Man fights to keep home from foreclosure

[ridgeabilly]

http://abclocal.go.com/wtvg/story?se...cal&id=7419810

[Retroit]

Free housing for all!

[TerryJo]

The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............
https://sites.google.com/site/sueyourlendernow/

[JohnnyFreddy]

I recently witnessed a neighbor of mine, right here in Detroit,
get his house foreclosed on.
I'm not privy to the details from the bank prospective, but from his side of the story,
he tried everything in his power to reason, beg, postpone, catch-up, and beg some
more, and the bank completely denied him.
Now, given he did everything by the book, why wouldn't the bank work with him?
I personally, restructured my mortgage in 2010 and am happy to retain my property.
Not only did my mortgage payment immediately decrease, but after renegotiating
my insurance plan, AND obtaining BETTER coverage, my mortgage and insurance
payments decreased by half!!!!!
Sometimes, just a little informed change is necessary.
But we really had to jump through some hoops to get satisfaction.
Pay exact amount ON TIME, not one little bit late.
Fill out endless invasive paperwork, while corresponding with bank drones.
half of which were clueless to your case, and had to be re-informed of every aspect.
But you know what? It was damned worth the patience.
Maybe that's the problem. Maybe most people aren't willing to put forth the effort
and wade through the bureaucratic red tape. It can be a daunting task, but even
if you don't have the quick motor skills it sometimes takes [[thank you very much)
to straighten all this out.....you HAVE to!!!!
Get yourself an advocate or someone you can trust to help you with your situation.
I did. My partner. And she, in turn, got herself a helper, and you know what?
It worked out. You can't give up...unless you WANT to give up.
We are being trained in our society now, to have 15 second attention spans.
About what it takes to cover any given news blurb. We react with shocked indignation, and then forget about it. "Oh well, life goes on."
And that's exactly what these institutions of profit are banking on.
Our inability to concentrate on important issues long enough to solve problems.
That's why all these foreigners are taking all the available jobs.
Because they aren't in our system of 'fast paced' learning, and decision making.
They are not 'Brain Washed' like we Americans are.
My advise; Slow down, and receive from life, what you put into it.
And PAY YOUR F@#KING MORTGAGE !!!!!!!!!!!!!!!!!!

[Danny]

I agree with JohnnyFreddy, when you buy a home and condo, retail, farm, McMansion and Bigfoot home with a bank or mortage company loan YOU MUST PAY IT BACK or face legal action. Every American should read the fine print and look it worst case senarios before they but something exotic. I feel really sorry for the Toledo SW side family that they could pay their bills. You job/career is the ONLY way to keep your home and other heirlooms. Without it YOU LOSE!

Let's look what the housing crisis did to the American People:

1. We have been bamboozled by Alan Greenspan's "How to own a bank by owning your house" scheme.

2. We have been bamboozled by banks and mortage companies LIAR LOANS, collateral debt obligations and synthetic CDOs [[That's when a group of brokers own a piece of your property and suck your money dry.)

At lease some American are falling for those schemes. Buying a house is like buying a share from Wall Street. It becomes your investment until you drop. The Ghettoman told me and the Street Prophets to give up your onwership of your homes and rent or lease a home, condo and apt and move on. I'm glad that follow his example. I don't own a home and I NEVER will, because I don't need to. I travel a lot to explore God's green Earth and work in the film industry.

WORD FROM THE STREET PROPHET

Don't buy a house with a loan, Buy a house with all of your savings.

Only 704 days until the end of Ka'tun where you have no permanent home.

Neda, I miss you so.

[Meddle]

but from his side of the story, he tried everything in his power to reason, beg, postpone, catch-up, and beg some more,

Did he make his payments?

[n7hn]

SO simple. So the bailout money to the banks was just a TIP?

Jonnyfreddy is the only person I know to state they were helped. Most were fast-tracked to foreclosure.

Banks used a 55% income to debt ratio to make all those [[now bad) loans, on a request for help they use a 31% ratio saying that "In helping people the 31% ratio is better cuz we want to set people up to succeed" .... so in making the loan success wasnt a desired result in the initial funding and approval process?

[Jimaz]

It's nice to read a success story every once in a while.

From today's Free Press: Coalition saves 150 homes from tax auction block with $194,000

Kimberlynn Collins says she cried when Ted Phillips appeared on her doorstep last summer and asked her whether she knew her house was going to be sold at auction because of delinquent property taxes.

"I knew it was going to happen, but I didn't think there was anything I could do about it," said Collins, 49, of Detroit....

But Phillips, executive director of United Community Housing Coalition in Detroit, was there to deliver hope, not doom.

Thanks to his nonprofit housing advocacy group, Collins and 149 other homeowners bought back their property at the Wayne County Treasurer's tax auction in October, in most cases for a fraction of what they owed in back taxes....

[n7hn]

Great news, but thats so different than foreclosure,,,,,,

[maxx]

JohnnyFreddy: We are being trained in our society now, to have 15 second attention spans.

The gov. doesn't force anyone to put their kid in front of the TV as soon as s/he can sit up.

[n7hn]

I have spent the last 14 months working with my lender, everything that JohnnyFreddie explained as far as crazy amounts of paperwork submissions and hours and hours on the phone with a new person each time having to start over is true. I did not get the same positive result. Ive been told "You arent worth helping, your home has just lost too much value. Plus this isnt about helping you , its about whats best for us"

[[edit) my point being, no one worry, money just isnt being dealt out to the masses, relax, breathe ....

[ridgeabilly]

Interesting how all the bootstrap folks on this thread apologize for the illegal robo signing by the predatory lending bailed out banks and mortgage companies, but come down hard on the mortgage holders who have fallen on hard times. They'll be the first ones in line with their hands out after Daddy sells the store.

[xphillipjrx]

The ultimate goal is to get homeowners to resume on-time payments. Banks are willing to help people who can demonstrate that assistance will get them back on track.

You can call the bank at any time during your loan and request to skip payments. There is usually a limit such as max 2 per 12 months and no more than six over the life of the loan. The bank will take those payments and move them to the end of the term.

Another option they have is a temporary reduction of your payment. Your principal and interest payment can be reduced by 33% for up to six months or by 66% for up to three months.

You can tell the bank that you're broke from Christmas or that you crashed your car or that you had a death in the family. As long as you're on time when you make the request they will usually say yes. These two scenarios are for people with demonstrated income who can show that a short term lower or skipped payment will give them some wiggle room.

You are expected to have 2-3 months of your payment as savings. Many assistance measures take two months to become effective. The key to getting assistance is calling ahead of when you're out of money. They are less likely to work with you if you call when you're 30 days late with no chance of making the next payment.

The last step is loan modification. You need to prove to the bank that you are not making the same income that you made when you got the loan. The only solution is a reduction in payment for the rest of your loan. The above poster was spot on. The bank will do all the intrusive stuff she mentioned and they will likely lose a key document along the way. It can take almost a year for them to approve the modification and THEN you have to make three on-time trial payments at the lower amount or your modification will get bounced.

In plain language you need to say, "I need the bank's assistance so I can continue to make my payments on time". If you call like, "I lost my income, I don't have savings and I have no idea when I can make the next payment...but I need you to work with me" then you're out of luck. My wife and I did the reduced payment, the skipped payments and Oct-Dec was our three month trial for the loan mod. Our servicer is Citibank. We are now paying $200 less than before and it helps a lot. $200 buys a good amount of gas and groceries.

On the other hand I know a lady who was injured on the job and fell behind because her Workman's Comp was not enough to make the house payment. She fell behind 60-90 days and then caught up again when she returned to work. Then she got laid off a couple of months after that. She called for assistance a second time, but with no income the bank suggested deed in lieu of foreclosure.

[CLAUDE G]

My whole issue is that the people crying that they have no money and the bank is going to take their home, are the very same people who drove up real estate prices 3-4 years ago and made it impossible for me to purchase my first home.

My problem was that I could afford to buy a home, but I didn't want to possibly over extend myself into buying a home that I might not be able to afford.

I don't want to buy a house unless im 100% sure, I will be able to afford the payments.

Some of these people, especially the ones with the bad credit where taking loans from the first person who would approve them, with absolutly no reguard on how they where going to pay the money back

[Meddle]

My problem was that I could afford to buy a home, but I didn't want to possibly over extend myself into buying a home that I might not be able to afford.

I don't want to buy a house unless im 100% sure, I will be able to afford the payments.

And that ability to pay has to be based on MY criteria, not the bank's. If I can't pay it with about 40% or less of my NET monthly pay, I ain't signin'!!! Banks sometimes say 40-50% of your GROSS. That's a huge difference.