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a quiet title action can save your home and another title for this video could be in defense of quiet title actions quiet title actions must be good because sellers of other services are attacking quiet title actions they're claiming falsely that a quiet title action is of no value and that you should instead buy their snake oil my name is Carl Pearson I'm an attorney spending most of my time in defending against foreclosures and I'm helping clients throughout the United States I have more than 100 YouTube videos most of which are about foreclosures and the one last thing I want you to know about me is that I fight the banks in court for reasons I'll make clear in this video here is what you need to know to make the decision for yourself about quiet title actions you have several types of snake oil or possible snake oil being marketed to desperate desperate homeowners including one online seminars to weekend seminars or camps 3 securitization audits for telephone advice by someone who does not go into court concerning a homeowners options but assistance in preparing a loan modification application to be sent directly to the bank and 6 court-ordered mediation or conferencing the one difference between quiet title and each of these six alternative remedies is take a guess lawsuit litigation against the servicer REMIC trustee or other investor none of these competing remedies requires an attorney with litigation skills to go up against the bank and for such reason as I'll explain shortly is probably not going to result in saving the homeowners home this is so in spite of the amount of money that may be spent acquiring the information or services the amount of money you pay is not in the of the value of the information or service and instead if the amount of money instead is the amount of money you are throwing away so that you have had even less of a possibility in saving your home from foreclosure the cost of the bank for each of these remedies ranges between zero and four dollars the four dollar cost is my estimate of the four hours of time spent by a variety of telephone representatives living in a barracks compound in India paid about $1 per hour who find repeatedly and continually fault with the applications so that the bank tells the homeowner finally that their applications are denied were considered to be withdrawn when the homeowner finally stopped submitting additional requested information at this cost of $4 when it denies the loan modification application the bank and its investors that is the persons who bought beneficial interests in the pool loans saves on the average about a hundred to a hundred fifty thousand dollars in interest in principal reductions over the lifetime of the loan and because of the denial of these applications the loan is going to become is a horrible and very shortly through foreclosure and sale so much for snake oil salesmen and sales women now let's look at the so-called quiet title actions and see what they're about first of all you have to recognize that they are not anything at all like real property quiet title actions in which a landowner names and sues everyone who might have an interest in the real estate and advertises his or her lawsuit in the newspaper selected by the court to tell the world that they had better come into court to protect their claimed interest in the real property or lose it by reason of the forthcoming judgment in the quiet title action real estate title the second important point for you to know in something which will probably be disbelieved by 90% of the people who look at the video is that there is no free and clear read my lips there is no free and clear by that I mean that you have no legitimate expectation and getting your property free and clear by eliminating the note and mortgage or otherwise when you try to save your home through any process whether by drinking the snake oil or by a quiet title action snake oil sales persons have been selling free and clear as a way of having homeowners part with their money but there is no free and clear except for perhaps one in 1000 homeowners almost all of the evil title evils you are learning about through the salespersons are in fact curable in the long run by the bank and its attorneys even robo-signing and the backdating of documents is not illegal when needed to create lawful title documents and it is not absolutely necessary for the owner of the note and mortgage to have the original copy of the note in its her or his possession and affidavit explaining the inability to produce the original note is generally accepted in most if not all states in the US so wake up and don't be fooled by snake oil sales persons your remedy is a quiet title action but you need to know what that means it is not self-evident and it is certainly not a real estate action that commonly called a quiet title action the quiet title action which I'm talking about which is saving homes for homeowners is a lawsuit brought by the homeowner alleging a variety of claims having nothing to do with the real estate there is no complete list of claims they will vary according to the facts of the situation the lawyer representing the homeowner applicable decisions and taking into account new ideas as well as past failures it is important to note at this moment that if the homeowners loan was not securitized at some point there may be little or no reason to commence a quiet title action because the claims are based for the most part but not all on securitization of the note and mortgage if a local Savings Bank may belong it probably never sold the loan and has the note in mortgage in its safe-deposit box and can produce it readily a quiet title action at a minimum should allege one the servicer and alleged investor or owner of the note do not hold own or possess the note and do not have the authority from its holder owner or possessor to enforce the note to the homeowner has been making his or her monthly payments of now let's assume 2000 per month for five years a total of $120,000 to the wrong entity and the defendants are being sued to recover such payments together with simple interest of 9% per year in New York or some other percentage in other states 3 the banks have been involved in a fraudulent loan modification program in which they pretended to review your application for a loan mod and had induced the homeowner to go into default before the bank would consider the application but at all times knew that it was as a practical matter as to the vast majority of such applications going to deny the application and because the homeowner is now in default at the request of the bank the bank is now able to foreclose and sell the homeowners home not only should you ask for damages and an injunction from selling the property but you should be asking for punitive damages as well for this fraudulent activity is a violation of your state law prohibiting deceptive practices against Zoomers which may also have punitive damages as one of its remedies five you should be seeking reformation of the notes so that it is reduced in principle to the present value of the property if your property is under water and to the present market rate for interest on residential loans which may be in the neighborhood of three and a half to four percent at this time but changing now let me ask you a question what do you think the bank is going to spend in its defense of this type of lawsuit what are the expected costs of discovery including the service as well as the answering of interrogatories and preparation and the answering of requests to admit and requests for document production and the preparation of notices of the depositions and attending perhaps 20 hours of depositions with the attorney rates for the banks being in the neighborhood of about $400 per hour if you want my guess I think the bank is facing fifty to a hundred thousand dollars in legal costs but I have seen the bank's expense go to over an estimated three million dollars yes in the course of a five year battle that is continuing at this moment a two hundred thousand dollar mortgage on an under wire under on and underwater property worth a hundred thousand dollars could be wiped out by this quiet title action and the best result for everyone including the homeowner the bank the investors and the court and at least for me definitely and hopefully for the bank's attorneys is to settle the case through the grant of a suitable loan modification agreement including a reduction in the interest and a reduction in principle amount to the value of the property remember the investors in the pooled loans have to be queried by the Remmick trustee as to whether they are willing to grant the interest in principle reduction and if there is no costly litigation to be absorbed they can be expected to vote against the loan modification proposal but if they have to pay the 50 to $100,000 cost of the litigation out of their pooled investment assets they will much more likely approve a reasonable loan modification particularly because the reduced principal amount and market rate of interest is no more than what the banking system will get when the property is sold at auction to a third party with its reduced value with perhaps the same bank giving the purchaser a loan at the present market rate of interest so a quiet title action does no more than force the bank actually the thousands of investors in the pooled loans to make the right decision which is to let the homeowner remain in the home paying an amount that he or she can afford terminate the litigation and bring the property back to performing far more quickly than going through the foreclosure process one client of mine has not paid the mortgage from nine years and another for five years granted these are exceptional cases but who knows today which case is going to be exceptional it pays to settle the quiet title action keep the homeowner in the home and save the pooled interests that pulled investors fifty thousand to a hundred thousand dollars in legal fees this reduction in principal and interest is not a loss it's all that the bank at the new bank will get anyway and the homeowner is generally judgment proof so that the investors cannot recover efficiency judgment I hope that this clears up for you the meaning and value of a quiet title a job don't buy any snake oil spend your money where you can get some value remember there is no guarantee when you decide to use a quiet title action but if you don't go that route you probably will lose your property be wise and consider using a quiet title action to save your property if you have any questions please send me an email with a single word question in the subject part of the email and include your name state and telephone number so I can give you a call and talk about your problems at no charge also for homeowners and their lawyers for a fee based on my hourly rate I review complete files including the file the whole file of any related court proceedings and discuss the results of my analysis on what the next step should be to save the home from foreclosure and sale to contact me please call 2 1 2 3 0 7 4 4 4 4