:25.520]  Make sure all the pages are in order, legible, clear so the underwriter can read it.
[37:25.520 --> 37:29.800]  Make sure the income is there, it's not wrinkled up, it's the most up-to-date document that
[37:29.800 --> 37:30.800]  you have.
[37:30.800 --> 37:35.400]  Make sure your tax returns are signed and dated on page three of the tax return.
[37:35.400 --> 37:41.440]  Make sure everything is there in order for the checklist and fax it one time.
[37:41.440 --> 37:42.440]  Fax it to the bank.
[37:42.440 --> 37:47.800]  After you're done, fax it two or three more times to make sure that they receive it.
[37:47.800 --> 37:52.120]  It's important that they follow up three days after they fax it to make sure that it was
[37:52.120 --> 37:56.080]  received because they'll tell you it wasn't received when in fact it was.
[37:56.080 --> 37:58.200]  So, you know, that type of thing.
[37:58.200 --> 38:06.760]  Now with the non-hat modification, it's going to be a situation where you can make them
[38:06.760 --> 38:13.000]  modify your loan the way you want it modified based on how you structure your loan.
[38:13.000 --> 38:17.040]  How much money are you showing on income for self-employed applicants especially.
[38:17.040 --> 38:22.720]  Make sure that, you know, you pay attention to your numbers, you do it in a smart way.
[38:22.720 --> 38:27.560]  Make sure you're reporting your expenses the smart way, your food budget the smart way.
[38:27.560 --> 38:29.120]  Make sure that the lender can't quantify.
[38:29.120 --> 38:35.880]  The lender doesn't know how much you're paying for your car insurance bill.
[38:35.880 --> 38:38.760]  So be smart about how you're showing your car insurance.
[38:38.760 --> 38:42.960]  They don't know how much money you're paying for your food bill.
[38:42.960 --> 38:46.880]  Be smart about how you're showing your food bill, your gasoline bill from up.
[38:46.880 --> 38:49.280]  Be wary of where you are.
[38:49.280 --> 38:56.640]  Don't show too much expenses, don't show too little expenses because the income and
[38:56.640 --> 39:01.960]  expense ratio is the key to making it all work.
[39:01.960 --> 39:06.600]  And as far as payments missed, work with that underwriter.
[39:06.600 --> 39:12.080]  You know, in your hardship letter, explain your situation clearly.
[39:12.080 --> 39:17.960]  Tell the underwriter, if I can get my payments down to X dollars per month, this would be
[39:17.960 --> 39:20.080]  an ideal situation for me.
[39:20.080 --> 39:23.320]  This is what you do in a non-hat whereas you can't do those types of things with the
[39:23.320 --> 39:30.320]  application.
[39:30.320 --> 39:45.320]  Any other questions, Randy?
[39:45.320 --> 39:57.120]  Oh, somebody muted my mic again.
[39:57.120 --> 40:02.760]  I have this problem with somebody coming in, muting my mic when I'm not looking.
[40:02.760 --> 40:10.480]  When you're saying be smart about your numbers, and if I got the first part right, the smart
[40:10.480 --> 40:18.440]  numbers are 31% debt-to-income ratio, can't be below it, means you can't pay, too far
[40:18.440 --> 40:21.320]  above it, then you can pay more.
[40:21.320 --> 40:30.920]  So you want to be within $200 of 31% debt-to-income, is that pretty well a benchmark?
[40:30.920 --> 40:31.920]  Close.
[40:31.920 --> 40:40.760]  The $200 is when you add up all your income, and from your income, you subtract out all
[40:40.760 --> 40:47.120]  your expenses, what remains should not, or have modification, or for any modification
[40:47.120 --> 40:48.280]  for that matter.
[40:48.280 --> 40:54.000]  You don't want to show the lender, hey, I have $1,000 left over after all my bills
[40:54.000 --> 40:55.000]  have paid.
[40:55.000 --> 40:59.320]  Because on the top line, you have the mortgage, then you have the homeowners insurance, you
[40:59.320 --> 41:04.440]  know, car insurance, gasoline, everything, so at the end, the bottom line, if you're
[41:04.440 --> 41:10.880]  showing that you're negative, that means if they modify the loan, they can't lower the
[41:10.880 --> 41:13.360]  payment enough to get you out of the negative.
[41:13.360 --> 41:17.840]  So you never, ever, ever, ever, ever want to show a negative number going in.
[41:17.840 --> 41:25.080]  At the same time, you don't want to show too much money, so it's just a matter of maybe
[41:25.080 --> 41:29.760]  if, to combine, my husband and wife, our income is too much.
[41:29.760 --> 41:34.440]  So maybe why don't I not show my husband, or what, you know, not show the wife, and
[41:34.440 --> 41:39.920]  the husband just applies by himself, if that's possible, depending on whose name is on the
[41:39.920 --> 41:40.920]  loan.
[41:40.920 --> 41:43.960]  Sometimes too much information can be harmful.
[41:43.960 --> 41:45.440]  Go out to eat more often.
[41:45.440 --> 41:47.440]  My better clothes.
[41:47.440 --> 41:48.440]  Exactly.
[41:48.440 --> 41:49.440]  Exactly.
[41:49.440 --> 41:55.600]  So, you know, or the adverse, the inverse can be true as well, so you may need to put
[41:55.600 --> 42:02.080]  yourself on a diet, spend less money on food so that your finances look where it's supposed
[42:02.080 --> 42:03.080]  to look.
[42:03.080 --> 42:09.520]  Yeah, he's just saying the diet part because we met last week and he saw what my stomach
[42:09.520 --> 42:10.520]  looks like.
[42:10.520 --> 42:16.800]  But yeah, so that's what you mean by the smart calculations that we need to stay within
[42:16.800 --> 42:17.800]  that level.
[42:17.800 --> 42:21.680]  And that's a really good piece of information to know.
[42:21.680 --> 42:27.840]  And we're going to go to break in a minute or so, but when you say you need all your
[42:27.840 --> 42:37.520]  documentation, payment stubs and a payment history for enough, how much time in payment
[42:37.520 --> 42:43.520]  history do they need to establish a statistical mean that'll work for them?
[42:43.520 --> 42:50.040]  I mean, a month back, two months back, how far back would you have to go to make them
[42:50.040 --> 42:51.040]  happy?
[42:51.040 --> 42:57.680]  Typically, depending on if you're a wage earner, they're looking for 30 days.
[42:57.680 --> 43:04.440]  If you're a self-employed, we're looking at two months, or as much as four months for
[43:04.440 --> 43:05.440]  a self-employed applicant.
[43:05.440 --> 43:07.680]  We want to see four months back statements.
[43:07.680 --> 43:14.360]  They may ask for two years' worth of pay stubs and a year to date profit and loss, but for
[43:14.360 --> 43:18.760]  self-employed applicants, they don't need to see any more than a month's worth of pay
[43:18.760 --> 43:19.760]  stubs.
[43:19.760 --> 43:27.200]  Okay, so if you made more this month than you made last month or the month before, would
[43:27.200 --> 43:36.520]  it be appropriate to bring in a longer period, or will they only look at the last 30 days?
[43:36.520 --> 43:40.400]  Okay, I'm sorry, wait a minute, I wasn't watching the clock.
[43:40.400 --> 43:41.400]  We're about to go to break.
[43:41.400 --> 43:44.920]  I'll pick that question up when we come back on the other side.
[43:44.920 --> 43:45.920]  Our phone lines are open.
[43:45.920 --> 43:54.520]  If you want to ask a question in 512-646-1984, give us a call.
[43:54.520 --> 44:02.080]  This is our four-hour info marathon, so we're going to be here for a while, we'll be right.
[44:02.080 --> 44:06.480]  Mr. President, members of Congress, you've been making a lot of noise.
[44:06.480 --> 44:11.000]  It's about taking our guns away, but you might want to review history.
[44:11.000 --> 44:18.760]  1835, Gonzales, Texas Territory, the authorities wanted to confiscate the big gun that protected
[44:18.760 --> 44:19.760]  that colony.
[44:19.760 --> 44:22.560]  You know what the people said?
[44:22.560 --> 44:29.840]  Come and take it, because they were willing to fight for their freedom and their guns.
[44:29.840 --> 44:30.840]  So are we.
[44:30.840 --> 44:37.840]  Come and take it if you want it, come and take it if you can, come and take it, but
[44:37.840 --> 44:42.840]  I want you, you'll have to buy it for my cold dead hands.
[44:42.840 --> 44:48.840]  We want the freedom that God gave us, so you best not cross that line.
[44:48.840 --> 44:54.840]  If you want this done, you gotta come through us and take it.
[44:54.840 --> 44:59.840]  One shot at a time, just like Gonzales, with deep in her guns.
[44:59.840 --> 45:03.840]  Are you the plaintiff or defendant in a lawsuit?
[45:03.840 --> 45:10.840]  Win your case without an attorney with Jurisdictionary, the affordable, easy to understand poor CD course
[45:10.840 --> 45:14.840]  that will show you how in 24 hours, step by step.
[45:14.840 --> 45:18.840]  If you have a lawyer, know what your lawyer should be doing.
[45:18.840 --> 45:22.840]  If you don't have a lawyer, know what you should do for yourself.
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[45:27.840 --> 45:33.840]  Jurisdictionary was created by a licensed attorney with 22 years of case winning experience.
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[45:51.840 --> 46:01.840]  Please visit ruleoflawradio.com and click on the banner or call toll free 866-LAW-EZ.
[46:21.840 --> 46:34.840]  Okay, we are back. Randy Kelton, rule of law radio, and our phone lines are open.
[46:34.840 --> 46:40.840]  We will be open for questions on this topic or any other that you have tonight.
[46:40.840 --> 46:44.840]  This is our four hour info marathon.
[46:44.840 --> 46:53.840]  And while we're on the break, we were talking about some of the shenanigans that the lenders pull.
[46:53.840 --> 46:58.840]  And Winston let the cat out of the bag.
[46:58.840 --> 47:04.840]  He actually let it out that sometimes the lender is not always honest.
[47:04.840 --> 47:13.840]  Now, I know that that's hard to accept, but don't kill the messenger.
[47:13.840 --> 47:30.840]  Okay, Winston, I would like to talk about some of the things that the lender does in order to manipulate the borrower in the position the lender wants.
[47:30.840 --> 47:49.840]  Randy, one of the dirtiest tricks that the banks use is they will have your loan pending in modification with you for a very long time.
[47:49.840 --> 47:59.840]  If they ask you for documentation, they'll wait till the last minute, sometimes the day off or two days before the sale.
[47:59.840 --> 48:01.840]  They'll ask you for it.
[48:01.840 --> 48:05.840]  You said to them, they say, I'm sorry, it wasn't received.
[48:05.840 --> 48:08.840]  We're going to have to go to foreclosure.
[48:08.840 --> 48:22.840]  In good faith, they did not give you enough time purposely because it takes three days for the documents to be reviewed before it to be received in the system
[48:22.840 --> 48:25.840]  and placed in your file where an underwriter can review it.
[48:25.840 --> 48:35.840]  It takes three days, so if they ask you the day before, two days before to send over a documentation and they have not already postponed the foreclosure sale,
[48:35.840 --> 48:38.840]  see, they do what they call dual tracking.
[48:38.840 --> 48:42.840]  They're trying to get your approval modification, but the foreclosure clock is still ticking.
[48:42.840 --> 48:46.840]  They don't turn the clock off to give you a fair and impartial review.
[48:46.840 --> 48:48.840]  They keep that thing running.
[48:48.840 --> 48:55.840]  So, you know, I can't tell you how many times I've seen, oh, we need these documents.
[48:55.840 --> 48:57.840]  You've got to have it to us in 24 hours.
[48:57.840 --> 48:59.840]  We didn't get it too bad, so sad.
[48:59.840 --> 49:02.840]  We take your property.
[49:02.840 --> 49:15.840]  So this seems to me like it is contrived to force the person into foreclosure.
[49:15.840 --> 49:23.840]  How does the bank profit by the foreclosure?
[49:23.840 --> 49:26.840]  Go ahead.
[49:26.840 --> 49:31.840]  That the lender would be willing to push someone into foreclosure.
[49:31.840 --> 49:35.840]  To your knowledge, how do they profit?
[49:35.840 --> 49:42.840]  Well, Randy, I'm almost ashamed to say this, but it's true.
[49:42.840 --> 49:47.840]  A few years ago when I was a real estate investor, we would have people from the bank come over to,
[49:47.840 --> 49:53.840]  we'd have private meetings with the asset managers from various banks,
[49:53.840 --> 50:02.840]  and we would get to pick what properties we wanted based on equity, based on location,
[50:02.840 --> 50:06.840]  of homeowners that were not yet in foreclosure.
[50:06.840 --> 50:13.840]  And we would tell them, as investors, we would tell the guy, hey, listen, 101 Meadow Street,
[50:13.840 --> 50:16.840]  that's got a good amount of equity, let me get that house right there.
[50:16.840 --> 50:23.840]  So a lot of these properties you'll find are already sold before the foreclosure,
[50:23.840 --> 50:28.840]  before the property is even listed, before there's even a foreclosure sale.
[50:28.840 --> 50:34.840]  The lender has people that are saying, okay, I want this house, I want that house,
[50:34.840 --> 50:43.840]  and they literally force the homeowner out of that property so that that deep-pocketed investor can get that profit.
[50:43.840 --> 50:45.840]  It's sad, but it's true.
[50:45.840 --> 50:51.840]  Okay, what are the clues that we would look for?
[50:51.840 --> 50:53.840]  How would we go about finding it?
[50:53.840 --> 50:58.840]  What would be the right question to ask?
[50:58.840 --> 51:04.840]  The right question to ask would be, number one, when is my sale date?
[51:04.840 --> 51:06.840]  Stay on top of what your sale date is.
[51:06.840 --> 51:13.840]  And number two, it would be, don't give them an opportunity to keep you in the loop.
[51:13.840 --> 51:19.840]  They want to keep you in that little heaviser's cage, you want to run and run around month after month going nowhere.
[51:19.840 --> 51:22.840]  You've got to force that person to give you answers.
[51:22.840 --> 51:26.840]  If they don't give you the answers that you want, you demand to speak to a manager,
[51:26.840 --> 51:35.840]  and you just make it, you just call it every hour on the hour, if you have to, to let them know, I'm not taking this.
[51:35.840 --> 51:44.840]  And if your account manager is not giving you the answer you want, then you demand that they transfer you to another account manager.
[51:44.840 --> 51:48.840]  And you just become so difficult that they just can't wait to get rid of you.
[51:48.840 --> 51:53.840]  But being complacent, sitting around, especially if you've got equity in your home,
[51:53.840 --> 51:58.840]  if you have equity in your home, you'll have a big bullseye on your back.
[51:58.840 --> 52:00.840]  The bank wants your property.
[52:00.840 --> 52:08.840]  So just be very aggressive, be very knowledgeable about your situation, and don't give in.
[52:08.840 --> 52:20.840]  Okay, if I have been foreclosed on, and I was foreclosed on while in the process of an attempt at a loan modification,
[52:20.840 --> 52:36.840]  and I make a claim against the bank in discovery, where would I look to find evidence that my house had already been presented to an investor,
[52:36.840 --> 52:43.840]  and they had a tentative agreement to purchase prior to foreclosure?
[52:43.840 --> 52:51.840]  Well, one of the main clues, depending on who the investor is.
[52:51.840 --> 52:58.840]  Take for example, at Bank of America, they have, I believe, four different types of investors.
[52:58.840 --> 53:03.840]  You have HFI, which is Homes Health for Investment, HFI.
[53:03.840 --> 53:09.840]  You have SFO, which is Service for Others, meaning Bank of America is a loan servicer,
[53:09.840 --> 53:13.840]  but they could be servicing loans for Wells Fargo.
[53:13.840 --> 53:18.840]  As strange as that may sound, one servicer could actually be servicing a loan for another servicer.
[53:18.840 --> 53:21.840]  So we have HFI, Health for Investment, those are the portfolio loans.
[53:21.840 --> 53:23.840]  We have the SFO, Service for Others.
[53:23.840 --> 53:28.840]  You have Fannie Mae, Freddie Mac, and VA loans.
[53:28.840 --> 53:30.840]  And of course, you have FHA loans.
[53:30.840 --> 53:35.840]  It's important that you go to the website for Fannie Mae if you have a Fannie Mae,
[53:35.840 --> 53:42.840]  Freddie Mac if you have a Freddie Mac, FHA or HUD if you have a HUD loan, and understand HUD rules.
[53:42.840 --> 53:50.840]  For example, Freddie Mac rules mandate that the servicer call the lender,
[53:50.840 --> 53:56.840]  call the homeowner at least six times in one 30-day period.
[53:56.840 --> 54:05.840]  The Bank of America uses a software called LabHRQ where the underwriter has to go in and count physically,
[54:05.840 --> 54:12.840]  count how many times the person from the bank communicated with the homeowner within a 30-day period.
[54:12.840 --> 54:18.840]  Nine times out of ten, especially in the state of Texas, the foreclosure timeline is so short,
[54:18.840 --> 54:23.840]  they're not completing the required amount of calls.
[54:23.840 --> 54:30.840]  So they're just pushing you out of the home in direct violation of the investor's guideline.
[54:30.840 --> 54:31.840]  That's number one.
[54:31.840 --> 54:38.840]  Number two, many lenders have letters that they send out.
[54:38.840 --> 54:42.840]  They're required to send you, for example, Bank of America.
[54:42.840 --> 54:53.840]  They have a 10-day IIN letter, a 30-day IIN letter, and a 15-day IIN letter.
[54:53.840 --> 55:00.840]  In order for them to proceed with foreclosure, they must have sent one 30-day IIN letter,
[55:00.840 --> 55:03.840]  which is a list of all the documents that they're missing.
[55:03.840 --> 55:11.840]  They must have sent one 15-day IIN letter, which is a list of all the items that you're missing.
[55:11.840 --> 55:17.840]  If they have not sent out the 15-day IIN letter, they cannot proceed to foreclosure.
[55:17.840 --> 55:24.840]  But that's way beyond the average homeowner's purview, but I'm giving to you here.
[55:24.840 --> 55:28.840]  The lender has to ask you for the documentation.
[55:28.840 --> 55:32.840]  If they don't ask you for it, they can't expect you to give it.
[55:32.840 --> 55:35.840]  So you just have to make sure...
[55:35.840 --> 55:46.840]  Is there a time frame? I mean, can they send you one 30 days prior and then send you another one one day prior?
[55:46.840 --> 55:51.840]  So that at that point, it's irrelevant because you don't have time to respond.
[55:51.840 --> 56:00.840]  Are there requirements on how much time you are required to have to prevent foreclosure?
[56:00.840 --> 56:07.840]  Yes, the 30-day IIN letter must be sent and it must be expired.
[56:07.840 --> 56:09.840]  It has to expire.
[56:09.840 --> 56:14.840]  Once it's expired, they need to resend an additional IIN letter saying,
[56:14.840 --> 56:17.840]  hey, we sent you the first IIN letter.
[56:17.840 --> 56:21.840]  We're missing the paystuffs, tax return, W-2, or whatever the case may be.
[56:21.840 --> 56:25.840]  We've asked you for it. You didn't send it. Here's another reminder.
[56:25.840 --> 56:27.840]  Another 15-day reminder.
[56:27.840 --> 56:34.840]  Okay, so 15 days, the 30-day one will expire in 15 days?
[56:34.840 --> 56:38.840]  No, the 30-day letter expires in 30 days.
[56:38.840 --> 56:44.840]  Then after the 30-day letter expires, they send you out a 15-day letter, which is good for 15 days.
[56:44.840 --> 56:50.840]  And if you don't respond after those 15 days, and once, you know, they're going to call you to say,
[56:50.840 --> 56:53.840]  hey, Mr. Thompson, we need these documents. We need these documents.
[56:53.840 --> 57:01.840]  So do you need to get a 30-day, a 15-day, plus six phone calls or seven phone calls depending on who the investor is?
[57:01.840 --> 57:07.840]  And it can't be robo-calls. It has to be a human-to-human voice contact.
[57:07.840 --> 57:15.840]  So that 30-day letter would essentially have to be sent at least 45 days prior,
[57:15.840 --> 57:22.840]  so that it has time to expire and then send the 15, or do they overact them?
[57:22.840 --> 57:29.840]  No, sir. They can overlap, but normally, you know, they send the letters
[57:29.840 --> 57:31.840]  and you have time to respond to the letters.
[57:31.840 --> 57:37.840]  But what's happening, Randy, is that before the 15-day even expires,
[57:37.840 --> 57:42.840]  because Texas foreclosure laws, or depending on where the homeowner is,
[57:42.840 --> 57:46.840]  they're ignoring those letters. They're ignoring the rule.
[57:46.840 --> 57:49.840]  They're running the red lights and they're pushing you into foreclosure
[57:49.840 --> 57:54.840]  in spite of the fact that the investor's guidelines clearly state
[57:54.840 --> 58:00.840]  that these items must be met before foreclosure can be instituted against the homeowner.
[58:00.840 --> 58:04.840]  But the banks don't care. They're breaking the rules and foreclosing anyway.
[58:04.840 --> 58:10.840]  They count on the fact that the individuals, for the most part, don't know that.
[58:10.840 --> 58:14.840]  And even if they did, they don't have the funds to fight them
[58:14.840 --> 58:17.840]  because the lawyers don't want to represent people with no money.
[58:17.840 --> 58:20.840]  They want to represent the banks. They've got lots of money.
[58:20.840 --> 58:23.840]  So after this show, we're going to talk.
[58:23.840 --> 58:28.840]  I'm going to want to build a set of tools to put on the website
[58:28.840 --> 58:34.840]  so people can look at it and be able to tell when the bank is pulling shamanigans on them.
[58:34.840 --> 58:36.840]  Okay, we're going to our top of the hour break.
[58:36.840 --> 58:43.840]  This is Randy Kelton and our special guest, Winston Wallace.
[58:43.840 --> 58:49.840]  And give us a call 512-646-1984. We'll be right back.
[58:49.840 --> 58:53.840]  Would you like to make more definite progress in your walk with God?
[58:53.840 --> 59:00.840]  Bibles for America is offering a free study Bible and a set of free Christian books that can really help.
[59:00.840 --> 59:05.840]  The New Testament recovery version is one of the most comprehensive study Bibles available today.
[59:05.840 --> 59:09.840]  It's an accurate translation and it contains thousands of footnotes
[59:09.840 --> 59:12.840]  that will help you to know God and to know the meaning of life.
[59:12.840 --> 59:17.840]  The free books are a three-volume set called Basic Elements of the Christian Life.
[59:17.840 --> 59:23.840]  Chapter by chapter, Basic Elements of the Christian Life clearly presents God's plan of salvation,
[59:23.840 --> 59:27.840]  growing in Christ, and how to build up the church.
[59:27.840 --> 59:33.840]  To order your free New Testament recovery version and Basic Elements of the Christian Life,
[59:33.840 --> 59:40.840]  call Bibles for America toll-free at 888-551-0102.
[59:40.840 --> 59:50.840]  Or visit us online at bfa.org.
[59:50.840 --> 01:00:02.840]  Live free speech radio, logosradionetwork.com.
[01:00:02.840 --> 01:00:10.840]  You're listening to The Liberty Beat, your daily source for Liberty News and activist updates.
[01:00:10.840 --> 01:00:14.840]  Online at thelibertybeat.com.
[01:00:14.840 --> 01:00:19.840]  John Bush here with Your Liberty Beat for February 22, 2013.
[01:00:19.840 --> 01:00:22.840]  Gold opened today at $1,571.
[01:00:22.840 --> 01:00:28.840]  Silver at $28.70 and Bitcoin is trading at $31.24.
[01:00:28.840 --> 01:00:32.840]  Today's edition of The Liberty Beat is sponsored by Voice and Exit.
[01:00:32.840 --> 01:00:38.840]  Conference in Austin taking place March 9, exploring social entrepreneurship and radical community.
[01:00:38.840 --> 01:00:41.840]  Tickets and information online at voiceandexit.com.
[01:00:41.840 --> 01:00:43.840]  And now the news.
[01:00:43.840 --> 01:00:48.840]  A U.S. Senator has said an estimated 4,700 people, including some civilians,
[01:00:48.840 --> 01:00:52.840]  have been killed in the contentious bombing raids of America's secretive drone war.
[01:00:52.840 --> 01:00:59.840]  It was the first time a politician or any government representative had referred to a total number of fatalities in the drone strikes,
[01:00:59.840 --> 01:01:04.840]  which had been condemned by rights groups as extrajudicial assassinations.
[01:01:04.840 --> 01:01:10.840]  The toll from hundreds of drone-launched missile strikes against suspected Al-Qaeda militants in Pakistan, Yemen and elsewhere
[01:01:10.840 --> 01:01:16.840]  has remained a mystery as U.S. officials refused to publicly discuss any details of the covert campaign.
[01:01:16.840 --> 01:01:23.840]  In 2008, President Barack Obama made statements regarding a, quote, civilian national security force.
[01:01:23.840 --> 01:01:28.840]  Since that day, many have been curious as to what President Obama had in mind when he made that statement.
[01:01:28.840 --> 01:01:35.840]  Representative Charles Rangel may have just given a bit of insight into what he meant when he introduced HR748 last week.
[01:01:35.840 --> 01:01:42.840]  HR748 would require all persons in the United States between the ages of 18 and 25 to perform national service.
[01:01:42.840 --> 01:01:49.840]  These persons in the United States would either serve the country as a member of uniform services or as a civilian service.
[01:01:49.840 --> 01:01:53.840]  A civilian service could be served with a federal, state or local government program.
[01:01:53.840 --> 01:01:57.840]  Local government programs include community-based organizations.
[01:01:57.840 --> 01:02:01.840]  An Illinois state representative has introduced the Internet Posting Removal Act,
[01:02:01.840 --> 01:02:07.840]  which was introduced February 13 by Illinois General Assembly veteran Ira Silverstein, a Democrat.
[01:02:07.840 --> 01:02:08.840]  Here's a summary of the bill.
[01:02:08.840 --> 01:02:15.840]  The Act provides that a website administrator shall, upon request, remove any posted comments posted by an anonymous poster
[01:02:15.840 --> 01:02:18.840]  unless the anonymous poster agrees to attach his or her name to the post
[01:02:18.840 --> 01:02:23.840]  and confirm that his or her IP address, legal name and home address are accurate.
[01:02:23.840 --> 01:02:26.840]  Privacy advocates are protesting the measure.
[01:02:26.840 --> 01:02:30.840]  Members of a task force proposing regulations for recreational marijuana in Colorado
[01:02:30.840 --> 01:02:34.840]  approved recommendations Tuesday that would allow for marijuana tourism
[01:02:34.840 --> 01:02:39.840]  but block out of state pot shop owners.
[01:02:39.840 --> 01:02:43.840]  Today's edition of the Liberty Beat is sponsored by Central Texas Gun Works,
[01:02:43.840 --> 01:02:46.840]  CHL courses and firearm sales.
[01:02:46.840 --> 01:02:50.840]  Online at centraltexasgunworks.com and by Brave New Books.
[01:02:50.840 --> 01:02:53.840]  Free thinking materials for free people since 2006.
[01:02:53.840 --> 01:03:04.840]  Online at bravenewbrookstore.com.
[01:03:04.840 --> 01:03:11.840]  It's all according to the will of the Almighty.
[01:03:11.840 --> 01:03:18.840]  I read His book and it says to care someone toward the other side.
[01:03:18.840 --> 01:03:27.840]  These warm others come by that term right there.
[01:03:27.840 --> 01:03:30.840]  I won't pay for the war with my body.
[01:03:30.840 --> 01:03:34.840]  I ain't gonna pay for their car with my money.
[01:03:34.840 --> 01:03:37.840]  I won't pay for the fun with my body.
[01:03:37.840 --> 01:03:39.840]  They're friends wicked and they're not.
[01:03:39.840 --> 01:03:41.840]  Okay.
[01:03:41.840 --> 01:03:44.840]  I ain't gonna pay for the war with my body.
[01:03:44.840 --> 01:03:49.840]  Okay. We are back. Randy Kelton, Debra Stephens, Eddie Craig, Ruvla Radio.
[01:03:49.840 --> 01:03:53.840]  It's just me here tonight with our special guest Winston Wallace
[01:03:53.840 --> 01:03:57.840]  and I would like to take a moment to address our fundraiser.
[01:03:57.840 --> 01:03:59.840]  It's still going.
[01:03:59.840 --> 01:04:01.840]  I didn't get my soap out today.
[01:04:01.840 --> 01:04:04.840]  It meant to but things got in the way.
[01:04:04.840 --> 01:04:07.840]  I do have it made.
[01:04:07.840 --> 01:04:09.840]  I'm gonna want some feedback on it.
[01:04:09.840 --> 01:04:13.840]  I made two different batches.
[01:04:13.840 --> 01:04:19.840]  One I like better than the other and I'm gonna want feedback on how they both work for a year.
[01:04:19.840 --> 01:04:24.840]  It seems like every time I make a batch is at this point is still an experiment.
[01:04:24.840 --> 01:04:29.840]  But I think you will find this a most unusual product.
[01:04:29.840 --> 01:04:34.840]  And I do have it on the agenda to try to get that mailed out tomorrow.
[01:04:34.840 --> 01:04:37.840]  My hardest part is finding something to mail them in.
[01:04:37.840 --> 01:04:45.840]  It took me a while to get it because I quit making soap for a long time and all of my suppliers took me out of their records
[01:04:45.840 --> 01:04:47.840]  and I'm having trouble getting back in.
[01:04:47.840 --> 01:04:54.840]  I finally found a secondary supplier that I could get some product from and get it put together.
[01:04:54.840 --> 01:04:58.840]  So I'm hoping to have it in the mail at least by Monday.
[01:04:58.840 --> 01:05:13.840]  We still have the drawing for the AR-15 and we have some more of the Perium gift cards, the DVDs and of course the colloidal silver.
[01:05:13.840 --> 01:05:18.840]  So if you got a few extra dollars we can sure use it.
[01:05:18.840 --> 01:05:27.840]  We have some upgrading we needed to do and Deborah is selecting out the equipment and as you might expect it always costs more than we intended.
[01:05:27.840 --> 01:05:37.840]  So if you can slip us a couple extra bucks and whatever you do, don't tell Deborah but remember Randy's Beer Fund.
[01:05:37.840 --> 01:05:48.840]  Okay, on the break we were talking about the banks and how they administer the hand-plones.
[01:05:48.840 --> 01:05:54.840]  And there is something that I have been looking at for a while.
[01:05:54.840 --> 01:06:06.840]  If the banks are offering a hemp loan with no real genuine intention of granting a hemp loan,
[01:06:06.840 --> 01:06:14.840]  but rather offer that loan so that they can collect money from the federal government for granting the offer,
[01:06:14.840 --> 01:06:22.840]  then that's fraudulent and that would go to a quiet ham action.
[01:06:22.840 --> 01:06:31.840]  So Winston, approximately how much does the bank get from the government when they offer a hemp loan
[01:06:31.840 --> 01:06:43.840]  and what is the likelihood that they are in fact using the hemp loans not they offer not only as a way to generate the extra income,
[01:06:43.840 --> 01:06:49.840]  but also as a way to force people into foreclosure?
[01:06:49.840 --> 01:06:56.840]  Randy, I believe the lenders get paid about $2,000 per offer,
[01:06:56.840 --> 01:07:06.840]  but what you're going to find is that lenders may send out 40,000 trial modifications,
[01:07:06.840 --> 01:07:16.840]  but only 2,000 or 3,000 of those 40,000 actually get permanent modifications and it's through no fault of the homeowner.
[01:07:16.840 --> 01:07:19.840]  The homeowner makes their payments in a responsible way.
[01:07:19.840 --> 01:07:21.840]  They follow all the rules.
[01:07:21.840 --> 01:07:27.840]  They sign and return all the modifications in a responsible way in a timely manner.
[01:07:27.840 --> 01:07:34.840]  But for some strange reason, the lender comes back and say, I'm sorry, but we told you you were approved,
[01:07:34.840 --> 01:07:42.840]  but I'm sorry you're no longer approved and with no explanation other than that.
[01:07:42.840 --> 01:07:51.840]  So what if we took someone who had been offered a hemp loan,
[01:07:51.840 --> 01:07:58.840]  put in an application for a hemp loan, was denied the hemp loan,
[01:07:58.840 --> 01:08:05.840]  and did a forensic analysis of the loan modification process?
[01:08:05.840 --> 01:08:13.840]  Could you pull out the tricks and traps? Could you demonstrate that the bank could well have,
[01:08:13.840 --> 01:08:20.840]  according to the hemp guidelines, granted the hemp loan but failed to do so?
[01:08:20.840 --> 01:08:22.840]  Absolutely ready.
[01:08:22.840 --> 01:08:28.840]  With a copy of the homeowner's credit report, with a copy of the homeowner's income,
[01:08:28.840 --> 01:08:33.840]  with a list of all the expenses that they gave to the lender at the time of the application,
[01:08:33.840 --> 01:08:38.840]  with, we have software that will run the net present value calculation
[01:08:38.840 --> 01:08:48.840]  that will look at the home price appreciation forecast that will look at the REO stigma in that particular area.
[01:08:48.840 --> 01:08:53.840]  And if we can get a good feel on what the appraise value is,
[01:08:53.840 --> 01:09:00.840]  we can land about $10 to $20 within $10 to $20 from where the lender lands.
[01:09:00.840 --> 01:09:06.840]  If the lender came back and said your payment would have been $1237 per month,
[01:09:06.840 --> 01:09:10.840]  we could be within $10 or $20 of that.
[01:09:10.840 --> 01:09:18.840]  So we can reverse engineer that process and tell you where the breakdown happened.
[01:09:18.840 --> 01:09:25.840]  So if we can develop evidence that the bank should have came,
[01:09:25.840 --> 01:09:30.840]  brought their figures into a position where you would have qualified,
[01:09:30.840 --> 01:09:34.840]  and then they didn't give you the loan,
[01:09:34.840 --> 01:09:41.840]  but yet they collected a couple thousand dollars for the government for offering the loan,
[01:09:41.840 --> 01:09:46.840]  that would appear to be fraud.
[01:09:46.840 --> 01:09:48.840]  Absolutely.
[01:09:48.840 --> 01:09:59.840]  Instead of multiplying, we can divide, we can just back the numbers out and know exactly where that loan should have been.
[01:09:59.840 --> 01:10:07.840]  And knowing the rules of the particular investor, knowing the style of that particular servicer,
[01:10:07.840 --> 01:10:15.840]  we can pretty much tell you where you're going to be and know that you're going to get approved or denied before the application is ever sent.
[01:10:15.840 --> 01:10:18.840]  So that process is easy to reverse engineer.
[01:10:18.840 --> 01:10:22.840]  So then we can show all the shenanigans that they go through,
[01:10:22.840 --> 01:10:26.840]  especially if they have subsequently forced someone into foreclosure.
[01:10:26.840 --> 01:10:34.840]  And the thing about the banks telling the people who are applying for a hemp loan
[01:10:34.840 --> 01:10:41.840]  that in order to qualify, they must be at least three months in arrears.
[01:10:41.840 --> 01:10:49.840]  According to the hemp requirements, is that accurate?
[01:10:49.840 --> 01:10:51.840]  No, it is not accurate.
[01:10:51.840 --> 01:10:56.840]  You do not need to be past due in order to be qualified for the hemp modification.
[01:10:56.840 --> 01:11:05.840]  You just have to show imminent default, a reason why you feel in the future your situation could change.
[01:11:05.840 --> 01:11:09.840]  When President Obama laid out the program, he wanted people to be responsible.
[01:11:09.840 --> 01:11:17.840]  No one is supposed to intentionally miss payments just to qualify for modification.
[01:11:17.840 --> 01:11:25.840]  If you articulate in your hardship letter that, you know, XYZ happened, my income is no longer this, it's now this,
[01:11:25.840 --> 01:11:33.840]  and you can clearly show, these are my paychecks three or four months ago, these are my paychecks now,
[01:11:33.840 --> 01:11:40.840]  there's a $200, $300 month difference, I cannot afford to make the payments that I was making before.
[01:11:40.840 --> 01:11:49.840]  And as long as you can explain yourself and articulate that, the lender should accept that as proof of imminent default,
[01:11:49.840 --> 01:11:55.840]  not wait for you to be 30 days past due, but tell homeowners, oh, you need to miss two or three payments,
[01:11:55.840 --> 01:12:01.840]  because that's just a setup for them later on to say, okay, well we didn't receive your documents
[01:12:01.840 --> 01:12:04.840]  and you start getting further and further past due.
[01:12:04.840 --> 01:12:13.840]  Now, the more payments you miss, the more has to be capitalized on the end of that loan,
[01:12:13.840 --> 01:12:21.840]  which is why I don't like to have modifications to begin with, because it's unfair.
[01:12:21.840 --> 01:12:27.840]  The property, not only is the homeowner upside down, usually, but they're taking all the missed payments
[01:12:27.840 --> 01:12:31.840]  and adding it to the back with fees and attorney fees and all these other late fees.
[01:12:31.840 --> 01:12:41.840]  So it's important that you don't allow yourself to get too far behind the eight ball when you're applying for a loan,
[01:12:41.840 --> 01:12:46.840]  because after a certain period, the lender's going to stop making payments from you
[01:12:46.840 --> 01:12:49.840]  and the whole situation, the snowball is from there.
[01:12:49.840 --> 01:12:57.840]  Okay, if you apply for a hemp loan and the lender tells you that in order to qualify,
[01:12:57.840 --> 01:13:06.840]  you have to be three months behind and you get three months behind,
[01:13:06.840 --> 01:13:12.840]  but then keep paying so you don't go any farther behind,
[01:13:12.840 --> 01:13:20.840]  can the lender refuse to accept payments under hemp?
[01:13:20.840 --> 01:13:27.840]  Typically, they don't stop taking payments until you're four or five months faster,
[01:13:27.840 --> 01:13:34.840]  but that's easy to happen, because the problem with homeowners is that they get accustomed to not paying that mortgage
[01:13:34.840 --> 01:13:39.840]  and instead of putting that money aside, they're using that money to do something else.
[01:13:39.840 --> 01:13:46.840]  So in the event that their loans are denied, they should be able to quickly run to the bank,
[01:13:46.840 --> 01:13:49.840]  get a cashier check and pay those payments that they missed,
[01:13:49.840 --> 01:13:56.840]  but they go Christmas shopping or whatever it is with that money instead of putting that money away.
[01:13:56.840 --> 01:14:05.840]  Yes, and this is why people apply for a hemp loan and then by the time the bank comes back with a hemp loan offer,
[01:14:05.840 --> 01:14:14.840]  the payment's quite a bit higher than it was to start with, because they've gotten behind and while they were getting behind,
[01:14:14.840 --> 01:14:17.840]  they were still paying interest on these amounts.
[01:14:17.840 --> 01:14:24.840]  So the principal didn't just stay the same, the principal steadily increased every month.
[01:14:24.840 --> 01:14:33.840]  And it appears as though with a lot of cases that I've looked at that this was the clear intention now
[01:14:33.840 --> 01:14:38.840]  in considering what is a cause of action.
[01:14:38.840 --> 01:14:43.840]  Fraud by non-disclosure is a cause of action.
[01:14:43.840 --> 01:14:52.840]  And fraud per se is a cause of action. Fraud by non-disclosure, if I give you some disclosure,
[01:14:52.840 --> 01:14:59.840]  say I want to sell you a car and you come out and look at it and I say, that's a car.
[01:14:59.840 --> 01:15:03.840]  And they ask what year it is and so I say, okay, you tell you all that.
[01:15:03.840 --> 01:15:08.840]  And I say, that's it. There it is. You want it, buy it.
[01:15:08.840 --> 01:15:11.840]  I haven't given you any disclosure about that vehicle.
[01:15:11.840 --> 01:15:19.840]  So if you purchase it and it's a piece of garbage, you can't come back to me for fraud by non-disclosure.
[01:15:19.840 --> 01:15:30.840]  But if I tell you, well, it's only got X number of miles on it and it was driven by a little old lady in Cincinnati that just got out once a month.
[01:15:30.840 --> 01:15:38.840]  And I don't tell you it's been in a major accident and the frame's been bent and it's had all this other major stuff.
[01:15:38.840 --> 01:15:40.840]  That's fraud by non-disclosure.
[01:15:40.840 --> 01:15:49.840]  I gave you some disclosure. I am required thereby to give you full disclosure.
[01:15:49.840 --> 01:16:04.840]  But if I tell you something that's not true and you believe what I tell you, if I tell you that and I intend that you believe me and you do believe me
[01:16:04.840 --> 01:16:13.840]  and you make a decision based on that belief and are harmed by thereby, that's fraud per se.
[01:16:13.840 --> 01:16:18.840]  Not only does it create a civil tort, you can go to jail for that one.
[01:16:18.840 --> 01:16:33.840]  So I'm thinking if the lender told the borrower that in order to qualify for hemp, you must be at least three payments behind and that was not true.
[01:16:33.840 --> 01:16:37.840]  That's fraud per se. That's a big deal.
[01:16:37.840 --> 01:16:39.840]  Okay, we're about to go to break.
[01:16:39.840 --> 01:16:43.840]  I'll call in number 512-646-1984.
[01:16:43.840 --> 01:16:49.840]  We'll be taking questions on the loan modification or anything else that you have.
[01:16:49.840 --> 01:16:51.840]  Give us a call, get in line.
[01:16:51.840 --> 01:16:53.840]  They generally start building up toward the end.
[01:16:53.840 --> 01:16:55.840]  We'll be right back.
[01:16:55.840 --> 01:17:04.840]  All the talk about gun grabbing got you down?
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[01:19:22.840 --> 01:19:35.840]  Well, you ain't gonna fool me with that same old trick again.
[01:19:35.840 --> 01:19:40.840]  I was blindsided, but now I can see your hand.
[01:19:40.840 --> 01:19:45.840]  You put the beer in my pocket, took the money from my hand.
[01:19:45.840 --> 01:19:54.840]  Ain't gonna fool me with that same old trick again.
[01:19:54.840 --> 01:20:02.840]  Ain't gonna fool me.
[01:20:02.840 --> 01:20:10.840]  Okay, we are back. Randy Kelton with Law Radio here with Winston Wallace.
[01:20:10.840 --> 01:20:19.840]  And when we went out, we were talking about fraud and fraud but on disclosure, fraud per se.
[01:20:19.840 --> 01:20:25.840]  I was thinking when I was talking about this, about the legal issues.
[01:20:25.840 --> 01:20:35.840]  When the bank says that in order to qualify for the modification, you must be three payments behind.
[01:20:35.840 --> 01:20:41.840]  When we make that claim against the bank, they're gonna say, oh, oh, well, that might not be a help requirement.
[01:20:41.840 --> 01:20:46.840]  That is a bank requirement.
[01:20:46.840 --> 01:20:59.840]  Then what you said earlier, Winston, was that it was the intention of hemp that Obama intended that people not be irresponsible
[01:20:59.840 --> 01:21:04.840]  and not stop paying their mortgage.
[01:21:04.840 --> 01:21:17.840]  If that is in the literature anywhere, then that would give us a claim back on the bank
[01:21:17.840 --> 01:21:26.840]  so that we can say, if you told a person in order to qualify, you must be three months behind.
[01:21:26.840 --> 01:21:33.840]  That was giving disclosure, but if you fail to disclose that,
[01:21:33.840 --> 01:21:44.840]  the hemp loan for which we took payment from the government to offer does not have that requirement.
[01:21:44.840 --> 01:21:51.840]  That requirement is ours internally. That's fraud by non-disclosure.
[01:21:51.840 --> 01:21:55.840]  And in fraud, fraud means everything.
[01:21:55.840 --> 01:22:07.840]  And we haven't talked about this today, but we use the criminal process to kind of amplify those kinds of issues when we can find fraud.
[01:22:07.840 --> 01:22:15.840]  If you were to do a full forensic analysis of a loan modification program,
[01:22:15.840 --> 01:22:30.840]  what would be the things you would look for to find deliberate acts by the bank, even if deliberate or even if non-deliberate negligent things
[01:22:30.840 --> 01:22:37.840]  that a reasonable person of ordinary prudence should have seen and corrected in order to act in good faith?
[01:22:37.840 --> 01:22:42.840]  What kind of things would you look for?
[01:22:42.840 --> 01:22:47.840]  I would look for, again, getting back to the income.
[01:22:47.840 --> 01:22:51.840]  Is my income reported properly?
[01:22:51.840 --> 01:22:59.840]  Is my expenses correct based on my credit report?
[01:22:59.840 --> 01:23:09.840]  Is what's being reported on my credit report accurate and reflected on my application?
[01:23:09.840 --> 01:23:12.840]  Is all my information accurate?
[01:23:12.840 --> 01:23:17.840]  Because nine times out of ten, the underwriters are in a rush.
[01:23:17.840 --> 01:23:24.840]  They really don't care about you, or if you lose your property, they're just rushing to get to the next loan.
[01:23:24.840 --> 01:23:33.840]  If you can just be cognizant of where you are, what's on your credit report, what your income and expenses are,
[01:23:33.840 --> 01:23:41.840]  if the underwriter comes back with something that just doesn't make any sense, it's going to be based on those parameters,
[01:23:41.840 --> 01:23:45.840]  income, expenses, credit report, or maybe the appraisal value.
[01:23:45.840 --> 01:23:49.840]  They may go out and do a BPO, which is just a drive-by appraisal,
[01:23:49.840 --> 01:23:54.840]  and come up with some number that's just ridiculously high or ridiculously low.
[01:23:54.840 --> 01:24:02.840]  If that number is high, that means your property has worked more than it really is.
[01:24:02.840 --> 01:24:06.840]  You're saying that you have more equity in your home than you actually do.
[01:24:06.840 --> 01:24:10.840]  In modification scenarios, actually, it helps to be on the water.
[01:24:10.840 --> 01:24:19.840]  But if the lender thinks that you have more equity than you do, they're less likely to want to help you.
[01:24:19.840 --> 01:24:25.840]  So that's one of the key markers we'll look for is if you have equity in your home.
[01:24:25.840 --> 01:24:35.840]  What I'm thinking is, and the thing I'm looking at, is an underwriter does the same thing over and over on everyone that comes to him.
[01:24:35.840 --> 01:24:43.840]  So to say that an underwriter made a mistake, that's a large mistake and a glaring mistake,
[01:24:43.840 --> 01:24:47.840]  every time I see that kind of thing, I think horse manure.
[01:24:47.840 --> 01:24:50.840]  He didn't do any such thing.
[01:24:50.840 --> 01:24:58.840]  He might have put these wrong numbers in here, but if this is something someone does all day every day,
[01:24:58.840 --> 01:25:01.840]  he's not going to make a glaring mistake.
[01:25:01.840 --> 01:25:04.840]  He makes some minor mistakes here and there.
[01:25:04.840 --> 01:25:14.840]  If there's a glaring mistake, under law, even if he did make an honest glaring mistake,
[01:25:14.840 --> 01:25:20.840]  underwriters are licensed professionals. They don't get to make glaring mistakes.
[01:25:20.840 --> 01:25:26.840]  That's called negligence, which brings up a question.
[01:25:26.840 --> 01:25:31.840]  The underwriter being a licensed professional.
[01:25:31.840 --> 01:25:40.840]  What duty does he have to the borrower, since it is the lender who is his client?
[01:25:40.840 --> 01:25:44.840]  What duty does he have to the borrower?
[01:25:44.840 --> 01:25:46.840]  None.
[01:25:46.840 --> 01:25:51.840]  That's what I've heard them say.
[01:25:51.840 --> 01:25:57.840]  There was an argument I wanted to bring, and I have this in my suit.
[01:25:57.840 --> 01:26:06.840]  I start out by saying that we're doing suits for ordinary individuals and not your lawyer,
[01:26:06.840 --> 01:26:14.840]  and that being a purchaser of a residential property as opposed to a commercial,
[01:26:14.840 --> 01:26:22.840]  or a consumer property as opposed to a purchase of a property for profit,
[01:26:22.840 --> 01:26:29.840]  I am presumed by statute to be an unsophisticated borrower.
[01:26:29.840 --> 01:26:38.840]  And being unsophisticated, I exercised due diligence in that I was careful to make certain
[01:26:38.840 --> 01:26:43.840]  I only dealt with licensed professionals.
[01:26:43.840 --> 01:26:55.840]  The fact that the state licensed that underwriter and then the state instituted oversight procedures
[01:26:55.840 --> 01:27:05.840]  gave me the right to hold the reasonable expectation that the underwriter would act in good faith.
[01:27:05.840 --> 01:27:16.840]  If he failed to do so, then it's my position he'd breach a contract with the state under the license.
[01:27:16.840 --> 01:27:26.840]  And that's a contract to which I would have standing to raise an issue and breach a fiduciary duty.
[01:27:26.840 --> 01:27:33.840]  I haven't made that one yet, but it comes up reasonable.
[01:27:33.840 --> 01:27:41.840]  At least on the surface it sounds reasonable because if you went to a real estate agent and he was not licensed
[01:27:41.840 --> 01:27:47.840]  and you dealt with a real estate agent and the real estate agent subsequently screwed you around,
[01:27:47.840 --> 01:27:55.840]  the fact that you dealt with an unlicensed agent would harm your claim greatly.
[01:27:55.840 --> 01:28:03.840]  So the fact that you do exercise due diligence and only deal with licensed professionals
[01:28:03.840 --> 01:28:09.840]  should give you a claim against any of the licensed professionals.
[01:28:09.840 --> 01:28:13.840]  Boy, that's my story and I'm sticking to it.
[01:28:13.840 --> 01:28:20.840]  But what are the things, okay, we have an underwriter in the process.
[01:28:20.840 --> 01:28:28.840]  Who else do we have in the process who can screw things up?
[01:28:28.840 --> 01:28:37.840]  Well, the biggest screw up in the whole thing, Randy, is the customer account manager.
[01:28:37.840 --> 01:28:46.840]  That's the person that's actually dealing with the homeowner, collecting documentation,
[01:28:46.840 --> 01:28:52.840]  and then passing that documentation off to the underwriting department.
[01:28:52.840 --> 01:28:59.840]  Nine times out of ten, that person's new, don't make very much money.
[01:28:59.840 --> 01:29:04.840]  And when I worked for Bank of America, Randy, it is a pressure cooker.
[01:29:04.840 --> 01:29:11.840]  You walk in there and everybody's just doing their best just to keep their jobs.
[01:29:11.840 --> 01:29:16.840]  They talk to the homeowners, they see how hard things are on the outside,
[01:29:16.840 --> 01:29:20.840]  and they're lucky just to have a job and they don't want to end up like the customer.
[01:29:20.840 --> 01:29:28.840]  So they will move the funds as fast as they need to just to meet the quota.
[01:29:28.840 --> 01:29:36.840]  And, you know, at Bank of America, for example, we had a queue that was queued up by,
[01:29:36.840 --> 01:29:42.840]  it's a Salesforce.com application, and we have all the homeowners that need assistance.
[01:29:42.840 --> 01:29:47.840]  And we would go in and click on the link, bring up the homeowner's loan.
[01:29:47.840 --> 01:29:50.840]  Okay, hold on, hold on, we've got about ten seconds.
[01:29:50.840 --> 01:29:57.840]  This is Randy Calton, David Stevens, Eddie Craig, we'll be right back.
[01:29:57.840 --> 01:30:04.840]  Get out of hat and sunglasses.
[01:30:04.840 --> 01:30:08.840]  San Diego law enforcement agents are using video surveillance cameras
[01:30:08.840 --> 01:30:11.840]  and facial recognition to pick faces out of crowds.
[01:30:11.840 --> 01:30:15.840]  I'm Dr. Catherine Albrecht, back with details in a moment.
[01:30:15.840 --> 01:30:17.840]  Privacy is under attack.
[01:30:17.840 --> 01:30:21.840]  When you give up data about yourself, you'll never get it back again.
[01:30:21.840 --> 01:30:26.840]  And once your privacy is gone, you'll find your freedoms will start to vanish too.
[01:30:26.840 --> 01:30:28.840]  So protect your rights.
[01:30:28.840 --> 01:30:31.840]  Say no to surveillance and keep your information to yourself.
[01:30:31.840 --> 01:30:34.840]  Privacy, it's worth hanging on to.
[01:30:34.840 --> 01:30:39.840]  This message is brought to you by StartPage.com, the private search engine alternative
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[01:30:45.840 --> 01:30:50.840]  Privacy-invading technologies are coming online faster than you can scream big brother.
[01:30:50.840 --> 01:30:54.840]  And one California company called Face First tops my spooky list.
[01:30:54.840 --> 01:30:58.840]  Face First has developed scanners that can sweep a crowd from 100 feet away
[01:30:58.840 --> 01:31:02.840]  to record every face and feed those images into a database.
[01:31:02.840 --> 01:31:05.840]  People are identified in under a second.
[01:31:05.840 --> 01:31:11.840]  Already deployed in Panama, Face First is now being tested on San Diego streets.
[01:31:11.840 --> 01:31:16.840]  Imagine the feds, drones, marketers, and stalkers all scanning our faces
[01:31:16.840 --> 01:31:19.840]  and identifying us as we walk down the street.
[01:31:19.840 --> 01:31:22.840]  Yikes, I'm buying a floppy hat and some sunglasses.
[01:31:22.840 --> 01:31:28.840]  I'm Dr. Catherine Albrecht for StartPage.com, the world's most private search engine.
[01:31:53.840 --> 01:31:57.840]  The people that did the things they did moved on well what they were doing.
[01:31:57.840 --> 01:32:23.840]  Let's expose the cover up now at InnobleLive.com.
[01:32:27.840 --> 01:32:37.840]  Welcome to InnobleLive.com.
[01:32:57.840 --> 01:33:07.840]  Welcome to InnobleLive.com.
[01:33:27.840 --> 01:33:37.840]  Welcome to InnobleLive.com.
[01:33:37.840 --> 01:33:47.840]  Welcome to InnobleLive.com.
[01:33:47.840 --> 01:33:49.840]  Okay, we are back.
[01:33:49.840 --> 01:33:56.840]  Randy Kelton with our special guest Winston Wallace talking about loan modifications.
[01:33:56.840 --> 01:34:04.840]  When we went out, we were talking about how the banks use entry-level people
[01:34:04.840 --> 01:34:11.840]  and then put them in a pressure cooker to where they're struggling just to keep their jobs.
[01:34:11.840 --> 01:34:17.840]  Will you continue with that?
[01:34:17.840 --> 01:34:20.840]  Sure.
[01:34:20.840 --> 01:34:27.840]  When I first started with the bank, the training program that we went through was a week long
[01:34:27.840 --> 01:34:36.840]  and it's nowhere near enough time for an entry-level person to grasp all of the systems and processes.
[01:34:36.840 --> 01:34:42.840]  So we come out of training, greenhorns, and we, you know, they place us in this environment.
[01:34:42.840 --> 01:34:48.840]  Tell us we got to make 20, you know, review 20 applications a day or else.
[01:34:48.840 --> 01:34:50.840]  Okay.
[01:34:50.840 --> 01:34:53.840]  And, you know, they're struggling just to keep up, to keep up.
[01:34:53.840 --> 01:34:55.840]  And, you know, they're looking at the clock.
[01:34:55.840 --> 01:34:59.840]  They're looking at their production sheet to see, okay, I've been here since nine.
[01:34:59.840 --> 01:35:00.840]  I've only done three loans.
[01:35:00.840 --> 01:35:02.840]  I need to pick up the pace.
[01:35:02.840 --> 01:35:09.840]  So they start going through these modifications and instead of taking their time to look at
[01:35:09.840 --> 01:35:16.840]  each homeowner's application as if there's a real person, a real family, real lives behind
[01:35:16.840 --> 01:35:22.840]  their decision-making capabilities that are affected by their ability to review the documents correctly,
[01:35:22.840 --> 01:35:27.840]  they're just scanning through, just trying to get their quota.
[01:35:27.840 --> 01:35:30.840]  That's the first person.
[01:35:30.840 --> 01:35:38.840]  The second person is the actual, they call them SPOC, Singapore Contact Person.
[01:35:38.840 --> 01:35:44.840]  So they have, you know, people that, all they do is interact with the homeowner.
[01:35:44.840 --> 01:35:51.840]  So if that person is not doing his or her job, is not telling the homeowner exactly what his
[01:35:51.840 --> 01:35:59.840]  request, I had a situation once when he sent in the tax return to the bank, to Bank of America.
[01:35:59.840 --> 01:36:03.840]  The homeowner's name was scratched out, but I didn't see it.
[01:36:03.840 --> 01:36:06.840]  So we faxed over the tax return to the lender.
[01:36:06.840 --> 01:36:10.840]  The lender came back and told us that the tax returns were missing.
[01:36:10.840 --> 01:36:11.840]  Okay.
[01:36:11.840 --> 01:36:13.840]  So we refacked the tax return.
[01:36:13.840 --> 01:36:17.840]  They got the tax return with the name still scratched out that I'm unaware of, and they
[01:36:17.840 --> 01:36:19.840]  come back and tell us the tax return is missing.
[01:36:19.840 --> 01:36:25.840]  So their internal guideline is if there's something wrong with the documentation, they'll tell you
[01:36:25.840 --> 01:36:29.840]  that there's something wrong with the documents, they mark it off as document missing.
[01:36:29.840 --> 01:36:37.840]  So you can end up going in an endless circle of faxing and refaxing when the real cause of the
[01:36:37.840 --> 01:36:40.840]  problem isn't that they're not receiving the documents, it's that there's something wrong with
[01:36:40.840 --> 01:36:42.840]  the documents that you're sending.
[01:36:42.840 --> 01:36:47.840]  So if you fax the documents more than once or twice, they're telling you they're not getting
[01:36:47.840 --> 01:36:53.840]  it, you need to nail that person down and say, hey, you open up that computer and pull up
[01:36:53.840 --> 01:36:55.840]  that tax return that affects you.
[01:36:55.840 --> 01:36:59.840]  Go through it page by page and tell me what's wrong with it.
[01:36:59.840 --> 01:37:04.840]  And if you nail them down and ask them and force them to be accountable, they'll say, oh, yeah,
[01:37:04.840 --> 01:37:06.840]  I can see the problem here.
[01:37:06.840 --> 01:37:08.840]  The signature is scratched out.
[01:37:08.840 --> 01:37:13.840]  Then the homeowner can make that correction and send over the documents that the lender can
[01:37:13.840 --> 01:37:15.840]  actually work with.
[01:37:15.840 --> 01:37:17.840]  So that's a problem.
[01:37:17.840 --> 01:37:22.840]  It happens all the time and there's no internal tool to correct it.
[01:37:22.840 --> 01:37:26.840]  It's kind of stupid, but it's the way it is.
[01:37:26.840 --> 01:37:29.840]  It sounds like it's set up that way.
[01:37:29.840 --> 01:37:30.840]  Absolutely.
[01:37:30.840 --> 01:37:32.840]  It is designed to frustrate you.
[01:37:32.840 --> 01:37:37.840]  It's designed to not give the modification.
[01:37:37.840 --> 01:37:43.840]  It should give us a really good Kauai Tam action.
[01:37:43.840 --> 01:37:50.840]  And for those who don't know what a Kauai Tam action is, is if you have knowledge that
[01:37:50.840 --> 01:37:56.840]  someone is defrauding the government, it's the whistleblower act.
[01:37:56.840 --> 01:38:02.840]  You can sue that person to recover the money they defrauded the government of.
[01:38:02.840 --> 01:38:08.840]  Once you file the action, the government has the option of taking over the suit.
[01:38:08.840 --> 01:38:15.840]  If they take over the suit and recover, you get 15% of what they recover.
[01:38:15.840 --> 01:38:20.840]  If they don't take over the suit and you recover, you get 25%.
[01:38:20.840 --> 01:38:23.840]  So this is a tremendous incentive.
[01:38:23.840 --> 01:38:28.840]  And for our purposes, we're helping people stop foreclosure.
[01:38:28.840 --> 01:38:32.840]  And we understand that the courts have corrupt.
[01:38:32.840 --> 01:38:34.840]  They're going to rule against you out of hand at every turn.
[01:38:34.840 --> 01:38:40.840]  We understand and expect that and design what we're doing for that purpose.
[01:38:40.840 --> 01:38:49.840]  But when you go in on a Kauai Tam action, the very nature of the action goes to potential
[01:38:49.840 --> 01:38:52.840]  criminal prosecution of the wrongdoers.
[01:38:52.840 --> 01:38:55.840]  That goes to fraud.
[01:38:55.840 --> 01:39:07.840]  So if you win your case, then there is necessarily fraud in the mix and somebody should go to jail.
[01:39:07.840 --> 01:39:11.840]  It's not about winning the case before the court.
[01:39:11.840 --> 01:39:13.840]  Courts are corrupt.
[01:39:13.840 --> 01:39:16.840]  Everything's about the deal.
[01:39:16.840 --> 01:39:20.840]  It's all about the money and the politics.
[01:39:20.840 --> 01:39:22.840]  Everybody says it's all about the money.
[01:39:22.840 --> 01:39:24.840]  It's not just about the money.
[01:39:24.840 --> 01:39:31.840]  It's about the money and the politics and all the politics is local.
[01:39:31.840 --> 01:39:35.840]  The criminal side brings up the local politics.
[01:39:35.840 --> 01:39:40.840]  The federal government sued the tobacco companies three times.
[01:39:40.840 --> 01:39:47.840]  Lost all three times because the tobacco companies potentially had as deep a pocket as the government did.
[01:39:47.840 --> 01:39:50.840]  So they had plenty of money to fight it with.
[01:39:50.840 --> 01:39:54.840]  The last time they sued, they sued Rico.
[01:39:54.840 --> 01:39:58.840]  And the executive said, whoa, hold on here.
[01:39:58.840 --> 01:40:01.840]  We can wind up going to jail over this one.
[01:40:01.840 --> 01:40:03.840]  That's when they come to the table.
[01:40:03.840 --> 01:40:08.840]  It made the biggest settlement ever made up to that point in time.
[01:40:08.840 --> 01:40:15.840]  The Exxon Velties was bigger later, but it was the biggest settlement ever up to that time.
[01:40:15.840 --> 01:40:19.840]  And the executives only did it to keep them going to jail.
[01:40:19.840 --> 01:40:25.840]  So the playing the criminal card may be a really good point.
[01:40:25.840 --> 01:40:38.840]  And this looks like from what you've said so far, we ought to have a really good shot at fought against the lender.
[01:40:38.840 --> 01:40:47.840]  Are there, okay, when we have these entry level people, I take it none of them are licensed.
[01:40:47.840 --> 01:40:53.840]  And for the most part, have no knowledge of this business to amount to anything before they go in.
[01:40:53.840 --> 01:41:04.840]  Were there any things that they trained you to do that had the appearance of being improper?
[01:41:04.840 --> 01:41:09.840]  Well, Randy, one of the things that we were taught in class.
[01:41:09.840 --> 01:41:17.840]  Now, I went to work at Bank of America with an extensive external loan modification experience.
[01:41:17.840 --> 01:41:24.840]  I went there, was a real estate agent, mortgage broker, so I knew what, how things worked.
[01:41:24.840 --> 01:41:30.840]  One of the first things they told me in class was leave your brain in the car.
[01:41:30.840 --> 01:41:35.840]  If you come to work here, we want you to function like a robot.
[01:41:35.840 --> 01:41:39.840]  Do what this was cubicle, this is what you're supposed to do.
[01:41:39.840 --> 01:41:41.840]  Don't think.
[01:41:41.840 --> 01:41:45.840]  Just do what this says and pass it on to the next person.
[01:41:45.840 --> 01:41:49.840]  If it makes no sense, that's not your responsibility.
[01:41:49.840 --> 01:41:51.840]  You're not paid to think.
[01:41:51.840 --> 01:41:56.840]  You're paid to stick the square peg in the round hole and pass it to the next person.
[01:41:56.840 --> 01:41:58.840]  That's the problem.
[01:41:58.840 --> 01:42:03.840]  That sounds like a prescription for fraud.
[01:42:03.840 --> 01:42:05.840]  It sounds like designed in fraud.
[01:42:05.840 --> 01:42:16.840]  We should be able to make a wonderful case for people over this issue of the loan modification fraud.
[01:42:16.840 --> 01:42:25.840]  The more you talk about it, the more I listen, the more powerful this thing appears as though it will be.
[01:42:25.840 --> 01:42:28.840]  Right now, we have two major suits that we help people file.
[01:42:28.840 --> 01:42:35.840]  The first one is a FDCPA suit where we ask them to prove up their position.
[01:42:35.840 --> 01:42:46.840]  And because of the way they screwed up the paperwork, the one collecting the loan may actually be the bonafide holder of the note.
[01:42:46.840 --> 01:42:53.840]  It may actually have, may hold the note and the deed of trust and have the right to collect it.
[01:42:53.840 --> 01:42:57.840]  But because they screwed up the paperwork, it's bad they can't prove it.
[01:42:57.840 --> 01:42:59.840]  So we put them in a position to ask them to prove it.
[01:42:59.840 --> 01:43:05.840]  If they get past that one, then we go after them for the fees they charged at closing.
[01:43:05.840 --> 01:43:18.840]  Because they didn't provide any documentation to show that the fees were actually incurred or that the lender didn't take an undisclosed markup or that they could actually charge those fees.
[01:43:18.840 --> 01:43:23.840]  This loan modification issue will give us a whole other shot at them.
[01:43:23.840 --> 01:43:28.840]  We should be able to keep these guys in court until they get old.
[01:43:28.840 --> 01:43:34.840]  This is wonderful. This has been a great presentation.
[01:43:34.840 --> 01:43:42.840]  And hang on, I see there was, when we come back on the other side, we will start taking calls.
[01:43:42.840 --> 01:43:48.840]  So give us a call, 512-646-1984.
[01:43:48.840 --> 01:43:54.840]  We're getting in, going into the third hour, so it really starts picking up.
[01:43:54.840 --> 01:43:59.840]  So if you've got a question or comment, call, get in line, we'll be right.
[01:43:59.840 --> 01:44:05.840]  It is so enlightening to listen to 90.1 FM, but finding things on the Internet isn't so easy.
[01:44:05.840 --> 01:44:08.840]  And neither is finding like-minded people to share it with.
[01:44:08.840 --> 01:44:11.840]  Oh, well, I guess you haven't heard of Brave New Books then.
[01:44:11.840 --> 01:44:12.840]  Brave New Books?
[01:44:12.840 --> 01:44:19.840]  Yes, Brave New Books has all the books and DVDs you're looking for by authors like Alex Jones, Ron Paul, and G. Albert Griffin.
[01:44:19.840 --> 01:44:23.840]  They even stock Interfood, Berkey products, and Talbin Soaps.
[01:44:23.840 --> 01:44:25.840]  There's no way a place like that exists.
[01:44:25.840 --> 01:44:31.840]  Go check it out for yourself. It's downtown at 1904 Guadalupe Street, just south of UT.
[01:44:31.840 --> 01:44:35.840]  Oh, by UT? There's never anywhere to park down there.
[01:44:35.840 --> 01:44:43.840]  Actually, they now offer a free hour of parking for paying customers at the 500 MLK parking facility just behind the bookstore.
[01:44:43.840 --> 01:44:46.840]  It does exist, but when are they open?
[01:44:46.840 --> 01:44:51.840]  Monday through Saturday, 11 a.m. to 9 p.m., and 1 to 6 p.m. on Sundays.
[01:44:51.840 --> 01:45:00.840]  So get them a call at 512-480-2503, or check out their events page at bravenewbookstore.com.
[01:45:00.840 --> 01:45:06.840]  Are you the plaintiff or defendant in a lawsuit? Win your case without an attorney with Jurisdictionary,
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[01:46:19.840 --> 01:46:38.840]  Okay, we are back. Randy Kelton rules all radio here with Winston Wallace.
[01:46:38.840 --> 01:46:45.840]  And on the break, we were talking about other places you can go, other agencies,
[01:46:45.840 --> 01:46:51.840]  other places to find remedy. You want to tell us something about that?
[01:46:51.840 --> 01:46:58.840]  Sure, Randy. A few years ago when I was in North Carolina, I was working a law modification for a guy.
[01:46:58.840 --> 01:47:07.840]  The homeowner was elderly, and the lender did not advise him that his home was in foreclosure.
[01:47:07.840 --> 01:47:15.840]  He and his wife are on fixed income, and, you know, he caches a social security check,
[01:47:15.840 --> 01:47:20.840]  he goes on to the post office, and he mails his mortgage payment off on time every month.
[01:47:20.840 --> 01:47:25.840]  But for some reason, I think maybe he may have forgotten to make a payment or something happened,
[01:47:25.840 --> 01:47:32.840]  and they foreclosed on his property. Now, he was an FHA homeowner, and I came in,
[01:47:32.840 --> 01:47:38.840]  and I didn't realize until afterward that the lender had already foreclosed on his property.
[01:47:38.840 --> 01:47:45.840]  Through the FHA, getting that homeowner's FHA case number, and working with the FHA,
[01:47:45.840 --> 01:47:53.840]  we actually got the bank to reverse the foreclosure decision, had the judge to undo his decision,
[01:47:53.840 --> 01:47:59.840]  and put that homeowner, reverse everything, and put him right back into a modification,
[01:47:59.840 --> 01:48:05.840]  and we got the deal done. And I didn't realize then that it's actually a common practice.
[01:48:05.840 --> 01:48:12.840]  So if anyone has an FHA loan, then you're in foreclosure, don't hesitate to call HUD,
[01:48:12.840 --> 01:48:18.840]  call FHA, get a copy of your FHA case number, and they have escalation.
[01:48:18.840 --> 01:48:24.840]  And internal, you know, for example, Bank of America has an escalation line that you can call
[01:48:24.840 --> 01:48:31.840]  that you can complain, and they'll actually feel your call, or FHA will feel your call,
[01:48:31.840 --> 01:48:36.840]  or Fannie Mae will feel your call, whoever your service, or whoever the underlying investor is,
[01:48:36.840 --> 01:48:42.840]  there's resources out there that you can blow the whistle on your service,
[01:48:42.840 --> 01:48:47.840]  or say, hey, these guys aren't playing fair, and I think everybody ought to use that.
[01:48:47.840 --> 01:48:51.840]  That is a wonderful idea.
[01:48:51.840 --> 01:49:00.840]  Another thing I need to add to our map is a set of complaints and lists of all of the places to go to.
[01:49:00.840 --> 01:49:09.840]  What about regulatory agencies? Are there any of those that are of any value?
[01:49:09.840 --> 01:49:17.840]  Unfortunately, Randy, the answer is no. You call your congressman, you call office of control of the currency.
[01:49:17.840 --> 01:49:27.840]  You're just going to get the same old run around. Homeowners just need to know their own individual rights and fight for it.
[01:49:27.840 --> 01:49:35.840]  Yes, this is a complaint I had about the legislature in passing Hope Ateela Respa.
[01:49:35.840 --> 01:49:40.840]  The consumer protection laws. It was all a scam.
[01:49:40.840 --> 01:49:52.840]  The legislators got to do something that they could wave in front of their voters and say, look what we're passing to help you out.
[01:49:52.840 --> 01:50:06.840]  But they passed these to regulate a 20 to 30 year mortgage, and they gave you one, two, three years to exercise the remedies that they created.
[01:50:06.840 --> 01:50:13.840]  It was all a scam. It was never intended that you be able to exercise these remedies.
[01:50:13.840 --> 01:50:24.840]  They put such a short statute of limitations on them that 99% of the people, before they realized something's wrong, have already exceeded the limitations.
[01:50:24.840 --> 01:50:29.840]  And it was intended that every once in a while someone would fall under.
[01:50:29.840 --> 01:50:39.840]  So when someone actually got remedy from one of these, the legislators could wave these in front of everybody and say, see here, we did this for you.
[01:50:39.840 --> 01:50:48.840]  When they in the banks knew full well, it was all a bunch of song and dance and seltzer down your pants.
[01:50:48.840 --> 01:50:57.840]  The bankers have the money. They bought your legislators. They bought our judges.
[01:50:57.840 --> 01:51:09.840]  Everybody's in their pockets. So we have to realize that and accept it and find remedy anyway, and there is remedy out there.
[01:51:09.840 --> 01:51:17.840]  Anybody thinks that the banks aren't the real bad guys, go back to Jesus Christ.
[01:51:17.840 --> 01:51:36.840]  He went around preaching all of these new and heretical ideas and Paul came to him before he came to him early to the Pharisees and asked him to crucify him.
[01:51:36.840 --> 01:51:42.840]  I'm sorry, not Paul. Someone did. And I said, I don't care what he does.
[01:51:42.840 --> 01:51:55.840]  Now he can preach whatever he wants to. Nobody cared until he went into the temple and kicked over the tables of the money changers.
[01:51:55.840 --> 01:52:04.840]  That's when he was messing with bad guys. They would put up with about anything he did until he messed with the money changers.
[01:52:04.840 --> 01:52:15.840]  They could buy anything they want and they went and bought Pontius Pilate. So you really are dealing with the bad guys here.
[01:52:15.840 --> 01:52:27.840]  And the worst part of that is the functionaries, the ones who are actually doing the dealings of the bad guys aren't the bad guys.
[01:52:27.840 --> 01:52:36.840]  They're just people like you and me and that's what makes this so difficult. The real bad guys, they're way back there in the back.
[01:52:36.840 --> 01:52:45.840]  And in the end, I don't think we can ever get to them. They're too far away from what's actually going on. It's like when I was in the military.
[01:52:45.840 --> 01:52:57.840]  The guys calling the shots, you never saw them get out there and take bullets. They didn't get out in fire. They sent other people to do all of that for them.
[01:52:57.840 --> 01:53:05.840]  And if something went wrong and a bunch of people got killed, collateral damage has caused a war.
[01:53:05.840 --> 01:53:15.840]  The ones who really counted, the ones who did the jobs, they may be doing the right thing, they may not, they never knew.
[01:53:15.840 --> 01:53:24.840]  And when Winston was talking about how Bank of America sets people up, this is what I was thinking of.
[01:53:24.840 --> 01:53:33.840]  This is how the guys in the back use ordinary people to screw everybody and it makes them hard to get to.
[01:53:33.840 --> 01:53:41.840]  The only way we're going to get to them is get in their pockets, go after them criminally.
[01:53:41.840 --> 01:53:53.840]  And with the criminal, we do like the cops program when he first came out. It was in Oregon and it was the drug detail.
[01:53:53.840 --> 01:54:06.840]  And they would capture a user, bring him back, squeeze on him and get his pusher. Once they got the pusher, they'd bring him in, squeeze on him and get his supplier and get the distributor and just work their way up.
[01:54:06.840 --> 01:54:12.840]  They did the same thing every time. One time they come out after they got a name and they're all getting in the car.
[01:54:12.840 --> 01:54:16.840]  The guys were rocking and rolling the same routine all the time.
[01:54:16.840 --> 01:54:22.840]  So we're looking at putting together some routines that we can use over and over.
[01:54:22.840 --> 01:54:29.840]  And one of the routines is we make claims against these functionaries.
[01:54:29.840 --> 01:54:39.840]  Now we have no intention of getting the functionary prosecuted. We're going to make claims against notaries when they don't produce their ledger.
[01:54:39.840 --> 01:54:44.840]  But we don't have an axe to grind against the notary. Notary is just part of this mess.
[01:54:44.840 --> 01:54:55.840]  They hire someone at an entry level. Then they tell them all, we need a notary. And if you want to be a notary, well, we'll pay your filing fees and your bond and all that.
[01:54:55.840 --> 01:55:03.840]  Get your old stuff and you can be a notary. And then they come to them, bring them a stack of documents and say, we need you to sign all these.
[01:55:03.840 --> 01:55:07.840]  Well, they don't know any better. So they do it. So we go after the notary.
[01:55:07.840 --> 01:55:19.840]  But we don't want the notary. We want to say the notary, you don't have a sequential ledger on this authentication because you didn't have anything to do with it, right?
[01:55:19.840 --> 01:55:29.840]  Somebody forged that. You don't know anything about it. That's why it's not in your ledger. We want the notary to feed us the next guy up the line.
[01:55:29.840 --> 01:55:41.840]  Then we get that guy and we squeeze on him harder than we did the notary because we've got a lot more claims against him than the notary and get him to send us to the next guy up the line.
[01:55:41.840 --> 01:55:51.840]  We just start rocking and rolling just like those guys did. We can beat these guys. We beat them by getting in their pockets.
[01:55:51.840 --> 01:56:03.840]  We had a caller from Pennsylvania who got the bill that the law firm sent to the bank for answering her suit with the Rule 12 motion.
[01:56:03.840 --> 01:56:11.840]  They built the bank $65,000 for one document.
[01:56:11.840 --> 01:56:19.840]  These Rule 12 motions, I get them, they're all the same and they're charging the bank an incredible amount of money.
[01:56:19.840 --> 01:56:26.840]  Indians all about the money. We make the claims. We make the claims strong enough that they have to fight hard enough.
[01:56:26.840 --> 01:56:35.840]  We couple those claims with some criminal accusations, sold it in just for yucks. We bring the banks to the table.
[01:56:35.840 --> 01:56:50.840]  Anyway, that's basically the strategy and I'm excited about the idea of adding loan modification to the mix. I think it's going to be a very powerful addition.
[01:56:50.840 --> 01:57:09.840]  It'll be a powerful addition, not by adjudicating it so much, but when you have something that somebody's done that's really, really bad, it's blatantly fraudulent that'll get somebody put in prison,
[01:57:09.840 --> 01:57:21.840]  then you don't necessarily have to attack that directly, but you start asking questions that point directly at that.
[01:57:21.840 --> 01:57:32.840]  If you haven't attacked it directly yet, then the bank still has possible deniability. They don't have to defend it yet.
[01:57:32.840 --> 01:57:48.840]  But if they see it coming and see that it could be potentially a really big deal, since they have plausible deniability, now they can come to the table and make you a deal to get you go away and they don't have to admit to any wrongdoing.
[01:57:48.840 --> 01:57:57.840]  These are some of the strategies that we're developing and this loan modification will fit into that very well.
[01:57:57.840 --> 01:58:07.840]  We're about to go to our top of the hour break. Rosanna, I see you there and sorry we held you up so long, but we will take your call as soon as we come back on the other side.
[01:58:07.840 --> 01:58:20.840]  This is Randy Kelton, Rule of Law Radio, Deborah and Eddie have the night off. We're here with our special guest, Winston Wallace, and Winston, you did want to mention your website.
[01:58:20.840 --> 01:58:24.840]  Can you do that quickly? You've got about 30 seconds.
[01:58:24.840 --> 01:58:35.840]  Sure, our website is Advantage Mitigation.net, M-I-T-I-G-A-T-I-O-N.net.
[01:58:35.840 --> 01:58:49.840]  Okay, and we will be putting together a forensic analysis of mortgages. So if you had a, I'm sorry, of loan modifications. Okay, we'll talk about it later on the other side.
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