Comments on: Indymac Bank F.S.B. v Yano-Horoski: Judge Grants Homeowners a Huge Victory

By: Albert

Albert — Sun, 10 Jan 2010 16:09:41 +0000

Albert

Maybe this will help you for Feliberto’s hearing on the 14th

By: jesse

jesse — Tue, 05 Jan 2010 20:56:20 +0000

The lenders want the houses back because of the rules for HAMP and ultimately the balance sheet implications. The way the loss appears on their books has everything to do with their credit rating, asset valuation, and ultimately their ability to attract capital to stay in business.
My story: four year ownership, home damaged by neighbors contractors, my insurance balked and finally paid tiny amount to cover damage. Act2: I spent my savings down fixing most of the house and right when I got to the end of that I got laid off from my good 80k job. I live in New Orleans and all of the other employers in my trade have left town since the Hurricane Katrina. Now I have to move to get work. But if I move and get work I still lose my house. I started a mod and made three payments. Now I am on unemployment and cant afford to make more payments until I get a job- but I cant get a job anymore at the min. pay scale required (42k) locally to keep my house! The recession of course eliminated all the
hiring- my friends in the industry are also laid off. wtf!
Act3: I am qualified for chapter 7 bankruptcy and it may be all I can do as If I don’t get a decent job. So….for 20 yrs on the job force, 7 years solid at sea, perfect credit and no late pays, I am now broke and on welfare. what a mess.

I cannot even fathom how those with children handle this! My girlfriend has lost her job also two weeks ago and we are going to have to save every penny just to declare bankruptcy!

How can people say this system works.?I consider my situation be relatively good- still healthy enough and young enough to get by and rebuild. It is morally offensive to me though that this situation would be visited upon someone less fortunate or with children.

I am socially liberal but I regret that the bailouts did not come with MAJOR enforcement directives. Shame on the evil people at the banks.

Good luck to all!

By: Mimi

Mimi — Tue, 05 Jan 2010 11:41:23 +0000

Hi,
We were dealt the same way by Indymac/OneWest bank despite our efforts to make the payments. We did all the payments on time (5x) for the forbearance program and I called them (as stated on the letter 30 days if we can’t do the balloon) and was told that they can’t help me and to let it lapse. We did and waited for the paperwork so we can continue the program, but without notice they did an REO and told us to leave in three days. Please, we need some help…we’re displaced now. I am injured at work and constantly in pain, this situation is not helping….. All I wanted is to work with them (the bank) and for two years I asked for some help to modify my loan to no avail. They told me that they cannot help us because we’re current and making the payments! And now this….is it too late for us? Please, we need help and justice. Thanks.

By: james

james — Sat, 02 Jan 2010 02:40:03 +0000

I have the same issue can some one help me?

By: Doug Whisler

Doug Whisler — Mon, 07 Dec 2009 06:12:08 +0000

The Lenders Appear to just want houses back, even though they will be underwater just like us homeowners-Why? If they
comprimise so it makes some financial sense so will I. Why are they doing this?

By: Billy English

Billy English — Tue, 01 Dec 2009 02:19:32 +0000

Good for them! Lenders have gotten away with way too much mortgage fraud and predatory lending. I’m glad to see that people are fighting back to get restitution.