The Time Has Come to Unite as One & Monitor Mortgage Servicers

Status
Not open for further replies.

Slim Shavings

LoanSafe Member
Sep 18, 2009
459
7
0
NOw is a good time to fight...Housing Crash to Resume on 7 Million Foreclosures,

Moe
Is there a special place for housing news or is it not of interest here ?? Just askin :)


Seems to me that this would indicate that the time is right to fight


Housing Crash to Resume on 7 Million Foreclosures, Amherst Says - Bloomberg.com
Housing Crash to Resume on 7 Million Foreclosures, Amherst Says



By Jody Shenn


Sept. 23 (Bloomberg) -- The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said.

The “huge shadow inventory,” reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 million in 2005, the analysts led by Laurie Goodman wrote today in a report. Assuming no other homes are on the market, it would take 1.35 years to sell the properties based on the current pace of existing-home sales, they said.

Helping to stoke speculation the housing slump has ended, an S&P/Case-Shiller index for 20 U.S. metropolitan areas showed the first month-over-month increases in values since 2006 in May and June, reducing the drop from the peak to 31 percent. Echoing other mortgage-bond analysts including those at Barclays Capital Inc., Amherst cautioned that a change in the mix of foreclosure and traditional sales over different parts of the year lifted prices in the period, as the distressed share shrank.

“The favorable seasonals will disappear over the coming months, and the reality of a 7 million-unit housing overhang is likely to set in,” they said.

The amount of pending foreclosed-home supply has been boosted by more borrowers going into default, fewer being able to catch up once they do, and longer time periods to seize properties because of issues such as loan-modification efforts and changes to state laws, the New York-based analysts wrote.

A Limited Aid

Accounting for efforts to have more loans reworked to avert foreclosure makes “not much” of a difference in the shadow inventory, with optimistic assumptions leading to a 1 million reduction in the amount, they said. “And many of these borrowers would default later, if they remain in a negative equity position,” they added.

Goodman is the former head of fixed-income research at UBS Securities LLC whose team there was top-ranked for non-agency mortgage debt in a 2008 poll of investors by Institutional Investor magazine. Amherst is a securities firm specializing in trading and advising investors on home-loan debt.

The analysts didn’t forecast home prices. The Barclays analysts including Glenn Boyd, who earlier this year wrote that once it starts, the housing recovery will be dulled by a “pent- up supply” of homes from owners who have put off sales during the slump, this month predicted 8 percent further depreciation.

That’s better than the New York-based Barclays analysts’ previous forecast of 13 percent because of their view that recent data show that the end of the crash is “decidedly under way,” they wrote in a Sept. 11 report. Foreclosed-home “supply should sap the strength of the recovery in all but the most optimistic of scenarios,” they added.

To contact the reporter on this story: Jody Shenn in New York at [email protected] or
 

Slim Shavings

LoanSafe Member
Sep 18, 2009
459
7
0
Fight!! One woman does it!!

Posted Sept. 8, Minch's original YouTube video proved to be an Internet sensation that has garnered more than 230,000 hits.
You Tube video

YouTube - DEBTORS REVOLT BEGINS NOW!

Look at MORE videos

debtors revolt - Google Videos






Ann Minch, whose YouTube vow to stop making payments on her credit card captured the outrage of a nation, has reached a deal with Bank of America.

In a YouTube update posted Saturday, the 46-year-old Red Bluff resident said the bank has agreed to drop the interest rate on her card back to 12.99 percent, where it was in January before Bank of America hiked it to 30 percent.

Minch said she was contacted by Jeff Crawford, senior vice president of existing credit card accounts for Bank of America, who asked her why she did the video.

"He was very polite," Minch said. "He didn't make any demands about pulling down the YouTube video."

Crawford at first offered to drop the rate to 16.99 percent, said Minch, who told the bank executive that Bank of America has been allowed to borrow money from the federal government virtually interest free. Finally, Crawford agreed to 12.99 percent.

Posted Sept. 8, Minch's original YouTube video proved to be an Internet sensation that has garnered more than 230,000 hits.

"Now, these are my terms: Unless you return my interest rate and monthly installment amount to what it was before the rate hike . . . you're not getting another penny out of me," Minch said on the original clip.

Minch told her audience Saturday that the war against the big banks isn't over.

"Just because my personal account situation has apparently been resolved, this is a small victory for the debtors revolt movement," Minch said during the six-minute clip, which has generated about 850 views since Saturday. "The movement marches on," she said.

Minch also announced that she is working on a Web site for the debtors revolt movement. The site, which will feature resources and information, is still under construction

Woman reaches deal with B of A Redding Record Searchlight

How can we do videos???



.......
 

ohhhdear

LoanSafe Member
Apr 26, 2009
422
5
0
Florida
Re: A call from oop regarding phoenix email

Well, Veronica called and told me someone would follow up with me by last Friday. Today is Monday and the phone still hasn't rung!
 
N

nativelasvegan

Guest
Re: Fight!! One woman does it!!

I agree. We should do videos. If every member here were to post a youtube video and link it to this forum, we might get some needed exposure. We can all member that we are loansafe.org customer. In fact, every piece of communication I send is signed by my name, "a loansafe.org member."
If we can prevent any new homebuyer from using BOA, I'M IN!!!!! This is a great idea Slim.
 
B

Big Booger

Guest
Re: I am in need of assistance

thank you dear and I think you are right in it being to lengthy for newpaper - would love to see the article you speak of, if you find it let me know.

peace!
 

Slim Shavings

LoanSafe Member
Sep 18, 2009
459
7
0
Re: Fight!! One woman does it!!

One problem :)
I'm an old dude and don't have a clue how to do one of them thing. And there doesn't seem to be anyone else in TN having problems.:(

Most of the stuff I use is Windows 98 :(
 

Slim Shavings

LoanSafe Member
Sep 18, 2009
459
7
0
Re: Breaking the Bank News: Millions of Fraudulent Mortgages

I'm new around here and so glad to see that everyone is helping each other out. Please count me in, we are on the MERS list and I am so excited about the possibilities. We are in no way looking for a freebie, just for a decent interest rate and it would be great to get the principal reduced to the current market value. Hallelujah!! Please let me know what to do next.
Now that we are about 6 months behind and getting harrassing phone calls from my "daddy" at HomEq ( I didn't know he was my daddy until he started scolding me for having bought my house, spending too much on childcare and buying too many groceries), what should I tell him? Should I make a payment? HELP, oh wise folks!
I can tell you what I would tell him. The same that I have told others when they start that crap. But its not fit to print
 

Riley18

LoanSafe Member
Aug 4, 2009
275
2
0
Florida
Re: A call from oop regarding phoenix email

I got a call on Friday morning from the rep that has been "handling" my case since my original email to the OOP. She was curt and acted like i was still complaining even though I was already told to wait my turn with the bank. Basically, I am still waiting for info on a modification. Today I got a follow-up letter from her telling me I would be reviewed for a possible modification in November.
 

caldwell02

LoanSafe Member
Jan 30, 2010
2,491
18
0
70
Re: Breaking the Bank News: Millions of Fraudulent Mortgages

Just an update. Sometimes my head goes spinning with all of this. first I checked through my loan docs. They do say that Long beach mortgage intended to transfer the loan to WaMu. Then I went to the recorders office. They only have Long Beach listed. Not Wamu. And definitely not Deutsche. Went through everything I've ever gotten and there is no mention of Deutsche in writing. Chase did send the letter saying they were now my servicer, but that letter doesn't mention Deutsche. On another thread someone said the banks make money on foreclosures. Well I don't think they'd make anything on mine. I'm in a "conventional loan without MI." Says so right there on the docs. House is worth $85,000 less than I owe. The second mortgage (owned by WaMu - or at least it was a couple months ago) is toast if there is a foreclosure. I'm in a non-recourse state. I don't understand what advantage this game has for the bank at all. Just modify the loans - what the h$$L??????????????
 

Social Apocalypse

LoanSafe Member
Mar 17, 2009
693
12
18
Washington State
Count me in for full duty, Pacific Northwest.

I was thinking about using the power of the masses on this forum effectively while preserving the privacy of the members. By "Subscribing" to a specific forum, members get emailed updates of every posting via email, so they never miss anything. THIS would be the "sign up for duty" and would give Moe and indication of how many people were on board for each lender/servicer/entity.

Couple of thoughts on implementing an organized outreach:

1. Create non-posting forums for each large lender/servicer. Only moderator's could post threads on them. Subscribers would respond by contacting the moderator of the forum directly.
2. Ask Forum Members who want to help to SUBSCRIBE to each lender/servicer forum with whom they have a mortgage or connection.
3. Deliver lender/servicer updates and instructions for actions to the specific forums (each forum could have a moderator that has elevated connection with that entity)
4. Post up "form letters" or actions for members to then use individually through their own networks and channels. (This is powerful viral activity).

You get the idea. THIS would amalgamate the masses under their specific areas of ability and willingness to help. :)
 

Slim Shavings

LoanSafe Member
Sep 18, 2009
459
7
0
Re: Breaking the Bank News: Millions of Fraudulent Mortgages

Arkansas has adopted the Kansas decision. I posted here about it. Not much being heard right now. I have a google news alert out for more info but nothing lately.. I suppose they are trying to keep it quiet.
 

caldwell02

LoanSafe Member
Jan 30, 2010
2,491
18
0
70
CA State Bar info on fraudulent loan modification attnys

Found on the California State Bar Website. this is part of the post- just here as an FYI in case you are approached....

The following attorneys have received a significant number of complaints related to the loan modification services they were hired to perform. They are entitled to a full and fair hearing on any charges that may be filed in the future. No discipline may be imposed unless and until the State Bar proves allegations of misconduct by clear and convincing evidence.
David Arase, Bar No. 233705, Arase Law Firm and National Housing Assistance
Stephen Burns, Bar No. 113371, Legal Group Network
Robert Buscho, Bar No. 122556, United Law Group
Nicholas Chavarela, Bar No. 251632, Rodis Law Group and America’s Law Group
Steven Feldman, Bar No. 103676, Feldman Law Center
Eric Johnson, Bar No. 224065, Avantgarde Group
Paul Lucas, Bar No. 163076, Lucas Law Center
Brandon Moreno, Bar No. 233750, U. S. Foreclosure
Jeffrey Nemerofsky, Bar No. 213014, U.S. Advocacy Law Group and U.S. Financial Products
Gregory Paiva, Bar No. 207218, Law Offices of Gregory Paiva
Adrian Pomery, Bar No. 249664, U.S. Foreclosure
Ronald Rodis, Bar No. 181873, Rodis Law Group and America’s Law Group
Mark Shoemaker, Bar No. 134828, Advocates for Fair Lending
Marc Tow, Bar No. 78429, Marc Tow and Associates
Michael Yellin, Bar No. 255050, A Fresh Start Loan Modification
Sean Rutledge, Bar No. 255938, United Law Group

The State Bar suggests that consumers be wary of attorneys offering loan modification services under any of the following circumstances:
  • Advertisements of the office do not expressly identify by name the attorney who is responsible for the business.
  • Office staff will not readily identify by name the attorney responsible for oversight of the business.
  • The attorney in charge of the office is too busy or not willing to meet personally with prospective clients.
  • The firm advises a consumer to stop paying the existing mortgage.
  • The business, through its advertisements or claims of its representatives, makes claims that sound too good to be true, such as claims of a 90 or 100 percent rate of success in obtaining loan modifications, or claims that a reduction in the mortgage principal is likely to be achieved.
  • The business demands payment of a large fee, even before obtaining a prospective client’s basic income and expense information, and information about the existing mortgage and present home value.
  • The attorney responsible for the business is not licensed to practice law in the state where the consumer resides.
There are legitimate loan modification services and ethical attorneys that are providing the promised services for their clients. Two places to start in the search for loan modification assistance are: HUD Housing Counselors, 800-569-4287, http://www.hud.gov/counseling; and HOPE NOW, 888-995-HOPE, http://www.hopenow.com.
Consumers can also find qualified attorneys through a State Bar-certified lawyer referral service that can be found on the State Bar’s Web site (www.calbar.ca.gov), or by calling the State Bar’s Lawyer Referral Services Directory at 1-866-442-2529 (toll free in California) or 415-538-2250 (from outside California).
 
N

nativelasvegan

Guest
Re: CA State Bar info on fraudulent loan modification attnys

Yikes. I wonder if this is a result of their incompetency or the wonderful government program in place that is so easy to follow so that all of us who are entitled to modifications receive them? Thanks caldwell. As usual, you are awesome! A die hard! Very much appreciated!
 

dee1432

LoanSafe Member
Mar 10, 2009
72
0
0
Atlantic City, New Jersey
I received a response from the emails that I sent out..it came from Dan B Frahm..... [email protected]. This is what it says:

Thank you for your e-mail sent Monday. As a member of the LoanSafe community, I want you to know that I have reached out to Moe Bedard, LoanSafe’s founder, to listen to your concerns and explore how we can promote practical, actionable guidance for our customers who visit this site.

It is not clear from the message you sent if you are a Bank of America customer or if you need assistance. If you are our customer, I will personally ensure your issue is passed along to a member of our team who will contact you to discuss your situation and explore all possible solutions to help you stay in your home. Please reply to this message with your Bank of America mortgage loan number, your full name, full address and phone number so we can initiate this process.

Since the economic crisis began two years ago, Bank of America has dedicated significant resources, developed new home retention programs and worked with the government to address the threat of foreclosure facing many homeowners around the country. Still, we recognize we must do more to help homeowners and to continually improve our customer service.

Bank of America is committed to creating and sustaining successful homeowners. We will continue to rely on strong partnerships with organizations who share this focus, and we hope you and the LoanSafe community will consider similar opportunities.

Thank you.


I sent my response to this email from Mr. Dan Frahm twice ( on the 25th and the 28th of Sept. ) I wrote:

Home Loan # 1.....
C.....
1..... Ohio Av
Atl... City, NJ. 08401
Tel.# 609----


I tried to avoid the hardship and start calling your office on October of 2008 to help me refinance (which he said I did not qualfy) or the Loan be modified since working in the casino business is getting real slow especially on winter time and as a single mother, so on December of 2008, I ask your office to modify my Home Loan sent all the requirements, but never received a response till after countless calls I made and was told by one of your representative that I didn't qualify because my mortgage was current. He advised that I should have at least 3 months behind on my mortgage for you to assist me with a Loan modification. Following his advise I went thru NACA to apply for restructure/Loan modification. on April of 2009 and at present time I still wonder what you can do to help me to be able to afford this mortgage.

Looking forward and Thank you,
.......

:rolleyes: Today at 5 pm, someone from BOA costumer relation advocacy called me saying that they received the application or letter I sent to Dan Frahm, She is calling that department as "Phoenix 48" and asking me again to fax my documents; Letter Of Hardship, 2 mos. of paystub, 2 mos. of Bank statement and a monthly breakdown expenditures: credit cards, loans and utilities etc. (in which I already sent it to NACA on Fri. the 25th of Sept.) goshhh thats a 40 pages faxed docs. I sent 152 pages already that whole time... that's a lot of money going nowhere, sighhh...

Anyways, I will try to send it again tomorrow. Lets see what will happen with that Phoenix 48 she was talking about. I told her that I am on NACA already, she seemed like she's not listening to me and want me to fax those docs. :confused:
 
F

Fedup

Guest
Kind of funny that Dan Frahm has sent the same "form letter" to more than one member of this forum seeking help.....see above on this page and the original response on the preceding page from Jazzy.

Gary
 

Solange

LoanSafe Member
Sep 12, 2009
84
2
0
North Carolina
At first I think we need to just unite as one in a private forum/project planner and as the union grows, we break off sections. But at first we will just need members who are willing to join and participate as a unit and we can first just have ONE UNION but group homeowners by lender and when it grows, by lender and state.

That way we can have say 200 homeowners with Bank Of America and that can be great power to fight as one instead of one homeowner fighting all alone. Every month we can give CNN, NBC etc the true data on what they are doing to help with graphs, mods, bs etc and it will come from the homeowner themselves. If a homeowner is losing their home, we can all sign a declaration as witness to send to the media and our government that B of A foreclosed on a home they shouldn't have.

This will BE THE TOUGHEST thing to over come. How many homeowners are willing to join each other and fight???????????

We will see how many people reply here.
You said it Moe.
I know an attorney working on a Class Action re AHMSI/WFB
I posted the information on your Forum with an email reply. I received 5 responses!

I guess most people prefer to just complain but not to defend themselves as a group, which is the only avenue for us hobbits to fight against Goliaths like the BIG banks.

Nevertheless, we are moving forward with this action, and I expect that there will be a wake-up call if we prevail, and people will flock to get their share.

Solange
 
Status
Not open for further replies.