Consider filing for personal bankruptcy protection. This is a last-ditch tactic to be sure, but it may be better for you than a foreclosure. With a foreclosure, your home will be taken away from you, your credit rating will be seriously damaged and you
In the same tragic vein as the last story comes the woman who apparently set fire to her house and attempted to poison her kids in anticipation of foreclosure. Thirty-three year old Tanya Friedly of Detroit was
The typical foreclosure story is rather common: homeowner can no longer make payments, homeowner goes into foreclosure and loses the home, home goes on the market. But every once in a while a foreclosed home or two falls off the back of the proverbial truck, as DS News reported on September 11, 2009. According to the story, Wells Fargo executive Cheronda Guyton was found to have:
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.
Dealing with mortgage lenders has become so frustrating that some people are on the verge of just giving up….
I am self-employed, have been all my life and have owned a home for 30 years. When I started my Loan Modification process in August of 09 I WAS NOT behind on any payments. I sent full documentation, over 150 pages, with the things they needed to verify my income. I am now 2 payments behind and I am getting nowhere. They keep flipping me between Loss Mitigation and Imminent Default, back and fourth month end month out. I made a habit of calling every week, then every two weeks just to be sure all was moving forward. From the middle of November I was told my file was with the underwriter and it would only be 30-60 days. I began automatically updating my income verification, verification that I still resided at the property and an updated 4506-T every month. In the middle of April a rep finally told me I was not in the loan modification process. In fact, that I had been denied on March 2. Keep in mind, I m talking to these people every 2 weeks. She did a financial interview and sent me a new packet so that I could start all over, resubmitting all the documentation yet again. She told me she was my Account Manager. I completed the packet, called with a question (2 weeks later – over a week to receive the packet and another few days to complete it and gather all my documents again) and learned that my Account Manager was on maternity leave and I now didn t have an account manager. Also, I was told that I had received the incorrect packet…it was the old version rather than the updated version. She asked me to fax four or five pieces of information in the hopes it would, quote, jump start my file back into the process and said she we send me another packet. That was mid April. Here we sit, 2-1/2 months later, I have still not received anything in writing about my rejection. And, though I ve now had people tell me on three separate occasions that I would receive a new packet, it has yet to show up on my door step. I asked several times why my application was denied and the answer I finally got last week was that it was because I was DELIQUENT in my payments. Call me crazy but I thought that was the whole point??!! I almost hired a third party but am so hesitant to take that step. Every time I get on the phone with them it takes an hour out of my day and I am usually so upset I find it difficult to work, so I just don t call. I m going to sit back and regroup and decide what I need to do next.
Consider filing for personal bankruptcy protection. This is a last-ditch tactic to be sure, but it may be better for you than a foreclosure. With a foreclosure, your home will be taken away from you, your credit rating will be seriously damaged and you
In the same tragic vein as the last story comes the woman who apparently set fire to her house and attempted to poison her kids in anticipation of foreclosure. Thirty-three year old Tanya Friedly of Detroit was
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.
Dealing with mortgage lenders has become so frustrating that some people are on the verge of just giving up….
I am self-employed, have been all my life and have owned a home for 30 years. When I started my Loan Modification process in August of 09 I WAS NOT behind on any payments. I sent full documentation, over 150 pages, with the things they needed to verify my income. I am now 2 payments behind and I am getting nowhere. They keep flipping me between Loss Mitigation and Imminent Default, back and fourth month end month out. I made a habit of calling every week, then every two weeks just to be sure all was moving forward. From the middle of November I was told my file was with the underwriter and it would only be 30-60 days. I began automatically updating my income verification, verification that I still resided at the property and an updated 4506-T every month. In the middle of April a rep finally told me I was not in the loan modification process. In fact, that I had been denied on March 2. Keep in mind, I m talking to these people every 2 weeks. She did a financial interview and sent me a new packet so that I could start all over, resubmitting all the documentation yet again. She told me she was my Account Manager. I completed the packet, called with a question (2 weeks later – over a week to receive the packet and another few days to complete it and gather all my documents again) and learned that my Account Manager was on maternity leave and I now didn t have an account manager. Also, I was told that I had received the incorrect packet…it was the old version rather than the updated version. She asked me to fax four or five pieces of information in the hopes it would, quote, jump start my file back into the process and said she we send me another packet. That was mid April. Here we sit, 2-1/2 months later, I have still not received anything in writing about my rejection. And, though I ve now had people tell me on three separate occasions that I would receive a new packet, it has yet to show up on my door step. I asked several times why my application was denied and the answer I finally got last week was that it was because I was DELIQUENT in my payments. Call me crazy but I thought that was the whole point??!! I almost hired a third party but am so hesitant to take that step. Every time I get on the phone with them it takes an hour out of my day and I am usually so upset I find it difficult to work, so I just don t call. I m going to sit back and regroup and decide what I need to do next.
Consider filing for personal bankruptcy protection. This is a last-ditch tactic to be sure, but it may be better for you than a foreclosure. With a foreclosure, your home will be taken away from you, your credit rating will be seriously damaged and you