Al Franken:HAMP Foreclosure Paperwork Scandal

[luvmyhorse]

Al Franken: Foreclosure Paperwork Scandal Shows Need To Strengthen HAMP

Take a look at this article!

Good news!

"The story of the Home Affordable Modification Program, known as HAMP, has been a story of bogus paperwork ever since the program launched in 2009. President Obama said that the program would "enable as many as three to four million homeowners to modify the terms of their mortgages to avoid foreclosure." Treasury Department officials now shy from that pledge as fewer homeowners have been given "permanent" five-year modifications as have been booted from the program."

[Alex Ferreras]

thank you for providing this information, however there have been several other HAMP programs that have proved successful within this last year, but true enough there not doing as well as they could be for everyone.

[luvmyhorse]

Show me the money!


Another good article with real statistics. The banks can run but they can't hide.

Loan Modification Progress Chart | Eye on the Bailout | ProPublica

[Maurice Bedard]

Forgive Alex please, he is just our greeter here to welcome new members. He is learning. Yes, HAMP fricken ****s, but I do not blame it on Obama. It's really the mortgage servicers who are rail roading borrowers. Not Obama.

I believe the reason this is happening is simple. These are legally binding contracts between you and the lender. Whoever breaks that contract is in the wrong under the law. That is why homeowners are getting foreclosed on. They can't afford their mortgages so they are breaking contracts by not paying. The government or legal system is not going to help because they are there to enforce the law and maintain civil order.

They are not assist people who break the law by breaking legally binding contracts. Actually it is quite the opposite. They are here to help enforce these contracts. Hence, why do you think the sheriff comes to evict homeowners when a home is foreclosed on?

This has been happening since mortgages were invented in the medieval times folks!!!!

[tryinmybest]

Moe,

I have been reading these threads for months. The only "winners" are the ones that cut their losses quickly, move on and
have options. Unfortunately, I believed I was getting a loan modification, dumped over 20 some thousand from my 401k
into my house. Not what you want to do.....

However, I am reformed and I am taking charge, not a penny of mine goes to B of A any longer. I do
learn from my mistakes and NEVER again. In the long run, I'll be happier not having the "big" house with the "big" expenses.
Live is to be lived/enjoyed without being a slave to your mortgage company. I couldn't be happier walking away, I only
wish I had done it sooner.

[luvmyhorse]

Moe,

I have been reading these threads for months. The only "winners" are the ones that cut their losses quickly, move on and
have options. Unfortunately, I believed I was getting a loan modification, dumped over 20 some thousand from my 401k
into my house. Not what you want to do.....

However, I am reformed and I am taking charge, not a penny of mine goes to B of A any longer. I do
learn from my mistakes and NEVER again. In the long run, I'll be happier not having the "big" house with the "big" expenses.
Live is to be lived/enjoyed without being a slave to your mortgage company. I couldn't be happier walking away, I only
wish I had done it sooner.

tryin I so hear you, and I so wish I knew then what I know now. And that is absolutely horrible that you took 20 grand from your 401K. I think you talking about this hear is your good deed so that other people thinking about breaking into their 401 K, will think TWICE AND 3 TIMES BEFORE DOING SO.

[Maurice Bedard]

The only "winners" are the ones that cut their losses quickly, move on and
have options. Unfortunately, I believed I was getting a loan modification, dumped over 20 some thousand from my 401k
into my house. Not what you want to do.....

However, I am reformed and I am taking charge, not a penny of mine goes to B of A any longer. I do
learn from my mistakes and NEVER again. In the long run, I'll be happier not having the "big" house with the "big" expenses.
Live is to be lived/enjoyed without being a slave to your mortgage company. I couldn't be happier walking away, I only
wish I had done it sooner.

I am glad to hear that you have finally come to grips with your true reality. As you well know, I warn most people that are in your situation not to do what you did, but I am also aware of the facts that we all have to make our own choices and learn on our own. You have and now you are enlightened to the facts and the future.

That is a huge step towards reality and I am glad you are starting to find peace amongst this chaos. That is critical to surviving in the future.

[tryinmybest]

Luv my horse and Moe,

Yes, hindsight is 20/20. At one time I couldn't fathom the banks could be lying to me. I would have done
anything to save my house. Most of us would...This is were the desperation creeps in...You'll raid
your 401k to save your house. In my case, I didn't want to uproot my pets as it is the only house
they have ever known.

Then the lightbulb went off...The rental with taxes is an under 1000k payment. With a little
extra cash I can fix it up where it is truly wonderful AND I'll save 5k a month. Yes,
60K in hard cash a year. Emotion can cloud many business decisions. In
the future buying a house is a business decision only. One I hope to buy in cash
or I don't need to be a slave to these devious banks.

Yes, Luvmyhorse, and I'll bet, you like I, thought certainly there must be
some oversight in the banking/mortgage sector? You could complain to
someone and they would take action? It really is shocking isn't it?

Live and Learn and NEVER again.

[Maurice Bedard]

Good stuff tringmybest! I am glad you are a member here and sharing your thoughts with the community. You are definitely paying it forward to those that read your words.