Nice to see you again Jefferey and thank you for your educated comment about the current crisis.After losing my home to Wells Fargo in 2012. I found out who the crooks are. They are the Democrats. Obama let the banks off of their criminal prosecution. The Office of the Comptroller of the Currency dropped the ball on the Independent foreclosure review. The people who lost their homes started a movement call Occupy Wall Street. The banks were vandalized in some cities as the anger of the people wronged started to intensify. Obama saw this and diffused it with plants that subverted the movement. I know this as I was part of it protesting in front of the District Court here every day. Seeing the injustice I began to develop instruments powered by substantive law to put on properties to stop foreclosures. I also developed documents from the documents used against us to stop the Trustees from foreclosing. The main problem with this economy is the unharnessed greed and cronyism in real estate and credit cards. This is and can be traced to the crony banks. I run the largest electronic repair lab in the state of Utah and I do not and will never take the crony cards. For those who say it is Trump's fault it in NOT. Maxine Walters sitting on the House Financial Services Committee sat and watched this sin against the people take place. I am 65 and have seen alot of corrupt politicians and I will say that Trump is the only one who cares about you and me. This is why the democrats want him gone. He has artfully exposed their corruption. Just look at the last time there was a bailout. The corporations, the banks and the stock market the GSEs . These cronies were bailed out quarterly throughout the OBAMA YEARS. As soon as Trump took over this nonsense stopped. Remember this, when you signed that DEED OF TRUST sanctioned and approved by the US DISTRICT Court you signed away your rights. The banks are so quasi they can changed their acting status. They have power over you and your country. Rant over. Thanks for reading.
I'm glad that LoanSafe was a great tool for you to get your previous loan modification. Unfortunately, I see the same problems and most likely much worse issues happening with the current economic crisis than we saw between 2008-2013.I have to thank this site in part with helping me get a successful modification with Chase several years ago. Now like so many others, I have lost my job and I was already a month behind on my mortgage. I have an excellent modification with 3% interest and I'm not upside down on my loan. But I'm worried about taking any kind of forbearance on my loan, because the Hamp rules state that if you fall behind three months all the terms of your modification are null and void. I also don't trust Midland Bank (that bought my loan from Chase) to not suddenly want all their money back when the terms are over. IN addition, I know I'll lose the incentive (5K in principle paydown) to not fall more than three months behind. To make matters more complicated it's an FHA loan. Our condos were at a record high but I know from reading your blog that prices are going to free fall even in Arlington, TX. My unemployment income won't start for a couple of weeks and I'm really not sure what to do. I'm a single 59 year old woman that's managed to hold on to this home for 10 years in spite of ups and downs. No children, no one to help. ( Side note: I find it hysterical when people start blaming both parties, when lack of regulations on mortgage companies and banks is what usually causes this mess. And both parties are accountable!! All the way back to Clinton and Bush. As long as both parties are bought and sold by big banks that fund their campaigns nothing will change.) Scared in Texas....thanks in advance for your wise words.
Thanks LIITX...It's crazy now with my work volume dropping drastically, but MR POOPER still wants me to pay and I will do my best to pay my monthly payment. But, it also angers me when they tell me I cannot get a modification. I haven't missed a payment for almost 5 years and they treat me like that. I never intended to stay in this house this long...actually was going to move on in 3-5 years but life happens. I can't REFI because I owe almost $100000 more than it's appraised at. I would love to get ahold of ALL of my documents since 2005 and have a financial review done of all of the financial charges placed against me. I'm sure there are a lot of junk charges and other unnecessary charges that were piled onto my loan. If you guys can think of any strategy short of defaulting at this time, I'd appreciate it. I want to be an upstanding example of a citizen, human and debtor, but it's getting much harder to STAY CALM AND CARRY ON.
Hello and thank you for your comment.This is not entirely Trump's fault. Most of the blame should be on CHINA who did everything they possibly could to lie, and make themselves look better. Even right now, they still haven't finished their lies, scams and schemes. We have ZERO clue what the real numbers are, how this virus works, and what the long term ramifications will be. The calculated decision of the Communist Regime to try and hold power, and save face - is the reason we are at the point we are now.
Regardless, I didn't come here to talk about the News Media & their obsession with traducement journalism. I actually came here to talk to @Moe Bedard. While I'm sure your partially aware, I wanted to say it out loud. We are in unprecedented times. I know when you started this website back in 2007, people were getting wrecked by their ARM Adjustments. Then, it became people laid off from the craptastic economy that followed.
Those days were so long ago, and the times have changed. There is a unprecedented amount of people who are going to be defaulting on their home mortgages, in April & May. One servicer had estimated that 25% of their FHA Portfolio was going to sour, while another said that they estimate 17% of their Fannie Mae/Freddie Mac loans would default. You also have MILLIONS of people who are going to be on forbearance programs, not fully understanding how they work -- or, able to come up with the 4th Month Balloon. These servicing companies are not prepared for all the defaulted loans, and they don't have the ability to service all of them. If there is HELP - most people will fall through the cracks.
The more I sit around and think about it, the more concerned I get about the number of people who are going to be falling behind. So many people either bought a home and were approved with Sky-High DTI's, and No Reserves... or they bought years ago, and watched their income & savings dry up.
The point I'm trying to make, is I'm expecting a surge & flood of traffic and new users to LoanSafe, very soon. And I wanted to ask.. What is being done to prepare and keep this site alive?
I know you are doing the best you can at the moment, but I wanted to formally ask, as well as offer my support. If I can do anything, or donate my time in anyway, I want to know. I also think you should consider adding a donation button on the site - for those that have received help, or adding some additional advertisements.
Thank you for your testimonial and your support! We will keep it open and please stick around to help others as we help each other through this crisis of a generation.On 2008 by Reading/apply some of the strategies shared in here, I was able to keep my house, and we are still in my house.
Please keep this forum open, I sm sure we'll need it again.
Thank you and stay safe♂
Hello Gimpster,Just wanted to say this site helped me out through a hard time. Glad you're still around, and the wealth of information, even if the game has changed, is still huge. Another mortgage/housing crisis has been in my mind a lot lately as we go through this situation. It brought me back here just to see how things were going, and it was quite the trip down memory lane re-reading my old posts.
Between the last recession, my wife having cancer (twice! and she is A-OK now ) ... it proved to be too much, and I had to go through a strategic default. I documented it on here, not many people in Iowa had to go through that so it was a bit of a dark alley.
I currently own my home cash outright here in Central Florida, but if everything I suspect will happen... happens... it will be painful watching the capital destruction I guess. At least I have a place to stay though, and that's more than a lot of people might be able to say soon. When I got this house, I had to laugh, I did consider a mortgage and they approved me to an amount that would have been asinine with almost nothing down. Right back where we started in so many ways.
I would prefer to avoid the raw politics of this situation, but suffice it to say this has brought so many things that have been bubbling in the background into the foreground QUICKLY. The lack of sick time/PTO (which even I don't have...), wobbly health insurance market system and housing insecurity. For years I've read about how the average American couldn't come up with ~$500 cash in an emergency, and here we are. Some of that is personal choice, some of that is due to the system we have collectively nurtured.
Thanks for reading, and sadly look forward to what might be ahead for our nation and the activity of this forum.