Push to halt foreclosures gains steam (Stop paying your mortgages, FREE HOUSING FOR ALL!)

cnn ^ | 10/5/2010 | staff

[tobyhill]

Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.

Members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency on Tuesday, requesting that they investigate the foreclosure processes of banks under their purview for "possible violations of law or regulations."

[HereInTheHeartland]

“We only re-financed to lower our interest rates. “

Who orginated your loan? You should check with them. Hopefully you didn’t go through a broker...

[TruthConquers]

I think we did go through a broker, Lending Tree or some such. We refinanced more than once. Had no idea what was up at the time. The last time we were told to “send your payment here now” was in 2007. Not sure when the last refi was. That was back when I didn’t know what was going on.

I have gotten some good advice on this thread and will be looking into it.

[Vicki]

We have been trying to refinance for 2 years. We have been on time with our mortgage, have good credit, but because BoA holds are mortgage, no Fannie or Freddie we are screwed.

Last advice we got from our BoA mortgage rep was to stop paying our mortgage, which we are not going to do. Know 2 other people who are in the same position with BoA. One of them is a banker with Key Bank.

Just sign me: Hostage of Bank of America.

[HereInTheHeartland]

Go through a major lender that services it's own loans, and that has a local presence in your area; is the best thing you can do.
I do this for a living and am amazed that people don't do this. People will say the can get 1/8 better in rate or $200 less in closing costs (of course that's the original quote!). They think they will save and then stuff like this happens.
You always have some recourse if you can walk into the bank where you got your loan and talk to the people who helped you set it up.
I know that if one of my past customers had an issue such as you described; I would not tolerate that in my company. I know who to talk to, and who they work for.

[EBH]

#
Bank Mistakenly Starts Foreclosure Process On Wrong House In ...
Bank Mistakenly Starts Foreclosure Process On Wrong House In Kissimmee ... KISSIMMEE, Fla. — A Kissimmee homeowner was in England ...
www.wftv.com/news/15523844/detail.html - Cached
#
Thieves Guild: Bank of America Flubs Foreclosure, Seizes ...
Thieves Guild: Bank of America Flubs Foreclosure, Seizes Wrong House — AGAIN
discuss.epluribusmedia.net/content/thieves-guild-bank... - Cached
#
Bank auctions wrong house in Miami; not the first time
Bank auctions wrong house in Miami; not the first time ... Given the increasing number of foreclosures this type of mistake is ...
www.walletpop.com/blog/2009/08/19/bank-auctions-wrong... - Cached

Not hard to find. Just do a general search...a whole list of incidents turn up

[TruthConquers]

How do you know when a major lender does do its own loans??

Our old bank got sucked up by OneWest.
We didn’t stay with them, went to a local credit union. Hasn’t been a year yet, but so far so good. Would credit unions sell off their loans?? It seems to me I have read for awhile that people go to a bank and before they know it, the loan has been sold.

It seems that selling loans and then letting a servicer make fees is the SOP for banks these days. Glad to hear some banks aren’t doing that.

[Republic of Texas]

I feel like a putz for selling my house during my divorce last year.

[HereInTheHeartland]

I would only look at 3 major lenders.
Chase, Bank of America, or Wells. They would generally service the loans they make.

Citi probably would also service their loans, but I don't like talking to customer service people in India about a mortgage, so I would not deal with Citi!

Also US Bank would probably be ok.

But again, you need to find a local branch of one of these companies and deal with them directly.
In most of the nation that should be an option.

As I said before, if you were my customer, I would have been intervening myself to fix something like what you had happen. (Which wouldn't happen with my company because we don't do things that way).

[giotto]

If the banks suffer

The banks won't suffer. It's the beleaguered taxpayer, who will eventually have to bail out the reckless bankers, who will suffer. It's the would-be homeowner, who has been waiting and waiting for houses to reach an affordable price, who will suffer.