Working with lenders lands homeowners in foreclosure | Bakersfield Now - News, Weather and Sports | Comments

Bluevue

Mon, 8 Nov 2010 03:48:38 +0000

How do you know this person didn't work for the State of California, and The State of California sent IOUS to her instead of paying her, which led to her foreclosure?

yukonmom

Mon, 8 Nov 2010 02:54:07 +0000

GetRealAlready....I am assuming you are talking about the single woman in this article (the 54 year old) since you say "It's not like some poor middle age woman bought the home and then lost income." I was just curious how you know this? Is this a friend or an acquaintance of yours that you know of this individuals financial status? It's really hard to determine if someone "deserves" (for lack of a better word) to be in this situation or not. How do you know this person didn't lose income? It seems that everyone has lost income, even if they are still employed pay cuts have been the norm at a lot of companies.

GetRealAlready

Mon, 8 Nov 2010 01:45:10 +0000

Don't mean like those who did it for college or medical bills. Person reference did not do it for those reasons.

thejaguar

Sat, 6 Nov 2010 23:19:08 +0000

Times have changed since the returning soldiers from World War II were practically given homes. Mortgages are big business, the banks and real estate development companies control everything and I for one have not wasted my life mowing lawns, cleaning rain gutters, fixing roofs, spraying for termites, fixing garage doors, etc. etc. etc. I once wanted very much to be a homeowner like my grandfather (who was one of those WWII vets) but realized after 2004 that his dream would have been my nightmare had I signed on to that loan for the $350,000 house that had been worth only $150,000 two short years before. Vive la renting! :-)

mp3rmd

Sat, 6 Nov 2010 02:02:49 +0000

Thank goodness for reporters like these who are willing to care about people, and to expose the problems they are fighting! It is nice to see support from other American citizens who are upset over what is being done to their fellow American homeowners across this nation. What some may see as "greed" is in reality that homeowners were offered the ability to buy a home, and much of the details in those loans and contracts were not clearly disclosed. They had no choice but to accept one of the offers the banks and lenders made available. People just wanted to buy a home for their families. Do you think homeowners just purposely took out loans they could not afford knowing full well they would later end up sinking, and then to be foreclosed upon, rendered homeless, just to thumb their noses at the banks? What are millions of others going to do when their monthly payments are set to rise drastically? Have you looked at your loan docs lately? Have you read them thoroughly? Do you know who your present "note holder" now is? Do you know all the tricks that may be used on you by your loan servicer or your lender? You may want to do some research of your own into your own loan situation. I hope those who look down on hard-working, responsible homeowners who tried to talk to their banks to avoid foreclosure instead of just avoiding responsibility, do not one day end up in their shoes. Do some research on how many fraudulent foreclosures have been filed when the real parties in interest are not the ones filing suit against them. Just because documents get filed into the county record, the court sees those docs as legitimate...but what if they are not? How can it be disproved? What if one of these "fraudulent foreclosures" happens to you? What if you are foreclosed upon even if you are not nearing default? What will you say then? What if you lose your job? What if you are injured on the job, or elsewhere? What if a family member gets ill? What if you see that you may fall behind, and try to work something out with your bank? I say, better to have some mercy and grace for unfortunate homeowners when you have not yet walked even a few steps (let alone a mile) in their shoes. Pride comes before a fall. You never know when you could end up in trouble and reach out for help from your lender, only to end up just as these folks and the millions like them who have already lost their homes. Sobering thought, isn't it? Before you criticize, you may want to do some research and investigating, such as the reporters have done. You may be surprised what you uncover. There is much that can be done if you start now to prevent a disaster such as what these homeowners are experiencing. Take their stories as warnings. For those who have been victimized by predatory lending, phony loan mods in the guise of legitimate government programs, evictions and homelessness, there are many MORE who sympathize with your plight than those who do not. Ignore the heartless remarks. You are seeing just the tip of the iceberg of all the fraud that is involved with the housing, mortgage, securitization, credit default swaps, mortgage-backed securities, foreclosure, eviction and the homeless crisis facing our nation. Perhaps those who criticize you will be silenced with what will come into the light in the near future. When that happens, they will feel very foolish, and should apologize to you for their judgmental remarks. Reach out to organizations that are there to help people just like you. You are not alone.

Alessandro Machi

Fri, 5 Nov 2010 17:08:22 +0000

Get Real Already, you mean like pull money out of the home to pay for medical bills, or to put their kids through college? If Banksters had not pilfered a portion of the down payment money and monthly mortgage payments into bankers bonuses and investments that cause jobs to LEAVE our COUNTRY, the RECORD LEVEL OF HOME FORECLOSURES would not be happening because there would be more local jobs. Reinvesting money LOCALLY would have prevented what the country is presently going through. And, portions of the down payment and mortgage payments investment money was reallocated to create huge, fraudulent investment opportunities that simply made the first in line a ton of money off of the backs of main street.

GetRealAlready

Fri, 5 Nov 2010 14:32:30 +0000

What happened to investigative reporting? It's amazing how many current reporters just take peoples words for their hardships. If you took about 5 minutes of your time investigating the comments by the 'poor' sad folks in this article, you'd see some actually did quite well. In one case, one of the individuals refied their long term home in 2006 pulling out tens of thousands of $$$$$$$$. Where'd that money go? It's not like some poor middle age woman bought the home and then lost income. This is a case where possible greed came into affect, money was pulled out during the bubble. How can anyone feel sorry for someone in this situation? Why would anyone expect any home mortgage help program to help someone who did this? Oh, that's right. That part wasn't disclosed................

Alessandro Machi

Fri, 5 Nov 2010 08:56:38 +0000

What this article is describing is the practice of PARALLEL FORECLOSURE. This is the smoking gun that could lead to Barack Obama's impeachment as he is violating the Federal Hobbs Act by using taxpayer money to goad homeowners into parallel foreclosure even before they can APPLY for HAMP. You can learn more at http://www.parallelforeclosure.com and at http://www.swarmthebanks.com It has been approximately one year since I heard a reporter's on air story that mentioned parallel foreclosure. To my shock I could find nothing about parallel foreclosure on the internet even though a Chase Bank executive used the word and was quoted by the reporter. It's a year later, and NOBODY from the media will talk about HAMP and parallel foreclosure, and the Federal Hobbs Act, which I believe Barack Obama has already violated for the past 18 months. And it appears that Barack Obama will continue to violate the Federal Hobbs Act when he trots out another just as idiotic, yet lethal "program" for unemployed homeowners in which they too must subject themselves to parallel foreclosure before they can even apply for the taxpayer funded unemployment program allegedly designed to help prevent foreclosure when it actually does the opposite, by design! I have come up with SEVENTEEN INCOME STREAMS that the banks generate when they foreclose on a home. (I came up with 15, a reader contributed 2 more). You can find that article at http://swarmthebanks.blogspot.com/2010/10/why-ban... People just can't believe that our own president would actually create taxpayer programs that lure people into accelerated home foreclosure traps, but you have the proof in the story above, and this is going on all over the country. Wow, just wow.

Joefinance

Fri, 5 Nov 2010 03:22:59 +0000

Banks past laws that would have anyone who helped them arrested.. Before the passing of that law the homeowners where getting help and there was pressure on the banks to help more . Now, no one that is good will help them.. What did HUD and the AG think was going to happen. No Lawyers, no agents, just homeowners fighting their multi national bank for help.... Your show included English speakers, the Hispanic population is worse.... The FED should not be acting like they help homeowners, they came to Bakersfield to get rid of loan modification companies not help homeowners. They admitted that 60 days later at a second training meeting for non-profits. The FED killed the loan modification movement so the banks would not have to help many of the 12 million up coming foreclosures..... The FED's job is to save and stabilize banks not help homeowners. The director of HUD has that job, he should be removed or fired... When the state made it illegal to hire help from professional they effectively foreclosed on all of the homeowners that where already in the loan modification trial payments and those hoping that modification would be available if they had a hardship. No more modifications. The politicians traded lobbing money for foreclosures. When banks spent 900 million dollars to lobby California, and Washington, despite their near collapse you know it was well spent. Banks, the US Treasure, the FED all agreed to save the banks and not the homeowners. They got laws past the stop the loan modification process.... 4 million available (Hamp) and 1 million trial payments, then the law passes and less then 400,000 get final modification. Foreclosures reach new record numbers... If you get to write laws that protect the banks it should not surprise homeowners fail to get needed help. Shame on the FED, The state of California Legislation and HUD.... I would include the Department of Real Estate but they folded to the pressure of the A G our new governor Jerry Brown... He got enough support to be elected despite a past record as governor..... Banks are power.... Good luck to homeowners.... The banks have won this battle....