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as of right now Texas homeowners are actually becoming more and more surprised that their homes are being foreclosed on by the federal government I am here with a real estate attorney out of Texas John can you introduce yourself and we’re going to talk about what’s going on in Texas right now with HUD one foreclosures definitely my name is John Ganon hellow I’m one of the top five uh largest real estate forclosure litigation attorneys in Texas so what we’ve got right now is John contacted me we’ve known each other for about three three and a half years and he said HUD one forclosures are exploding I cannot believe this is not in the news yet because of some videos I did a handful of months ago saying that the Foreclosure actually it was a year ago the Foreclosure wave starts in June you’re located in Dallas Fort Worth but you have offices in other places and I remember hearing from a buddy of mine that’s uh blowing up with tax leans and deeds that he said like something like 900 foreclosures were recorded in one day in Dallas in jail yes and you’re seeing actual Fanny and Freddy you know FHA Loans coming into your office right now and you’ve got an interesting theory about this because Texas and Texans understand them to be Sovereign they they Texas is his own country essentially yes but the federal government stepping in and foreclosing so um it’s going to squirt out somewhere yeah right you know all of the tension we’ve had and um and I I mean I was angry is it fair to say I was kind of frustrated when I heard it um so one of the things I’m most frustrated about is that there’s very simple foreclosure laws and there’s effectively about two or three ways to do it yeah and we stick to it yeah right and so Texas has a one day of the month first Tuesday of the month they do all the foreclosures they can do it at the courthouse steps um like it or hate it we’re fast I was just at one the other day yeah yeah you were super fast super fast now that’s not always the issue so other states like New York and New Jersey have three to four year cycles and so each month I’m hired to do 20 or 30 restraining orders to stop everything from you know $40 million apartment complexes to residential houses and I was shocked this is a legal term shocked to my conscience right because what I saw was a conversion D to trust that emanated from a fanny and Freddy harp or Hamp you know uh government helper loan yep that came from and there’s three or four ways you can get them right let’s talk about a few right you’ve got the Great session you’ve got first-time home buyer credits Y and they were going without any suit specifically the courthouse steps to cry the sale as HUD yes okay and we have never had in Texas a um foreclosure sale cried directly by Hud and here’s the problem yeah state courts can’t tell federal government actors what to do that’s right so my concern here is if you cannot foreclose on a property in Texas because of constitutional bars if it’s your homestead m unless you get what’s called a 736 735 procedure motion for expedited foreclosure proceedings okay why can the federal government do it well here we go here’s my concern I think that they can do it because they need to they want to and they’d like to that’s right right yeah and so the Creditor attorneys have been um uh starting and by the way I hadn’t seen one of these for five years yeah three one week let me uh bring up why I brought this video out of year ago saying that I knew that forclosures were going to explode in June it was because after Dodd Frank was enacted it extended the period of time that a bank uh would be able to actually do a foreclosure uh proceeding right well now F Franny and Freddy are a very interesting Dynamic first off the private companies and are they well yeah they they run so close to the government and they are supposed to sit in line with government standards right right so there’s a lot of money that’s been put out now Texas is a very interesting dynamic because it is a sovereign it’s it’s own country essentially right but everybody’s running to Fanny and Freddy backed loans and now that Fanny May has just come out and said we got problems because we’re taking so much losses on our commercial properties they’re going to need to figure out where to get their money and there’s so many forbearance issues right now that are working their way through the courts and I’m going to do this really quick before I get John fired up a little bit more I’m gonna put his information down I don’t get a dime from this but I had to seek legal help when I was I was working through a loan modification program when my mom died and we had all these other problems back in the Great Recession I didn’t realize how close I was to getting my loan modified but it wasn’t until I sought help from a good attorney that they were able to get the modification for me but you’re seeing a lot of those mods right now right okay and so what’s the difference between dealing with normal business and all of a sudden these HUD one foreclosures hit okay so it’s an it’s an asymmetric power structure and it’s horrible okay one of the premises for the United States is equal bargaining power right you know we’re a free market entity and and the concern is that HUD guess who their attorneys are who the US the US attorney’s office okay powerful it’s a powerful entity yeah I had a state judge who was nominated right and she was a federalist I quite like her as a person and she said what do you think my old us attorney friends would say if I sign this restraining order right restraining the federal government I said I don’t know I’m worried about what your constituent would say there you go that’s the problem okay at the end of the day the federal government is pushing these because they are um concerned that it’s going to get out that the the the the adjustments they’ve made since 2008 have contributed to some of the deficien the deficit issues and we all know it already yeah right but they’ve inextricably intertwined the real estate market with the value of the US dollar yeah and they have to show some collections that’s right that’s about it well here’s the thing too I know that Fanny and Freddy are blowing up in um Pro in uh mortgages that are now going behind right people are not paying their and they don’t want this information out we’re going to see this blow up in the next few months it’s already out so and that’s the thing how many people in Texas do you believe are just losing their homes right now they’re in the process and they they just think well the government’s come to take my house I haven’t even looked for a lawyer yet most okay this is horrible I number one I I look I’m free to call yeah and um say I’m going to put his information down below if you’re in Texas and I also like if you don’t mind if you’re living in Texas and you’re going through issues right now with your mortgage company uh put down below like throw it out there what’s going on because he’s going to look at it I’m gonna watch because I think this is going to blow the lid off of something that’s happening Nationwide it totally is so one of the things that happened and you know I made a joke earlier Fanny and Freddy were effectively PRI went from private to become public companies during the the bailout in 089 and I’d like to bring us to China okay okay China has a term China China China um good set right um China uses organs of the state they have a top- down approach okay when I took Chinese business law 20 years ago I was like this is horrible yeah it’s quite like Fanny and Freddy okay so um if you look at say um this is being filmed just after the election Ken Paxton um tried to say that you could bring he’s the attorney general for Texas he tried to pass a law that you could bring guns to the State Fair of Texas the state fa of Texas is a government yeah um function okay and um it’s at a private venue so is it a government actor or is it a private actor it doesn’t matter the point is that when you try to tell your government to stop yeah they have a uh they effectively have an sovereign immunity Clause that allows them to be a super creditor super hard to deal with Wow and now are you telling me I can only file a bankruptcy yeah how am I supposed to dispute the validity of this if you’re not going to let me get my foot in the door yeah lastly they only have to give you 21 days notice of foreclosure so the biggest problem is people call me on the Thursday before we’re filming this 48 hours after a foreclosure ccle because they’re getting I know this cycle they’re getting sucked into trying to contact the the banks yeah the banks and going hey know can I’ll do it for you we try to get them all pulled ahead of time if it makes sense right but the point is that you don’t have your options available and you know and we lower the price for these kind folks we have to yeah like this isn’t a commercial how much do something like that cost sure i500 I paid five grand when I was in California just you know F back on it and I got all that money back in spades because of the lower interest rate they were able to work out and so we honestly it’s about a six-month process for a law suit really it’s 90 days but you say six and then bankruptcies aren’t good but if you got to do one just do one yeah relax right there’s a strong Network that had to develop in Texas yeah okay and um it’s my pleasure to put you with honest people wherever you are but we do have offices and all the large city centers except for El Paso and so we’re opening up soon and then in Florida and California it’s same thing yeah I don’t want this to sound like a commercial CU it’s honestly not how what do you think about California though I think it’s worse right oh absolutely and the thing is is and I want to have you on in pretty soon uh you know again and again because this is going to explode and and it was an attorney that helped me a law firm because at the very end of working through my own forbearance and trying to get I actually didn’t do forbearance I I ran behind uh two months and then came current so that it opens up that next door for the to talk to you days yeah and I did that and then I came current so I no I’m sorry I ran 60 days behind the entire process um always having the money on the side to get it fixed but uh tell everybody why he said 60 days huh tell because there’s a legal precedence where a bank is obligated to not work with you uh until you’re 60 days or more behind and it’s bad you never want to listen to somebody who says don’t pay your mortgage but at the same time it’s kind of true it is absolutely true and I went through this because and I’ll give I’ll just tell you my story a personal story my mom died and and we she was given like eight weeks to live before she um when we found out and she wanted to die at home so we paid for inh Home Care well I had at that time six mortgages and no other debt and I had six months of all my bills saved up in the bank right so a life event and all of a sudden I’m paying $112,000 a month to watch my mom die for the last eight weeks of her life and that was rough my renter died in my rental right no income it’s it’s it’s sketchy it wasn’t in California no it was in Arizona that’s good at least yeah well she was an incredible lady I promised her she could live there till the day she died I was never going to raise rent it was an incredible story but now I lost income and then I had an insurance fraud set up where a company through my uh my work said you signed up for an insurance plan you know what is it when you you’re putting money away for your medical benefits or something like that yeah I forget fix Savings Plan thing yeah exactly it was and so and I didn’t sign up for it and so they’re drafting $700 I went through four uh negotiations with an attorney that I won every single one um our mediation and uh they still didn’t stop taking the money out so you work in a government job where you so your money’s tied it’s a news oh yeah and they they didn’t want to help me so my point being is that I blew through all my money and that’s where I had to make the decision stop making a mortgage payment and how many people have six months saved up nobody nobody does nobody and so um I hit a financial tragedy well I was so mentally burnt out I went through the the process of of renegotiating the loan terms I didn’t know how close I was and we finally reached out to attorney um I’m I’m actually super happy I tried and then still reached out uh for the 5,000 I paid you’re saying it’s 2500 so like what happens now is that because we have to charge a b like I’ll charge I say five grand 25 a month yeah but that’s my higher new price guys because of inflation most of that is the bond and the filing fee so I’m still like 25 yeah 3,000 is probably the low yeah and I noticed that the banks were so much more receptive with the attorneys that I hired and they that’s all they did it’s a Dan partner I hate this and I wish it wasn’t true I’m good at my job but a lot of it is cultivating relationships with the people I go to recess with and guess who they are they’re not the dtor attorneys they’re the Creditor attorneys yeah you know and there’s about five frequent flyer firms so how’d it go for you in the end it went great I mean we they they fixed it this was obviously I think we settled in 2009 um it it affected my credit and the fact that you know I was behind a couple months payments I came Curr and all that kind of stuff it wasn’t the end of the world you can fix your credit I didn’t go I refused to go through your bankruptcy that was just a personal pride thing with um I do understand that and this is one thing you have to understand too A lot of people that claim bankruptcy in 20089 10 they were back in a house within a year year half 18 months it’s super fast do you want to go over what that means at all yeah because I think there’s a lot of people that are afraid they may be watching this and look we’re buddies so we go back and forth and Baner and stuff but this is a very serious topic and I think in the next six months you’re going to see this all over the news so I want to break this information now that forecloses are exploding and he’s seen this on the front line so yeah if you want to run through there’s really five things people can do but as individuals you want to focus on a 13 and a seven okay presently I’ll give you some cost points at 13 call it 4,800 all in 1,500 to start yeah guys gals folks purple people who cares all a Chapter 13 is is a five-year forced loan at 10% I don’t know how else to tell you this if you’re if you’re 60,000 behind on your mortgage and your mortgage is 2,000 a month right okay okay guess what 60,000 divided by 60 months th000 a month yeah 3,000 a month conduit conduit means you pay the court the whole amount of your mortgage and the trustee payment okay stroke that check at the end of 60 months you’ve gotten current so they can’t foreclose gotcha and you receive a discharge of all of your debt except for child Sports student loans and IRS what about a 17 a seven a chap seven seven chapter seven it’s okay sevens are great they’re actually the only bankruptcy I would do okay a 13 I would do if I had to but it’s like uh that good old sales movie ABCs always be closing always be converting to a seven why if you get the loan mod that you work so hard for in 13 in year one you don’t have any reason to be in a 13 with the payment plan anymore so assuming you qualify you don’t make too much money Donald Trump is my favorite example before he became a president and very you know polarizing yeah my joke used to be he had to file one when he got a divorce with a vonka right but they paid 100% of their debt if you don’t make so much money and you got in trouble MH you can pay 0% of your debt as long as you get current on what you want to keep that’s called a 0% chapter 13 plan for instance if you had $60,000 in credit card debt and the 60 in a reage only pay the 60 in a rear convert to the seven you keep everything you’re current on yeah and you just get the discharge and it cuts off the tail at the end average price between 2500 3500 bucks you could tell John does a lot of this though he talks really fast sorry there probably a lot of people where their eyes are rolling back in their heads but I’ll tell you this John’s number is going to be down below if you are in you know California Florida and Texas that’s where he works if there’s if you’re in a state and you’re desperate for help because you are drowning in debt or and and you’re going to lose your house I’m sure you can get somebody to talk to them definitely and we need to get you with somebody who is trying to help you because the money flows from the heart right by by helping you the right way so the um uh the real trick here is that there’s no shame in it 40 people 40% of people over the age of 40 have filed a bankruptcy just don’t know it yeah okay um next ask me how many I’ve filed bankruptcies in the last five to 10 years how many about eight wow I hate them I started my whole firm so that bankruptcy which is a court of last resort yeah could be your last resort yeah okay so treat it like that be able to talk about it because it’s just a bankruptcy it’s not debtor’s prison that’s the point and and understand under old regimes deor prisons were put back in place totally so that’s a whole another video but look I won’t uh go any longer his information is down below uh foreclosures are exploding and hopefully we’re we’ll have you on the channel as thises especially around the first of the year we’re going to see a lot of fireworks definitely yeah thank you yeah no problem appreciate you man all right with that being said the economic ninja is out
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