No Bail Out or Help For Homeowners Please Stop This Nonsense

[Paul M.]

Look no further than here

http://money.cnn.com/2007/10/01/news...ion=2007100110

to see just how honest and pro-homowner the executives are.

My favorite quote from the article: "Sandy Samuels, Countrywide's chief legal officer, said Mozilo's stock sales were all "in accordance with company policy.""

While he was referring to their CEO and stock policy, one could say, it seems to apply to their general policies.

- Paul

[Andrew]

Paul,
Those articles are great. I posted those two links on moes other site loanworkout.org. I guess we will see what my fate brings when my loan adjusts. I was told to wait till it adjusts and i cant make the payments anymore. That will be march 08. Payments will jump 500 on a 221k loan.

[Andrew]

BTW loan is with countrywide

[evel1999]

Why do the mortgage companies want to make you wait till it adjust and then see if you can pay the higher rate before they will modify the loan?

The only reason I can figure, is they want you to go to the higher payments and then they will try to get you a modification and work out on the higher payment and they will probably say "Your current payment today is $2200(when it was $1750 before the rate reset). Hardly any of us can handle it when the loan resets and they knew we could not pay as soon as it reset, and they were setting us up for failure and forclosure.

My loan resets 11-07 and I have not got a loan modification yet, I am really tryiing hard to get my loan modified.

[Moe Bedard]

The reason Evelyn is because servicers and lenders can make more money that way. The more you are late, the more fees that can be tacked on to your loan and the more they will have control over you.

It's very profitable for them when your late on your mortgage then when you're on time.

[nehope]

Originally Posted by Paul J. Molinaro

He/She's right about a lot of people thinking everyone involved in this mess is getting what they deserve.

http://money.cnn.com/2007/10/03/real...ion=2007100316

Of course, what a lot of these unforgiving people fail to understand is the difference between a government "bail out" which inviolves taxpayers money and a loan modification or change of terms to allow a borrower to stay in a home and the lender to keep getting paid which is a deal only between borrower and lender.

And of course, these unsympathetic types fail to realize that their own property values will plummet as foreclosures go to market with incredibly low prices, the jobless rate climbs, consumer confidence falls, auto sales slow, construction jobs disappear, etc. etc.... and all the out of work people will apply for, and get, help from the government... at a cost to the taxpayers.

- Paul

Oh we certainly do realize and understand the fallout from this situation but it only makes us more resentful and determined that we will not pay for someone elses poor judgement. If that means the economy has to tank then so be it. Maybe this correction will teach us all a lesson. Attempts were made to sell me on many of these same products by "predatory" lenders and I did in fact refinance once with an ARM. I wanted the money they promised but I knew damn well it was a dangerous risk and took it. They didn't warn me - I figured it out all on my own and for that reason I didn't go any where near to maxing out my equity and actually sold my house in 2006 after 10 years for a substantial profit - thank-you California! I just refuse to buy this "they made me do it by lying to me" argument. Should predatory lenders be penalized - absolutely. Should all those people who bought way more home than they could afford or treated their home as an ATM machine be rewarded by getting to keep the houses from which they profited? Make no mistake, they did profit - by living above their means, paying off credit card debt, remodeling, buying cars, boats, etc. I say no way and I am willing to sacrifice value in my current home (for which I paid cash - thank you again California) to see that they don't. You had your cake and now you want to eat it too. Where is the fairness in that?

[Serenity]

The whole point of this mess is that there is no fairness across the board. Its not fair for the people who were taken advantage of and are facing losing their homes. Nor is it fair for the people who are able to hold onto homes that are going to be worth substantially less than they paid for them because half the homes in their neighborhood are being foreclosed on. Its great that you were able to pay cash for your house. That was then. The questions on the table today – Is it worth what you paid for it? Could you sell it today and make back what you put in, let alone try for a profit? And what is it going to be worth next year or the year after as things continue to spiral down? It would suck to have invested $300,000 in a house and have a new buyer come in and purchase the place next door for $150,000. Talk about unfair!

[nehope]

Question on table for today - my new house is worth slightly more now than when I bought it because this time I bought in a much more stable area of the country (NC) that never saw these wild swings in value and never will. It may decrease somewhat in value in the upcoming months/years due to this mess but how will that hurt me? This was money I basically found by being in the right place at the right time and made a conscious decision to keep safe.

I got incredibly lucky and I know that, but I also never gambled with the value of my previous home nor did I buy way more than I could afford although the temptation was there. I watched the value of that little 1100 sq. ft. dump go from 100K to 450K in just ten years and it was incredibly tempting to take that equity and trade up or even buy a vacation home, but it just didn't seem to be the smart thing to do - what if I lost my job, what if I got hurt, what if I had to move, what if, what if ... I took a little piece (50K) in 2004 but made myself promise I would never borrow more than 50% of the perceived "value." Well in 2006 one of the what ifs happened and I needed to leave California and sell that house. The market was already bad, multiple houses on my street for sale with no buyers. It didn't matter to me; I owed less than half of what some idiot appraiser said my house was worth so I could sell for way under market and I did in less than two weeks.

My point is, if you chose to believe in the illusion that was the "Housing Bubble," then accept that you gambled and lost. Where were all the "bail out" advocates in 2000 during the dot com bust? I lost way more in that but nobody ever offered to replace that money or let me have a "do over." But you say "wait - now we're talking about people's homes" and I say "don't bet what you can't afford to lose."

[momof3boys]

Originally Posted by nehope

[B]

My point is, if you chose to believe in the illusion that was the "Housing Bubble," then accept that you gambled and lost. Where were all the "bail out" advocates in 2000 during the dot com bust? I lost way more in that but nobody ever offered to replace that money or let me have a "do over." But you say "wait - now we're talking about people's homes" and I say "don't bet what you can't afford to lose."

Homeowners are NOT ASKING for money back, nor are they asking to DO THINGS OVER...They are DEMANDING that these a$$hole lenders do WHAT IS RIGHT!!! Homeowners that are victims of predatory loans DESERVE to have their loans modified, bottom line. The lenders VIOLATED A LAW, so why should they not pay?? In my opinon, you should HOPE that these lenders modify loans, because do you have any idea what the lenders will loose if they don't????? There are houses that people already owe 40 % more than what it is worth...Add the approx. 50k that it costs the lender to foreclose....Add the property maint. fees it will cost the lender to maintain the property once it is empty....Add the real estate comissions the lender will need to pay to get the property sold...Add the insurance that they lender will have to pay for in case the home is destroyed...Add the property taxes the lender will have to pay on the property while it is bank owned...Go ahead, add it all up....The lenders will LOOSE!!! Who will pay for that, Mr. "I want the money back I lost on the dot com bust"...Why are you worrying about it??? Why does it bother you if mortgage company A modifies a loan for borrow B??? It DOES NOT effect you, AT ALL.

[Serenity]

Originally Posted by momof3boys

It DOES NOT effect you, AT ALL.

Yes it does, but folks like NEH would rather pontificate about what other folks should've done instead of realizing that the same train coming down the tracks at you and me is the same one that's going to slam him in the aftermath. He did everything right at every step! And woe unto the rest of us who weren't blessed with his knowledge, foresight, ability, and moral fortitude. We deserve everything we're dealing with now.... and should just slink away into the ether so as to leave neighborhoods clear of our taint.

I have learned SO many lessons from people like NEH. I'm a bad and ignorant and reckless person. I should've done A, B and C according to NEHs manner of living. Shame shame on me. My neck aches from the weight of hanging my head...

I shouldn't have bought a $400,000 house while only making $50,000 a year. I get that. Thank you NEH!

The only thing? I didn't buy a $400,000 house. I bought a house that was and IS within my means. I had the credit, and the savings to afford my home. I can afford the payments as they stand today. I didn't buy a new car, or pull out funds to buy toys or pay debts (and hmmm - aren't you supposed to use some of your assets to pay debts?? I see - NEH says you shouldn't so the rest of folks are wrong to do so... got it).

Moe posted an article on his other site/blog where folks with 6 figure incomes and 700+ credit scores are facing foreclosure. These are not irresponsible people. They are in bad loans. You can't relate because you did it another way. Groovy for you. That's not the reality for the majority of society.

If you're not here to offer support and advise for the struggles most of the members are going through - then why bother? You have things ALL figured out right? You did everything right at every step of the way. The way I read you, all you have to do is sit back, wait for all of us to fail, hold on while the market corrects in your favor. Your house is paid for. What benefit could you possibly glean from a site supporting people who were too stupid to not do as you did?

Kinda boggled... but then I'm one of those dummass folks so...

Sitting here with a glazed stare and a little drool waiting for you to tell us all how we should've/could've done better.

Wait lemme go get my pen so I can take notes...

[momof3boys]

Serenity...I agree with you completely, and my family did just as you did...Bought a house completely within our means, we just got a bad loan...Looking at my docs, I have 4 different adjustment papers....1 of them is an amount I could afford, even when it does cap...The other 3 NO WAY....My mortgage company of course has the one with the highest rate, go figure...I do have to question though, and this is not me being nasty, just curious...How would a modification effect people like NEH??? I was under the impression that a modification would only effect those directly involved, and wouldn't cost the "smart individuals", that pay their mortgage on time, never late, in a fixed rate, and have "NEVER MADE A MISTAKE", anything....

[leap4juls]

*BNO is that NO BRAINWAVE OCCURRENCE?

What was a rhetorical question. Oh why did I not see this sooner?

"They were sold these loans but they were the ones who BOUGHT the loans. You seee in order for something to sell, someone needs to buy. What if I had some snake oil to cure all cancers, you would invest in it. Just because it's FOR SALE doesn't mean you have to BUY IT, SIR!"

Maybe you feel if a store is robbed during shopping hours, the owners set themselves up for leaving the door unlocked, and maybe in the case of rape, the woman was so pretty, or should not have been where she was, when she was. And the Predator was only taking advantage of an opportunity, because that is what Predators do.

"Attempts were made to sell me on many of these same products by "predatory" lenders and I did in fact refinance once with an ARM. Wait
what? I wanted the money they promised but I knew damn well it was a dangerous risk and took it. They didn't warn me - I figured it out all on my own and for that reason I didn't go any where near to maxing out my equity and actually sold my house in 2006 after 10 years for a substantial profit,"

So what you're saying is it's ok to do something stupid if you know it's stupid, but it's not ok if you do something stupid because you didn't know it was stupid? You're SO smart. You took a chance? Well maybe some of us were completely naive, and others perhaps, trusting, in the human spirit. You have shown me more proof, we all have our failings.

SCRATCY? ABRASIVE? HOLLOW?

and if YOU had any common sense we wouldn't be having this conversation. AND why do you have a problem with Lawyers? Let me see if I have this right, hmnm.. it IS ok for people to fraudulently represent a mortgage, to one who is not as knowledgeable in this area... BUT it is not ok for Lawyers to sue them (mortgagors) of their ill gotten goods when they are outed??? It's ok to be defrauded, for someone to misrepresent themselves, and not ok to hold them responsible. They were stupid enough to NOT SEE this coming. Really, so stupid they will not get away with it. How long did they think they would get away with it? So, thanks to their ssmartsss the financially illiterates, like myself, the kind trusting people, like me, who by the way is not near as illiterate, nor trusting, kind? sometimes.

If you never make a mistake, well NO BRAINWAVE OCCURRENCE, what IS that like???

This is true.

I'm not paying my taxes the year you lose your job.

But that won't be you, right? Because you used your cash to buy your house that may become worthless, or at best, stripped of equity.


When a butterfly flaps it's wings, there is a typhoon on the other side of the world, your heart is like a butterfly also, not only do our mistakes affect those around us, but our thoughts and words, and FEELINGS affect others. Yes, I know, the reaction to the actions of the Mercenaries will affect others,
that affect can be an eventual positive result, tightening up laws, punishing criminals, educating people, some who experience this terrible difficulty and even loss, will grow. But the ripple you are causing is a negative, negative, like the Mercenary fooling the naive, who have since wised up to the scheme. The Mercenary, however, got away with it for so long, only to end up hurting himself, either by way of their pocketbook, or by losing their freedom. But they, the ones like the people writing to this site their experiences, whose lives I have had the opportunity to view, the ones who do not acquiesce, they take a negative and work and fight for a positive end.

"Oh we certainly do realize and understand the fallout from this situation but it only makes us more resentful and determined that we will not pay for someone else's poor judgment. If that means the economy has to tank then so be it."

Wait, where am I? I thought you were SO SMART!!!

"Maybe this correction will teach us all a lesson.

I am not sure [b]you can learn a lesson so easily, the one who has never walked in the shoes, yet passes judgment, does not learn or know, they go on and on until they finally learn through their own mistake, lack of compassion, we all have our flaws.

"the people that feel the way I do, tend to be the people who are the pupet masters. In case you didn't know, the pupet masters control the pupets. I'm not sure if you are away,"

Honey, I am NOT away... and let me tell you this, if you DID have it YOUR way you would be the PUPPET in a PUPET REGIME..." let us all hope not.

I don't think we should bail out the homeowners through the Government, I think the Government should make the Guilty should pay back the actual damages, + punitive damages, and modify loans, and pay in some way, monetarily, or through some sort of community support. Make newer tighter laws. Not as easy for people to scam.

And for me personally, I am going to sue the B***s off the broker I was lucky enough to meet. Well, maybe he should not have been so full of poor judgment. Happy Thanksgiving. try smiling

ps, you may want to seek anger management classes, and charm school!

[nehope]

“The US housing bubble was created by lenders loosening their standards for mortgage lending and giving loans to people who would previously have been ineligible.� http://news.bbc.co.uk/2/hi/business/7097714.stm

You got a "bad" loan because you didn't qualify for a good one and if you did, but accepted the "bad" one; then what does that say? How can you claim that you bought a house within your "means" when you are not able to make your “adjusted� payments, pay your taxes or your homeowners insurance? Hell, you don’t even know what kind of loan you have. Why should you now be rewarded with a modification that takes your rate back down to what qualified buyers with good credit get because that's more comfortable for you? What are the chances that you will find yourself in the same mess five years down the road after the next snake oil salesmen comes along – and, like many others, you were in trouble before your ARM ever even reset (http://www.prospect.org/csnc/blogs/b...roblem_with_ar).

This subprime mess has impacted "smart individuals" and those that are responsible by also tightening up the standards on the prime market and virtually eliminating the jumbo loans that are necessary in high cost areas. For every home that is foreclosed in a neighborhood, the value for the remaining homes decreases by .09% and that is cumulative. Congress can and probably should pass legislation that regulates the lending industry – so now we will have more regulations, more bureaucracy, more “nanny state� garbage for people who refuse to be responsible for themselves. If you were truly preyed upon and a “LAW WAS VILOLATED,� then do something about it but stop asking for more than you are entitled to. There are certainly enough resources on this web site to enable you pursue "lawbreakers." Although, I'm not exactly sure what "law" was broken.

What would be the ideal outcome out of all this mess – to go back to pre-bubble standards for buying a home. If you want a home - clean up your credit, and save money for a down payment and a cushion for those “what if …� times, and then houses can become what they used to be. Not ATM machines to finance lifestyles we can't afford or retirement accounts, but a place to live and raise families.

FIN

[leap4juls]

I don't believe you addressed this post to me, though I received it in email...
You were not specific with your address.

[leap4juls]

Originally Posted by momof3boys

Serenity...I agree with you completely, and my family did just as you did...Bought a house completely within our means, we just got a bad loan...Looking at my docs, I have 4 different adjustment papers....1 of them is an amount I could afford, even when it does cap...The other 3 NO WAY....My mortgage company of course has the one with the highest rate, go figure...I do have to question though, and this is not me being nasty, just curious...How would a modification effect people like NEH??? I was under the impression that a modification would only effect those directly involved, and wouldn't cost the "smart individuals", that pay their mortgage on time, never late, in a fixed rate, and have "NEVER MADE A MISTAKE", anything....

HI MOM,

you are right about modification, this involves your loan only. It sets up new rates/fixed I'm assuming, and a lower payment. You got rooked, somehow, in to the loan you have. I don't know too much about ARM's, but I do know, same way you found out, that behind the scenes is a world we are not privy to. There have probably been so many more scams than this country will ever know. If, as in my case, there had not been so many signs of fraud, and so many lies, I would not have known about all the crimes that were committed with my loan. And having said that, if I had been more knowlegable about mortgages, this would not have happened.

If people had known about the effect of smoking there would be less people dead from cancer. If you trust a Dr, let's say a Pastic Surgeon, because you know he went to a good school and has a great bedside manner, and an impressive portfolio, and he performs a surgery that causes disfigurement or infection because he did not take the proper precautions to provide a sterile environment, the patient could end up dying. We, as individuals, do not know all there is to know about every subject, and some are more trusting, this does not give just cause for others to take advantage.

That's why we need the law, as you know, to control the individuals who have a different set of standards and concience. Some of the laws are there already, they just are not using a police state to uphold them. This is why we need tighter laws. Policing the Mortgage Industry would be a unfathomable undertaking. Rules will still be broken, that is the nature of some individuals, some laws will still be broken, and somewhere, you will stil have grifters looking for a grift.

If Mr. NBO was trying to address you, I know he is wrong, because you are very PROactive in finding answers and pursuing what is right and lawful.

So keep on...

[nehope]

Originally Posted by leap4juls

I don't believe you addressed this post to me, though I received it in email...
You were not specific with your address.

You received notification of new post to this thread because you are subscribed to it - if you don't want email notification every time someone replies to this thread then turn it off .... you'll probably get an email about this one too.

[Moe Bedard]

Oh man, where have I been. Unfortunately, I have been extremely busy this past week and in particular the past few days.

I missed this post!

OK, we have another homeowner critic that takes their opinion of a certain situation and presumes everyone is guilty before they are given a fair trial. You also strike me as s narrow minded thinker. One that judges based on ignorance and ill informed or well informed crap.

Who the hell gave these "real people" these bad "fake" loans that were essentially "defective" credit instruments? Huh? Did homeowners start Countrywide and unite to lend everyone of their neighbors toxic loans so they can choke on their financial situations? Eventually imploding into oblivion because they have ruined their credit, maybe their marriage, may have no place to live, just so they can buy a home and say, "Look at me, I bought this big ole house so I look great. But soon, I will lose it, ruin my credit, fall into depression and just be in misery?

Yes, if it makes you happy, A LOT OF PEOPLE BOUGHT HOMES THEY CANNOT AFFORD and they will be foreclosed on and you will get your sick little wish.

But there are good credit worthy (well once credit worthy) people out there that were placed in bad loans that they cannot refinance out of. You know the ones created by LENDERS and Wall Street.

I don't know about you but I am on the front lines daily. Fielding calls and emails from homeowners who are trying to refinance out of these toxic loans that have just adjusted 3,4,5% higher and they cant refi, they cant get a loan modification. These are the same borrowers that QUALIFIED for a REAL MORTGAGE using REAL UNDERWRITING GUIDELINES for the lenders to DETERMINE if the borrower that is APPLYING for the REAL LOAN can AFFORD that there MORTGAGE that they are APPLYING for at the BANK using UNDERWRITERS that are EMPLOYED by the LENDER to MAKE SURE that there BORROWER can PAY THEM BACK once they LEND THEM THE CASH.

You see, every loan that is originated has to be sold to the consumer before it becomes and origination. Many loans that were sold over the last few years, as you know, were adjustable rate mortgages. Consumers never say, " Please put me in an ARM that adjusts in 2 years." No they were "SOLD" these loans. Here was the typical sales pitch by licensed professionals. " I know that you didn't want an adjustable rate mortgage but that all you qualify for. But don't worry Mr. Jones, I'll be able to refi you in 2 years and get you into a fixed loan, no problem. This is just a band aid loan because you have tarnished credit, can't prove income and you don't have a dime to your name."

Do you think these same homeowners would have been sold the loan if it went like this? " Here's your loan Mr. Jones. It's and adjustable rate mortgage that will shoot through the roof in two years, your payment will double, you'll be screwed financially, the bank will eventually foreclosure on you, ruining your credit for 7 years and your life will leave you because she's sick of you drinking cheap scotch on their dirty linoleum floor."

[momof3boys]

Originally Posted by nehope

“The US housing bubble was created by lenders loosening their standards for mortgage lending and giving loans to people who would previously have been ineligible.” http://news.bbc.co.uk/2/hi/business/7097714.stm

Okay, and that happens to be the homeowners fault??? NO!!! The LENDER should have NEVER given the potential "debtor/homeowner" the loan, BOTTOM LINE!!!

You got a "bad" loan because you didn't qualify for a good one and if you did, but accepted the "bad" one; then what does that say?

How do you know what I did or did not qualify for??? I was fine with having an ARM with a cap that we could afford, as my docs show, but to be given 4 of those docs, being told that the one that was the lowest was the one that applied and signed for, how is that my doing??? How am I to prove that they have additional docs that we did not sign, when they say that we did??? Our broker, who mind you, has now changed company names 4 times and lost his own home to foreclosure was sneaky...Wish I would have known then what I know now...

How can you claim that you bought a house within your "means" when you are not able to make your “adjusted” payments, pay your taxes or your homeowners insurance?

Where did I say that I couldn't pay my homeowners insurance??? My mortgage company ADVANCED my taxes because for the last 2 years I have paid my taxes IN FULL at the END OF THE YEAR, and somehow THIS YEAR, the mortgage company had a problem with that and advanced them without any warning to me....And, I can't make my adjusted payments because the adjustment that THEY are giving me is NOT WHAT I AGREED TO!!!

Hell, you don’t even know what kind of loan you have.

Oh, Mr. Perfect, I DO KNOW what kind of loan I have...A F**ked up 2/28 ARM, that is DIFFERENT from the ARM that I AGREED TO...

Should you now be rewarded with a modification that takes your rate back down to what qualified buyers with good credit get because that's more comfortable for you?

Because what my lender did was WRONG, and I should not be REWARDED, I should be COMPENSATED for THEIR WRONG DOING...

What are the chances that you will find yourself in the same mess five years down the road after the next snake oil salesmen comes along – and, like many others, you were in trouble before your ARM ever even reset...

I was in trouble because of what my LENDER did in regards to my taxes....If someone pays their taxes at the end of the year for years, and then all of a sudden isn't allowed to do that, and was not warned prior...

(http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=08&year=2007&base_name=news_flash_the_problem_with_ar).

This subprime mess has impacted "smart individuals" and those that are responsible by also tightening up the standards on the prime market and virtually eliminating the jumbo loans that are necessary in high cost areas. For every home that is foreclosed in a neighborhood, the value for the remaining homes decreases by .09% and that is cumulative. Congress can and probably should pass legislation that regulates the lending industry – so now we will have more regulations, more bureaucracy, more “nanny state” garbage for people who refuse to be responsible for themselves. If you were truly preyed upon and a “LAW WAS VILOLATED,” then do something about it but stop asking for more than you are entitled to. There are certainly enough resources on this web site to enable you pursue "lawbreakers." Although, I'm not exactly sure what "law" was broken.

I AM working my A$$ off to make my lender pay for what they have done wrong...I have various state and federal agencies involved, but I am not looking to get something for nothing, I am simply looking to compromise with my lender so that we both benefit...Why are you so worried about homeowners that try for loan modifications??? It has NOT A THING to do with you!

What would be the ideal outcome out of all this mess – to go back to pre-bubble standards for buying a home. If you want a home - clean up your credit, and save money for a down payment and a cushion for those “what if …” times, and then houses can become what they used to be. Not ATM machines to finance lifestyles we can't afford or retirement accounts, but a place to live and raise families.

I have NEVER used my home as an ATM machine...I did not buy expensive things, nor did I invest any money...I simply put siding on my house to IMPROVE it and INCREASE it's value and the other houses in my area...If your neighborhood looks nice, and houses are well kept, all homeowners benefit...

I am STILL trying to FIGURE OUT why you are even here???!!! Why don't you go petetion some law makers with "all the people that share your beliefs" to make all of us shitty credit, stupid, homeowners suffer for all the wrong we did...You have conveyed your message very well, you know it all, you are in fact perfect, and have the perfect mortgage....

[Moe Bedard]

[evel1999]

The way I see it these ARM should of never been allowed to be offered in this county. There is no way a loan like this would ever work as this subprime mess and the depression we are going to see is proof of that.

Whoever came up with this loan has done the American people(us taxpayers) a grave injustice when they allowed the mortgage companies to offer such a loan.

Yes we signed up for the ARM. We are all suffering because we did. These loans are going to wreck the country and we will all be in this depression. Even people smart enough to of stayed away from these loans,like you, but mark my word, you will suffer too. If they don't modify these loans and we go into a severe depression with all the houses sitting empty we will all suffer.
There will be no jobs,the stock market will crash, everyone will loose everyting. It will take years to recover from this. It doesn't affect you? Just you wait and see.

This is going to be worse depression even worse than the 1920's to 1940's.
You may loose all you have. Don't say it can't happen, history proves that it can and it will.

So if loan modification will starve off this mess you better hope they can and will modify the loans because people with your beliefs and no compashion for their fellow man usually suffer the worse fate in troubled times.

[grateful024]

Bailout,
Why are you on this forum? Does it make you feel good to come on here and try to make already suffering people feel worse? What is the purpose and what is it your trying to do?

You say the taxpayers money is paying for these 'bailouts'? Would you rather they do nothing and our economy crashes even more due to foreclosures? I'm sorry to say this but are you some sort of an idiot?

Your right, maybe we should not have fallen for the scam that these loans are, but like Moe said they where sold to us. WE WHERE LIED TO AND TOLD WE COULD REFI IN TWO YEARS. Us, being your normal everyday people who are not mortgage brokers or realtors. We didn't know better. At the time it sounded like a great plan and good way to get your foot in the door and own a home. Seeing as how i'm a single mom, I never thought it possible to own a home, however always had one simple dream.... to provide a childhood home for my son to grow up, to have memories in, to be able to look back on.
Maybe you don't have kids, or maybe you have never really had a dream, but when someone comes to you with what seems to be reasonable offer and a valid way to own a home you jump on it. Its not our fault... anymore than elderly people getting preyed on for various scams is thier fault.

But by all means, come on here, offer 0 help, make people who are miserable feel even worse. Serioulsy bail out, how do you sleep at night and why don't you just go away.

[Moe Bedard]

What happened to these guys?????? No rebuttal?

Should I just

[nehope]

I don't know about 'no bail out' but I'm bored. Your little buddies will or will not get their loan modifications, and you will make a killing exploiting them and their misery:

"Yes, the loss mitigation busines is booming and there are some great opportunities out there, if people only knew the ins and outs of the lost mit business.

I was also in the busines and now I am an indepedent consultant to real estate lawyers in predatory lending cases, loan doc reviews and TILA. I’m doing great and the forsight to see this has a viable biz.
Best of luck to all!

Moe"

http://www.blownmortgage.com/2007/10...gage-industry/

They will still lose their houses even after the loan modifications because they will get in trouble again, but you'll be fine won't you? What will you do when the standard - oh, screw it

Ban me!

[momof3boys]

Originally Posted by nehope

I don't know about 'no bail out' but I'm bored. Your little buddies will or will not get their loan modifications, and you will make a killing exploiting them and their misery:

"Yes, the loss mitigation busines is booming and there are some great opportunities out there, if people only knew the ins and outs of the lost mit business.

I was also in the busines and now I am an indepedent consultant to real estate lawyers in predatory lending cases, loan doc reviews and TILA. I’m doing great and the forsight to see this has a viable biz.
Best of luck to all!

Moe"

http://www.blownmortgage.com/2007/10...gage-industry/

They will still lose their houses even after the loan modifications because they will get in trouble again, but you'll be fine won't you? What will you do when the standard - oh, screw it

Ban me!

Okay, so Moe posted on that site OVER A MONTH AGO, and that means what??? The man, A. Has to make a living, B. Knows his shit, and C. Has charged all of us NOT A FRIGGIN DIME!!!!!!!

So, take your psycho babble bullshit somewhere else where people actually support your f**ked up views!

**Sorry Moe...I had to get that off my chest***

[Moe Bedard]

You're so clever. You take little tid bits of what you want to portray and make your little point.

If you read the blog post, Morgan Brown mentions REO, Loss Mitigation, and different business opportunities that are available. There are a lot of good people, like Morgan, who are not doing well and their families are suffering because of the mortgage crisis. I don't wish poverty on anyone. Not all loan officers were predators, but many and ALL will suffer. I am not anti broker or loan officer. I am pro loan modification and anti predatory lending and fraud. I am a consumer advocate fighting for people on the internet and off line to ease the foreclosure crisis.

I don't hide what I do and yes, that was over a month ago, now I am employed by what you see in my signature pal, Fransen & Molinaro and what else do you see, 'Homeowners Defense Advocates" a newly formed non-profit. Oh and I was just hiding that you schmuck. Can't you read in my sig?????

I saw helping people has a viable biz.... I am fricken brilliant. Who could have ever thought of that? Helping victims of predatory lending? Yes, people pay the law firm to sue these lenders and fix their predatory loans. Imagine that, people paying for a service where they actually get helped and the can actually "save" their home using the law.

And for those that "qualify" we will be able to do this for free with a non-profit.

Your not banned for posting that. You are banned for ignorance.