Comments on: Bush to Veto Senate Bankruptcy & Foreclosure Bill http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/ - 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: Linda Wissel http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4576 Linda Wissel Sat, 14 Jun 2008 06:06:44 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4576 We have lived as hostages to Countrywide for the last 2 plus years. Our nightmare began when my partner became seriously ill, we would make a payment when the next payment was due. Countrywide contacted us and said our escrow had gotten behind we owed 3K. We sent 3K, then they said there was interest and penalties our payment would be $2,500 for 4 months (we owed about 109,00 on our house). Countrywide would only accept wired payment so we sent payment according to "work out", the 4th payment we sent half early and half when payment was due. TWO WEEKS LATER we received a notice from Western Union saying we had unclaimed funds. We called Countrywide, they denied that they would ever refuse a partial payment but deemed us late, said we defaulted on our "work out" and now our payment was going to be $1,800 for a year. We were struggling along, my partner's progressing illness and two failed operation to locate a tumor. When we requested an account history from Countrywide we discovered that they were holding anywhere from $211 to $1,800 out of our monthly payment in what they call a "suspense account", marked us late, piled on fees, interest and penalties, and marked our credit. One month we just could not meet the mortgage so we called, there is one elusive individual they assign our case to whom you can never reach, you are told not to send money that this person will contact you with the amount your payment will be. They always wait until after your payment is due to contact you, putting you in default once more. Our payment went up to $2,200 a month. We now, even after sending on average $18,000 a year, owe more on our house than we did when we began with Countrywide and are still not in the clear. In November 07 I was leaving for work and noticed a red tag hanging on our door knob. It said that a court ordered appraisal had been performed on our house and it was going to be sold at a Sheriff's Auction on Dec. 20. We could not get ahold of our person at Countrywide for FIVE days, I lived in terror. When we finally did reach her she said "Oh, that should have never happened, we have $1,800 in your suspense account". It is crazy and we had decided to walk away from this nightmare, we are in the process of moving out and will drop our keys off at the Countrywide office by the end of the month. THey have succeeded in striping all equity out of our house, made payments impossible, we have no choice. Someone wrote that they tried to refinanace, we did to. Last summer we were approved for a loan, had our house appraised etc, all we needed was the pay off from Countrywide. They dragged their feet, saying they put it in the mail but if we needed it sooner it was $30 to fax. As our payment date neared we drove to Countrywide and picked up our payoff amount. They tacked on a huge early payment penalty that put us over the amount we were approved for. Once again we were in Countrywide's clutches. It is too late to save my home, a home that I've restored and owned for over 10 years. It took Countrywide two years to destroy the equity we built up. Never in the previous 8 years of owning this home had we had any problems with lenders. I hope that one day soon the truth comes out about this company and someone pays. Right now I'm grateful that I am getting out of the situation. We have lived as hostages to Countrywide for the last 2 plus years. Our nightmare began when my partner became seriously ill, we would make a payment when the next payment was due. Countrywide contacted us and said our escrow had gotten behind we owed 3K. We sent 3K, then they said there was interest and penalties our payment would be $2,500 for 4 months (we owed about 109,00 on our house). Countrywide would only accept wired payment so we sent payment according to “work out”, the 4th payment we sent half early and half when payment was due. TWO WEEKS LATER we received a notice from Western Union saying we had unclaimed funds. We called Countrywide, they denied that they would ever refuse a partial payment but deemed us late, said we defaulted on our “work out” and now our payment was going to be $1,800 for a year. We were struggling along, my partner’s progressing illness and two failed operation to locate a tumor. When we requested an account history from Countrywide we discovered that they were holding anywhere from $211 to $1,800 out of our monthly payment in what they call a “suspense account”, marked us late, piled on fees, interest and penalties, and marked our credit. One month we just could not meet the mortgage so we called, there is one elusive individual they assign our case to whom you can never reach, you are told not to send money that this person will contact you with the amount your payment will be. They always wait until after your payment is due to contact you, putting you in default once more. Our payment went up to $2,200 a month. We now, even after sending on average $18,000 a year, owe more on our house than we did when we began with Countrywide and are still not in the clear.

In November 07 I was leaving for work and noticed a red tag hanging on our door knob. It said that a court ordered appraisal had been performed on our house and it was going to be sold at a Sheriff’s Auction on Dec. 20. We could not get ahold of our person at Countrywide for FIVE days, I lived in terror. When we finally did reach her she said “Oh, that should have never happened, we have $1,800 in your suspense account”.

It is crazy and we had decided to walk away from this nightmare, we are in the process of moving out and will drop our keys off at the Countrywide office by the end of the month. THey have succeeded in striping all equity out of our house, made payments impossible, we have no choice.

Someone wrote that they tried to refinanace, we did to. Last summer we were approved for a loan, had our house appraised etc, all we needed was the pay off from Countrywide. They dragged their feet, saying they put it in the mail but if we needed it sooner it was $30 to fax. As our payment date neared we drove to Countrywide and picked up our payoff amount. They tacked on a huge early payment penalty that put us over the amount we were approved for. Once again we were in Countrywide’s clutches.

It is too late to save my home, a home that I’ve restored and owned for over 10 years. It took Countrywide two years to destroy the equity we built up. Never in the previous 8 years of owning this home had we had any problems with lenders. I hope that one day soon the truth comes out about this company and someone pays. Right now I’m grateful that I am getting out of the situation.

]]> By: Larry http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10349 Larry Mon, 12 May 2008 13:38:06 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10349 You don't get it. It's NOT Bush helping, it's the taxpayer. Are you asking Bush for a personal loan? You don’t get it. It’s NOT Bush helping, it’s the taxpayer. Are you asking Bush for a personal loan?

]]> By: BARBARA SCHMITT http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4575 BARBARA SCHMITT Sun, 11 May 2008 15:50:14 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4575 WE TOO HAVE BEEN RIPPED OFF BY COUNTRYWIDE BUT BECAUSE THEY TRIED TO FORECLOSE ON US WE CANNOT REFINANCE WITH ANOTHER COMPANY PLEASE HELP (THEY HELD CHECKS THAT WRER SENT CERTIFIED AND SENT SOME BACK TO US SAYING THEY COULDNT ACCEPT THEM) THEY DID THIS FOR A COUPLE OF MONTHS AND ON XMAS EVE WE WERE SERVED FORCLOSURE PAPERS AT HOME BY COURRIER WE CASHED IN MY HUSBANDS 401K TO GIVE THEM THE LARGE AMOUNT OF MONEY JUST SO WE COULD KEEP OUR HOME. WE TOO HAVE BEEN RIPPED OFF BY COUNTRYWIDE BUT BECAUSE THEY TRIED TO FORECLOSE ON US WE CANNOT REFINANCE WITH ANOTHER COMPANY PLEASE HELP (THEY HELD CHECKS THAT WRER SENT CERTIFIED AND SENT SOME BACK TO US SAYING THEY COULDNT ACCEPT THEM) THEY DID THIS FOR A COUPLE OF MONTHS AND ON XMAS EVE WE WERE SERVED FORCLOSURE PAPERS AT HOME BY COURRIER WE CASHED IN MY HUSBANDS 401K TO GIVE THEM THE LARGE AMOUNT OF MONEY JUST SO WE COULD KEEP OUR HOME.

]]> By: Llewellyn Grubb-southwest Va. Chapter NAACP http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10350 Llewellyn Grubb-southwest Va. Chapter NAACP Fri, 09 May 2008 15:14:57 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10350 The new bailout of the homeowners, should not be vetoed. The disaster was caused by our failing economy, high fuel and food prices, so do not put all the blame on the homeowners. The new bailout of the homeowners, should not be vetoed. The disaster was caused by our failing economy, high fuel and food prices, so do not put all the blame on the homeowners.

]]> By: Tamara Stender http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4574 Tamara Stender Sun, 06 Apr 2008 01:36:16 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4574 My Husband purchased this home approx 5 years ago. For $145000.00 Now he had gotten a divorce, and to pay his x-wife some of the equity. The country wide appraiser came in said the property was worth a little over 200,000.00 he did want that much out, he just want to pay her off. They ended up raising his loan amount to 180,000.00 which is way over 100% of the loan value. NOW we are trying to sell a house, this appraiser told us we had a 200,000.00 home. And the real price is really only worth 149,000.00. How can a mortgage company loan way over 100% of loan value. This is really wrong and we need help. Sincerly, William and Tamara Stender Bay City Michgan My Husband purchased this home approx 5 years ago. For $145000.00 Now he had gotten a divorce, and to pay his x-wife some of the equity. The country wide appraiser came in said the property was worth a little over 200,000.00 he did want that much out, he just want to pay her off. They ended up raising his loan amount to 180,000.00 which is way over 100% of the loan value. NOW we are trying to sell a house, this appraiser told us we had a 200,000.00 home. And the real price is really only worth 149,000.00. How can a mortgage company loan way over 100% of loan value. This is really wrong and we need help.

Sincerly,

William and Tamara Stender
Bay City Michgan

]]> By: Ronnda http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4573 Ronnda Wed, 12 Mar 2008 22:30:04 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-4573 I'm looking to see how to talk to some one about our countrywide mortgage. We were told by another company to find out how to get get information because we are locked in and can't get out because of a pentalty if we refinance our mortgage. I’m looking to see how to talk to some one about our countrywide mortgage. We were told by another company to find out how to get get information because we are locked in and can’t get out because of a pentalty if we refinance our mortgage.

]]> By: Proud Homeowner http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10344 Proud Homeowner Fri, 29 Feb 2008 21:23:26 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10344 What is your idea of a controlled fall? Does it include keeping prices artificially propped up? Who does it help in the long run when home prices are still so ridiculously inflated that the median price is 7 to 10 times the median income? Modifying loans is not the issue. That will not correct the seriously underwater position many homeowners are in and will be in in the hardest hit markets like CA and FL. The price of housing must fall and it must fall dramatically if we have any hopes of preserving the "American Dream" of homeownership for future generations. For those who bought at the peak of this bubble in the worst areas, a loan modification is a waste of time in so many ways. In addition, as you mentioned, the top three reasons for going into foreclosure have not changed. The dirty little secret of this whole fiasco is that most of these borrowers went into default before their loans reset for the first time - just check out Moe's little forum at loansafe.org and read the stories. All the loan modifications in the world won't give back that lost fake equity or help people who are doomed to lose their houses today or next year because they never should have gotten loans to begin with. What is your idea of a controlled fall? Does it include keeping prices artificially propped up? Who does it help in the long run when home prices are still so ridiculously inflated that the median price is 7 to 10 times the median income? Modifying loans is not the issue. That will not correct the seriously underwater position many homeowners are in and will be in in the hardest hit markets like CA and FL. The price of housing must fall and it must fall dramatically if we have any hopes of preserving the “American Dream” of homeownership for future generations. For those who bought at the peak of this bubble in the worst areas, a loan modification is a waste of time in so many ways. In addition, as you mentioned, the top three reasons for going into foreclosure have not changed. The dirty little secret of this whole fiasco is that most of these borrowers went into default before their loans reset for the first time – just check out Moe’s little forum at loansafe.org and read the stories. All the loan modifications in the world won’t give back that lost fake equity or help people who are doomed to lose their houses today or next year because they never should have gotten loans to begin with.

]]> By: No Surprise http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10345 No Surprise Fri, 29 Feb 2008 19:10:39 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10345 This goes well beyond the traditional challenges of a typical foreclosure under a typical market. There is nothing here typical. The top three reasons for foreclosure continue to be loss of job, divorce, and medical emergency. If loans are not modified then the banks will eat huge deficiencies and we will all still pay. Where is the downside to any of us in that? It is far better to have a "controlled fall" than jumping off a cliff. Lenders saw this coming but they continued to make the "risky" loans due to greed. Investors kept making the investments due to greed. The Bush administration saw this coming and did nothing to pro-actively reign in the lenders/investors/homebuyers. Everyone saw corporations laying off hundreds of thousands in well paying jobs who then went to work for much less money if they could get a job. Yeah ideally we should just let everyone flop on the deck like a fish but that will not produce the results we all want ultimately which is to minimize the collateral damage to a failing economy of which this is only a single piece of the puzzle. No matter what we will pay one way or another. This goes well beyond the traditional challenges of a typical foreclosure under a typical market. There is nothing here typical. The top three reasons for foreclosure continue to be loss of job, divorce, and medical emergency.

If loans are not modified then the banks will eat huge deficiencies and we will all still pay. Where is the downside to any of us in that?

It is far better to have a “controlled fall” than jumping off a cliff.

Lenders saw this coming but they continued to make the “risky” loans due to greed. Investors kept making the investments due to greed.

The Bush administration saw this coming and did nothing to pro-actively reign in the lenders/investors/homebuyers. Everyone saw corporations laying off hundreds of thousands in well paying jobs who then went to work for much less money if they could get a job.

Yeah ideally we should just let everyone flop on the deck like a fish but that will not produce the results we all want ultimately which is to minimize the collateral damage to a failing economy of which this is only a single piece of the puzzle.

No matter what we will pay one way or another.

]]> By: LMAO http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10343 LMAO Fri, 29 Feb 2008 13:23:47 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10343 You know, job losses are a fact of life. You are not the first one it has happened to and you won't be the last. As a taxpayer, it is not my responsibility to keep you in a house you can no longer afford whatever the reason. Give up the house, find a place to rent, and when your circumstances improve and/or stabilize you can get back into the market. You know, job losses are a fact of life. You are not the first one it has happened to and you won’t be the last. As a taxpayer, it is not my responsibility to keep you in a house you can no longer afford whatever the reason. Give up the house, find a place to rent, and when your circumstances improve and/or stabilize you can get back into the market.

]]> By: ken http://loanworkout.org/2008/02/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10347 ken Thu, 28 Feb 2008 17:51:49 +0000 http://loanworkout.org/2008/02/27/bush-to-veto-senate-bankruptcy-foreclosure-bill/#comment-10347 Why is it that I am not responsible because at the time that my family got the loan My family could afford it But after an unsuspected job loss and decrease in income, will not be able to afford the adjustable loan. We are currently in chapter 13, paying all bills on time being a responsible citizen. Not filing for a chapter 7 and walking away from our responsibility. Why is it that Bush will be able to help certain ones and not the ones that are also trying to do what is right? It's a lot of people out here with different circumstances that just didn't go out and got a loan that they didn't afford so why are some generalizing this situation. If this bill do get vetoed, We may have to give our house up because of the upcoming rise in the interest. This bill would help a lot and not just some who got them self into their situation on purpose. Why is it that I am not responsible because at the time that my family got the loan My family could afford it But after an unsuspected job loss and decrease in income, will not be able to afford the adjustable loan. We are currently in chapter 13, paying all bills on time being a responsible citizen. Not filing for a chapter 7 and walking away from our responsibility. Why is it that Bush will be able to help certain ones and not the ones that are also trying to do what is right? It’s a lot of people out here with different circumstances that just didn’t go out and got a loan that they didn’t afford so why are some generalizing this situation. If this bill do get vetoed, We may have to give our house up because of the upcoming rise in the interest. This bill would help a lot and not just some who got them self into their situation on purpose.

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