Posts tagged as:

American Nightmare

Foreclosures Will Rise Through 2010

by Moe Bedard

Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
One in seven U.S. home loans was past due or in foreclosure as of Sept. [...]

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“I’d love to say there is an end in sight, but the end is not near.”

by Moe Bedard

“People are desperately out of work and in danger of losing their homes,” said state Sen. Linda Holmes, D-Aurora. “I’d love to say there is an end in sight, but the end is not near.”
“You can never catch up,” she said. “I’ve been trying to work something out with the mortgage company and they are [...]

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Unemployment and Foreclosure Caused Man to Murder

by Moe Bedard

Jason Rodriguez, accused of killing one and injuring five, ‘is a compilation of the front page of the entire year — unemployment, foreclosure, bankruptcy, divorce,’ his lawyer says.
When people loose everything, sometimes they loose their minds and will do things that make no sense, like murder. This is a trend that will explode over the coming [...]

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If they want my home they will get it over my dead body

by Moe Bedard

Submitted by a Homeowner Via Email to Me: I will take further action as necessary to keep my home. If they want my home they will get it over my dead body.
Dear Mr. Marks and Mr. Bedard,
Please feel free to use the attached documents and share the information therein as well as this email to [...]

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Bailed out bankers live like kings as the people on Main Street live like slaves

by Moe Bedard

Perks keep rolling at rescued banks – From jets to country club fees, CEOs’ fringe benefits rose 4 percent last year
Meanwhile on Main Street, many of the good people are losing their homes, jobs and families. Too depressed to think logically and too beat down to fight back in court, many are defeated mentally and [...]

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Many Americans losing homes become homeless

by Moe Bedard

But this fall, she exhausted all options. She had once owned and overseen a group home for homeless people. Now, she succumbed to that status herself, checking in to a shelter.
“No one could have told me that in a million years: I’d wake up in a homeless shelter,” she said. “I had a house for [...]

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A true look at a Chase Bank California foreclosure

by Moe Bedard

5031 Alcorn Lane, Turtle Rock
Amount owed: $298,876.14
Last sale: July 2001, $485,000
Auction date & time: Nov. 5 at 10 a.m.
Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
Trustee sale #: JPM-580
Information: 714-573-1965 [emphasis mine]
I assume the JPM means JPMorganChase, though that’s not the important thing.
If you look at the other houses, [...]

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Is JP Morgan Chase constructing the Great Depression?

by Moe Bedard

If our government allows this it will guarantee a GREATER DEPRESSION.  Whether it comes now or in a few years, it will happen.  This is the precise same stupidity that led to the 1930s and it will have the exact same outcome this time.
Here’s the problem folks, in one sentence:
The banks are STILL insolvent.
They are [...]

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Linda woman fights bank so she can stay in her home

by Moe Bedard

They don’t have to worry about whether they’ll lose their homes, Linda resident Mary Carter said.
Former executives with the Bank of America and Countrywide, once the largest mortgage lender in the nation, who were involved in the financial crisis that first made national headlines last year, are safe from sharing her status.
Their homes aren’t threatened, [...]

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Banks abuse borrowers

by Moe Bedard

The Government Accountability Office – GAO – in July found that the Treasury was short staffed and had hired only half of the employees necessary to monitor the loan modification program.
Taxpayer dollars bailed out the banks from bankruptcy, now they’re back on track to pay out big bonuses while at the same time they are [...]

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Police kill homeowner

by Moe Bedard

Sunday evening Phoenix police shoot and kill distraught homeowner who refused to leave his foreclosed home
This is a sad story of a man not accepting his fate of losing his home or deciding to make one last stand. I would like to think that this man did not die in vain, but died protecting what he felt [...]

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Many mortgage modifications push payments …. higher

by Moe Bedard

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthly payments and larger debts on their homes.
Homeowners who were hoping for lower payments are discovering to their dismay that lenders roll late fees, back taxes or other costs into the principal, sometimes [...]

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Is your bank a lagging lender?

by Moe Bedard

“I just never heard back,” Chavez said. “They just kept giving me the runaround, telling me, ‘You’ll hear something, don’t worry.’ But I never heard from them and I’m in this position now.”
Chavez claims Bank of America told him he should pray or maybe get a second job to pay his mortgage.
He says they even [...]

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First let me disclose that I am a “renter” and my investor/landlord/Realtor is being foreclosed on

by Moe Bedard

“I love LA!” Well, at least their new policies in regards to tenant rights of recently foreclosed homes.
However, let me disclose that I am not from Los Angeles, I am from the IE (Inland Empire,CA.) and my city of Corona and County of Riverside has done so little to address the foreclosure crisis that [...]

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America Underwater: Growing Number of Homeowners “Upside Down” on Mortgages

by Moe Bedard

With falling housing prices in nearly every market, the questions that homeowners are asking have shifted. Instead of asking “what is my home worth?” they are now asking “Is my home worth it?”
These problems are affecting the entire country, with nearly 1 in 6 homeowners owing more than their home is worth. For homeowners who [...]

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Trapped in American nightmare

by Moe Bedard

Here on LoanWorkout.org, I have been writing about the American Nightmare and the resistance homeowners recieve from their mortgage servicers when reaching out for help. And until this “serious issue” in our mortgage and housing crisis is addressed and these mortgage servicers are held accountable, Main Street and plumber Joe will continue to drown in [...]

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Democrats Call for a Fannie & Freddie Foreclosure Freeze

by Moe Bedard

When I hear the word, freeze, in regards to the mortgage and housing crisis, I immediately think of Arnold Schwarzenegger in Batman and Robin as Mr. Freeze with his super duper freeze gun.
Freezing everything in sight!
Yes, sometimes I fantasize in my own little loan modification and foreclosure freeze world. Hell, you have to fantasize a [...]

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I did lose it all. I have no job, no car, no HOME, and no “AMERICAN DREAM!”

by Moe Bedard

Written by Jenzy. A 56 year old American woman, homeowner, and another mother who has lost her American Dream.
I once owned two businesses, and had a nice car and a roof over my head. I lost it all at age 55 yrs. old due to a very deceitful mortgage company. Things were fine in 2004, 2005, [...]

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The Social Impact of Foreclosures: Homelessness, Crime & Death

by Moe Bedard

For millions, the American Dream has become the “American Nightmare”. Many people have lost their jobs, their mortgages have become cancerous and they can no longer pay the loan on their overvalued homes.
The social impact of these foreclosures is reaching every “dark” nook and cranny in almost every city in the country. Homelessness, domestic abuse, crime, violence and instability are [...]

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