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unlawful detainer
Los Angeles, CA
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I feel for every american loosing their home but facts are facts, we lost our home due to a title company called "Guarantee Title" in Springfield, MO. Had escrowed payments with them and has reserves with them for only a short period when the owners decided to skip town with 5-6 million USD in escrow funds. A lot of people lost homes, we lost our home of a 900K appraised value consevative, owed 643K, had a 2 year reserve and lost all. I did commercial and residential development and things just closed up over time. We fought and went to court, but when it all comes down, prosecutors go after the felons but we have a civil case according to them and our fight ended up with our lender in a unlawful detainer, we grabbed our stuff, left, left the home in perfect condition, doing the right thing. They sold the second to Wilshire the day of the foreclosure sale so we now have to pay them an additional 125k....We have moved on and have been working and will buying a new home later this year, hard work and quit complaining, lifes tough sometimes but its all what you make of it....We got through it, so will you, I wish you all the best but whining on here will not put your family back on track....Don't depend on Uncle Sam, make good decisions and get yourself help by helping yourself....opportunity is everywhere, you just have to look outside the box of our comfort zone....YOU CAN DO IT.....as Rob Schiender says...
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Olivas
AOL
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Rocci - Carol Marzano wrote: My husband and I just closed a refinance loan with Quicken Loans that is one of these misleading loans. Today we found out that Countrywide will be handling our loan. I went over the loan papers and did not want to obtain the loan in the first place. They made my husband afraid not to get it. It takes up 35% now and in two years it will be 52.30% of our income and we are on a fixed income from my husband's disability. In two years when our daughter leaves we will not be able to make the payments and will probably wind up losing everything. We have lived here for thirty-one years. Can anyone out there give me some advice? Why would you get a loan on a house you have owend for 31 years? You got yourself in this mess.
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seniorauthor
Houston, TX
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To Kathy:
You will be eligible to refinance through FHA as long as you are still current. The HR 3221 program criteria is not yet available, but will be soon and you will qualify to have your interest rate lowered. At least that is what the lenders are telling everyone who is waiting to do this. They won't however if you get delinquent so hang on. This is the program that came out of the bill HR 3221 that Bush signed July 30th.
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Stacy
Phoenix, AZ
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michelle wrote: This is the most depressing thing I've ever heard. My husband and I have a Countrywide Mortgage we aquired in 2003. We boght a modest home that we could afford and have faithfuly paid our mortgage payments on time for 5 years. Meanwhile people who thought that $30,000 a year could buy them a $300,000 home have enjoyed their lovely homes and now they get bailed out. What is wrong with this country??? Where has the sense of personal responsiblity gone!!?? Some people just got plain old screwed and was misinformed when signing papers. Not everybody bought homes they could not afford and to make an ASSumption like that it is just plain rude. The lenders are just as at fault as some borrowers. Most of them lied on the paperwork just to make their profit-and their still getting bailed out. If it were a few thousand homes/people here and there, I can see your point. But when you have millions of people going through this.... take a closer look around at what really want on. Hopefully America as we know it, will be able to make it, as far as I see the American dream is gone by a lot of greedy people.
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Gale
Burlington, NC
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Diane wrote: I also have a Countrywide loan. I got into one of the ARM loans back around 4 years ago when the brokers came sweeping through promising a "better situation" Now my mortgage is what they consider a "negative loan". In other words my payments will never pay into the balance & after it reaches 115% they will be changing the whole loan over to who knows what. They are liars when they say, "Countrywide is here to help you". I had to use the money my mom gave me (my inheritance) to bring my loan up to date. Around 30K later. I told them my income hasn't gone up but rather down but they said, and wrote me, that they couldn't do anything about it. The phone calls are maddening. I can't afford the large payments & can't refinance because the new payment will be more than what I'm paying now. They threaten to forclose if I'm a month late...Are they crazy? I've done everything I could to not get behind but what can we do when everything is going up on us & our paychecks stay the same. Hopefully, this is true & that BOA really is going to help us to stay in our homes. At the time I could afford my house because my daughter/husband helped but their circumstances changed & their bills(oil, gas, food) became more than what they made. It's not like we took out our loan knowing we couldn't pay for it. That's not the situation. People out there think everyone that took out loans were those that couldn't pay for it at the outset. How about the prices going sky high so much that the money you had to spend on bills now isn't available because its now being spent on high oil prices, gas prices, food, clothing. To the point that you are forced to use your credit cards to purchase food for your family! I'm 65 & this is no picnic. I should be thinking of sitting on my front porch sipping tea & watching my grandchildren grow instead of putting in 10 hours a day at my business to keep my payroll down. Anyway, let's hope for all of this that it does help us because we need it. My husband and I are in the same shape that you are. We were paying our mortgage on time and extra to the principal, we found out that they did not apply the extras to the principal. Now for last year my husband became sick with cancer, and now he is on disability,and what little I make is not enough to pay the mortgage. It has been a total nightmare because they will not modify the loan, they stated that we did not past the varbarous program either. Each time we call countrywide we get the call center and cannot speak to anyone that knows more that the ones that answer the call. What are we going to do. We are going to contact our local governor and Attorney General to find out what can be done. We wish you much success.
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matt
Glendale Heights, IL
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seniorauthor wrote: If Bank of America wants other lenders to follow this same path that they are now taking to help homeowners, then I think that is a superb idea. However, our econonmy is in a critical demise and for one reason and one reason only. After the deceptiveness of many, many lenders of which their loans were securitized, can you please tell me now - What is different? Millions have lost their homes because note holders/servicers said the loans could not be modified as a result of securitization and thus, this mortgage fiasco and turn of events. If we find that those lenders have been untruthful about why they would not previously modify the loans, then they should be help accountable throughout this nation for not taking the appropriate action to stop this freight train of diaster. American taxpayers have lost millions in the stock market, not to mention the 1.2 trillion in bailout taxpayer money. We need some answers fellows. On top of that, we were trying to bail out banks because they had no funds to lend, but by the same token are now purchasing other financial institutions: Wells Fargo and/or Citi is in a position to buy Wachovia, B of A purchases Countrywide and Chase purchased Bear Stearns for $287 million after we funded $28 billion to Bear Stearns. Something wrong with this picture. If I am consused, please let me know. Are you still willing to help??
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