Comments on: Foreclosure Prevention and Neighborhood Preservation – Secretary for Domestic Finance Robert K. Steel Testimony

By: Joan Adams

Joan Adams — Mon, 26 May 2008 01:48:26 +0000

My loan closed the end of 04. I had cancelled my loan but was theatened with my job for doing so. I worked for the Mortgage Broker. They closed the loans a day after the docs expired and after I had recieved confirmation from Title and the Lender in writing stating confirmation of cancelation. I was already living in home and partial owner. When I filed complaints they all went unanswered. The servicer contacted the lender 3 times telling them to rescind the loan but they would not. I have have had 2 bad attorneys. One actually cost me my home last June because he failed to file the proper papers. I lost 200K of my money which was my inheritance. I now have nothing, I have been fighting this since it closed and now the lender and title are claiming the arms length protection and my last attorney has pulled out because they did not want to keep them in and risk any sanctions. The mortgage broker and escrow have filed BK and my life is a complete mess. If any one can help please respond. I have court next week and I am now representing myself. For anyone thinking of taking on suits like this they can take their toll on your family. If I had any other alternatives I would not have chosen this path. But I can not give up now.

By: Mike Stooksbury

Mike Stooksbury — Mon, 19 May 2008 13:14:47 +0000

I am being foreclosed on my home. I have a 1st and second countrywide loan. There are several problems I see with the Truth and lending section and RESPA violations. I cannot however find an attorney that know this part of the law. Most real estate lawyers are doing closings, if they do closing then they represent countrywide at every countrywide closing. This presents a problem and a conflict.

By: kathi sharpe

kathi sharpe — Sun, 18 May 2008 21:16:23 +0000

Borrowers……..beware of the attorneys that you hire. Make sure that they are familiar with the statue of limitations that you feel that the lender has violated. Arbitration clauses still have to resolve TILA violation claims.

By: leslie

leslie — Thu, 08 May 2008 20:32:50 +0000

I have a situation where I have filed for bk13 and surrendered my vacation home. I will be liable for any defiency balance once the foreclosures go through. I started looking and researching and can anyone give feedback…
I originally did a 5 year balloon on $100,000 and all disclosures correct. 2 years later, I added $25,000 and converted to a fixed 15 year mortgage, the only thing the lender did was a modification. I received no updated TIL. 2 years later I added another $50,000, the lender increased my rate by .25% converted back to a interest only 5 year balloon but only with a modification, no new disclosures or TIL was disclosed. I do not want any money from the lender, but would love to have a case where they can not come after me for the difference once the foreclosure sale goes through. Any thoughts? From what I am reading, I should have received a TIL disclosing the APR and total finance charge even on 2nd homes, however there is no recission.

By: John

John — Mon, 05 May 2008 23:03:00 +0000

I am in a similar situation. Let,s communicate on how this gets handled by the attorneys. Thanks,

By: Lynn Hansen

Lynn Hansen — Wed, 02 Apr 2008 23:08:10 +0000

Linda & Alberto, if you haven’t already, you might want to work with a HUD-certified non-profit housing counselor. They will work with you individually–I think at no cost. They will review your situation and either help you negotiate better terms with your lender or help you find a new loan. You can find one of these nonprofit counselors on the Web. You might try ACORN Housing Corporation. Their website is http://www.acornhousing.org. Click on the “Behind on Your Mortgage?” tab. (You don’t have to be behind to get started on fixing this.) Best of luck!

By: Alberto Ramirez

Alberto Ramirez — Mon, 17 Mar 2008 03:59:02 +0000

I am in the same situation as Linda Bryant, done everything and still hoping to find a way out of this problem. any advise?

By: Smitty

Smitty — Wed, 12 Mar 2008 03:22:23 +0000

I’m attempting to hold my attorneys hand through this process now. Here’s the real deal: Upon rescission, you get all the money back that you paid to the lender. For me that’s $79,000 in 2 years less about $6000 in principal paydown. PLUS much of the origination cost, still unclear on the broker’s fee, but if you are in foreclosure, and the fees are racking up, this can really bring that total down. Mine’s nearing 1/2 million and this could easily knock 100 grand off -and rightly so, given the lender AND the broker both are under seperate criminal investigations. The hardest part for me has just been finding a good attorney in this field. good luck

By: Linda Bryant

Linda Bryant — Mon, 10 Mar 2008 15:28:49 +0000

I am on a adjustable rate mortgage. I have faithfully pd my $1916 every month. I have until Sept to get off of this. I have been trying to get onto a fixed rate but come to find out my home is values less than what I owe. I know the rate can go up to 17% and I know I won’t be able to afford this and i’m scared that they will eventually in up foreclosing on my home…I hava a high debt ratio I know this…can u help

By: Tara

Tara — Sat, 08 Mar 2008 19:11:01 +0000

So if a homeowner wins a TILA-based lawsuit and has the opportunity to get a better loan, is the amount of the new loan based on the amount of the original loan, or on a current appraisal of the property (of utmost importance to homeowners in ares where properties have lost significant value since 2005)?