Posted on 10/11/2010 9:13:41 AM PDT by ex-Texan
Chase Mortgage started foreclosure proceedings against us and that is not the case with me.
We have NEVER missed a payment to Chase Mortgage.... in over eight years. Never one payment!
We applied for loan modification last December. The process was supposed to take 90 days. Our payments were dropped during the trial period and we made every payment. Nine months later Chase was still telling us to "be patient" because of their backlog.
Last week we get certified letters that Chase is foreclosing on our house for non-payment. Chase is now claiming that loan modification payments do not count towards being a "current payment." And since we are "nine months behind" they are foreclosing.
Now they will not accept any payment from us because of the foreclosure proceeding.
They just want our house.
Bob, thanks for posting this. You give an accurate summation of who the crooks were and are, and how Fannie & Freddie have been hopelessly corrupted for many years.
but why?......after all the corruption and crookedness and greed on Wall Street and in the holy banking industry, is this a “new” corruption or just the continuation?
Sometimes a corrupt operating system is caused by a bad hard drive.
Which is exactly what we have now.
This is more about attorneys trying to turn a profit and in their wake destroy an industry.
If banks can’t foreclose, they will stop lending altogether, because they have no way of recovering their collateral.
And if people realize there banks won’t foreclose, even those who can make their payments will stop making them, that will really destroy the banks, and then the FDIC will have to come it and take them all over, using taxpayer money. It’s going to be a complete disaster for everyone.
Take it to a lawyer
Take it to the press
Take it to the networks.
You have a story to tell.
In this house, there was a whole lot of daily stomping around, gnashing of teeth and cursing on the way to a shower to wash off the daily stink about all of this. This went on for two years and even included extra, midnight showers when practically asleep. There were stomach ‘ailments’ and TMJ became permanent.
We do still have teeth at the moment. Dental floss and the hot towel on the head helps.
They are scum. They bought something, promised to pay and skipped out because they wanted something else. Sorry, that is scum behavior and decent people won't have anything to do with them.
My wife just called in to a local radio show this morning.
Everyone was complaining about the dead-beats who aren’t paying their mortgage.
They were blown away when they heard our story.
>>Doesn’t even come close to Social Security.<<
Yeah, I should have added, “to publicly unravel”.
I believe they will fall like dominoes and it will get very, VERY bad.
I look at all this doom and gloom talk of the last three to five years as the equivalent of discussing end of life procedures to a person who has been given two months to live due to terminal cancer. Like the doomed cancer victim, we look relatively fine, we’re walking upright, etc. However, we DO feel sick and the day is coming where we will be put into a bed one last time, followed relatively shortly thereafter by a gathering of friends in a cemetary.
People don’t realize, as we debate this, that the day the patient goes to his deathbed could come, literally, on any day.
Except when this happens to western civilization as a whole, it will be very messy and a rather dangerous time for mere mortals.
Brookhaven: Except the banks, right? They don’t deserve any equal protection from deadbeat borrowers because they are eeeeeevil money-grubbing capitalists! Right?
If the banks violated a regulation, they should face whatever sanction is on the books for violating that regulation. But the truth is, attorneys for these deadbeat borrowers are going to use this to go after the banks - in some cases to absolve their clients from any wrongdoing.
Which is BS. Deadbeat borrowers are ALSO lawbreakers. They are essentially stealing from the banks and these lawyers will make sure they get away with it. If both sides have to lose, so be it.
But, of course, gardencatz, you left out one key detail when you said, “They chose to give these loans (even deadbeats can’t hold a gun to a lender’s head and force them to give them a home loan).”
The deadbeat can’t hold the gun, but the GOVERNMENT can. Cue the Community Reinvestment Act.
Remember September 2008?
At the height of the Greatest Crisis In The History Of The Known Universe, when Hank Paulson was genuflecting at the feet of Nancy Pelosi?
When we were steadfast here on FR in advocating that the banks be made to eat their own dog food, and that nothing good would happen in the economy until they did?
Remember the huge the ration of crap we caught for this?
It was "Shut up you Commie, we have to save the investment banks!! Sweet Mother of Mercy, save the suffering banks!!" from a whole corps of Freepers who have since had the good sense to STFU.
And still, nothing good will happen in the economy until the investment banks owning MBS come clean, and honestly value their balance sheets.
>>Which is exactly what we have now.<<
Well, one can blame it on a bad hard drive or web browsing with no firewall. The solutions are all very ugly.
Here’s an interesting example of what this can mean to any attempt to revive the housing market. In the Sarasota, Fl area, the major lenders have written about 40% LESS loans for the firts 9 month os this years, vs. last year..and nearly 50% of all sales are ALL CASH DEALS.. Obviously, the area has been hard hit, and there are now lots of good values..but the title insurance companies will be in big trouble..they’re NOT writing..many may fail..and nobody in his right mind would do an all-cash deal if he can’t get a title policy..
bawney
say it ain’t so..........
...and you didn’t get anything in writing from Chase that said you didn’t need to make a payment during those nine months?
Yes I heard that too.
I interpret that as very bad news, although if one wants to become a squatter, the time is now.
>>Everyone is equally entitled to the full protection of the law. <<
And there’s the rub. What if the time it would take to litigate these works out to 3,000 years?
The problem is that this may be too big, by several orders of magnitude, to resolve while following the US constitution or preserving the US as we know it.
That hasn't stopped them before.
(Oh and, while it may not be the case with you, I don’t see how your anecdotal evidence would necessarily contradict the fact that the vast majority of foreclosures are for, you know, *actual people who don’t pay*.)
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