Sunday August 30, 2009, and as I am sitting in front of my PC checking my emails and various articles to educate myself more about current events, I came across this one that hit home and provoked an EXTREMELY high level of interest in me as I am a FORECLOSURE SURVIVOR, and it should to you as well, with the bullshit and lies that just keep going on and on. Politicians, Washington, BIG GOV & BIG BANK only have one interest: Make more & more money and keep it among their group. They could careless how they make it, who they hurt, how badly they damage US and GLOBAL economies, and how everyday hard working folks survive.
Please read the entire article, pay special attention to the highlighted areas, and most importantly MAKE SURE you read the information I found at the end of the article! IT WILL BLOW YOUR MIND!
The article’s title is:
Caught in foreclosure relief scam, a couple loses their home
Written by BY MATT OLBERDING / Lincoln Journal Star Posted: Saturday, August 29, 2009 11:55 pm
Denise and Kevin Barret thought they had found a solution earlier this year after they fell behind on their mortgage.
One night in February, they saw a television ad for the Federal Loan Modification Law Center, a very official-sounding entity that promised it could reduce homeowners' payments while saving their homes from foreclosure.
So the Barrets called the number and were told that for an initial payment of $995 the company could renegotiate the couple's delinquent mortgage and get them a better interest rate and more affordable payments.
It sounded like a good deal, and the company at the time had a reasonable rating with the Better Business Bureau, Denise Barret said.
So the Barrets signed up.
Denise said she was in contact with the company weekly as representatives told her they were negotiating with Liberty First Credit Union, the Barrets' lender.
Every time the Barrets got a letter or phone call from Liberty First, Federal Loan Modification Law Center representatives told them to ignore it, saying it was just a scare tactic, Denise said.
"They kept telling us, 'Don't call the bank, it will just slow down the process. Don't offer them any money,'" said Kevin Barret.
That's exactly the opposite of what credible experts advise for homeowners who fall behind on their mortgages.
The result: Around the first of May, the Barrets received a letter from Liberty First, informing them their home was scheduled to be sold at auction.
Frantic, Denise said she called the credit union.
"Liberty First said they had never heard from them," she said.
The Barrets bought a century-old house near 120th and Nebraska 2 in 2004. They paid $165,000.
The couple had moved back to Nebraska in 1999 after Kevin served in the Marine Corps. They initially settled in Eagle.
Denise said they fell in love with the converted bunkhouse on seven acres, which is not far from Otoe County, where the Barrets both grew up - she in Nebraska City, he in Syracuse.
At first they had a rent-to-own arrangement with the previous homeowners, and things went pretty well for a couple of years.
But then came 2006.
In February of that year, Kevin, who was 46 at the time, had a heart attack. He underwent quadruple bypass surgery the next month.
He had barely recovered when Denise was struck by a brain aneurysm in August of that year.
To help pay for their medical bills, the couple refinanced their mortgage and cashed out some of the equity in their home, which Kevin said at one time was as much as $60,000.
Things seemed as though they couldn't get any worse for the couple, but then Kevin lost his job right before Thanksgiving.
The bad news continued just a few months later, when Denise, too, lost her job.
The Barrets again refinanced their mortgage in November 2007, increasing the mortgage debt from $148,000 to nearly $178,000 between a first and second mortgage, according to county real estate records.
Denise said their mortgage payment jumped from around $1,300 a month to more than $1,800.
In August 2008, the couple filed bankruptcy, just after they started falling behind on their mortgage payments.
County real estate records show Liberty First issued a default notice at the end of June 2008.
Kevin said they'd fall behind on payments, catch up, only to fall behind again.
While purporting to be helping the Barrets, the Federal Loan Modification Law Center was racking up complaints all over the country.
In April, the Federal Trade Commission filed a federal lawsuit against the company, alleging it misrepresented that it could obtain a loan modification or stop foreclosure in all cases.
The complaint also alleged that the company falsely claimed in radio and TV ads to be affiliated with the federal government.
Nabile "Bill" Anz, managing attorney for Federal Loan Modification and one of the people named in the FTC's complaint, told the Orange County Register in April that the company may have been aggressive, but it had obeyed the law.
Since then, Anz seems to have changed his tune. On Aug. 4 he voluntarily resigned from the California State Bar Association, with charges pending against him.
According to a news release, the bar filed an application in July to have Anz declared "involuntarily inactive," alleging he failed to perform for clients of the Federal Loan Modification Law Center and failed to refund fees to clients of the business.
The news release said Anz admitted the misconduct that was alleged in the application.
Some states have also taken action against Anz and his company.
In July, Wisconsin regulators banned the company from doing business there and ordered it to provide refunds to all its customers in the state.
That action likely is a moot point, as it appears the company is no longer doing business. Its Web site is no longer operational and its phone has been disconnected.
Mike Cameron, an attorney with the Nebraska Department of Banking and Finance, said the department has fielded a couple of complaints about the Federal Loan Modification Law Center.
"I'm thinking two or three at most," he said.
Cameron said that because the company is already the subject of an FTC investigation, he refers complaints to the federal government.
Michael Snodgrass, executive director of NeighborWorks Lincoln, said two red flags with any foreclosure rescue offer are the requirement that you pay for it and a promise of a renegotiated interest rate or lower payments.
"If you have to pay something to save your house," there is something wrong," Snodgrass said.
He said NeighborWorks, which offers free foreclosure counseling among its many housing education services, never promises results.
Snodgrass said he has seen clients at NeighborWorks who have used or considered using foreclosure rescue companies.
"If you're losing your home, you're grasping at straws," he said. "If you see an ad from a company, it's awful tempting to look at."
Denise and Kevin Barret will lose their home - there is no doubt about that now.
Earlier this month, they stood in a Lancaster County courtroom and agreed to be out of their house by the end of the month, which is Monday.
As they talked with a reporter Friday, a steady stream of people drove up their driveway and into their front yard to take advantage of their need to sell off possessions that won't fit in their new home, a rented townhome near 61st and Vine streets.
In a way, their lives are coming full circle - the town home is in the same development they lived in shortly after they got married, Denise said.
She alternates between tears and anger.
She cries when she thinks about losing her home, the place she and her husband fought so hard to keep.
The tears turn to anger, though, when she thinks about all the help the government is handing out to banks and to people to buy houses and new cars.
"They're giving these brand-new homeowners $8,000 bonuses," she said. "Why aren't they helping the people who are losing their homes?"
There are programs to help people facing foreclosure, but the Barrets say they found out about them too late.
Kevin says he's talked to the Veterans Administration and a lawyer, but the response has been, "You should have brought this to us earlier."
"If I had a nickel for every time I heard that, I'd be able to pay off our house," he said.
Denise said she and her husband aren't telling their story to get pity.
"We're not doing it to make people feel sorry for us," she said. "We just don't want it to happen to them."
Reach Matt Olberding at 473-2647 or molberding@journalstar.com.
Well, I don’t know about you but here are a few things that seem to bother me as well as some valuable information that I found out about all this:
1. Modification companies are scam artists. I don’t care what they promise you to deliver. They work for the banks to get more money into their pockets. Folks banks DO NOT have the power to negotiate with the homeowner, because they DO NOT own the note of your mortgage. Only the note owner can negotiate. In almost all cases the owners of the note could be any where in the world and there could be 100’s of entities that hold a piece of your note. There for NO negotiation is possible. The banks are only servicers of the mortgage.
2. BIG GOV is shutting down and going after loan modification companies but then they are telling us to use the GOV PROGRAMS to help homeowners with their foreclosure but their programs are doing the same thing. President OBAMA predicted millions of modifications but to date there have only been around 150,000. The gov programs are pushing homeowners to work with the banks but the banks have no interest in modifying loans because they make more money from the foreclosures and collecting the insurances that they took out on those loans. The banks are defrauding everyone, even the investors that they have sold these mortgages to. The investors have started to sue the lenders for selling them fraudulent loans which in return are not performing and they, (investors), cannot collect interest on. Hell, the banks or the government CAN NOT modify something they DO NOT OWN!!!!!! This is very important.
3. This is the most important point of them all! Mr. Michael Snodgrass, executive director of NeighborWorks Lincoln made a couple of statements that I would like to address. He said that "If you have to pay something to save your house," there is something wrong," He said NeighborWorks, which offers free foreclosure counseling among its many housing education services, never promises results. Altough I agree with him that there are no warantees he basicaly is saying that NON-PROFIT groups are the only solution for the troubled homeowners and one should not pay anyone to educate them or help them fight their foreclosure because there are channels that one can get the information for free. BULLCOCKIE on that. I do not know about anyone else, but if I am in legal trouble and I can efford top notch legal help, I want that as opposed to the public defenders office.
NOTHING IS FOR NOTHING! And I can prove it. I went on the NEIGHBOR WORKS web site and I did a little searching. Here are a couple of things I found out: First of all they actually tell you that they have partnerships with banks and even go on to name some of these banks. They also have a page thanking some of these banks for their financial gifts to this organization.
Folks, they actually have photos of these banks handing over large checks to to NEIGHBOR WORKS. Here are the links:
PHOTOS
http://www.nw.org/network/aboutus/partnerships/partner_thanks.asp
PARTNERS
http://www.nw.org/network/aboutus/partnerships/partners.asp
They tell you that it is a national nonprofit organization created by Congress to
provide financial support, technical assistance, and training for community-based
revitalization efforts.
Now, I am not the world’s smartest person, but how is it that a non-profit created by congress is getting financial gifts from banks? Is it not a conflict of interest?
And if it is not, do I really want an organization looking to help me that is being financially gifted from the banks? Whose interests are they really going to look out for, the banks or mine?
BIG BANK is controlling Washington, Congress, Media and everything else to keep every day hard working people in the dark and slaves to their money-making schemes!!!!
I have walked up and seen the light, and the more I dig and research the more garbage I find….I will keep telling everyone my opinions and discoveries hoping to make everyone aware that we have rights and options regardless what they tell us. GOD BLESS AMERICA & GOD BLESS THE MASSES!
Sunday, August 30, 2009
Monday, August 24, 2009
Countrywide Decision: Investor is owner of loan
BofA’s Countrywide loses court ruling on mortgages — Modifications Not Authorized By Investor May be Invalid
As per LIVING LIES reporting:
There is lots of significance about this decision. First it shows that if the investor is going to sue it is going to be against the intermediary pretender lenders and not the borrower — because they don’t want to expose themselves to liability for predatory loan tactics, usury, securities violations, TILA, RESPA and HOEPA violations. Second it shows that as we have said all along here, the servicers don’t have the right or authority to actually negotiate and execute a loan modification. And third it shows that the investor who bought bonds that were mortgage backed securities are the OWNERS OF THE LOAN. This decision is essentially fatal to ALL foreclosure actions based upon securitized loans. It identifies the investors as the owners of the loan and negates the alleged authority of intermediary pretender lenders to do ANYTHING in the way of enforcement, modification, collection through legal means etc. because they simply have no standing (because the alleged debt is not owed to anyone other than the investor). The foundation is crumbling. These decisions are coming out one after the other because of a simple fact — the tacit deal between Wall Street and loan servicers and loan data administrators (MERS) may exist, but it has no legal effect without the investor and the borrower signing on to these new terms with extra conditions and co-obligors.August 20, 2009, 7:42 am NEW YORK (Reuters) – A federal judge has ruled that Bank of America Corp (NYSE:BAC – News) cannot have a lawsuit by investors seeking to force it to buy back mortgages heard in federal court, saying he lacks jurisdiction to decide the case. Tuesday’s ruling by Judge Richard Holwell of the U.S. District Court in Manhattan means the case will move to state court. Holwell did not decide the merits of the case. “Congress passed two statutes within a year of each other to address the mortgage crisis,” the judge wrote. “In neither of these statutes did Congress federalize the case.”The ruling is a win for investors, to the extent that Holwell rejected a claim by the bank’s Countrywide Financial Corp unit that new federal laws to encourage loan modifications to help struggling borrowers stay in their homes govern this case. Countrywide had argued that the laws negated obligations it might have had to buy back modified loans. In 2008, Countrywide agreed with some 11 state attorneys general to modify $8.4 billion of loans made to roughly 400,000 borrowers.Investors who own mortgage securities typically receive interest and principal payments. If servicers modified the underlying loans to reduce borrower obligations, investors would be harmed because they would receive lower payments.Holwell did rule that investors bear the burden of showing that pooling and servicing agreements for their loans, taken “as a whole,” require Countrywide to buy back the loans.Bank of America could not immediately be reached for comment. A published report said a spokeswoman agreed that the court did not rule on the merits of the plaintiffs’ claims.The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.These investors would rather Countrywide repurchase modified loans for the full unpaid amounts. Countrywide had been the largest U.S. mortgage lender before Bank of America acquired it last July for $2.5 billion. The case is Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC v. Countrywide Financial Corp, U.S. District Court, Southern District of New York (Manhattan), No. 08-11343. rule that investors bear the burden of showing that pooling and servicing agreements for their loans, taken “as a whole,” require Countrywide to buy back the loans.Bank of America could not immediately be reached for comment. A published report said a spokeswoman agreed that the court did not rule on the merits of the plaintiffs’ claims.The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.These investors would rather Countrywide repurchase modified loans for the full unpaid amounts. Countrywide had been the largest U.S. mortgage lender before Bank of America acquired it last July for $2.5 billion. The case is Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC v. Countrywide Financial Corp, U.S. District Court, Southern District of New York (Manhattan), No. 08-11343.
As per LIVING LIES reporting:
There is lots of significance about this decision. First it shows that if the investor is going to sue it is going to be against the intermediary pretender lenders and not the borrower — because they don’t want to expose themselves to liability for predatory loan tactics, usury, securities violations, TILA, RESPA and HOEPA violations. Second it shows that as we have said all along here, the servicers don’t have the right or authority to actually negotiate and execute a loan modification. And third it shows that the investor who bought bonds that were mortgage backed securities are the OWNERS OF THE LOAN. This decision is essentially fatal to ALL foreclosure actions based upon securitized loans. It identifies the investors as the owners of the loan and negates the alleged authority of intermediary pretender lenders to do ANYTHING in the way of enforcement, modification, collection through legal means etc. because they simply have no standing (because the alleged debt is not owed to anyone other than the investor). The foundation is crumbling. These decisions are coming out one after the other because of a simple fact — the tacit deal between Wall Street and loan servicers and loan data administrators (MERS) may exist, but it has no legal effect without the investor and the borrower signing on to these new terms with extra conditions and co-obligors.August 20, 2009, 7:42 am NEW YORK (Reuters) – A federal judge has ruled that Bank of America Corp (NYSE:BAC – News) cannot have a lawsuit by investors seeking to force it to buy back mortgages heard in federal court, saying he lacks jurisdiction to decide the case. Tuesday’s ruling by Judge Richard Holwell of the U.S. District Court in Manhattan means the case will move to state court. Holwell did not decide the merits of the case. “Congress passed two statutes within a year of each other to address the mortgage crisis,” the judge wrote. “In neither of these statutes did Congress federalize the case.”The ruling is a win for investors, to the extent that Holwell rejected a claim by the bank’s Countrywide Financial Corp unit that new federal laws to encourage loan modifications to help struggling borrowers stay in their homes govern this case. Countrywide had argued that the laws negated obligations it might have had to buy back modified loans. In 2008, Countrywide agreed with some 11 state attorneys general to modify $8.4 billion of loans made to roughly 400,000 borrowers.Investors who own mortgage securities typically receive interest and principal payments. If servicers modified the underlying loans to reduce borrower obligations, investors would be harmed because they would receive lower payments.Holwell did rule that investors bear the burden of showing that pooling and servicing agreements for their loans, taken “as a whole,” require Countrywide to buy back the loans.Bank of America could not immediately be reached for comment. A published report said a spokeswoman agreed that the court did not rule on the merits of the plaintiffs’ claims.The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.These investors would rather Countrywide repurchase modified loans for the full unpaid amounts. Countrywide had been the largest U.S. mortgage lender before Bank of America acquired it last July for $2.5 billion. The case is Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC v. Countrywide Financial Corp, U.S. District Court, Southern District of New York (Manhattan), No. 08-11343. rule that investors bear the burden of showing that pooling and servicing agreements for their loans, taken “as a whole,” require Countrywide to buy back the loans.Bank of America could not immediately be reached for comment. A published report said a spokeswoman agreed that the court did not rule on the merits of the plaintiffs’ claims.The current case was brought by two investment funds holding Countrywide mortgages, Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC. These investors complained they would be harmed if Countrywide shifted the burdens of loan modifications to 374 trusts into which loans had been repackaged and securitized.These investors would rather Countrywide repurchase modified loans for the full unpaid amounts. Countrywide had been the largest U.S. mortgage lender before Bank of America acquired it last July for $2.5 billion. The case is Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC v. Countrywide Financial Corp, U.S. District Court, Southern District of New York (Manhattan), No. 08-11343.
Friday, August 21, 2009
In foreclosure? Don't lose home without a fight
Ok everyone….here is another article published by Arizona Daily Star,
telling us about yet another program to help homeowners fight foreclosure. It is called the "Making Home Affordable Consumer Awareness and Education Forum". Here are some of the things it will do for the people that attend the forum as per the article’s description: The forum will have two sessions — Spanish in the morning and English in the afternoon — aimed at offering homeowners information about the "Making Home Affordable" federal program. Attendees can find out if they qualify for the program and what resources are available to help them keep their homes. The forum will offer detailed information but, unlike previous housing-related forums, counselors and loan servicers will not be available to do individual consultations with homeowners — although future appointments for individual help will be available. The "Making Home Affordable" program helps eligible homeowners refinance their loans so they can better manage their monthly payments. Part of the program applies to people with mortgages held by Fannie Mae or Freddie Mac. (Make an initial inquiry about your loan status at makinghomeaffordable.gov/ eligibility.html)
The federal program can also help homeowners who've had their income cut or are facing emergency financial circumstances — say large medical bills from an unexpected illness — or have seen their mortgage payment increase because of an interest-rate reset.
So as you can see, it is another government attempt to help homeowners fight foreclosure with the possible lender’s cooperation and the government playing to the lender’s good graces for help. Who are we kidding? There have been so many of these so-called programs and they all have failed miserably.
Here is the key folks: THE HOMEOWNER HAS TO QUALIFY! How the hell is the owner going to qualify when he was placed in a bad loan to begin with!
Why aren’t they coming out and tell us that they will make good on all the bad loans that they gave out to begin with, which by the way are the ones that are in default and have contributed to this crisis. It would fix things right away and get the economy on the way back. The banks will not do that because that would show that they are guilty of fraudulent activity, giving out toxic loans that were design to fail and never collect payments, because the lenders already got paid from selling them to the second market plus the insurance money they collected when they had taken out insurance on when the loans would fail. But instead the government is giving money to the banks and creating smoke and mirror effects to keep the homeowner under false assumptions and hopes. They are stealing our homes away from us. It is called “EQUITY STRIPPING”. They are taking our hard earned money either via a way of taking our homes or giving it back to the banks via bailout money. Bottom line is they lied to us before and they keep lying to us now! There is only one way to get financial justice and they know that and they fear it. Educate yourself, take the bastards to court and sue them for all the fraud they have done to us.
For the full article click here: http://www.azstarnet.com/business/305788
telling us about yet another program to help homeowners fight foreclosure. It is called the "Making Home Affordable Consumer Awareness and Education Forum". Here are some of the things it will do for the people that attend the forum as per the article’s description: The forum will have two sessions — Spanish in the morning and English in the afternoon — aimed at offering homeowners information about the "Making Home Affordable" federal program. Attendees can find out if they qualify for the program and what resources are available to help them keep their homes. The forum will offer detailed information but, unlike previous housing-related forums, counselors and loan servicers will not be available to do individual consultations with homeowners — although future appointments for individual help will be available. The "Making Home Affordable" program helps eligible homeowners refinance their loans so they can better manage their monthly payments. Part of the program applies to people with mortgages held by Fannie Mae or Freddie Mac. (Make an initial inquiry about your loan status at makinghomeaffordable.gov/ eligibility.html)
The federal program can also help homeowners who've had their income cut or are facing emergency financial circumstances — say large medical bills from an unexpected illness — or have seen their mortgage payment increase because of an interest-rate reset.
So as you can see, it is another government attempt to help homeowners fight foreclosure with the possible lender’s cooperation and the government playing to the lender’s good graces for help. Who are we kidding? There have been so many of these so-called programs and they all have failed miserably.
Here is the key folks: THE HOMEOWNER HAS TO QUALIFY! How the hell is the owner going to qualify when he was placed in a bad loan to begin with!
Why aren’t they coming out and tell us that they will make good on all the bad loans that they gave out to begin with, which by the way are the ones that are in default and have contributed to this crisis. It would fix things right away and get the economy on the way back. The banks will not do that because that would show that they are guilty of fraudulent activity, giving out toxic loans that were design to fail and never collect payments, because the lenders already got paid from selling them to the second market plus the insurance money they collected when they had taken out insurance on when the loans would fail. But instead the government is giving money to the banks and creating smoke and mirror effects to keep the homeowner under false assumptions and hopes. They are stealing our homes away from us. It is called “EQUITY STRIPPING”. They are taking our hard earned money either via a way of taking our homes or giving it back to the banks via bailout money. Bottom line is they lied to us before and they keep lying to us now! There is only one way to get financial justice and they know that and they fear it. Educate yourself, take the bastards to court and sue them for all the fraud they have done to us.
For the full article click here: http://www.azstarnet.com/business/305788
Thursday, August 20, 2009
There is no way to fight your foreclosure, fight your foreclosure is the way!
In the art of fighting your foreclosure, being is doing. In doing so, the laces must be tied, the uniforms and pads must be worn, and the helmets must be strapped on because to pass the guards at the gates of victory, a battle must be born.
Not in relation to others, in the battle of self. Foreclosure relief only follows a victory. The battlefield is within your mind; Life was not intended to be a struggle – yet it is. That’s why only the strong and disciplined succeed.
A-PLAN will serve you as a magnificent base plan. With banks and lenders around us grappling at our heels and trying to pin us down at every corner, by lying and stealing our equity in our homes, it’s far nobler to further learn to expand your power and fight to keep absolute control in life. I respect your ability and commitment to life.
I also respect and admire your ability to stand alone, because that will be your only means from which you meet your spiritual path and pronounce yourself victor. On both accounts – neither will be handed to you. The victory, like your others in the past, will come, but not without the discipline, sweat, labor and skill it would take to make wine without cutting the grapes down first.
If you doubt this notion, or are intimidated by it – trash this letter and all the valuable information that I have given you over time on how to fight your foreclosure and start making moving arrangements and looking for an apartment. Which by the way it is hard to get today with everyone asking for a credit check as well as quite expensive. Minimum of one and a half months upfront security, one-month regular rent, and off course the cost of moving and packing. Do you have the dockets for all that, cause it is going to run you a few thousand dollars.
Oddly enough, there are still homeowners who actually believe in handouts, quick fixes and doing jobs any trained chimp could do for $7.00 an hour! More over, jobs where you are asked NOT to think.
This is why the banks invented loan modifications - so these homeowners, will be taken to the cleaners and ripped off once again because they never did enough, took action, been proactive to protect themselves from being foreclosed on and eventually evicted.
I have just one simple question for this homeowner: “What happened to you, and when, when did you decide to coast through life knowing full well – the gravy train was pulling away from you and would never return?”
The gravy train is pulling away and with it, it is taking all your home equity that you have worked so hard to acquire. Your biggest and most valuable asset is being stolen and you are still waiting for help from the banks and government. Haven’t you realized yet that you are all alone here? This is a battle that they want you to fight by yourself so that they can defeat you and take away your most prized possession, your home.
The government has given bailouts to everyone except the homeowner. By the way they are giving away your money, money that you paid in taxes. They have mortgaged your future, your kid’s future and your kids’ kids’ future. Hey why don’t you YELL: “Where is my government bailout check?”
Folks fighting foreclosure will not be easy. If it were, you would not be reading this because you wouldn’t need to! Furthermore, because you are reading this letter – it should only remind you of what you already know – YOU CAN FIGHT YOUR FORECLOSURE. But first you have to take action, and remind yourself that there laws and statutes on your side. You are not alone in this fight. A-PLAN is here to help you fight the fight. But you first need to get off your ass and take action. I t does not matter if you were lied to before, by the bank, government and loan modification company. That is in the past and there is not a thing you can do about it except dust yourself off and fight your foreclosure. 95% of foreclosures go through because homeowners do not fight!
Are you going to be another statistic?
Not in relation to others, in the battle of self. Foreclosure relief only follows a victory. The battlefield is within your mind; Life was not intended to be a struggle – yet it is. That’s why only the strong and disciplined succeed.
A-PLAN will serve you as a magnificent base plan. With banks and lenders around us grappling at our heels and trying to pin us down at every corner, by lying and stealing our equity in our homes, it’s far nobler to further learn to expand your power and fight to keep absolute control in life. I respect your ability and commitment to life.
I also respect and admire your ability to stand alone, because that will be your only means from which you meet your spiritual path and pronounce yourself victor. On both accounts – neither will be handed to you. The victory, like your others in the past, will come, but not without the discipline, sweat, labor and skill it would take to make wine without cutting the grapes down first.
If you doubt this notion, or are intimidated by it – trash this letter and all the valuable information that I have given you over time on how to fight your foreclosure and start making moving arrangements and looking for an apartment. Which by the way it is hard to get today with everyone asking for a credit check as well as quite expensive. Minimum of one and a half months upfront security, one-month regular rent, and off course the cost of moving and packing. Do you have the dockets for all that, cause it is going to run you a few thousand dollars.
Oddly enough, there are still homeowners who actually believe in handouts, quick fixes and doing jobs any trained chimp could do for $7.00 an hour! More over, jobs where you are asked NOT to think.
This is why the banks invented loan modifications - so these homeowners, will be taken to the cleaners and ripped off once again because they never did enough, took action, been proactive to protect themselves from being foreclosed on and eventually evicted.
I have just one simple question for this homeowner: “What happened to you, and when, when did you decide to coast through life knowing full well – the gravy train was pulling away from you and would never return?”
The gravy train is pulling away and with it, it is taking all your home equity that you have worked so hard to acquire. Your biggest and most valuable asset is being stolen and you are still waiting for help from the banks and government. Haven’t you realized yet that you are all alone here? This is a battle that they want you to fight by yourself so that they can defeat you and take away your most prized possession, your home.
The government has given bailouts to everyone except the homeowner. By the way they are giving away your money, money that you paid in taxes. They have mortgaged your future, your kid’s future and your kids’ kids’ future. Hey why don’t you YELL: “Where is my government bailout check?”
Folks fighting foreclosure will not be easy. If it were, you would not be reading this because you wouldn’t need to! Furthermore, because you are reading this letter – it should only remind you of what you already know – YOU CAN FIGHT YOUR FORECLOSURE. But first you have to take action, and remind yourself that there laws and statutes on your side. You are not alone in this fight. A-PLAN is here to help you fight the fight. But you first need to get off your ass and take action. I t does not matter if you were lied to before, by the bank, government and loan modification company. That is in the past and there is not a thing you can do about it except dust yourself off and fight your foreclosure. 95% of foreclosures go through because homeowners do not fight!
Are you going to be another statistic?
Thursday, August 13, 2009
New Financing Rules can have BIG impacts on your closing schedules - check with your mortgage person today
As mentioned in a recent "Mortgage Weekly" the Federal Government has put new Consumer protection laws in place as of August 1st. These laws will slow down the lending process and probably delay many closings. The key points require that the consumer have 3 days to look over their signed Truth-in-Lending disclosure and understand all terms and costs being presented. Lenders are prohibited from collecting any upfront fees or ordering appraisals until the 4Th day after the TIL has been signed. Additionally, any change between the initial Good Faith Estimate and the final HUD-1 closing statement that changes the APR on the TIL by more or less than .125% requires re-disclosure and another 7 day waiting period before the buyer can close. Think about this; the difference of only .125% can mandate a 7 day waiting period. That means that even a change to the closing date would change the prepaid interest on the HUD-1 and could change the APR enough to have to re-disclose. Be very careful about your contract dates, as the lending process will slow down as a result of this change. It's essential to work with a mortgage lender that understands these implications and will stay on top of any changes that may impact the TIL and APR.
NOTES: In my opinion the federal government is trying to implement guidelines so that the standard BANK FRAUDULENT activities are eliminated as well as they can blow their own horn about how they are doing something to fix and or help eliminate bank fraud. It is self serving their political agendas. Give the consumer a little something something and then take credit for the good it has done for them. Mean time the BIG BANK SHARKS are still running Washington.
Folks that does not make it right about all the fraud and lies that the banks have done.
It is another example of BIG BANK & BIG GOV trying to cover their tracks with all the lies and fraud done the last decade.
NOTES: In my opinion the federal government is trying to implement guidelines so that the standard BANK FRAUDULENT activities are eliminated as well as they can blow their own horn about how they are doing something to fix and or help eliminate bank fraud. It is self serving their political agendas. Give the consumer a little something something and then take credit for the good it has done for them. Mean time the BIG BANK SHARKS are still running Washington.
Folks that does not make it right about all the fraud and lies that the banks have done.
It is another example of BIG BANK & BIG GOV trying to cover their tracks with all the lies and fraud done the last decade.
Foreclosures race ahead of efforts by government
As reported by :By ALAN ZIBEL - Associated Press
WASHINGTON — The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government attempts to limit the damage.
Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday.
More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee's sale. That's the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.
Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.
Nevada had the nation's highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah.
Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.
WASHINGTON — The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government attempts to limit the damage.
Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday.
More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee's sale. That's the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.
Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.
Nevada had the nation's highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah.
Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.
Monday, August 10, 2009
Truth In Lending Act - Homeowner's Best Friend
DID YOU KOW THIS?
As per David Leibowitz, attorney at law in Chicago and Waukegan, IL, The Truth In Lending Act or TILA can help you. If your lender did not meet the hypertechnical requirements of TILA, you may be able to undo or rescind your loan. All payments you made would reduce your principal balance. You would get back all of your closing costs. You might get back your attorney's fees too. TILA is very complex. Your lender must make disclosures to you in a very precise way. If they got it wrong, you have substantial rights. We know the law. We can help you defend yourself using TILA before or during foreclosure or even in bankruptcy.
Lender's Liability to the Neighbors
When lenders make bad loans in your neighborhood, is that your problem? Lawsuits have been filed by the cities of Cleveland and Baltimore as well as by residents in Minneapolis arguing that lenders have a responsibility to the neighborhood. After a foreclosure and sale, houses may stand empty for months or years. They may be targets for vandals and undesirables in the neighborhood. A vacant house could become a crack house or worse. Suits against lenders for irresponsible lending suggest that the lenders have a duty to make loans which have a reasonable chance of being paid. And these suits suggest that if the lenders loan irresponsibly, leaving the neighborhoods deteriorated, the neighbors have claims for damages against the lenders even if the lenders had no contractual relationship with the neighbors.These suits are at the cutting edge of litigation. Do lenders have a duty of due care to the neighborhood? Time will tell.
When lenders make bad loans in your neighborhood, is that your problem? Lawsuits have been filed by the cities of Cleveland and Baltimore as well as by residents in Minneapolis arguing that lenders have a responsibility to the neighborhood. After a foreclosure and sale, houses may stand empty for months or years. They may be targets for vandals and undesirables in the neighborhood. A vacant house could become a crack house or worse. Suits against lenders for irresponsible lending suggest that the lenders have a duty to make loans which have a reasonable chance of being paid. And these suits suggest that if the lenders loan irresponsibly, leaving the neighborhoods deteriorated, the neighbors have claims for damages against the lenders even if the lenders had no contractual relationship with the neighbors.These suits are at the cutting edge of litigation. Do lenders have a duty of due care to the neighborhood? Time will tell.
Mortgage Crisis
OK, if you are living in another planet and are clueless as to what is going on, not only in the USA but around the globe, let me fill you in:
We have a mortgage crisis. Foreclosures in the USA are at record levels. Lenders won't even take borrower's calls much less negotiate reasonable loan modifications. Did you get the loan you bargained for? Were the loan terms changed at the last second? Were there bogus fees and excessive closing costs? Did you have an ARM (adjustable rate mortgage) which reset and you can't afford it any more? Keep all your loan documents together. Have a forensic company or attorney check them out. You may have important rights under the federal Truth in Lending Act, TILA, or Home Owners' Equity Protection Act, HOEPA. You may be a victim of Fraud and Deceptive Business Practices and many other statutes. You can sue bad lenders in circuit courts, federal district courts and bankruptcy courts. "Knowledge is power" and now more than ever homeoewners do have the power to fight their foreclosure. Even if our house has been foreclosed, the foreclosure sale already has happened, all hope may not be lost, not necessarily. if the sale was unconscionable or fraudulent or on the ground that justice was not otherwise done. There could be many reasons for this. What does this mean? You can fight to keep your house, even at a late date. You may not win but you might buy time. And sometimes, time is priceless. If you have a legitimate claim, you might even be able to raise it, even at a very late date.
Saturday, August 8, 2009
Companies promise foreclosure help, don't deliver
Here is an article written by Carrie Teegardin on Metro Atlanta/State News on Friday August 7 2009.
The article goes on to describe how thousands of desperate homeowners across the country have turned to for-profit companies that promise to stop foreclosures and gain loan modifications. It then goes on to describe how the majority of these companies are scam artists that do very little but take the homeowners money and produce no results. It briefly describes how they con everyone, how many consumers seek help because they find it difficult to work out resolutions directly with their mortgage companies and then it proceeds to describe how one can get the same service from non profit companies without the burden of large fees. The article quotes: “There is no reason somebody should pay for this service,” said Michelle Jones, senior vice president of counseling for Consumer Credit Counseling Service of Greater Atlanta. CCCS is a HUD-approved housing counselor and one of the largest credit counseling agencies in the nation.
Although a lot of this is true I am going to point out a few things.
First of all homeowners should be proactive in dealing with their situation. A year or two ago when the for-profit Loan Modification industry took off, the homeowner did not have as much information about the process as we do now. Therefore it was a lot easier to fall victim to this process. As of August 8, 2009, there are countless cases of fraud and consumer deception on the loan modification arena. All one has to do is google loan modification fraud or scam and you will get tons of articles and information, so HOMEOWNER BE AWARE.
Secondly the reason why banks are not too willing to modify your loan is because they are not allowed to do so. In case you are not aware of this the banks are only servicers of the loan. That means they only collect the payment, they do not own the note. The note is owned by countless investors around the globe that bought a piece of your note after the original lender that gave you the loan, securitized it by using your social security, credit history and signature and sold it in the open market. By the way, how the lenders did that is in proper as well. So how can they modify something they do not own? That is the reason in most cases they will lower the rate temporarily, add on the payments you missed, late charges and processing fees and put it on the balance of your loan. After the initial period of adjustment the rate goes back to where it was, either periodically or all at once. Now-days lenders want you to pay an upfront amount and then an inflated payment for 3 to 6 months, to show good faith as they call it, and then they will evaluate your loan again to see if it qualifies for a modification. You must also show all your financials and be able to verify them. Most folks do not qualify because their financials are a lot lower than when they took the loan out. That is the reason why they are in this situation to begin with. Does that make sense?
Thirdly, have you ever asked who pays the non-profit organizations to help you? Are they doing it for free? And if they are, you know the old saying: “YOU GET NOTHING FOR NOTHING”. Do you really expect them to do a great job for you when they have no vested interest in you getting a better deal? I am here to tell you that the non-profits are set up by BIG BANK to create the illusion that BIG GOV is here to help you. They want you to try and do a modification to take away your focus from the big picture of the fraud they have created over the years. Yes I did say fraud. It’s a smoke and mirrors game. BIG BANK has always owned Washington and they can do what ever they like. Just like BIG TOBACCO has set up tons of non- profit organizations and promote messages that smoking is hazardous to your health. However it is still legal to smoke although it is proven that cigarettes are the number one reason for causing cancer. It is legal because BIG TOBACCO owns part of Washington as well and huge profits are at stake regardless if it is beneficial to the consumer or not. So you really think the non-profits will have your best interests at heart or the banks?
The loan modification process was created by the banks to help themselves, by keeping homeowners in the houses because it is more expensive to foreclose on them. However when the banks created financial products, (loans) that were never intended to be paid off, toxic as Countrywide’s CEO called them, they expected them to fail and even took insurance out on these loans on when they would fail. The loan modification process made no sense any more. They make more money when the loans default and foreclose on the homes. I will go as far as to say that loan modifications are improper as well. Have you ever seen a loan modification proposal? The banks are asking you to basically give up all your rights while they maintain theirs. Some of these proposals are preposterous. I don’t even know how people sign them. Maybe it’s the fact that they banks basically lead them to believe that they have no other options. Either sign this modification or foreclose on the house. Later, when the homeowner defaults on the modification, which 55% of loan modifications fail within 6 months, the bank can stand in front of the judge and claim that the homeowner signed this modification. I think NOT. Do you think the homeowner might have been in distress? Signing this because he or she thinks they have no other choice? Do you think the homeowner may not have done so if he or she knew that they have other options and further more if they knew that the bank is guilty of fraudulent activity? If they knew that they have rights and there are laws like HOEPA and TILA to protect them, which the banks have totally failed to uphold. If they knew that the process in which the loan was given to them was improper and the way the loan was securitized was improper, the way the loan has been transferred from one investor to another was improper and finally if foreclosure notice has been given to the homeowner, that too may have been improper. I believe in the intelligence of the consumer and given all the facts they can make the right choice. The consumer maybe naïve but the banks have committed fraud.
I am not an attorney nor do I claim to be one and not all mortgage loans fall under the anti predatory lending situation. You should seek legal advise but make sure you ask multiple attorneys for their advise as a lot of attorneys do not specialize in foreclosure or predatory lending law. You should seek advise from an attorney that does specialize in this type of law and ask him or her if they do or have a company that does their forensic mortgage analysis, expert testimonies, consumer investigation and all their legal support services. After all the attorney needs to know all the details of the loan, the process in which it was given, and if since the homeowner defaulted the bank followed proper procedures as well if they have the right to stand and produce the note among other things. The attorney needs to have a plan of action before going in front of judge to fight for the homeowners’ rights.
Since I live in New Jersey here are links to NEW JERSEY’S BANKING & INSURANCE WEB SITE:
Warning Regarding Mortgage Loan Modification Activity
Predatory Lending - What Consumers Should Know
For all other states all you have to do is google the Department Of Banking And Insurance and you will be able to get the same information.
I believe knowledge is power and armed with it, homeowners can keep the banks from stealing the most important asset that they have, their home.
Here is the link to the complete article written by Carrie Teegardin on Metro Atlanta/State News:
http://www.ajc.com/news/companies-promise-foreclosure-111175.html
The article goes on to describe how thousands of desperate homeowners across the country have turned to for-profit companies that promise to stop foreclosures and gain loan modifications. It then goes on to describe how the majority of these companies are scam artists that do very little but take the homeowners money and produce no results. It briefly describes how they con everyone, how many consumers seek help because they find it difficult to work out resolutions directly with their mortgage companies and then it proceeds to describe how one can get the same service from non profit companies without the burden of large fees. The article quotes: “There is no reason somebody should pay for this service,” said Michelle Jones, senior vice president of counseling for Consumer Credit Counseling Service of Greater Atlanta. CCCS is a HUD-approved housing counselor and one of the largest credit counseling agencies in the nation.
Although a lot of this is true I am going to point out a few things.
First of all homeowners should be proactive in dealing with their situation. A year or two ago when the for-profit Loan Modification industry took off, the homeowner did not have as much information about the process as we do now. Therefore it was a lot easier to fall victim to this process. As of August 8, 2009, there are countless cases of fraud and consumer deception on the loan modification arena. All one has to do is google loan modification fraud or scam and you will get tons of articles and information, so HOMEOWNER BE AWARE.
Secondly the reason why banks are not too willing to modify your loan is because they are not allowed to do so. In case you are not aware of this the banks are only servicers of the loan. That means they only collect the payment, they do not own the note. The note is owned by countless investors around the globe that bought a piece of your note after the original lender that gave you the loan, securitized it by using your social security, credit history and signature and sold it in the open market. By the way, how the lenders did that is in proper as well. So how can they modify something they do not own? That is the reason in most cases they will lower the rate temporarily, add on the payments you missed, late charges and processing fees and put it on the balance of your loan. After the initial period of adjustment the rate goes back to where it was, either periodically or all at once. Now-days lenders want you to pay an upfront amount and then an inflated payment for 3 to 6 months, to show good faith as they call it, and then they will evaluate your loan again to see if it qualifies for a modification. You must also show all your financials and be able to verify them. Most folks do not qualify because their financials are a lot lower than when they took the loan out. That is the reason why they are in this situation to begin with. Does that make sense?
Thirdly, have you ever asked who pays the non-profit organizations to help you? Are they doing it for free? And if they are, you know the old saying: “YOU GET NOTHING FOR NOTHING”. Do you really expect them to do a great job for you when they have no vested interest in you getting a better deal? I am here to tell you that the non-profits are set up by BIG BANK to create the illusion that BIG GOV is here to help you. They want you to try and do a modification to take away your focus from the big picture of the fraud they have created over the years. Yes I did say fraud. It’s a smoke and mirrors game. BIG BANK has always owned Washington and they can do what ever they like. Just like BIG TOBACCO has set up tons of non- profit organizations and promote messages that smoking is hazardous to your health. However it is still legal to smoke although it is proven that cigarettes are the number one reason for causing cancer. It is legal because BIG TOBACCO owns part of Washington as well and huge profits are at stake regardless if it is beneficial to the consumer or not. So you really think the non-profits will have your best interests at heart or the banks?
The loan modification process was created by the banks to help themselves, by keeping homeowners in the houses because it is more expensive to foreclose on them. However when the banks created financial products, (loans) that were never intended to be paid off, toxic as Countrywide’s CEO called them, they expected them to fail and even took insurance out on these loans on when they would fail. The loan modification process made no sense any more. They make more money when the loans default and foreclose on the homes. I will go as far as to say that loan modifications are improper as well. Have you ever seen a loan modification proposal? The banks are asking you to basically give up all your rights while they maintain theirs. Some of these proposals are preposterous. I don’t even know how people sign them. Maybe it’s the fact that they banks basically lead them to believe that they have no other options. Either sign this modification or foreclose on the house. Later, when the homeowner defaults on the modification, which 55% of loan modifications fail within 6 months, the bank can stand in front of the judge and claim that the homeowner signed this modification. I think NOT. Do you think the homeowner might have been in distress? Signing this because he or she thinks they have no other choice? Do you think the homeowner may not have done so if he or she knew that they have other options and further more if they knew that the bank is guilty of fraudulent activity? If they knew that they have rights and there are laws like HOEPA and TILA to protect them, which the banks have totally failed to uphold. If they knew that the process in which the loan was given to them was improper and the way the loan was securitized was improper, the way the loan has been transferred from one investor to another was improper and finally if foreclosure notice has been given to the homeowner, that too may have been improper. I believe in the intelligence of the consumer and given all the facts they can make the right choice. The consumer maybe naïve but the banks have committed fraud.
I am not an attorney nor do I claim to be one and not all mortgage loans fall under the anti predatory lending situation. You should seek legal advise but make sure you ask multiple attorneys for their advise as a lot of attorneys do not specialize in foreclosure or predatory lending law. You should seek advise from an attorney that does specialize in this type of law and ask him or her if they do or have a company that does their forensic mortgage analysis, expert testimonies, consumer investigation and all their legal support services. After all the attorney needs to know all the details of the loan, the process in which it was given, and if since the homeowner defaulted the bank followed proper procedures as well if they have the right to stand and produce the note among other things. The attorney needs to have a plan of action before going in front of judge to fight for the homeowners’ rights.
Since I live in New Jersey here are links to NEW JERSEY’S BANKING & INSURANCE WEB SITE:
Warning Regarding Mortgage Loan Modification Activity
Predatory Lending - What Consumers Should Know
For all other states all you have to do is google the Department Of Banking And Insurance and you will be able to get the same information.
I believe knowledge is power and armed with it, homeowners can keep the banks from stealing the most important asset that they have, their home.
Here is the link to the complete article written by Carrie Teegardin on Metro Atlanta/State News:
http://www.ajc.com/news/companies-promise-foreclosure-111175.html
Tuesday, August 4, 2009
Foreclosure-Related Suicide: Sign of the Times?
This was published on ABC's news site.
It's extremely disturbing.
I have no words.
"By the time you foreclose on my house, I'll be dead."
So read the note that 53-year-old Carlene Balderrama of Taunton, Mass., faxed to her mortgage company, according to Taunton Police Chief Raymond O'Berg.
The message turned out to be tragically prophetic. According to local reports, PHH Mortgage Corp. -- the company foreclosing on Balderrama's home -- notified police of the message less than an hour and a half before the home was to go on the auction block. By the time officers arrived at Balderrama's house, they found she had fatally shot herself with her husband's rifle.
O'Berg said Balderrama's death has been officially ruled a suicide. But though the case is closed, he notes that the tragedy underscores a problem that is affecting many in the community of about 60,000, which lies roughly 40 miles south of Boston.
"It has a lot of people talking, because there are a lot of homes in foreclosure here," O'Berg told ABCNews.com. "It's just a tragedy. Then again, someone told me that these financial stresses are tough."
VIDEO HERE:
http://abcnews.go.com/Health/DepressionNews/story?id=5444573&page=1
It's extremely disturbing.
I have no words.
"By the time you foreclose on my house, I'll be dead."
So read the note that 53-year-old Carlene Balderrama of Taunton, Mass., faxed to her mortgage company, according to Taunton Police Chief Raymond O'Berg.
The message turned out to be tragically prophetic. According to local reports, PHH Mortgage Corp. -- the company foreclosing on Balderrama's home -- notified police of the message less than an hour and a half before the home was to go on the auction block. By the time officers arrived at Balderrama's house, they found she had fatally shot herself with her husband's rifle.
O'Berg said Balderrama's death has been officially ruled a suicide. But though the case is closed, he notes that the tragedy underscores a problem that is affecting many in the community of about 60,000, which lies roughly 40 miles south of Boston.
"It has a lot of people talking, because there are a lot of homes in foreclosure here," O'Berg told ABCNews.com. "It's just a tragedy. Then again, someone told me that these financial stresses are tough."
VIDEO HERE:
http://abcnews.go.com/Health/DepressionNews/story?id=5444573&page=1
Foreclosure Rant
I am sorry if I need to vent out a bit about all the sh#t that's been going on and on and on.
It seems that people DO NOT GET IT. Or if they are they just DO NOT CARE.
Ever since this whole crisis became apparent, and in actuality it was started way before the government and its media propaganda machine admitted it we seem to be going down an endless, bottomless pit. Things are getting worse and more and more wrong decisions are being made on a daily basis. Yesterday August 3rd 2009 Colonial Bank Group in Orlando Florida was raided and seized. Foreclosures are higher than last year, experts have predicted a new wave of foreclosures that include prime loans, not just subrime. Yet they are telling us that the economy is slowly coming around.
Who are we kidding? Americans need to get their heads out of you know what and take action. People need to step up and arm themselves with the truth and the BS the media is feeding us.
Here is another dose of reality written by Maryann Tobin on examiner.com called:
Solution to housing crisis ignored as foreclosure suicides rise
If there were ever a time in this country for big business to put people before profits - that time is now.
Thousands of people facing foreclosure have no where to go if they lose their homes.
There has been little said about it, but an increasing number of the newly homeless have chosen to take their own lives. , according to ABC News.
Is that what we have come to in this country? People are dying now - because lenders are not doing the right thing when it comes to keeping people in their homes.
Any lender, if it wishes, can actually forgive a mortgage. It may sound unfair to those who pay their loans, but the crumbling housing market effects those who pay and those who don’t or can’t pay.
Foreclosure is bad for everyone.
So what would happen if banks simply started forgiving individuals for bad loans?
Foreclosures would end nationwide. The glut of empty homes that remain would likely be bought much more quickly - since the flood will have stopped. People would have a legitimate opportunity to get back on their feet. With improvement in the housing market, homes would sell for a better price.
Once the housing market is stable, consumer confidence would rise. Personal spending would increase, which in turn would create more jobs, then unemployment would decrease, the stock market would likely go up - you get the picture.
What is bad about that?
The loudest voice complaining would likely be the lenders. These same lenders were the first to take trillions of dollars in bailout money so they could stay in business - so they could make more bad loans, or make very few loans.
In mortgage renegotiation, most lenders focus on adding fees and penalties, and tacking on extra payments. Giving up a dime never comes into the picture. But let that same house go into foreclosure and sell at auction for half of the loan value, and the lenders are happy. And we wonder why the economy is in the shape it’s in? All they had to do was give that same discount to the homeowner.
The lender would actually save time and money by not incurring the legal fees and expense of foreclosure and auction. And there would be one less under priced home sold, driving prices down even further.
This is simple math. And better accounting practice than what is going on now.
More importantly, it actually does something to help solve the problem, and the people it's hurting.
Look at the Cash for Clunkers program. What it proves is that if you help people directly, they will help the economy.
In reality, there is only one way to stop the housing crisis. Stop the foreclosures. Whether it be by forgiveness or dramatic reduction in debt, it has to begin with direct help to the people who need it.
The government is out of this picture. This is between the lenders and their borrowers. No one should say it can’t be done. Where there’s a will, there’s a way. The problem is - no one has tried.
There is no excuse for anyone to allow this country to become the land of the desperate, the land of the suicidal, or the land of the homeless and unemployed.
Thousands of people facing foreclosure have no where to go if they lose their homes.
There has been little said about it, but an increasing number of the newly homeless have chosen to take their own lives. , according to ABC News.
Is that what we have come to in this country? People are dying now - because lenders are not doing the right thing when it comes to keeping people in their homes.
Any lender, if it wishes, can actually forgive a mortgage. It may sound unfair to those who pay their loans, but the crumbling housing market effects those who pay and those who don’t or can’t pay.
Foreclosure is bad for everyone.
So what would happen if banks simply started forgiving individuals for bad loans?
Foreclosures would end nationwide. The glut of empty homes that remain would likely be bought much more quickly - since the flood will have stopped. People would have a legitimate opportunity to get back on their feet. With improvement in the housing market, homes would sell for a better price.
Once the housing market is stable, consumer confidence would rise. Personal spending would increase, which in turn would create more jobs, then unemployment would decrease, the stock market would likely go up - you get the picture.
What is bad about that?
The loudest voice complaining would likely be the lenders. These same lenders were the first to take trillions of dollars in bailout money so they could stay in business - so they could make more bad loans, or make very few loans.
In mortgage renegotiation, most lenders focus on adding fees and penalties, and tacking on extra payments. Giving up a dime never comes into the picture. But let that same house go into foreclosure and sell at auction for half of the loan value, and the lenders are happy. And we wonder why the economy is in the shape it’s in? All they had to do was give that same discount to the homeowner.
The lender would actually save time and money by not incurring the legal fees and expense of foreclosure and auction. And there would be one less under priced home sold, driving prices down even further.
This is simple math. And better accounting practice than what is going on now.
More importantly, it actually does something to help solve the problem, and the people it's hurting.
Look at the Cash for Clunkers program. What it proves is that if you help people directly, they will help the economy.
In reality, there is only one way to stop the housing crisis. Stop the foreclosures. Whether it be by forgiveness or dramatic reduction in debt, it has to begin with direct help to the people who need it.
The government is out of this picture. This is between the lenders and their borrowers. No one should say it can’t be done. Where there’s a will, there’s a way. The problem is - no one has tried.
There is no excuse for anyone to allow this country to become the land of the desperate, the land of the suicidal, or the land of the homeless and unemployed.
PS: Check out these videos:
ANTI FORECLOSURE RANT
http://www.youtube.com/watch?v=3_XChjN8CJ4
HOME OWNERS HAVE BEEN DEFRAUDED
ADVOCATING HOME OWNERS TO FIGHT
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