Comments on: Stop Foreclosure and Learn to Fight Back Against Your Lender

By: Eggshell

Eggshell — Thu, 11 Jun 2009 05:31:55 +0000

I can’t believe these people would buy a property worth over a half million dollars, without any money saved in case of this kind of situation. From what I understand, they did the same thing when they lived in New Jersey! It’s just plain stupidity on their part, and now they’re looking for taxpayers to bail them out….sound familiar?

By: hooverhoff

hooverhoff — Fri, 06 Mar 2009 14:23:12 +0000

Do you need to be late on your payments in order to get a loan mod? What is the best way to do it yourself? I was thinking about calling the mortgage co, its with Citimortgage.

Where is the best place to start?

By: K

Thu, 21 Feb 2008 20:10:25 +0000

I do have a few questions or if someone can help or give me any further ideas for I’m at my wits end.
1- My loan adjusted in Sept 2007 I started in June by approaching my lenders to have my loan adjusted/renegotiated and was told no.
2-I started to try and re-fi but everytime I do there’s a roadblock. First it was my income/debt ratio was too high, then credit score wasn’t good enough, now it’s my appraisal-my home has decreased $25,000 in value in 4 months.
3- I’m on my 8th attempt at a re-fi and am attempting to talk to both lenders (I have an 80/20 interest only ARM) to have them shave $6,000 (what the different is between what I owe on the house and the what it’s worth) and neither is willing to budge. I can’t even get a hold of one of them any more. My loan is set to adjust again in March and the only other resolve I can see is to try and refi but take out a small loan for the $6,000…
I am working 3 jobs, have a roommate and have switched jobs in an attempt to make more money to cover this but can’t as of March…
Anyone have any other ideas on how to avoid foreclosing on my home?????

By: Mitchell

Mitchell — Tue, 12 Feb 2008 21:28:06 +0000

I wonder where the heck is the money going to come from? Oh yeah! just print more money or let’s tax some more, bye bye dollar.

By: Owen

Owen — Wed, 06 Feb 2008 19:23:30 +0000

This may or may not be a good idea, but when a pipe breaks, the first thing you should do is turn off the water before you start mopping up the spill. Option ARMs are still legal. Stated Income loans are still legal. Stated Income Option ARMs are still legal. WTF? He should focus first on legislation requiring that lenders obtain written documentation of borrowers’ reasonable ability to pay on ALL loans, not just rely on the Fed’s recent bogus rules that only apply to (now non-existent) so-called “higher-priced loans”. C’mon president Dodd, with all due respect, pull your head out.

By: Tom

Tom — Tue, 05 Feb 2008 02:53:53 +0000

Well, right now we’re bailing out the banks and printing them money so cool like it’s day old newspaper – all the while our mighty dollar goes straight down the drain. I’m afraid the pot’s already been stirred, then again – that’s what got us here in the first place.

By: Fiscal Responsibility

Fiscal Responsibility — Tue, 05 Feb 2008 01:41:17 +0000

No, no, no, no, no!! No bailout for owners or Wall Street. People need to live with the consequences of their choices – period.

By: Mortgage Guy

Mortgage Guy — Sat, 02 Feb 2008 02:26:03 +0000

I’ll go as far as saying this is a step in the right direction but only because it focuses on the non functioning debt markets.

I’m not crazy about having the taxpayer hold the bag for the banks and investment companies. This transfers the risk from them to the government (us). Unless I saw people who are most responsible for this debacle, go to jail for the rest of their lives, then I don’t think I could go along with this in it’s present state.

It also sounds too cheap. 25 Billion in seed money seems minuscule compared to the trillions in bad debt out there.

None the less, any aid to homeowners should be means tested. Not on a most needy basis but on a basis whereby the homeowners who are financially strongest, get the aid first. So we should start handing out the help to homeowners with the most equity first and help those homeowners who can PROVE a capacity to repay the modified mortgage first.

The money will run out long before being able to bail out 100% ltv homeowners who have nothing to lose, so to speak, except a place to live.

By: akrowne

akrowne — Fri, 01 Feb 2008 23:26:04 +0000

This is on the right track! The government needs to get the properties off the market; stop trying to mess with mortgages and inflate housing! Keep the bailout isolated to helping individuals, where it belongs!

By: JacMac

JacMac — Fri, 01 Feb 2008 14:16:07 +0000

Virginia, you should log onto the forum (the link is above) there is lots of information there and people who are going through the same situation you are. You are bound to find help there.