Anyone going thru this scenario....

[JUSTAHICCUP]

I fell behind on the mortgage due to industry changes and reimbursements cuts but still employed (Owner of the company). A year behind on payments and 5 inches of records and conversations with the mortgage company attempting to work it out but no success. Then, I find out I qualify for the HAMP program... I was on it for 7 months with a payment of $5800.00 a month. (You would think this a 15,000sqft mansion) it's not. On the 7th payment, I bounced the last check and they kicked me out of the program and then the foreclosure went forward........

Here is the breakdown in a nut shell......

Per my attorney.... One of the worse cases of Predatory Lending he had seen.

Filed chapter 13 as a stop gap to delay the sale....
Forensic Accounting begins..
File complaint with the court for a TRO (Temporary Restraining Order)
Once this granted, we file a PI (Preliminary Injunction against the trustee)
Facts and findings are now addressed.....

My attorney said this can take up 18 months.....

Any feed back would be greatly appreciated....

[StartingOver08]

What kind of attorney did you hire? Is he a BK attorney or a real estate attorney?

[JUSTAHICCUP]

Both.... I can PM you if your interested.....

[StartingOver08]

No, I only asked because I had not heard of a TRO in connection with a real estate sale/anlaysis/bankruptcy. Only in connection with domestic abuse, harrassment, stalking or similar behaviours.

Sounds like your case is getting very complicated....not like the typical bankruptcy case.

[JUSTAHICCUP]

Very complicated..... I barely understand it..... ;)... Reason being that the loan docs are riddled with fraud therefore the possibilities of criminal charges against the trustee will be pursued... I think there are a lot of cases out there like mine. Find a attorney that specializes in this area and let him/her go thru your loan docs and match up bank statements at the time you purchased or refinanced the home.... You will be amazed what they find....

[secondtimer]

How are your bank statements related to predatory lending? Just wondering because I'm in a similar situation.

[JUSTAHICCUP]

It appears that the statements that were submitted at the time do match up with the statements we recently obtained. Basically, I submitted my statements as requested, broker made the statements work to his liking so we can stay in "Stated Income" loan.... We are just finding this out. I'm sure more will rise to the surface..... Crazy and un-ethical things were happening out there.... I sure hope I "we" can get some payback.......

[albacore44]

It appears that the statements that were submitted at the time do match up with the statements we recently obtained. Basically, I submitted my statements as requested, broker made the statements work to his liking so we can stay in "Stated Income" loan.... We are just finding this out. I'm sure more will rise to the surface..... Crazy and un-ethical things were happening out there.... I sure hope I "we" can get some payback.......

My broker did the same thing on my 2nd. said to keep credit score above 680, LTV 70-80%, and income did not mean much, so he minipulated the income #'s.

did you sign the Loan Application with the incorrect income #'s ??

[JUSTAHICCUP]

I will be honest with you, I can't remember, however when I sent my bank statements to them, they were only concerned with the last three months. I bank with two institutions and more than one checking and savings...... My attorney pointed this out to me. Once these so called loan officers (MIT grads) got a hold of basic info, the manipulation began.... At that time I was thinking to myself, great this is painless...... I got screwed over hard..... I have never played the victim role, always have earned everything on my own with no help, just hard freekin work.... I truly got victimized on this deal..... I hope I can get some payback.... Standby..............