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.
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.
With hundreds of thousands of new foreclosure filings piling up each month, mistakes are inevitable. When a mistake winds up wrongly putting someone
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.