ATS Homeowners, please read.

We also have flaggstar. We have been a month behind forever. We have four payday loans out and we can not catch up.

Same thing, I can not work due to health. My house is worth half what we paid for it a year and a half ago.

We want to get payment deffered but they said we have to be three months behind, then it is not guaranteed and that we could face pay on demand, so we can not risk it.

We have a prime loan, but husbands hours are cut in half.
We bought this home based on a 60k salary that is now 30k .

I think a lot of people are in this situation. I see it just getting worse and worse until it down rite collapses.

Then we have banks going the way of renting us out our own homes.
HUD homes that do this will essentially be the federal government renting you a house. That is so wrong on SOOO many levels.

They should have let the banks fail that needed to fail, and let this fix itself, now I do not think it is fixable any more . What a mess.

reply to post by amatrine


You're an FHA or VA loan, I take it? With having to be 3 months behind to get options. If you're VA call the VA office and see if they can help. If FHA, figure out your finances, your monthly income and expenses. If you have a positive cashflow of around $50 or more they're almost guaranteed to do the mod, if it's negative unfortunately they can't. But don't hate your bank for that fact, it honestly all boils down to what the investor guidelines are, and the people that do what I do have to follow them.

I don't want to harass you via pm, haha, but if you want a little more information, PM me and I can help.

The so call help for homeowners is nothing but another way to scam the people once more.

BofA that took over countrywide is offering refinancing, but with a catch.

You will get refinance but you have to take their extra home owners insurance in case you can not pay your mortgage or not refinancing.

How do I know, my husband and I found out the hard way, the savings of refinancing our home will go into this scam call BofA mortgage insurance, that had nothing to do with the insurance you get when buy a home for damages and liabilities.

Even the loan officer told us that it wasn't worth it.

Yes BofA is one of the biggest corrupted entity out there, and we have no say so when now they own our mortgage after Countrywide crash.

What a whole bunch of crocks.


[edit on 17-7-2009 by marg6043]

reply to post by marg6043


I hate PMI. I think it's one of but biggest scams in the industry. It doesn't always amount to much, but it's STUPID to charge someone insurance because of their credit being too low, or they didn't have a big enough down payment. It's absolutely stupid and I think it should be illegal. PMI doesn't pay off the loan quicker, or pay for legal fees and such if the homeowner does default. It's a total waste.

Originally posted by Bullion King
Hey guys this is my first post but I feel it is a good post to contribute to. I spent 13 years in the mortgage business on all levels. I left the mortgage biz last year to become a precious metals specialist. (by the way. buy silver now!! It is at 13.39 as I type this and by the end of Sept will sky rocket.) When my old mortgage clients run into these loan mod scams I send them to this link. makinghomeaffordable.gov.... This is free government help. They contact the mortgage company for you (free of charge) which is better than a 3rd party company. As we know big brother gets what they want. Hope this helps. Have a hell of a weekend fella's!

[edit on 17-7-2009 by Bullion King]

[edit on 17-7-2009 by Bullion King]

Making Home Affordable is a good thing. I suggest to everyone eligible that calls in to go through the program. Even if you're current, you can see about doing the MHA refinance, all costs incurred by the bank, to get a lower interest rate or convert from an ARM to a 30 or 40 year fixed rate. My employer hasn't done it on an account yet, but there's even a stipulation in there for principle forgiveness if the home's value has dropped so much.

The only drawback right now is that the mortgage has to be Conventional or Farm backed by FNMA or FHLMC or in the bank's portfolio. FHA, VA and loans backed by GNMA do not qualify. It's heartbreaking to tell people that their investor doesn't offer the program. Obama needs to persuade them to work with it.

I'm not wild about a lot of things the man is doing right now, but Making Home Affordable is awesome, as far as I'm concerned.

One thing about your post though was inaccurate, you actually have to call your mortgage company and request to enter the program. Other than that, good addition to the thread. Thank you!

Great post. Thanks for the info, S&F.
I'm not a homeowner but it's still good to know. I read an article on Yahoo about a month or so ago. You can stall a forclosure for up to 6 months by asking the financial institution for the original mortgage note. Chances are they wont have it as mortgages get sold either in part or in its entirety to other financial companies.
That could give you time to catch up on the bills or even sell the house or whatever you need to do. Sorry, no source for this but I'm sure you can research the info and find this is accurate.

reply to post by thereaintnospoon


I read that article on MSN I think. I also think someone posted that on here actually...or in a mortgage-based thread I read on here.

I don't work in forclosure, but I have had to order a copy of the note and that alone takes time...I can imagine it would be even longer for the original.

reply to post by preparanoid


A star for you too and I like your user name.

It's amazing how many of these companies manage to make people think they are not for profit. I am beyond livid and they find ways to get around the do not call list.

reply to post by amatrine


Same here I have had to put us on the dont call list its that bad.

Originally posted by preparanoid
Could you possibly write a letter to the editor of your local newspaper? ***snip***

I've written to the letters editor of The Financial Times.

Dear Sir, Madam or Person

I’m writing this e-mail to draw your attention to the praxis of scamming people in financial problems into paying for services they could get free of charge in their local bank, building society or wherever they have financed their mortgages.

My e-mail to you is spurred on by a thread on the website www.abovetopsecret.com. You can find the thread here: www.abovetopsecret.com...&addstar=1&on=6724950#pid6724950

This particular thread is important as it discusses a problem in todays society where newspapers and television networks readily airs or prints advertising for dubious services that are so close to fraud that one has to react.
I’m all for the right to pursue happiness – it’s when this pursue is based on greed and harms people who cannot afford this type of scam that I feel I have to act.

I myself have been advised by “bank advisors” that gave seemingly sound advice that would have cost me more than $50,000 - had I followed their advice. What really jerks my chain is that they knew their advice was flawed.

You have it in your power to do something about this problem. If your estimed paper addresses this problem I’m sure that it will get picked up by others as well and who knows – perhaps we can stop this.

Please do.

reply to post by HolgerTheDane


Thank you for doing that! Hopefully it makes it in! I just wonder if struggling homeowners read Financial Times.

Maybe I'll write some letters to Better Homes and Gardens or other similar periodicals that may reach a struggling audience.

reply to post by Heatburger


The only problem is that many mortgage companies won't work with homeowners and that's where these scam companies come into play....Basically the mortgage companies are driving the homeowners to these places.

Originally posted by Heatburger
reply to post by HolgerTheDane

 

Thank you for doing that! Hopefully it makes it in! I just wonder if struggling homeowners read Financial Times.

I'm sure most homeowners don't read FT.

On the other hand I know that most media outlets find some of their stuff in FT. Perhaps it'll spread this way.

I heard on news radio that a lot of these new scams are coming from Canada now, so don't assume any scams are origionating in Nigeria.

canadaonline.about.com...

since I live in this, your sister, country, I wouldn't want any of you to fall prey to 'em.

reply to post by Heatburger


Of course, the banks are the real fraudsters here for loaning out money they never had in the first place!

reply to post by eonpeon


I'm not talking about banks here, I'm talking about innocent homeowners getting sucked into these scams when they could do it all themselves for nothing out of pocket.

I don't agree with the banking system either, but this thread is not about "sticking it to the man," I posted this to warn EVERYDAY people that there are "programs" around trying to rip people off by taking advantage of a poor economy.

Yes the banks suck. they're all frauds and liars. But there are people out there all the same taking advantage of homeowners left and right. I'm in a position to see that first hand and at least I'm making an effort to stop it rather than just saying banks are frauds and moving on with my life not doing a damn thing about it.

[edit on 21-7-2009 by Heatburger]

I will add the Wells Fargo is hard to deal with statement. Both of us work and my hours have been cut to about 25 a week at a very large global company. We are not behind on anything yet but the end of the rope is slipping away. We attempted to get WF to do a loan modification and they countered with a $20,000 loan with both our vehicles as collateral. Now this loan to help us get by had about $6000 in fees and closing costs to get the money. Now if we had $6,000 there would not be a problem. So we are done, the towel is being thrown. Or home was built and purchased new before the housing bubble started 4 years ago. So despite paying WF $60,000 so far, the home is now worth $110,000 or 40,000 less then we paid for it. Then you add in the second mortgage we had to get to stay afloat and we owe about $180,000. It has been for sale for 15 months with no takers and the real estate agent tells us that banks are not loaning money for existing homes in our county. There are too many foreclosures and they are using bailout money for that.

Good thing we have excellent credit because it will have farther to fall when we file for bankruptcy. I think that may be the way the average working person has to make a statement to the banking industry. We tried to play your game and now you took the ball and went home. Now we will be renter for a year or so until we can get our score back up. No home repair bills to worry about and the ability to up and move to where there is plenty of work when we need to. We get to keep both vehicles and I will still make my boat payment. Other then that $225,000 wiped off the books for a $1,600 fee. One more foreclosure to the list of about 600 in the county at last count. They say we have a good eight months until they try to throw us out but we will be gone by then.

This should be mentioned on every major news outlet every few days. It's surprising that it isn't? Wouldn't most people find this news worthy? Maybe the news isn't there to provide you with what you'd deem important... Some thing to think about.

I'm still seeing this more and more all over the television. It honestly seems like they've increased in these past weeks. I'm getting sick of it. I wish they could all be banned.

I recently got an email about some companies that the government IS shutting down, but the commercials just keep coming and coming! It's so frustrating.