Coming Foreclosure Tsunami 2021 is Real and How to Get Ahead of It

Host Charles Marshall returns with Bill Paatalo to discuss among other matters how the Federal CARE Act will expire at the end of this year. It protected millions of of mortgage loans from imminent foreclosure due to COVID-19 related hardships, with an admittedly band-aid approach of what amounts to a forbearance. That all ends in weeks, and millions of loans so protected are expected to go into active foreclosure with the back payments not being paid, and the current payments not affordable either, due to continued sluggishness of much of the economy.

To fight this, homeowners will need to revisit and clarify strategies to defend their homes, and legally attack those who would foreclose on them. Essential approaches will be 1. Facts to look for in your homeowner situation; 2. Pleading a defense or going on offense with a Plaintiff's lawsuit; 3. Discovery options; 4. Motion practice.

So to bring this fight homeowners will need know how, where and when certain burdens of apply--BK vs civil court for example. Then the most relevant facts to a given case should be alleged which are provable, or which it can be shown the other side can't prove. In many cases discovery can be used to expose the inability or unwillingness of the opposition to answer simple questions about the ownership and status of the loan account.

Bill Paatalo will first discuss how in New Jersey securitized mortgage 'trusts' are for the all the wrong reasons avoiding taxes by declaring they are not in facts trusts.