I lost my job last month and made my bills for December by emptying savings, selling all my investments, etc.

So I call them to see what programs are available.

Their advice? SHORT SELL MY house.

I am not even late yet! But if I were, there would be a couple options for me.. but being in GOOD STANDING is a bad thing????

What is going on in this country?

With all the millions out there you are telling me that there is no help for me to keep from becoming late? ?Nothing…

I have been reading it, now I am living it.

HOPE IS A JOKE perpetrated on the US Citizens by politicians…

Think about it!!! We all called for action…. it wa all over the news for months… then HOPE … now where it the PRESS?????

All the pressure went away.

So what is HOPE…. HOPE that the populace will go back to thier little lives while the politicians get on with stealing out everything!

George

Is the house “under water” in terms of the mortgage due, including whatever late fees you cannot get removed? If so, I might be happy for the time I had and move on.

It sounds like BK would not help you, since this is the only significant debt, or maybe it would?

See a lawyer for sure right away, even if you have to pay a few hundred cash for the advice, if you are not already working with one. I’ll repeat this, see a lawyer who specializes in this area of practice.

Good luck.
David

Watch the news.

The program overall would work if there was a mandate that required the lenders to participate. They would have the opportunity to realize the equity in the future, which given how cycles run could net them a very nice profit. It’s not guaranteed and there in lies the rub.

What is certain is that this is not an easy fix and there is no accountablity for the laws and lawmakers who made this possible by deregulating the banking industry.

Thanks again for your support.

and

“They need to stop putting programs out there that give false hope to those of us in need.”

Kitty,

I precisely know the differences in the programs…and you hit the nail on the head. THEY need to stop putting out programs that are designed to win elections.

Most lenders do not want to participate because it does not make financial sense for them to do so. If it did, then they would. That is one thing that you can bank on (pardon the pun)!

I truly do feel for you, and will do anything I can to help.

These are dire times for everyone, and my point being the H4H program listed on the FHA website is a viable option IF the option exists for many homeowners. (This is not to be confused with the program that Countrywide is rolling out due to the lawsuit for preditory lending) It is reasonable and less costly than taking a loss on the short sale, it offers lenders the ability to recoup the losses with a shared equity program. It would not be a modification but a refinance based on current value, with a higher hit for the MIP to help mitigate the risk. I was pushed to the modification department because Countrywide is not offering the H4H program, and in fact most lenders do not want to participate. They need to stop putting programs out there that give false hope to those of us in need. This is just another bad campaign promise that will never come to fruition for most of us out there. The government is willing to boost the banks and the lenders up, but not able or willing to pass mandates stating they have to participate in these programs. Meanwihile the banks and lenders are hoarding money, and the investors who won’t bend will loose the security instrument they are unwilling to modify.

Again I appreciate what your saying. I may have to do the short sale in the end, I will not have so much pride or ego that I will force a foreclosure to stick it to the bank, any way you slice it we all loose.
Thanks again for your kind offer of help.

So a grocery clerk goes to the bank to get a loan, the bank tells them how much they will qualify for, then the borrower goes out an buys the house.

Are you telling me a grocery clerk has to go get an MBA to make sure the MBA at the bank is doing their job and fulfilling their Fiduciary duty?

The borrower did not set the terms of the loan to screw themselves over – the bank screwed them over and sold the risk of the loan to other in MBS in the derivatives market.

Also, the clerk might have had 20% to put down, but the bank talked them into investing it – offering them a lower rate on their first mortgage to do it (-.25%) – then sold them an 80/20 piggyback that they would never be able to refinance out of.

Their investment is gone in the stock market crash, and all they wanted to do was buy into the American Dream that the Gov and everyone else was ramming down their throats.

Sorry Momm, the blame is on the banks.

Grow a heart, or a brain, or maybe some courage.

You people won’t be thrown out in the street, I’m sure, if you could sign a damn mortgage loan, you can sign a rental contract. Just like the rest of us.

Cry me a waaaahbulance about your troubles with “greedy” banks. You deserved a home. And you deserved this mess, too. You are NOT blame free and the government shouldn’t be coming to your rescue. IF they do, which it looks like they might provide you some sort of welfare (for the rich), you should be whole-heartedly wondering if someone worse off than you might need a MEAL versus your fancy schmancy home that you still won’t be able to afford, even IF you got a loan modification.

jus’ sayin.

I am an agent that does nothing buy short sale loss mitigation. I have about 40 of them in process right now. I have written many articles about the fallacy of government mandated loan modifications.

In a nutshell, mass loan mods don’t exist because there is no real “bank”. There are investors. It is pretty much a violation of contract law for the government to mandate that contracts be changed to satisfy a distressed borrower. I’m not hear to say that this is right or wrong. It just is.

Countrywide’s program is based on an 11 State Lawsuit centered on predatory lending. If your file doesn’t qualify, it’s because you didn’t meet the criteria that is outlined in the lawsuit. I have customers that do qualify, and they are still pursuing a short sale.

Kitty, I don’t know your situation inside and out, but I would be very skeptical about giving up the short sale to pursue a loan modification.

You made a comment in your previous post about compassion, and I agree with you, sort of. But, if you want to resolve your problem, you need to think like a loan servicer, who by nature, are not compassionate. You cannot force compassion.

It’s important to remember this, because CW is not necessarily the bank. They are the loan servicer. Most likely, they can’t even make the decision. The guys (or gals) that own the loan make the decisions. The only decisions that they will make are the ones that make financial sense.

Call them cold-hearted, but that is how business works. The only way to beat them, is to join them. You need to prove to them that your solution is better for them, than the alternative, foreclosure. If your plan is decent, they will listen.

I have only had one customer get foreclosed. And that’s because his ego got in the way and he wanted to “stick it to the bank”.

Hang in there and you can get this taken care of. If you ever want to email or call, Anthony has my info.

Email me at: anthonymfreed@gmail.com

I want to help, and I have an idea how we can do it together.

Hang in there – we can stop this. Contact me…

Everyone else – If you know how to help Kitty or others in a similar situation, please post the information here –

Thanks!
Anthony