Friday, December 10, 2010


Dear Readers:

Today, Barbara Desoer, president of Bank of America announced that the moratorium on foreclosures by Bank of America is at an end.  She stated that in the month of December Bank of America intends to foreclose on 16,000 homes within the next ten days.  However, they will observe a "holiday suspension" of sales and evictions from Dec. 20 to Jan. 2.

My friends if your are scheduled for a foreclosure sale within the next 10 days or in the early part of January, I URGE you to meet with a BANKRUPTCY attorney, who can help you come up with a plan in which to either save your home from foreclosure, or alternatively recommend short-sale or eviction defense proceedings to help you maximize the amount of time you have left in your home. 

If you know that there is no way to save your house from foreclosure, then the economic goal should be to stay in your home as long as legally possible.  The longer you can stay in your home without making a mortgage payment is the more money you save to move out.

Many people with whom I have consulted tell me that their children are able to buy new family homes using the money they save.  Then they are able to file for bankruptcy under Chapter 7 and eliminate the balance of their debt and achieve a fresh start.

I cannot tell you how important it is to PLEASE CONSULT AN ATTORNEY IN YOUR COMMUNITY immediately so that you can develop a strategy that will improve your financial future.  For many of my clients that strategy does not include a bankruptcy.  So if you are afraid or embarrassed about bankruptcy, you owe it to yourself and to your family to consult with an attorney.  THE CONSULTATION at the Law Offices of R. Grace Rodriguez are always free!

Remember if you have a Bank of America loan and you are facing foreclosure, the MORATORIUM IS OVER!!!  Get HELP NOW while you can!

Thursday, December 2, 2010

ATTENTION: All Wells Fargo and Wachovia borrowers!!!! Dec. 8 & 9, Ontario Convention Center LOAN MODIFICATION WORKSHOP

Dear Readers:

If you have a Wells Fargo or Wachovia Loan, your lender will be hosting a free workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial hardships. The two-day workshop -- to which Wells Fargo has invited thousands of Southern California homeowners -- will take place Dec. 8 and 9, from 9 a.m. -- 7 p.m. at the Ontario Convention Center Exhibit Hall located at 2000 E. Convention Center Way in Ontario, Calif. To help guarantee your ability to meet with a representative. Sign up by Tuesday, Dec. 6, at For more information call 1-800-405-8067.

HOWEVER...... Do not go to this event unprepared.  Make sure you have six months of bank statements.  Make sure you have three months of paystubs FOR EVERYONE IN YOUR HOUSE who is contributing to the mortgage payment.  If you have renters helping you pay for the home MAKE SURE YOU HAVE RENTAL AGREEMENTS WITH RECEIPTS OF THE MONEY YOU HAVE BEEN PAID.  Bring with you a list of all of your expenses.  You are going to have to show this bank that you can make a reasonable payment on the balance of your loan.  SOOOOOOOO.... google search mortgage calculator.  Add up how much you are behind, add up the taxes the bank has paid on your behalf, add up the balance of your loan.  Put that into the Principle and make that the "new loan."  Give an interest rate of at least 4% for the next 30 years and be prepared to show you make at least 2.5 times that amount if you expect to have any chance at getting a loan modification.  However, this system DOES NOT GUARANTEE that you will get a loan modification.  It will depend on other factors likely to be out of your control including but not limited to what your home is worth, where its located and whether your loan was insured or not.

People don't realize this, but if your lender had insurance on the loan, they just as soon foreclose, cash in on the insurance policy to limit their losses and then reinvest in the cheap real estate left on the market.  DON'T BE FOOLED, I bet the banks are making a killing, while crying broke to Congress.

If you can't get modified, don't wait too long and get too far behind that you can't save your home in a Chapter 13 Bankruptcy.  Make sure before you go to this meeting with Wells Fargo, or any other lender that you go for a free consultation to a LOCAL bankruptcy attorney in your community so they can go over your situation and help you decide whether it is worth it under your circumstances to stay in this home.

Thanks for reading!