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A lot of times mortgage horror stories are 100 percent the fault of the lending institutions as in this case….

At the ripe old age of 40, my husband and I bought our first home one year ago. Having heard so many horror stories prior to our purchase, we were very surprised at the ease in which every thing went during our application and closure. We had to take out a second mortgage with our financial institution, however, to pay for incidentals at closing. We ended up with two loans, one (the smaller of the two) was automatic withdrawal and the other was a mail-in payment.

After six months, I was horror-stricken when I received a certified letter stating my home and land would be put up for auction in the near future for my failure to pay three months of house payments! After pulling myself off of the floor, I managed to calm myself down long enough to call our esteemed bank. A nice young lady laughed and said, yes, our payment had not been received for three months, but the problem was with the bank. They had inadvertently applied our major mortgage payments to the second mortgage AFTER SIX MONTHS OF PAYING IT CORRECTLY! I was livid! The best part? The young lady indicated that it happens all the time and it was just a little glitch … and it was usually funny (how it turned out) Funny!?! I practically had to call 911 when I got that notice! This happened five months ago and my credit is screwed up. The bank s (explanation) is It s just a little glitch.

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Houston foreclosures

One man in Las Vegas says that the entire system is broken….

I bought my house in late 2007 for $400K at 6.5% fix. I put 25% down ($100K). With the current market, I didn t only lost all my equity but due to foreclosures in the area, my house is only worth about $250K and I owe $299. I retired from the military and currently unemploy. Between my pension, spouse s income, and others, we are barely getting by or having to use our saving to cover any shortfalls. I called Countrywide in January to see if they have anything that will help responsible people like me who are still current on payment. It was like talking to a wall. All the solutions she mentioned only benefit CW and not me. Later, I spoke to the HOPE credit counselor, we did the budget and she send the file to Countrywide. February, I send a certified letter with my budget breakdown to CW asking them to help me. Today 10 Feb 09, I called CW to discuss more about my issue. We had to go over my budget again. I asked her to pull out the letter I sent but she said she still has to do it verbally. At first her math showed I have positive income so I don t qualify. I told her the math is not right. We tried again and now it showed I m negative and still don t qualify. So I asked her what is the number for me to qualify? she said because I m already on fix 6.5% interest, I don t qualify. So basically, no matter if I m positive or negative, I don t qualify period. She just wasted my time. She mentioned doing a short sale, in which I replied why not help me and modify my mortgage? They will likely loose less money helping me then taking a short sale. She said that s the only solution the company can offer. To sum it up, if you are responsible and doing your best not to add to the foreclosure problem – THERE IS NO PROGRAM TO HELP YOU BUT ONLY PROGRAMS THAT ENCOURAGE YOU TO DUMP THE PROPERTY.

The truth is that the mortgage lending system is broken, and the U.S. housing industry is falling apart because of it.

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Houston Texas foreclosure homes

Question: Can I stop the foreclosure sale? – Answer: Yes. You can bring your mortgage payments current along with all late charges, foreclosure fees, taxes, and insurance premiums. If you are unable to do so, you can contact your lender and try to negotiate a plan to modify your payments but don’t wait until the last minute to do this. Other options include refinancing, selling your home and or filing for bankruptcy.

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Houston Texas foreclosure

Q. How does a foreclosure affect my credit? – Ans. Well, it is serious. The lenders I have spoken with tell me it will be about a 400 pt hit on you credit score. Really foreclosure is the last resort. There are a number of things that can possibly be done before you get to that point.

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