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LASP™ Lesson 12: Recap and Wrap Up

LASP™ Lesson 12: Recap and Wrap Up At last, we’ve reached the end of the Loan Audit School for Professionals™ series. This is lesson 12 and this is the wrap up. By now, you’ve worked through your workbook, and you understand the steps to auditing.

It starts with preparation: find a quiet place to work, gather all your documents, a pencil, your worksheets, a calculator, a ruler, and maybe something to drink.

Work your way through the workbook and follow the steps, and keep track of the findings of your research. There is a checklist in the back of the book, along with space to write down your notes, and remember that you can also use the space provided in the worksheets provided with the workbooks.

One last thing: don’t forget to check the Loan Audit Tips category for updates! That’s where I will put the new things I find in between the versions of the digital materials.

For those of you who need some help with writing, I have asked my friend Amanda Collins from the Grammar Doctors to write a guest post and film a follow up video with me to share some secrets to writing a great report that accurately conveys your findings to your clients and attorneys.

Go here to get the DIY for Professionals workbook, and here to get the DIY for Borrowers product.

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LASP™ Lesson 11: Securitization Basics and Discussion of Evidence

LASP™ Lesson 11: Securitization Basics and Discussion of Evidence This is Lesson 11 of my video lesson series for professionals. If your brain is fried after the previous two, this one’s easy! This lesson is about the basics of securitization and the evidence related to it. You may already be familiar with this information if you’ve been paying attention for the last several years.

A lot of people may not realize that there are many types of debt that gets packaged as a security and sold to investors. Your car loan and credit cards might be securitized. Think about it: if you were a bank, would you want all that sitting on your books? Probably not. A bank is not making money unless it’s loaning money. Selling off debt it is owed allows it to free up capital. This is one reason why the banks have resisted regulation to hold more capital in reserve — they can’t make money on it if they can’t loan it out. Banks are definitely profit driven as we’ve seen in the past five years. There are multiple financial incentives for a bank to foreclose instead of modifying, and the point of these lessons is to help you find an incentives to work with you instead of foreclosing on your house.

The biggest and most obvious issue with securitization of residential loans is that there were so many loans being originated that proper paperwork was just not feasible. They turned to MERS to track securitized loans. This seems like the most obvious explanation to me, anyway.

Go here to get the DIY for Professionals workbook, and here to get the DIY for Borrowers workbook.

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LASP™ Lesson 10: Locating and Understanding the Mortgage Schedule on the PSA

LASP™ Lesson 10: Locating and Understanding the Mortgage Schedule on the PSA I’m pleased to present Lesson 10 of Loan Audit School for Professionals! We’re down to the last several lessons and I’m excited to bring these lessons to a close this week.

In this video, I cover how to find the Mortgage Loan Schedule on the PSA and how I found a loan on a mortgage schedule. I also cover how to to read the information on the columns.

I mention the Securitization Handout that I uploaded to Issuu. I know it looks like something a child could draw, but sometimes simpler is better when it comes to visualizing how things come together. You can use the process of elimination with this handout to figure out what happened to your loan.

I know I’ve said this before, but we are looking at things from the reverse, and it requires some analytical thinking and putting together the puzzle pieces to figure out what happened. You never know what you’re going to find, and that’s why it’s important to do your own investigative work into finding out the facts of your own loan.

Something else I want to mention: if it’s taking you awhile to really grasp these concepts don’t worry! Just keep going on with the lessons. Watch the videos several times if you have to, and work through the workbook several times if you need to. I did not reach the level of understanding that I have overnight, and it’s OK if you don’t either. This is complicated stuff, especially if you have a full plate elsewhere in your life.

Go here for the DIY for Professionals product and here for the DIY for Borrowers.

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Sale on DIY Mortgage Review Digital Products!

Sale on DIY Mortgage Review Digital Products!This is just a short post to share a special discount code with my FIN readers! It’s been awhile since I offered a promotional code, and I want to welcome all the new readers.

I like getting deals myself, so I’m excited to share a promotional code with you: Use FINSpring2013 to get 20% off everything in the DIY Mortgage Review store, including DIY Mortgage Review for Borrowers and DIY Mortgage Review for Professionals.

This code is good through April 11, 2013 at midnight, so hurry!

*Instructions for coupon code: Visit DIY Mortgage Review to take advantage of this offer. Once you make your selections, a box will appear in your cart for the promotion code. Enter FINSPRING13 and click “Update Cart” to see the new price. Then, check out as usual with Paypal.

By the way — it’s not necessary to have a Paypal account to make purchases at DIY Mortgage Review. You will be prompted to enter your payment information if it’s a payment method other than Paypal.

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Loan Audit School for Professionals™ Lesson 2: Some Tips to Stay Out of Trouble

Loan Audit School for Professionals™ Lesson 2: Some Tips to Stay Out of TroubleThis is the second lesson in the Loan Audit School for Professionals™ series.

For those of you who are professionals, this lesson is intended to serve as a guide to keep you out of trouble when it comes to regulations. It’s by no means intended to be inclusive of every law or regulation. Generally, you need to steer clear of your state’s specific laws, the Unauthorized Practice of Law if you are a non-lawyer, and the FTC’s MARS rule.

By the way: for you lawyers, the MARS rule absolutely applies to you! It is imperative that you familiarize yourself with it. The upfront fee rules are not applied the same as for non-lawyers, but you are still required to comply with it.

For those of you who are homeowners/consumers, this video may enlighten you to how difficult it is to work directly with you after all of these regulations went into place. There are several additional steps I have to go through before I can work with you, which is one reason I decided to create the digital products and teach these video lessons.

The various regulations have changed my business model. Homeowners always have a lot of questions on the front end of the service, and understandably so. However, I am not incentivized to spend a lot of time with you on the front end because I don’t get paid until the audit is finished. So, until a homeowner signs my client agreement, all questions are limited to the logistics of becoming a client.

Practically everything anyone has ever asked me about my service is somewhere on this blog, but I still get e-mails and phone calls from non-lawyers who say they have the latest and greatest foreclosure defense strategies up their sleeve. I tend to avoid those folks because it’s simply not worth the risk given all the regulations.

There are also a handful of states where I will not touch a foreclosure defense matter unless there is a lawyer involved. One of those is a big east coast state right next door to Arizona. You can guess which one it is. For those of you who live there, I’m sorry that I can’t help you. The regulation in your state has cut off most homeowners from getting competent help with foreclosure issues. I know several attorneys who won’t even take foreclosure defense cases out of concern over keeping their law license. (Yes, it’s that bad.)

On the other end of the spectrum, there is so much stuff on the internet about foreclosure defense, and most homeowners still do not understand how case law works. So, homeowners read something on the internet and think that they can win a case on the basis of the argument they read about, whether it’s a quiet title lawsuit, a produce the note argument, or the UCC note-split-from-the-deed argument. These are not one size fits all, and a loan audit is not going to help a homeowner make any of these arguments.

As you can see, working with homeowners can be full of issues. Yet, I don’t want to discourage any of you. I happen to think we need a lot more people paying attention to the problems in the loan documents, which is another reason why I’m teaching this class. When we reach a critical mass where people understand these problems instead of hearing about them on the news, or thinking “that didn’t happen to me,” things in this country will start to shift. I am confident of that, even though now it looks like nothing is happening.

The loan audit is designed to flesh out the evidence particular to each case. Increasingly, I think these buzzword foreclosure arguments aren’t helpful. I think foreclosure defense has become like every other practice area of law: what are the facts, what evidence do you have, and how can you apply it to your case?

That’s why I am teaching this class. It’s all about the evidence, folks! Evidence wins cases when fancy foreclosure arguments fail.

If you need the class materials, go here to get the DIY Loan Auditing for Professionals.

So, here’s the vid for Lesson 2. Please let me know what you think in the comments below.

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