How to get a principle reduction on your mortgage

One way to get a principle reduction on your mortgage is to be the lucky winner of the Selene Residential Mortgage Opportunity Fund.

One of the best in depth articles on the fund can be found on the link below.

http://money.cnn.com/2009/12/08/real_estate/lewie_ranieri_mortgages.fortune/index.htm

This fund is a 900+million dollar fund buys mortgages that are under water at a discount, contacts the home owners and helps them stay in there home! They buy the mortgages at enough of a discount that they can lower the home owners principle and interest and help them stay in there homes and refinance or sell the preforming loans at a profit.

This is a fund that is truly providing value to the marketplace. Other banks could provide this same service but they choose not to. The only mainstream options most banks give for lowering principle requires the home owner to sell the home and move out after a short sale.

If you own a home in Utah County and are facing a foreclosure and are in need of a short sale or loan modification, please contact me for a free consultation regarding your options. Stopping foreclosure is easier sometimes that you might think. It is important you talk with someone who specializes in short sale, foreclosure and loan modification and is familiar with the local Utah market.

Failed Bank List for Short Sales Utah

When purchasing or selling a Short Sale in Highalnd Utah, Cedar Hills Utah, Apline Utah, Utah County or Salt Lake county it is important to know what bank or loan servisor you are dealing with and who the investor is that will be actually approving the loss. This may also help you stop foreclosure. The following is a chart taken from and updated on fdic.gov. For a free consultation about how to stop foreclosure or to find out how easy your bank will be to work with for a short sale in Highland Utah, Cedar Hills Utah, Alpine Utah, Utah County or Salt Lake county please contact me.

Failed Bank List


Bank Name

City

State

CERT #

Closing Date

Updated Date

Nevada Security Bank 57110 June 18, 2010 June 18, 2010
Washington First International Bank 32955 June 11, 2010 June 11, 2010
TierOne Bank 29341 June 4, 2010 June 4, 2010
Arcola Homestead Savings Bank 31813 June 4, 2010 June 4, 2010
First National Bank 15814 June 4, 2010 June 4, 2010
Sun West Bank 34785 May 28, 2010 May 28, 2010
Granite Community Bank, NA 57315 May 28, 2010 May 28, 2010
Bank of Florida – Tampa 57814 May 28, 2010 May 28, 2010
Bank of Florida – Southwest 35106 May 28, 2010 May 28, 2010
Bank of Florida – Southeast 57360 May 28, 2010 May 28, 2010
Pinehurst Bank 57735 May 21, 2010 May 21, 2010
Midwest Bank and Trust Company 18117 May 14, 2010 May 17, 2010
Southwest Community Bank 34255 May 14, 2010 May 17, 2010
New Liberty Bank 35586 May 14, 2010 May 17, 2010
Satilla Community Bank 35114 May 14, 2010 May 17, 2010
1st Pacific Bank of California 35517 May 7, 2010 May 11, 2010
Towne Bank of Arizona 57697 May 7, 2010 May 11, 2010
Access Bank 16476 May 7, 2010 May 11, 2010
The Bank of Bonifay 14246 May 7, 2010 May 11, 2010
Frontier Bank 22710 April 30, 2010 May 4, 2010
BC National Banks 17792 April 30, 2010 May 4, 2010
Champion Bank 58362 April 30, 2010 May 4, 2010
CF Bancorp 30005 April 30, 2010 May 4, 2010
Westernbank Puerto Rico
En Español
31027 April 30, 2010 May 10, 2010
R-G Premier Bank of Puerto Rico
En Español
32185 April 30, 2010 May 10, 2010
Eurobank
En Español
27150 April 30, 2010 May 10, 2010
Wheatland Bank 58429 April 23, 2010 April 27, 2010
Peotone Bank and Trust Company 10888 April 23, 2010 April 27, 2010
Lincoln Park Savings Bank 30600 April 23, 2010 April 27, 2010
New Century Bank 34821 April 23, 2010 April 27, 2010
Citizens Bank and Trust Company of Chicago 34658 April 23, 2010 April 27, 2010
Broadway Bank 22853 April 23, 2010 April 27, 2010
Amcore Bank, National Association 3735 April 23, 2010 April 27, 2010
City Bank 21521 April 16, 2010 April 20, 2010
Tamalpais Bank 33493 April 16, 2010 April 20, 2010
Innovative Bank 23876 April 16, 2010 April 20, 2010
Butler Bank 26619 April 16, 2010 April 20, 2010
Riverside National Bank of Florida 24067 April 16, 2010 April 20, 2010
AmericanFirst Bank 57724 April 16, 2010 April 20, 2010
First Federal Bank of North Florida 28886 April 16, 2010 April 20, 2010
Lakeside Community Bank 34878 April 16, 2010 April 20, 2010
Beach First National Bank 34242 April 9, 2010 April 13, 2010
Desert Hills Bank 57060 March 26, 2010 April 2, 2010
Unity National Bank 34678 March 26, 2010 March 31, 2010
Key West Bank 34684 March 26, 2010 March 31, 2010
McIntosh Commercial Bank 57399 March 26, 2010 April 5, 2010
State Bank of Aurora 8221 March 19, 2010 March 23, 2010
First Lowndes Bank 24957 March 19, 2010 March 23, 2010
Bank of Hiawassee 10054 March 19, 2010 March 23, 2010
Appalachian Community Bank 33989 March 19, 2010 March 23, 2010
Advanta Bank Corp. 33535 March 19, 2010 March 23, 2010
Century Security Bank 58104 March 19, 2010 March 23, 2010
American National Bank 18806 March 19, 2010 March 23, 2010
Statewide Bank 29561 March 12, 2010 March 17, 2010
Old Southern Bank 58182 March 12, 2010 March 17, 2010
The Park Avenue Bank 27096 March 12, 2010 April 1, 2010
LibertyPointe Bank 58071 March 11, 2010 April 1, 2010
Centennial Bank 34430 March 5, 2010 March 9, 2010
Waterfield Bank 34976 March 5, 2010 March 10, 2010
Bank of Illinois 9268 March 5, 2010 March 10, 2010
Sun American Bank 27126 March 5, 2010 March 10, 2010
Rainier Pacific Bank 38129 February 26, 2010 March 2, 2010
Carson River Community Bank 58352 February 26, 2010 March 2, 2010
La Jolla Bank, FSB 32423 February 19, 2010 February 24, 2010
George Washington Savings Bank 29952 February 19, 2010 February 24, 2010
The La Coste National Bank 3287 February 19, 2010 February 24, 2010
Marco Community Bank 57586 February 19, 2010 February 24, 2010
1st American State Bank of Minnesota 15448 February 5, 2010 February 12, 2010
American Marine Bank 16730 January 29, 2010 February 3, 2010
First Regional Bank 23011 January 29, 2010 February 3, 2010
Community Bank and Trust 5702 January 29, 2010 February 3, 2010
Marshall Bank, N.A. 16133 January 29, 2010 February 3, 2010
Florida Community Bank 5672 January 29, 2010 May 21, 2010
First National Bank of Georgia 16480 January 29, 2010 February 3, 2010
Columbia River Bank 22469 January 22, 2010 February 2, 2010
Evergreen Bank 20501 January 22, 2010 February 2, 2010
Charter Bank 32498 January 22, 2010 February 2, 2010
Bank of Leeton 8265 January 22, 2010 February 2, 2010
Premier American Bank 57147 January 22, 2010 April 5, 2010
Barnes Banking Company 1252 January 15, 2010 February 3, 2010
St. Stephen State Bank 17522 January 15, 2010 January 26, 2010
Town Community Bank & Trust 34705 January 15, 2010 January 26, 2010
Horizon Bank 22977 January 8, 2010 January 12, 2010
First Federal Bank of California, F.S.B. 28536 December 18, 2009 May 21, 2010
Imperial Capital Bank 26348 December 18, 2009 May 21, 2010
Independent Bankers’ Bank 26820 December 18, 2009 May 21, 2010
New South Federal Savings Bank 32276 December 18, 2009 May 21, 2010
Citizens State Bank 1006 December 18, 2009 May 21, 2010
Peoples First Community Bank 32167 December 18, 2009 May 21, 2010
RockBridge Commercial Bank 58315 December 18, 2009 May 21, 2010
SolutionsBank 4731 December 11, 2009 May 21, 2010
Valley Capital Bank, N.A. 58399 December 11, 2009 May 21, 2010
Republic Federal Bank, N.A. 22846 December 11, 2009 May 21, 2010
Greater Atlantic Bank 32583 December 4, 2009 May 21, 2010
Benchmark Bank 10440 December 4, 2009 May 21, 2010
AmTrust Bank 29776 December 4, 2009 May 21, 2010
The Tattnall Bank 12080 December 4, 2009 May 21, 2010
First Security National Bank 26290 December 4, 2009 May 21, 2010
The Buckhead Community Bank 34663 December 4, 2009 May 21, 2010
Commerce Bank of Southwest Florida 58016 November 20, 2009 May 21, 2010
Pacific Coast National Bank 57914 November 13, 2009 May 21, 2010
Orion Bank 22427 November 13, 2009 May 21, 2010
Century Bank, F.S.B. 32267 November 13, 2009 May 21, 2010
United Commercial Bank 32469 November 6, 2009 May 21, 2010
Gateway Bank of St. Louis 19450 November 6, 2009 May 21, 2010
Prosperan Bank 35074 November 6, 2009 May 21, 2010
Home Federal Savings Bank 30329 November 6, 2009 May 21, 2010
United Security Bank 22286 November 6, 2009 May 21, 2010
North Houston Bank 18776 October 30, 2009 May 21, 2010
Madisonville State Bank 33782 October 30, 2009 May 21, 2010
Citizens National Bank 25222 October 30, 2009 May 21, 2010
Park National Bank 11677 October 30, 2009 May 21, 2010
Pacific National Bank 30006 October 30, 2009 May 21, 2010
California National Bank 34659 October 30, 2009 May 21, 2010
San Diego National Bank 23594 October 30, 2009 May 21, 2010
Community Bank of Lemont 35291 October 30, 2009 May 21, 2010
Bank USA, N.A. 32218 October 30, 2009 May 21, 2010
First DuPage Bank 35038 October 23, 2009 May 21, 2010
Riverview Community Bank 57525 October 23, 2009 May 21, 2010
Bank of Elmwood 18321 October 23, 2009 May 21, 2010
Flagship National Bank 35044 October 23, 2009 May 21, 2010
Hillcrest Bank Florida 58336 October 23, 2009 May 21, 2010
American United Bank 57794 October 23, 2009 May 21, 2010
Partners Bank 57959 October 23, 2009 May 21, 2010
San Joaquin Bank 23266 October 16, 2009 May 21, 2010
Southern Colorado National Bank 57263 October 2, 2009 May 21, 2010
Jennings State Bank 11416 October 2, 2009 May 21, 2010
Warren Bank 34824 October 2, 2009 May 21, 2010
Georgian Bank 57151 September 25, 2009 May 21, 2010
Irwin Union Bank, F.S.B. 57068 September 18, 2009 May 21, 2010
Irwin Union Bank and Trust Company 10100 September 18, 2009 May 21, 2010
Venture Bank 22868 September 11, 2009 May 21, 2010
Brickwell Community Bank 57736 September 11, 2009 May 21, 2010
Corus Bank, N.A. 13693 September 11, 2009 May 21, 2010
First State Bank 34875 September 4, 2009 May 21, 2010
Platinum Community Bank 35030 September 4, 2009 May 21, 2010
Vantus Bank 27732 September 4, 2009 May 21, 2010
InBank 20203 September 4, 2009 May 21, 2010
First Bank of Kansas City 25231 September 4, 2009 May 21, 2010
Affinity Bank 27197 August 28, 2009 May 21, 2010
Mainstreet Bank 1909 August 28, 2009 May 21, 2010
Bradford Bank 28312 August 28, 2009 May 21, 2010
Guaranty Bank 32618 August 21, 2009 May 21, 2010
CapitalSouth Bank 22130 August 21, 2009 May 21, 2010
First Coweta Bank 57702 August 21, 2009 May 21, 2010
ebank 34682 August 21, 2009 May 21, 2010
Community Bank of Nevada 34043 August 14, 2009 May 21, 2010
Community Bank of Arizona 57645 August 14, 2009 May 21, 2010
Union Bank, National Association 34485 August 14, 2009 May 21, 2010
Colonial Bank 9609 August 14, 2009 May 21, 2010
Dwelling House Savings and Loan Association 31559 August 14, 2009 May 21, 2010
Community First Bank 23268 August 7, 2009 May 21, 2010
Community National Bank of Sarasota County 27183 August 7, 2009 May 21, 2010
First State Bank 27364 August 7, 2009 May 21, 2010
Mutual Bank 18659 July 31, 2009 May 21, 2010
First BankAmericano 34270 July 31, 2009 May 21, 2010
Peoples Community Bank 32288 July 31, 2009 May 21, 2010
Integrity Bank 57604 July 31, 2009 May 21, 2010
First State Bank of Altus 9873 July 31, 2009 May 21, 2010
Security Bank of Jones County 8486 July 24, 2009 May 21, 2010
Security Bank of Houston County 27048 July 24, 2009 May 21, 2010
Security Bank of Bibb County 27367 July 24, 2009 May 21, 2010
Security Bank of North Metro 57105 July 24, 2009 May 21, 2010
Security Bank of North Fulton 57430 July 24, 2009 May 21, 2010
Security Bank of Gwinnett County 57346 July 24, 2009 May 21, 2010
Waterford Village Bank 58065 July 24, 2009 May 21, 2010
Temecula Valley Bank 34341 July 17, 2009 May 21, 2010
Vineyard Bank 23556 July 17, 2009 May 21, 2010
BankFirst 34103 July 17, 2009 May 21, 2010
First Piedmont Bank 34594 July 17, 2009 May 21, 2010
Bank of Wyoming 22754 July 10, 2009 May 21, 2010
Founders Bank 18390 July 2, 2009 May 21, 2010
Millennium State Bank of Texas 57667 July 2, 2009 May 21, 2010
First National Bank of Danville 3644 July 2, 2009 May 21, 2010
Elizabeth State Bank 9262 July 2, 2009 May 21, 2010
Rock River Bank 15302 July 2, 2009 May 21, 2010
First State Bank of Winchester 11710 July 2, 2009 May 21, 2010
John Warner Bank 12093 July 2, 2009 May 21, 2010
Mirae Bank 57332 June 26, 2009 May 21, 2010
MetroPacific Bank 57893 June 26, 2009 May 21, 2010
Horizon Bank 9744 June 26, 2009 May 21, 2010
Neighborhood Community Bank 35285 June 26, 2009 May 21, 2010
Community Bank of West Georgia 57436 June 26, 2009 May 21, 2010
First National Bank of Anthony 4614 June 19, 2009 May 21, 2010
Cooperative Bank 27837 June 19, 2009 May 21, 2010
Southern Community Bank 35251 June 19, 2009 May 21, 2010
Bank of Lincolnwood 17309 June 5, 2009 May 21, 2010
Citizens National Bank 5757 May 22, 2009 May 21, 2010
Strategic Capital Bank 35175 May 22, 2009 May 21, 2010
BankUnited, FSB 32247 May 21, 2009 May 21, 2010
Westsound Bank 34843 May 8, 2009 May 21, 2010
America West Bank 35461 May 1, 2009 May 21, 2010
Citizens Community Bank 57563 May 1, 2009 May 21, 2010
Silverton Bank, NA 26535 May 1, 2009 May 21, 2010
First Bank of Idaho 34396 April 24, 2009 May 21, 2010
First Bank of Beverly Hills 32069 April 24, 2009 May 21, 2010
Michigan Heritage Bank 34369 April 24, 2009 May 21, 2010
American Southern Bank 57943 April 24, 2009 May 21, 2010
Great Basin Bank of Nevada 33824 April 17, 2009 May 21, 2010
American Sterling Bank 8266 April 17, 2009 May 21, 2010
New Frontier Bank 34881 April 10, 2009 May 21, 2010
Cape Fear Bank 34639 April 10, 2009 May 21, 2010
Omni National Bank 22238 March 27, 2009 May 21, 2010
TeamBank, NA 4754 March 20, 2009 May 21, 2010
Colorado National Bank 18896 March 20, 2009 May 21, 2010
FirstCity Bank 18243 March 20, 2009 May 21, 2010
Freedom Bank of Georgia 57558 March 6, 2009 May 21, 2010
Security Savings Bank 34820 February 27, 2009 May 21, 2010
Heritage Community Bank 20078 February 27, 2009 May 21, 2010
Silver Falls Bank 35399 February 20, 2009 May 21, 2010
Pinnacle Bank of Oregon 57342 February 13, 2009 May 21, 2010
Corn Belt Bank & Trust Co. 16500 February 13, 2009 May 21, 2010
Riverside Bank of the Gulf Coast 34563 February 13, 2009 May 21, 2010
Sherman County Bank 5431 February 13, 2009 May 21, 2010
County Bank 22574 February 6, 2009 May 21, 2010
Alliance Bank 23124 February 6, 2009 May 21, 2010
FirstBank Financial Services 57017 February 6, 2009 May 21, 2010
Ocala National Bank 26538 January 30, 2009 May 21, 2010
Suburban FSB 30763 January 30, 2009 May 21, 2010
MagnetBank 58001 January 30, 2009 May 21, 2010
1st Centennial Bank 33025 January 23, 2009 May 21, 2010
Bank of Clark County 34959 January 16, 2009 May 21, 2010
National Bank of Commerce 19733 January 16, 2009 May 21, 2010
Sanderson State Bank
En Español
11568 December 12, 2008 May 21, 2010
Haven Trust Bank 35379 December 12, 2008 May 21, 2010
First Georgia Community Bank 34301 December 5, 2008 May 21, 2010
PFF Bank & Trust 28344 November 21, 2008 May 21, 2010
Downey Savings & Loan 30968 November 21, 2008 May 21, 2010
Community Bank 16490 November 21, 2008 May 21, 2010
Security Pacific Bank 23595 November 7, 2008 May 21, 2010
Franklin Bank, SSB 26870 November 7, 2008 May 21, 2010
Freedom Bank 57930 October 31, 2008 May 21, 2010
Alpha Bank & Trust 58241 October 24, 2008 May 21, 2010
Meridian Bank 13789 October 10, 2008 May 21, 2010
Main Street Bank 57654 October 10, 2008 May 21, 2010
Washington Mutual Bank
(Including its subsidiary Washington Mutual Bank FSB)
32633 September 25, 2008 May 24, 2010
Ameribank 6782 September 19, 2008 May 21, 2010
Silver State Bank
En Español
34194 September 5, 2008 May 21, 2010
Integrity Bank 35469 August 29, 2008 May 21, 2010
Columbian Bank & Trust 22728 August 22, 2008 May 21, 2010
First Priority Bank 57523 August 1, 2008 May 21, 2010
First Heritage Bank, NA 57961 July 25, 2008 May 21, 2010
First National Bank of Nevada 27011 July 25, 2008 May 21, 2010
IndyMac Bank 29730 July 11, 2008 May 21, 2010
First Integrity Bank, NA 12736 May 30, 2008 May 21, 2010
ANB Financial, NA 33901 May 9, 2008 May 21, 2010
Hume Bank 1971 March 7, 2008 May 21, 2010
Douglass National Bank 24660 January 25, 2008 May 21, 2010
Miami Valley Bank 16848 October 4, 2007 May 21, 2010
NetBank 32575 September 28, 2007 May 21, 2010
Metropolitan Savings Bank 35353 February 2, 2007 May 21, 2010
Bank of Ephraim 1249 June 25, 2004 April 9, 2008
Reliance Bank 26778 March 19, 2004 April 9, 2008
Guaranty National Bank
of Tallahassee
26838 March 12, 2004 May 21, 2010
Dollar Savings Bank 31330 February 14, 2004 April 9, 2008
Pulaski Savings Bank 27203 November 14, 2003 July 22, 2005
First National Bank of Blanchardville 11639 May 9, 2003 August 6, 2009
Southern Pacific Bank 27094 February 7, 2003 October 20, 2008
Farmers Bank of Cheneyville 16445 December 17, 2002 October 20, 2004
Bank of Alamo 9961 November 8, 2002 March 18, 2005
AmTrade International Bank
En Español
33784 September 30, 2002 September 11, 2006
Universal Federal Savings Bank 29355 June 27, 2002 April 9, 2008
Connecticut Bank of Commerce 19183 June 26, 2002 May 21, 2010
New Century Bank 34979 March 28, 2002 March 18, 2005
Net 1st National Bank 26652 March 1, 2002 April 9, 2008
NextBank, NA 22314 February 7, 2002 November 23, 2009
Oakwood Deposit Bank Co. 8966 February 1, 2002 May 21, 2010
Bank of Sierra Blanca 22002 January 18, 2002 November 6, 2003
Hamilton Bank, NA
En Español
24382 January 11, 2002 May 21, 2010
Sinclair National Bank 34248 September 7, 2001 February 10, 2004
Superior Bank, FSB 32646 July 27, 2001 May 21, 2010
Malta National Bank 6629 May 3, 2001 November 18, 2002
First Alliance Bank & Trust Co. 34264 February 2, 2001 February 18, 2003
National State Bank of Metropolis 3815 December 14, 2000 March 17, 2005
Bank of Honolulu 21029 October 13, 2000 March 17, 2005

When purchasing or selling a Short Sale in Highalnd Utah, Cedar Hills Utah, Apline Utah, Utah County or Salt Lake county it is important to know what bank or loan servisor you are dealing with and who the investor is that will be actually approving the loss. This may also help you stop foreclosure. The above is a chart taken from and updated on fdic.gov. For a free consultation about how to stop foreclosure or to find out how easy your bank will be to work with for a short sale in Highland Utah, Cedar Hills Utah, Alpine Utah, Utah County or Salt Lake county please contact me.

Judge James L. Shumate stops all Bank of America Foreclosures in Utah

On May 22, 2010, Judge James L. Shumate granted a preliminary injunction order against mortgage giant Bank of America disallowing them from conducting trustee sales in the state of Utah.

In the the a lawsuit filed by John Christian Barlow the Judge determined that “Recon Trust in not registered with the Utah Division of Corporations and therefore may not transact business in the state of Utah”

The Utah code 16-10a-1501 states that “foreign corporation may not transact business in this state until its application for authority to transact business is filed by the division”

This affects almost 1100 homeowners in the state of Utah who are currently somewhere in the foreclosure process.

The ripple affect of this case if made permanent will affect lenders and homeowners all over the nation.

If you or someone you know is looking to stop a Bank of America foreclosure in Utah please contact me about options and long term solutions.

A copy of the original filing can be found here. bankofamerica-foreclosure-stop-order.

**UPDATE** This action was later denied on the basis that Recon-trust is a federal chartered company and federal laws trump state laws.

What does it mean to “Produce the note”?

One way to stall a foreclosure action is to ask your lender to produce the original note you signed to prove that they actually have the legal standing right to foreclose. This does not work as well in Utah because most all loans in Utah were originated using a Trust Deed and Note instead of a an actual Mortgage. This means that most foreclosure actions are non-judicial instead of judicial. So you can send your lender a qualified written request (QWR) and ask them to produce the original note and prove that they have the right to foreclose, but most likely they will just send you a copy of the note you signed at closing. Which most likely is a different lender and not the current owner of the note. This is not the same as proving that they are the legal owner of the note and have the standing right to foreclose but without a judge to hold up the foreclosure sale the trustee will most likely just move forward with the trustee sale at this point. The problem for most lenders is the the note was transferred so many times and stuffed into large pools of loans that they do not have the original copy of the note or they failed to maintain the proper chain of assignment so they are unable to actually prove that they have the standing right to foreclose.

Below is a video by Good Morning America explaining the produce the note strategy.

Another video- Produce the note Utah on Fox

Another video-Produce the note Utah on CNN