John Jennings Arizona
John Jennings has several years of experience working with some reputed companies in managing director and vice president positions. Aim of this blog is help people facing any kind of mortgage issue.
Saturday, September 8, 2012
Wednesday, April 25, 2012
A bailout could be coming for Arizonans in foreclosure so who would qualify
A bailout could be coming for Arizonans in foreclosure so
who would qualify? 3TV tells you what it would take to get a piece of the $125
million pie.
Jim Watters, his wife and children were living the dream in their Gilbert house but with the current economy they found themselves needing to modify their loan and that is when they woke up to a nightmare.
"Basically what we have here is the loan agreement which says, "We are pleased to advise you that your loan has been approved…in order for the modification to be valid the enclosed documents need to be signed and returned."
With their modified loan, the Watters started making their new mortgage payments. Jim explains, “Here are all my cancelled checks from September, October, November, December, February, March…right up until last week when we were told our home was being auctioned off. "
The situation the Watters are in is something the director of the Arizona Department of Housing is familiar with.
Michael Trailor says loan modifications are not going well in our state. "Most of the modification efforts today are ending in foreclosure," Trailor explains.
When President Barack Obama announced in February thatArizona would be getting $125 million to
help with foreclosures, the Arizona Department of Housing decided its focus
would be on modifications.
The Department of Housing thinks paying down the principle will be important so who will qualify? Trailer tells 3TV the following are the guidelines so far:
-60 behind on mortgage
-Personal responsibility
-Cannot exceed 120% of median income
In Maricopa County for a family of four that is just over $79,000.
Trailor says, “We would contribute an amount to buy down the principle as part of the modifications. They would pay back the money by staying in their homes over a period of time.”
That could mean a homeowner would have to stay in the house for five years. Trailer say he hopes to help as many as 4,000 people.
For families like the Watters, the help did not come soon enough. The government will not start accepting applications until sometime this summer.
Jim Watters, his wife and children were living the dream in their Gilbert house but with the current economy they found themselves needing to modify their loan and that is when they woke up to a nightmare.
"Basically what we have here is the loan agreement which says, "We are pleased to advise you that your loan has been approved…in order for the modification to be valid the enclosed documents need to be signed and returned."
With their modified loan, the Watters started making their new mortgage payments. Jim explains, “Here are all my cancelled checks from September, October, November, December, February, March…right up until last week when we were told our home was being auctioned off. "
The situation the Watters are in is something the director of the Arizona Department of Housing is familiar with.
Michael Trailor says loan modifications are not going well in our state. "Most of the modification efforts today are ending in foreclosure," Trailor explains.
When President Barack Obama announced in February that
The Department of Housing thinks paying down the principle will be important so who will qualify? Trailer tells 3TV the following are the guidelines so far:
-60 behind on mortgage
-Personal responsibility
-Cannot exceed 120% of median income
In Maricopa County for a family of four that is just over $79,000.
Trailor says, “We would contribute an amount to buy down the principle as part of the modifications. They would pay back the money by staying in their homes over a period of time.”
That could mean a homeowner would have to stay in the house for five years. Trailer say he hopes to help as many as 4,000 people.
For families like the Watters, the help did not come soon enough. The government will not start accepting applications until sometime this summer.
Friday, April 20, 2012
50+ QUESTIONS FOR THE POOLS
1. What is the name of the pool that the note was placed
into
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2. What is the EIN of the pool
3. Who actually acts in the capacity of Trustee in that
they report and/or distribute funds
4. What IRS Form is used to send an end of year tax
statement to investors in the pool?
5. How many parties are identified as trustees or
fiduciaries in the formation of the pool.
6. Same question but this time “in the operation of the
pool.”
7. Does the pool still exist
8. Does the subject loan exist in the pool? How do you
know that?
9. Is the person answering these interrogatories
personally familiar with the facts arising from the origination of the loan?
10. Is the person answering these interrogatories
personally familiar with the facts rising from the origination of the pool?
11. Is the person answering these interrogatories
personally familiar with the facts arising from the operation of the pool?
12. When was the pool created? As what type of legal
entity?
13. when is the first time anything was filed with the IRS
requesting or declaring REMIC status?
14. What was the date cut-off date applicable under the
REMIC statute?
15. What was the cutoff date under the PSA?
16. Was the subject loan transferred into the the pool
before or after the cut-off date?
17. If after, please describe the circumstances?
18. Under what laws was the pool created
19. What kind of entity is the pool?
20. Is the Pool filing as qualified for REMIC status?
21. When did it file for REMIC status
22. What form was used to report to the IRS for the tax
years 2006-present
23. Is FANNIE an active Trustee? What are the duties of
FANNIE and did it perform any of those duties.
24. Identify the person at Fannie that is in charge of
performing trust duties with respect to this pool, including name, status,
address, telephone and email address. If the person has not been the same since
inception of the pool, identify each person that was employed by FANNIE acting
in support of the duties of FANNIE as a Trustee or fiduciary.
25. Who was the underwriter of the Bonds that were offered
to investors?
26. IS FANNIE an owner in the pool
27. Is FANNIE an owner of the pool
28. Is FANNIE the owner of the subject loan
29. IS the pool the owner of the subject loan
30. Was ownership of the pool ever changed?
31. Was ownership of the loans in the pool ever changed
32. Was the ownership of the subject loan ever changed
33. Identify all documents of transfer by which any party
other than the originator claims to have acquired an interest in the subject
loans with sufficient specify such that it would satisfy the requirements for a
request to produce.
34. Where are those documents
35. Who are the people who actually have custody or
control.
36. Through what kind of account are payments, proceeds,
receipts and distributions processed? Who is the owner of said accounts? What
persons are signatories on said accounts? By whom are those persons employed?
Do such employees operate according to a contract or manual? Where is that
manual. Do they operate according to their employment contract? Who are the
parties to said contract? Where is a copy of the employment contract? To whom
do they report in FANNIE? Do they report to anyone else?
37. What statements of distributions and receipts does
FANNIE prepare?
38. What statements of receipts or distributions does
FANNIE send?
39. To whom are statements sent?
40. what is the EIN of Fannie? Does it have more than one
EIN? Does it maintain multiple EIN for trusts for which it is the trustee? Does
it have subsidiaries or affiliates?
41. Identify the person or persons having possession of
facts and reports showing all receipts and disbursements relative to the pool
as reported to investors.
42. Did the pool receive any benefits or proceeds from
insurance or bailout, TARP, credit enhancements? When? How much?
43. Has any inquiry been made as to whether third parties
received such benefits from TARP, bailout, insurance or credit enhancements
where such receipts were related tot eh status or claimed contents of the pool?
44. If such proceeds were received by third parties
relating to assets of the pool or the status of the pool, explain how those
proceeds were reported to investors and how they are allocated as to each
investor.
45. If such an allocation as made tot he pool, and to the
investors, explain how those proceeds were allocated toward the obligations of
borrowers in loans contained in the pool
46. If no such allocations were made, explain the legal
reason why those proceeds were not used as the basis for allocations to
the pool, the investors and the borrowers.
47. If no inquiry was made, explain why no such inquiry
was made, who made the decision and whether there are any documents that can be
identified with specificity that reflect the decision to refrain from such
inquiry.
48. Including all receipts and disbursements received by
or on behalf of the pool, what is the balance due of the subject loan that is
due to the investors and how did you compute it? Who did the computation? Where
is this person and what is his/her address telephone number etc.
49. Is the balance due to investors different than the
balance claimed as due from the borrower? IF yes, explain why
50. Has any settlement occurred between the pool, the
trustees or servicers of the pool and the investors? When? What were the terms?
What document reflects such settlement.
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