Fannie/Freddie pressuring banks to foreclose/foreclosure policies/breaking the rules!
Hi All,
Interesting articles in the Detroit Free Press. What a joke.
Interesting articles in the Detroit Free Press. What a joke.
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My loan was with one west/indymac bank. Until Fannie Mae bought up my mortgage and immediately and I mean immediately began forcing my eviction. I had to reply to the court summons to buy me more time. They will not rent to you at market value to give you more time to find a new place either. I am pissed we help them and bail them out with government assistance, yet when we need help, they turn on us like hungry vultures. -
As cruel as this sounds. . . and I am not condoning Fannie Mae's actions (or inactions):
In the 3rd link there is a printout of two delay requests. These are bad examples of the problem and the reporter should have found printouts more sympathetic to the homeowner. In one the borrower had been in the home for 17 months without making payments. In the other it was 20 months.
Sorry, but, I wish I could live rent free for nearly 2 years. Think of the money I would save. Time for both (at least in those examples) to move on.
Just MHO (now don't shoot arrows).
Des.Comment
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You know it's funny - under FDR and the Home Owners Loan Corp during the FIRST Great Depression, the gov't did exactly the opposite - morts were bought up and the gov't went out of its way to keep people in their houses.Comment
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I'm in the same boat
I signed a contract.
I defaulted.
They want their colateral.
I'm pissed about the bailouts and empty promises of help. If they had stayed out of it I think I would have done things differently.
"Mr. Smith, we can only modify your mortgage if it is ninety days late. Based on what you have told us you qualify for program xyz" wow
"Please re-send your paperwork and we'll get it right to underwriting" not!
"Underwriting doesn't have any record of you" really?
"We're sorry but your loan has been transferred to another servicer" errrrr
"I'm sorry but you don't qualify for any of our programs. And by the way you owe us $13,000.00 to reinstate you loan" perfect
"You know Mr.Smith, we might be able to offer you some relocation assistance if you just give us your house" etc.etc.etc.etc
While nobody forced me to act one way or the other it seems that I was steered into a course of action. When mortgages were cheap and easy I was steered to a certain product/course of action just as I was steered to pursue a modification after things came crashing down.
"It'll be OK Mr. Smith, trust us" I heard this when I started my journey of home ownership and I heard it at the end of my journey too.
I'd like to believe I'm a victim but that just keeps me from moving forward.
In the end I'm responsible for my actions.
Good luck & God blessComment
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