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 www.wfhmevents.com/leadingthewayhome. 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!

Who is Sleeping with Who? Aurora, Litton, and Saxon oh my!

Dear Readers:  

In case you haven't heard Barclays Bank PLC announced today that it is selling HomEq it's loan servicing arm to Ocwen Loan Servicing.  Did you know that HomEq was the loan servicing arm of The Money Store.  Barclay's acquired HomEq in 2006.  Did you know that Wachovia merged with First Union in 2001.

Now look at what other interesting things were happening in 2006.  

Lehman Brothers bought Aurora Loan Services.  Goldman Sachs had bought Litton Loan Servicing.  Morgan Stanley bough mortgage servicer Saxon.

It seems to me that the Securities companies each had a Servicing Company to do their dirty work of carrying out foreclosures and the rest of it.  The banks that provide money to the Security Companies divorced themselves from the disdainful task of foreclosing on homeowners.  

So the predatory unfair crappy loans out there got serviced by the equally disdainful Aurora, Litton & Saxon, while the lenders themselves deal with troubled loans which were not sub-prime from their inception.

This peaks my interest. . . .  More to follow.