Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I guess the media just does not know how to tell people about irate regular folk starting to get more PO'd.
They weren't "regular folks". It was a staged protest by a group of left wing nutjobs and wasn't newsworthy. Who cares what these people think. They protest a branch of a bank in Maine which only operates as it is guided by the parent bank. Protest the corporate offices if you find it necessary and leave the little branch banks alone. These peole are Maine people just trying to make a living. Not the corporate fat cats the protesters had a real problem with. It's silly and I don't blame a news organization for avoiding the "come look at us" temptation.
As for the bank being mean spirted in foreclosing on poor Mainers. That's life. If you can't pay for your house the bank takes it back from you....plain and simple. Obviously a concept beyond the thought processes of this bunch of clowns. Oh and wouldn't it be terrible if a company actually made money lending people the funds to buy a home?? What terrible people would make a profit (maybe even a large profit)from running a business? They should be in the business of losing money....like the government. After all housing is a right and everyone should get one for free......Where do these people come from ?? Where does this thinking come from ?...Oh yeah I remember... the colleges and universities.... More money well spent.
To think we defunded NASA just when we need a way to send these people to another planet.
The homeowner has some clout in this situation. One problem is the misrepresentation by some institutions to other institutions in the industry. In fact, there are some mortgages where nobody knows who holds the mortgage. The homeowner was making payments that were not recorded properly, but the checks were cashed. I wrote about it on another site back in February.
Posted on February 19, 2011
Once in a while the government creates a law that we can use to help ourselves. Like NATO, those lettered acronyms actually mean something. RESPA is the Real Estate Settlement Procedures Act. It pertains to the fine print you sign when giving a mortgage. In addition to the burden on you, there are burdens on the mortgage holder which you can use to your advantage. Mortgage companies ignore these at their peril.
Our national home mortgage system is so full of errors that our personal and individual financial security is at risk. A "mortgage servicing" industry has emerged where these servicing companies collect mortgage payments and are supposed to send the funds to the correct places. It isn't happening. Homeowners who have made their payments are not being credited with those payments. One homeowner actually read the fine print in his mortgage and discovered that he could make a legal demand of the mortgage company for records. The mortgage company has 20 days to reply or the homeowner has a legal remedy. The homeowner sued Wells Fargo and received a judgement in his behalf. He then foreclosed on the Wells Fargo Philadelphia office. The homeowner then posted an advertisement saying he was going to auction off Wells Fargo office furniture and computers. It made front page news in Philadelphia and Wells Fargo settled with the homeowner. It was great fun and showed that Wells Fargo or other mortgage companies have no idea what they actually own. Click the link and follow the instructions. This can be a powerful thing for any citizen in financial distress.
Those CDO's were traded like poker chips in Florida. Nobody knows who owns the mortgage. BOA was negligent in foreclosing on homes where all the paperwork was not in order. Judges in Florida ordered a cease of foreclosure by BOA because of such blatant disregard for the rights of property owners. They make the banks have a complete papertrail.
BOA just started servicing their own loans again last month. They created a dummy corp. called BOA Loan Servicing to get the heat off them.
The homeowner has some clout in this situation. One problem is the misrepresentation by some institutions to other institutions in the industry. In fact, there are some mortgages where nobody knows who holds the mortgage. The homeowner was making payments that were not recorded properly, but the checks were cashed. I wrote about it on another site back in February.
Posted on February 19, 2011
Once in a while the government creates a law that we can use to help ourselves. Like NATO, those lettered acronyms actually mean something. RESPA is the Real Estate Settlement Procedures Act. It pertains to the fine print you sign when giving a mortgage. In addition to the burden on you, there are burdens on the mortgage holder which you can use to your advantage. Mortgage companies ignore these at their peril.
Our national home mortgage system is so full of errors that our personal and individual financial security is at risk. A "mortgage servicing" industry has emerged where these servicing companies collect mortgage payments and are supposed to send the funds to the correct places. It isn't happening. Homeowners who have made their payments are not being credited with those payments. One homeowner actually read the fine print in his mortgage and discovered that he could make a legal demand of the mortgage company for records. The mortgage company has 20 days to reply or the homeowner has a legal remedy. The homeowner sued Wells Fargo and received a judgement in his behalf. He then foreclosed on the Wells Fargo Philadelphia office. The homeowner then posted an advertisement saying he was going to auction off Wells Fargo office furniture and computers. It made front page news in Philadelphia and Wells Fargo settled with the homeowner. It was great fun and showed that Wells Fargo or other mortgage companies have no idea what they actually own. Click the link and follow the instructions. This can be a powerful thing for any citizen in financial distress.
Even YOU NMLM buy into this bull****?? Of course you do, you sell land and houses. (which you should claim by the way in your title like most real estate people on CD do). People that buy a house that loses value due to market changes, job problems, the general ecomomy etc is NOT THE FAULT OF THE LENDER. If you lose your job tough ****, If you bought a place you cannot now afford, tough ****, If you over extended by using a line of credit or second mortgage on your home to buy things you didn't really need, tough ****, if your house is not worth what you paid for it during the inflated prices of the housing bubble tough ****.. That's life. If it screws up real estate sales forever too bad. Find something else to do NMLM. Don't blame mortgage companies and banks for calling in bad loans. People made a lot of BAD decisions in the 80's and 90's ( spending money they didn't have for something they could not afford.) Now they must pay or go rent. It's just that simple and the BANKS and Mortgage houses are NOT to blame. Your poor decisions are not MY problem nor should they ever be. Citizen Distress my ass...pay or go away... You people made the contract. Now when it isn't going your way don't blame the people that lent you the money...IN GOOD FAITH. Suck it up. Sell your house and regroup. It's not the bank's fault, it's not MY fault and it's not the government's fault. It is what it is and you deserve NO more sympathy than anyone else who makes a bad speculative loan.. Quit bitching and do the right thing. If you lose your home it's nobody's fault but your own...live with it. No one owes you a home. I'm not going to help you, my friends are not going to help you.... GO RENT SOMEWHERE. You will get little sympathy from the VAST majority of us who did NOT make bad decisions and end up in a hole. RENT....
The homeowner has some clout in this situation. One problem is the misrepresentation by some institutions to other institutions in the industry. In fact, there are some mortgages where nobody knows who holds the mortgage. The homeowner was making payments that were not recorded properly, but the checks were cashed. I wrote about it on another site back in February.
Posted on February 19, 2011
Once in a while the government creates a law that we can use to help ourselves. Like NATO, those lettered acronyms actually mean something. RESPA is the Real Estate Settlement Procedures Act. It pertains to the fine print you sign when giving a mortgage. In addition to the burden on you, there are burdens on the mortgage holder which you can use to your advantage. Mortgage companies ignore these at their peril.
Our national home mortgage system is so full of errors that our personal and individual financial security is at risk. A "mortgage servicing" industry has emerged where these servicing companies collect mortgage payments and are supposed to send the funds to the correct places. It isn't happening. Homeowners who have made their payments are not being credited with those payments. One homeowner actually read the fine print in his mortgage and discovered that he could make a legal demand of the mortgage company for records. The mortgage company has 20 days to reply or the homeowner has a legal remedy. The homeowner sued Wells Fargo and received a judgement in his behalf. He then foreclosed on the Wells Fargo Philadelphia office. The homeowner then posted an advertisement saying he was going to auction off Wells Fargo office furniture and computers. It made front page news in Philadelphia and Wells Fargo settled with the homeowner. It was great fun and showed that Wells Fargo or other mortgage companies have no idea what they actually own. Click the link and follow the instructions. This can be a powerful thing for any citizen in financial distress.
That happened in FL as well. Bank said they owed money and put the house in foreclosure when in fact, the people had paid cash. So, their lawyer put in motion to foreclose on the bank. They went down to the bank and started loading up computers and other such items.
Took the bank manager an entire hour to figure out how to fix the problem.
Location: 3.5 sq mile island ant nest next to Canada
3,036 posts, read 5,888,747 times
Reputation: 2171
I remember seeing that news video, Gatormama. The bank wouldn't talk to the owners or their lawyer until the moving trucks pulled up outside the bank. Once the cops staarted telling the employees to stand back the manager strightened all oout by noon.
Over the past several years there have been people who borrowed money to buy a house when they couldn't afford it. That was their mistake. Just because they were able to get the loan, doesn't mean they should have accepted the loan. The desire to own a home took over anything they may have learned in a business/consumer math class or common sense. Others could afford it at the time, but............Then came job losses and foreclosures. I honestly believe it would have been in BoFA's best interest along with some other financial institutions to work out with as many borrowers as possible a way for them to continue paying for their homes by adjusting the payments, etc. Due to the lack of a willingness to do so in many cases, banks have tons of foreclosed properties and may sell them eventually for a fraction of the original loan/value.....and thus, suffer huge losses right along with those who lost their homes. I don't think soooooooooo many foreclosures were necessarily in the best interest of the financial institutions. How do foreclosures affect profits? Just for the record, I am fine with businesses making a profit. The profit motive is why anyone goes into business in the first place. Well, I have known a few people who wanted to show a loss but that's another story.
About two hours ago, I heard a news story about people who had stopped paying their mortgages and had seen a lawyer to straighten out payment issues involving who really held the mortgage at the time of foreclosure.....at least one bank foreclosed on someone's property whose loan was no longer in their hands! The story also said that the courts are so backed up with foreclosures in NY that the estimate is 61 years to straighten it all out.
I can hear all about those ladies fired at LL Bean last week, but not one mention by the tongue-in-cheek announcers on WGAN about this:...
Not familiar with WGAN a quick google says they broadcast on 560 AM, I will see if their signal comes up into Maine, thanks.
Have not heard about the lay-offs at LLBean.
Quote:
Originally Posted by Northern Maine Land Man
The homeowner has some clout in this situation. One problem is the misrepresentation by some institutions to other institutions in the industry. In fact, there are some mortgages where nobody knows who holds the mortgage. The homeowner was making payments that were not recorded properly, but the checks were cashed. I wrote about it on another site back in February.
Posted on February 19, 2011
Once in a while the government creates a law that we can use to help ourselves. Like NATO, those lettered acronyms actually mean something. RESPA is the Real Estate Settlement Procedures Act. It pertains to the fine print you sign when giving a mortgage. In addition to the burden on you, there are burdens on the mortgage holder which you can use to your advantage. Mortgage companies ignore these at their peril....
True.
We began experiencing a foreclosure in 2009 with our Ct property. The bank is still not able to finalize that foreclosure.
The paperwork is messed up too badly, and we were told that they want it to fit into the right category to qualify them for bail-out money.
So it is in foreclosure limbo.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Well, I have known a few people who wanted to show a loss but that's another story.
