Posted on 10/12/2010 8:48:06 AM PDT by Kartographer
The couple called GMAC and thought they had mad the proper payment arraignments, but they thought wrong. “We've talked to the mortgage company many times over the past 22 months and every time they refused [to help],” said Jessica.
Last week, Cordray filed a lawsuit against GMAC and parent company Ally, accusing them of signing affidavits swearing they had personal knowledge of late payment cases when they did not.
The Mossings and several other Lucas County residents are listed as victims. “The lender is saying ‘well I've got to file 400 of these today and so I'm just going to stamp them, notarize them saying that we have this right to foreclose when they don't so it's, it's just sloppy paperwork,” said Keith Foster, Director of Enforcement and Compliance for The Fair Housing Center in Toledo.
(Excerpt) Read more at toledoonthemove.com ...
Oh “legalities” God forbid the mortgage company should be held to the law huh
Many, many Freepers are sarcasm impaired.
“Many, many Freepers are sarcasm impaired.”
And then there’s me! ;-)
Personally I believe EVERYONE should play by the rules. And that includes banks. If they “lied” they’re no different from the borrowers who lied about their income when they applied for the mortgage.
The plain truth is everyone was lieing and everyone knew it. And the banks didn’t care. They wanted to make the loan just as bad as the buyer wanted the house. Now everyone is left holding the bag and that includes all of us.
“The couple’s trouble started in January of 2009 when Torrey was temporarily out of work. “Torrey was laid off for 6 weeks,” said Jessica Mossing, Torrey’s wife.”
******
He was only laid off for 6 weeks and they got into financial trouble with their mortgage?
It sounds like to me they couldn’t afford the house to begin with.
We had to put 20% down when we bought our house 20+ years ago. Now, you just apply for a loan and can even get a second mortgage for the downpayment. That’s stupid! No wonder people are in mortgage trouble.
Every loan I ever had, I had to prove my income.
Did you ever consider that people in a recession experience a reduction in income?
Fewer hours.... smaller bonuses.... lower commissions... less overtime... temporary layoffs.
Its never quite as simple as that, although you are right on the deadbeat borrower. As seen with one or more of the Title Insurance companies now halting title insurance, the likihood of someone coming back in the future with a claim against your title is obviously gigantic and that is not caused by the deadbeat borrower.
When I bought my 1st house 17 years ago, I had to put down a minimum of 10%, but I also had to carry mortgage insurance until I had the 20% equity in the house. I also had to show 3 years of tax returns as did my future wife.
Are there any editors anymore? The homeowners had “mad arraignments”?
We're holding a (free) event in WPB that's sure to be packed with media, activists, and people who see through the fog.
It's too bad but shills will hit the "abuse" button and get my long-standing FR account revoked.
Floridians help spread the word. This is hyper-series and hue.
I’m passing judgement only on the information that was given in the article which said he was out of work for 6 weeks.
If bank employees lied in legal documents those employees should face perjury charges. However, as long as the bank has proper documentation and the borrowers have actually defaulted on the loans, the foreclosures should still go through.
I don’t have much sympathy for either the stupid, sloppy banks or the stupid, deadbeat borrowers who want to use technicalities to keep their homes without paying for them.
The borrowers remind me of criminals who go free because the police made some technical error in handling evidence or in a search. Perhaps they need to go free to protect the rights of other, truly innocent people, but they are still criminals, just as the deadbeats are still deadbeats.
That has to be the craziest statement I have ever seen. Now if you want to blame Fannie Mae and Freddie Mac, and the government, I sure can see that point.
Realtors knew that homes rising in value 10-12% every year was not sustainable! When the housing market crashed, we didn't expect it to crash as hard as it did, but Realtors knew something had to correct itself.
Blame the Community Reinvestment Act that Carter signed and Clinton added on to. Only in America can a welfare recipient buy a home, force lenders to give them a mortgage, insure the loan by govt funds, and then when they all crash and the govt has to pay up for their craziness, do they call it a bank bailout! Govt insured these loans! Govt forced banks to take them.
And only in America can people that fail to make their mortgage payments sue the lender and think they can win their home..like a lottery.
Are you saying people are too stupid to understand the price of the home and responsibilities that go along with it?
No one can make someone buy a home they can't afford!
We own a business so I know how people operate. Many, many, many times, people don't want to pay their bills because they had rather spend it on something more fun and interesting than a prescription (like new cars, homes, soccer, dance lessons, concert tickets, etc.). Who do you think gets left holding that bag?
Gee, COMMON SENSE, how refreshing!
But, you made them buy homes. It’s all your fault. /S
Oh were you just being sarcastic? Sorry, I don’t think that was very clear :D
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