The ill informed capitalistic, homeowner hater club needs to get a clue!

[FedUp02]

LOL CW California!!

[KarenF]

"Money is the root of all evil."

The love of money is the root of all evil. Money in and of itself is a good thing. Those that worship it at the sacrifice and expense of others (or their own integrity) are evil.

[CW California]

Originally Posted by FedUp02

LOL CW California!!

glad you got my joke

[Fedup]

Great Post Moe, well said and I understand the real purpose behind the "BanHammer".....I have one more thought for you from my perspective which may find a place into your war-chest of exposing this fraud.....here goes, considering deflated property values and many home owners now finding themselves in an upside down position on their original loans be it 80/20 ARMs etc. why are we still being offered repayment plans/modifications that place or "tack-on" payment arrearages to the back-end of the original fraudulent/toxic loan?

Here's an example that I can prove, a $284K 1st. behind to the tune of $15K.....new balance on 1st. after Mod. = $299K. So who in the world is making out on this, not to mention the monthly payment went up in the process?

Regardless of interest reduction and 40 year extensions offers made on these Mods who wins, it sure isn't the home owner paying the mortgage? This is nothing more than a protection scam for those investors holding our real estate in the form of bundled securities sold by the banks to wall street for further purchase by the "well healed".....sooooo who owns the NOTE on our properties and what is the 'investors' name and place of business?

I must also say this again, which I do know as fact, unless the "rules" have changed in Mod. offerings, I was told on more than three occassions by our loan servicing agent that, "we can't do anything for you as long as your loan is current"! And that was prior to the time that I could see/project the tide turning against me.

Gary

[shaung]

All I can say is WOW,Great topic and well written and thought out.Thanks a million

[Catherine]

Dear FedUp,

You made most excellent points in your post, thank you so much. There has been an issue on my mind for quite some time now I wish this site has that being one place new people could go before they start the process of trying to work with some lenders or loan servicers to get a head's up on them before they jump into the game of wasted months. After talking to my loan servicer long before the adjustment I was lead to believe even after all the horror stories I had read that was not going to happen to me. It seems like depending on who is your lender/bank/investor is will speak for itself from all the other people who have tried and failed to work with them. After all I have read after the fact and went through myself using my lender First Franklin as an example had I known what I know now I can't give anyone hope for success. What I can tell them is be very careful of lies, stall tactics and false hope to get you closer to foreclosure. The modifications they offer make you way worse off than you started. That being said I wish there were stats of these lenders to go straight to so the new folks skip the living months of hell thinking they have a shot. Please understand I would NEVER want to take away a families hope, but there are some of us that need to go straight to an Attorney or NACA instead of ever bothering to try on their own. Or let it be known certain lenders want to foreclose end of story. Those feelings and emotions I read from people trying kills me when I already know the outcome. Thank you again for your post. It gave me the guts to share this issue I have been holding back for quite some time. All the best, Catherine

[Moe Bedard]

Gary,

Regardless of interest reduction and 40 year extensions offers made on these Mods who wins, it sure isn't the home owner paying the mortgage? This is nothing more than a protection scam for those investors holding our real estate in the form of bundled securities sold by the banks to wall street for further purchase by the "well healed".....sooooo who owns the NOTE on our properties and what is the 'investors' name and place of business?

I must also say this again, which I do know as fact, unless the "rules" have changed in Mod. offerings, I was told on more than three occasions by our loan servicing agent that, "we can't do anything for you as long as your loan is current"! And that was prior to the time that I could see/project the tide turning against me.

The scheme is so massive and the participants so large, they all must be bailed out and covered for. Unfortunately at the cost of the current American consumer.

It's called a massive real estate, mortgage, debt, credit and investment do over.

Kinda like a game of kick ball or baseball where you redo the game or play because you cant agree or messed up somehow. That is this, but at the cost of millions of peoples savings, homes, investments etc.

Because we live in a world controlled by money and a economy fueled by the consumer (2/3's), It must be done to revive the monetary system and our economy. Millions will be wiped out in order for millions of new consumers to enter the money, real estate and debt game. It is just a changing of hands or a changing of new suckers, some would say.

The only solution for some of us on Main Street is to discover new and ethical ways to get in on the money action (new jobs and business) within or morals in the near future so we can live our lives somewhat comfortably in this money hell. Those that do this and learn about money, debt and the reality of which we live in will be ions ahead of the masses. You will sleep better when you realize it is not you, but this world that is causing your misery most of the time.

This is a great country, but money and the pursuit of it as F'd this whole world up!

Karen,

The love of money is the root of all evil. Money in and of itself is a good thing.

I would like to debate you here and this is just a difference in opinion.

Why is "paper money" so necessary that it is almost like water? What is good about it? That this paper can buy us things, pay our rent, water bills, etc? That if we don't love it, it is all of sudden "good"?

Think about this. What good has come from money? Look at where we are at now because of money and debt?

Money has turned our world's people into wage slaves. We are slaves to this paper and we can't live without it!! There is no good in that!

But, yes, I need money, but I don't love it. Give it to me because this is the world I live in and I am pursuing the paper daily to feed my 5 kids, pay my rent, water, propane, electricity (heck its $500 now in the summer, need to chase a lot of paper for that).

Money sucks! But I love my kids, house I'm renting and the water tastes good. So, I'm content, but fighting daily for change.

[Renoira]

Some people are just cruel. When your fellow human beings are down and out you quote ways you are so much supieror to them. Surely, you must realize that there are factors you can not possibly know.

<>

We were not allowed to be "victims of our own bad judgment" or we could have fixed the problem. Our loan company held us hostage by attaching a prepayment penalty we did not agree to. Whether or not it is fair or right does not matter here, the fact is as long as they refused to release the loan without their "falsely added" prepay, we were subject to drifting until our home was underwater in loan to value.

< I bought in 2005 the bank said I could afford an 800K house, but I bought a 350K one instead. And many others got themselves into a jam by using their home as an ATM machine through refinancing. Those 2 groups alone account for the vast majority of foreclosures.>>

Take me for example. I bought a house I could afford and I never refinanced. Then I got laid off from a great paying job so I needed to sell my house. Even though I live in Florida where prices have crashed I am able to get out of my house for a small loss having sold it in less than 30 days because of two things. 1) I put a real downpayment down and 2) I have saved money.>>

We had money saved also...for our retirement...unfortunately, we had to use that money to pay the prepayment penalty we did not owe in order to get out from under a predatory loan before it was too late...but why should we the homeowners have to foot the bill for deceitful practices?

Yes, we have legal recourse. We have proof. But lawyers cost money too, another bill we have to foot when we are headed into our retirement years. If anything the experience has given me a renewed compassion for those in our situation...not a sense of superiority that we have not yet lost our home!

<>

We sought professional help every step of the way with regard to finding a home to retire in and prepare for our future and the rug was pulled out from under us. We have worked two or three jobs in the past during times when my husband got laid off from a good paying job. We know how to work hard and we know how to be responsible. We have spent all of our lives doing the "right" thing. Now after all our hard and diligent work the Mortgage company comes in like a thief and steals away, not only our savings, but our hope.

<>

And no one deserves this pompous judgmental lack of compassion from someone who cannot possibly know every situation!

<>

I see this was written a long time ago, and certainly by now, Sally, you have more input and have developed more compassion. We all have dreams, we all have hopes and when someone sees us with these dreams and hopes and exploits them for their own financial gain...they should not be rewarded by trips the the Caymen Islands, and their own personal islands, Ski Trips and Vegas trips, while the very people they claim to have been serving are losing everything they had dreamed!

If the banks were held accountible long ago, they could have rewritten many of those loan to a low 30 year fixed loan and saved many peoples homes...but they couldn't bring themselves to lower their profit margin and so their profit margins plummetted anyway and the American people get to foot the bill.

Somewhere in this mess, we need to regain the old neighborhood spirit my grandparents used to expound upon. Neighbors helping one another, not kicking each other when we're down. Not exploiting our weaknesses. Not mocking our pain.

[Irish Gal]

Hi Renoira,

Welcome! No worries about those old comments. That pompous arse "Debating" was banned by Moe (site owner) w/in past few mos. for basically attacking distressed homeowners theoretically, and one poster personally ("Sally"), in particular. The culprit is "Debating" not Sally. Moe was on it right away. Unfortunately, some mean spirited, anti-(distressed) homeowner/modification, "holier-than-thou" types (who piously proclaim to have never made one financial misstep in their entire lives) do slip by here sometimes but are usually caught and banned quickly by Moe. So, don't let the comments bother you. These folks have their own "hate" agenda going on, and want to start arguments here or dump on stressed out homeowners. Ya know, the ole bully tactic. Kicking people when they are down . It's just part of the fight, I guess. People here ignore them, for the most part, until they get banned. But, your comments are well noted. Yes, we need to get back to the basics in this country, neighbors looking out for each other. No one else is certainly looking out for the working, struggling people of this country, anymore. But, this community is like neighbors helping neighbors. Case by case. People hopefully find the help they need, eventually. Cheers!

[Garry]

Originally Posted by Moe Bedard

Hey Irishgal, long time no talk

Here's the deal on the classism you speak of is real and the ones on Main Street who get it and choose to get educated will win their own private battles. I have come to the conclusion that there are a lot of people on Main Street who are just dead asleep or drunk on Wall Street wine and meaningless "things".

When I say a lot, I feel that most everyone just doesn't have a clue about money, banks, debt, Washington, real estate or anything. They spend more time watching Perez Hilton to get the latest celebrity gossip then they do getting educated.

The facts are that we have become a society that is predominantly slaves to money and debt. Until we do away with meaningless things, debt and just crap, we will always be in this vicious cycle of recession and depressions. Crashes and bubbles are all created by this money, debt and real estate.

Money is the root of all evil. Too many people will do whatever it takes to live and some to kill and pillage at any cost. Yet it is a staple to live now, just like water and air. That my friend is a deadly combination and I feel we may be on a course hell bent on destruction if we don't change some things fast!

Life was never supposed to be this way.

This post was pretty good Moe, your right, life isn't supposed to be this way.

[Moe Bedard]

Thanks Garry!!

I feel like I have seen the light and now that I know how the world truly works, I feel empowered now and not miserable anymore. It is not me that is F'd up, it's our current system.