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Treasury wants to speed up mortgage modifications

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing Treasury wants to speed up mortgage modifications

This topic contains 13 replies, has 0 voices, and was last updated by Avatar of scott_l._moyes scott_l._moyes 9 years, 9 months ago.

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  • #6049

    Treasury hopes new documentation requirement will appease critics

    http://www.marketwatch.com/story/treasury-seeks-to-speed-up-mortgage-modifications-2010-01-28?siteid=nwhreal

    “New Documentation”, hmmm, wonder whats new? How about signing away your right to sue your lender for fraud and deceit?

    “Roughly 66,000 borrowers have accepted the offer to convert from trial modifications under the program, known as the Home Affordable Modification Program, or HAMP”.

    WHAT? Trial Modification, what the hell is a “Trial” Modification. Are those like the ones that my buddy just did where he agreed to loan mod and paid on time, every time, for the last seven months and then a guy shows up at his door to say, “GET OUT”. I just bought this place at the foreclosure sale and it’s mine now so MOVE.

    Oh yeah, did I tell you under the “Trial” Modification, which he didn’t know was a trial, it gave the lender the right to sell the place out from under him without any further notice. WHAT A CROCK!!!

    I told his story at our local meeting the other night and a lady came to me afterwards and said, “I thought it only happened to me”. Holly Crap, makes you wonder how many others got screwed under the HAMP Program.

    Yep, we got CHANGE alright. And it’s time to Change Again.

    Damn, I think I now need to go change my shorts. I ripped’em.

    #31201
    Avatar of landlord
    landlord
    Member

    Some friends of mine and I are starting a commune, preferably on a beautiful tropical island, to get the he11 away from the juggernaut-sized government and corporation growth in size and power in the rest of our lives.
    Anyone care to join me on this private island? I know how to brew beer, so at least we’ll have that going for us, and some good fishing, surfing, and diving.
    Just kidding… kind of.

    Cheers,

    _____________________
    Brian
    Rental Forms

    #31202
    Avatar of sstanton
    sstanton
    Member

    Oh my god! This just keeps getting worse. Didn’t we, about 224 years ago, revolt against England over stuff like this? How do you correct this.. this.. corruption (for lack of better wording)?

    This is pure bunk, promising a modification then foreclose without further notice. I would like to see where in the DOC does it say the lender can do this with on time payments!!!!

    Grumpy!

    #31203
    Avatar of homesavers
    NULL
    Member

    I am tired of these lenders and their ultra vires actions (beyond the law) The trouble is the homeowners are not even sticking with the modification payment so the lenders/banks have to keep the paper game going and try and get someone else to service their usury. This this what they do.

    Well guess what we have to turn their own documents, with the Law with us, against them. The jig is up, folks. If the LFC doc process works it will be the end of the money changers. For now at least until Congress shuts the door because We The People are not acting like we are supposed to. They (Congress) work for us!

    #31204

    @homesavers wrote:

    We The People are not acting like we are supposed to.

    We have not been acting like we were supposed to for almost and maybe more than 100 years, especially since the early 1900s.

    We are apathetic and spoiled from sucking off the government tit for too long. We forgot, WE ARE THE GOVERNMENT and we want it back… NOW!

    We the “Sheeple” are tired of our own fleese being pulled over our eyes.

    We the “Sheeple” in order to form a more perfect nation are denouncing our Bah, Bah, Bahhhhhhed behavior and wish to once again be… WE THE “PEOPLE”.

    FAIR ENOUGH?

    #31205
    Avatar of corkhorner
    corkhorner
    Participant

    Scott, you leaving out the right to bear arms?

    8)

    #31206

    @corkhorner wrote:

    Scott, you leaving out the right to bear arms?

    I thought it was the Right to Arm Bears!

    I’m not sure which bears would then be the most dangerous. The Polar Bears are very big and aggressive but according to Al G, there are so few of them now it wouldn’t matter. I mean, how big of an army could they put together. And since they are so white, we could see them coming a hundred miles away.

    Hey, you know I just had a thought. Maybe all those crossing our southern boarders are really a mass of Brown Bears disguised as humans. I understand many of them “bear arms”.

    Perhaps one day we will all be bare, I mean bears. Wow, what a grizzly thought. Can you imagine Bill & Gail Gatten as bare bears?

    Grrrrrr!

    #31207
    Avatar of corkhorner
    corkhorner
    Participant

    Scottt, are u breathin Ca smog again?

    Try Trader Joe’s ‘Cheap Chuck’ section. 2 bucks a bottle.

    c h
    ps…btw, Polar Bears can’t be seen in the snow….

    #31208
    Avatar of mtnwizard49
    mtnwizard49
    Member

    or as Orly Taitz says, “Bare arms”.

    #31209
    Avatar of sstanton
    sstanton
    Member

    Cork, I would say what snow for the Polar bears to hide in, you know, the global warming thing, but it is knee deep outside, so, I would say today, What global warming?

    I was going to post about wearing tank tops and baring arms, but, at our age, Cork, we’d probably get banned from the country. Besides Dr. Gary beat me to it.

    What ever Scott is on, please share!.

    Stu
    Gettin’ snowed in again! wazzup wit dat?

    #31210

    @corkhorner wrote:

    btw, Polar Bears can’t be seen in the snow….

    You’re right, they can’t. But you live in SoCal, and when is the last time you saw snow drifts insandiego? I don’t know about you, but if an ice berg came near insandiego, we’d see it a hundred miles away.

    #31211
    Avatar of corkhorner
    corkhorner
    Participant

    Ok Scott. Here it is:
    How to catch a Polar Bear

    1]You cut a hole in the ice

    2] Ring the hole with peas.

    3] When tthe bear comes to take a pea,

    4] Kick it in the ice hole.

    :roll:

    If you do a search of my posts many years ago you’ll see that is my favorite joke.

    #31212
    Avatar of amyhutton
    amyhutton
    Participant

    I’m wondering about a certain family’s loan modification where they stopped paying December 2009 and have been paying on a three month trial period for seven months, all the while the escrow account has grown to MINUS $20,000. Does not seem that the taxes and insurance are being paid.

    I bet this family, dear to my heart, will not get a permanent payment plan ever. What do you think?

    Amy

    #31213
    Avatar of areyes
    areyes
    Member

    @amyhutton wrote:

    I’m wondering about a certain family’s loan modification where they stopped paying December 2009 and have been paying on a three month trial period for seven months, all the while the escrow account has grown to MINUS $20,000. Does not seem that the taxes and insurance are being paid.

    I bet this family, dear to my heart, will not get a permanent payment plan ever. What do you think?

    Amy

    there’s no guarantee. i wouldnt be surprised if the lender foreclosed on them even if theyve been making the 7 month trial payments. i seriously cannot trust what these bank reps are saying unless you get that thick fedex package on your door step.

    im starting on my 2nd application right now since they denied me the first time. if the lender asks me to do a 3 month trial, i will decline it and tell them its a scam since there’s no guarantee and ill tell them ive read theyve foreclosed on homeowners during the trial process. id rather just have them deny me in a month than waste the money on trial payments

    seriously where are those trial payments going? and if you get denied on the permanent loan mod, do you get your money back? probably not.

    6% of americans are getting loan mods. this is specifically for ASC/Wells Fargo

    #31214
    Avatar of amyhutton
    amyhutton
    Participant

    I meant to say they stopped paying in Dec 2008. Litton Loan Servicing is saving up their “Trial payments” until they have enough for one entire P&I pmt on the old schedule.

    Amy

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