Comments on: A Big Week on the Foreclosure Front With Congress http://loanworkout.org/2008/02/a-big-week-on-the-foreclosure-front-with-congress/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 28 Mar 2012 18:33:33 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Bill http://loanworkout.org/2008/02/a-big-week-on-the-foreclosure-front-with-congress/#comment-10336 Bill Thu, 28 Feb 2008 06:46:05 +0000 http://loanworkout.org/2008/02/25/a-big-week-on-the-foreclosure-front-with-congress/#comment-10336 Dear Federal Office of Thrift Supervision: Home owners who owe more than the current value of their homes should continue to pay their loans, as they agreed to do. The owner would expect to get the full value of the increase if the value of their house went up. If it goes down, they should not expect someone to guarantee themselves against loss. To any remaining free Americans: Very soon, nearly every home in America that was purchased using a mortgage in 2004-2006 will be "under water". All of these loans will be turned over the federal government under the suggestion of this federal agency that wants to expand. The point of all of this is to nationalize the home mortgage business. Dear Federal Office of Thrift Supervision:

Home owners who owe more than the current value of their homes should continue to pay their loans, as they agreed to do. The owner would expect to get the full value of the increase if the value of their house went up. If it goes down, they should not expect someone to guarantee themselves against loss.

To any remaining free Americans:

Very soon, nearly every home in America that was purchased using a mortgage in 2004-2006 will be “under water”. All of these loans will be turned over the federal government under the suggestion of this federal agency that wants to expand. The point of all of this is to nationalize the home mortgage business.

]]> By: » It Pays to Read The Fine Print Home Equity on The Finance World For News and Information Around The World On Finance: Find Info, News and More on Home Equity http://loanworkout.org/2008/02/a-big-week-on-the-foreclosure-front-with-congress/#comment-4549 » It Pays to Read The Fine Print Home Equity on The Finance World For News and Information Around The World On Finance: Find Info, News and More on Home Equity Wed, 27 Feb 2008 22:43:15 +0000 http://loanworkout.org/2008/02/25/a-big-week-on-the-foreclosure-front-with-congress/#comment-4549 [...] Pays to Read The Fine Print Published in February 27th, 2008 Posted by in Uncategorized It Pays to Read The Fine Print Borrowers who have refinanced their mortgages or taken out a home equity loan may be eligible for a [...] [...] Pays to Read The Fine Print Published in February 27th, 2008 Posted by in Uncategorized It Pays to Read The Fine Print Borrowers who have refinanced their mortgages or taken out a home equity loan may be eligible for a [...]

]]> By: Sharp http://loanworkout.org/2008/02/a-big-week-on-the-foreclosure-front-with-congress/#comment-10333 Sharp Mon, 25 Feb 2008 23:45:04 +0000 http://loanworkout.org/2008/02/25/a-big-week-on-the-foreclosure-front-with-congress/#comment-10333 I am frustrated that everyone is worried about the investors when the ones who are at fault with the problem foreclosure are those such as Litton Loan Servicing. An example is in my case. Litton is added fees to my loan which are taking out of payments which should be going to the loan and not to them. Example. A woman I know paid Litton 2500 dollars to catch up her loan which she got behind because she had cancer. She called Litton and they told her that is what she owed. She then received a notice of foreclosure a month later. Saying she is 3200 behind. When she looked at her statement she noticed the 2500 was disperse in this way. Instead of three payments which would have caught her loan up, they paid only one. Then 700 went to forebearance fee (which she was not under a forebearance plan and 1200 went to coorporate fees. None of this 1900 went to the payment of her home but to Litton Loan who does not own the note but represents an investor who owns the note. What is wrong with this picture you ask? Well lets see, not only will the investor have lost because the loan will go into foreclosure but will also lose when my friend files for chapter 7 bankruptcy. So if you want to get the fraudulent company - look up litton loan and you will not believe all you read. Many homeowners in Ohio, Michigan, Texas and many other states have loans of investors through Litton. Lets be fair to everyone and shut down Litton. They need held accountable for everything they have done. Lying, cheating, stealing, etc etc. Time for our government to put them to rest and make them accountable for putting investing and homeowners at risk. And the economy and those middle class are the ones who have to foot the bill. All loans litton has should be paid in full and investors and homeowners should be the winners. I am frustrated that everyone is worried about the investors when the ones who are at fault with the problem foreclosure are those such as Litton Loan Servicing. An example is in my case. Litton is added fees to my loan which are taking out of payments which should be going to the loan and not to them. Example. A woman I know paid Litton 2500 dollars to catch up her loan which she got behind because she had cancer. She called Litton and they told her that is what she owed. She then received a notice of foreclosure a month later. Saying she is 3200 behind. When she looked at her statement she noticed the 2500 was disperse in this way. Instead of three payments which would have caught her loan up, they paid only one. Then 700 went to forebearance fee (which she was not under a forebearance plan and 1200 went to coorporate fees. None of this 1900 went to the payment of her home but to Litton Loan who does not own the note but represents an investor who owns the note. What is wrong with this picture you ask? Well lets see, not only will the investor have lost because the loan will go into foreclosure but will also lose when my friend files for chapter 7 bankruptcy. So if you want to get the fraudulent company – look up litton loan and you will not believe all you read. Many homeowners in Ohio, Michigan, Texas and many other states have loans of investors through Litton. Lets be fair to everyone and shut down Litton. They need held accountable for everything they have done. Lying, cheating, stealing, etc etc. Time for our government to put them to rest and make them accountable for putting investing and homeowners at risk. And the economy and those middle class are the ones who have to foot the bill. All loans litton has should be paid in full and investors and homeowners should be the winners.

]]> By: the mortgage guy http://loanworkout.org/2008/02/a-big-week-on-the-foreclosure-front-with-congress/#comment-10334 the mortgage guy Mon, 25 Feb 2008 23:39:29 +0000 http://loanworkout.org/2008/02/25/a-big-week-on-the-foreclosure-front-with-congress/#comment-10334 The Dodd and OTS plans are simply transferring the subprime risk from the banks to the taxpayers. In essence, making the taxpayer the subprime lender of choice. Not a good idea at all. The Castle plan will render written contracts useless. Further it puts the banks above the law. Yet another terrible idea. I sincerely hope the Oversight Committee leads to a parade of Mozilo, Prince and O'neal, in handcuffs, on their way to life prison sentences. All these actions will do is foster false hope that something is being done about the credit and real estate meltdowns. In response to the false hope, the stock market will rise as will interest rates, which will further aggravate our delicate situation. Meanwhile, nothing has been done to fix the problem and the markets have stalled the inevitable "adjustments" needed to move beyond this crisis. The Dodd and OTS plans are simply transferring the subprime risk from the banks to the taxpayers. In essence, making the taxpayer the subprime lender of choice. Not a good idea at all.

The Castle plan will render written contracts useless. Further it puts the banks above the law. Yet another terrible idea.

I sincerely hope the Oversight Committee leads to a parade of Mozilo, Prince and O’neal, in handcuffs, on their way to life prison sentences.

All these actions will do is foster false hope that something is being done about the credit and real estate meltdowns. In response to the false hope, the stock market will rise as will interest rates, which will further aggravate our delicate situation. Meanwhile, nothing has been done to fix the problem and the markets have stalled the inevitable “adjustments” needed to move beyond this crisis.

]]> By: Your Foreclosure . Info » A Big Week on the Foreclosure Front With Congress http://loanworkout.org/2008/02/a-big-week-on-the-foreclosure-front-with-congress/#comment-10335 Your Foreclosure . Info » A Big Week on the Foreclosure Front With Congress Mon, 25 Feb 2008 17:42:03 +0000 http://loanworkout.org/2008/02/25/a-big-week-on-the-foreclosure-front-with-congress/#comment-10335 [...] unknown wrote an interesting post today onHere’s a quick excerptProposals include easing bankruptcy rules, shielding banks from lawsuits and providing government assistance to homeowners facing foreclosure. Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, has proposed the … [...] [...] unknown wrote an interesting post today onHere’s a quick excerptProposals include easing bankruptcy rules, shielding banks from lawsuits and providing government assistance to homeowners facing foreclosure. Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, has proposed the … [...]

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