Treasury Secretary Outlines Foreclosure Rescue Plan

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Mari — Sat, 16 Aug 2008 11:00:00 GMT

I see a lot of angry comments. What do you say to my situation: Last year in July 07 despite being on disability we paid the mortgage and everything we owed on time. The following month tried to refi my house and was informed that my July 07 pyment was late. Contacted EMC Mortgage about this and said they had no record of payment. I had to submit a letter so they could conduct an "investigation". It took them almost 6 months to do and despite the fact that they admitted they made the mistake...they wanted me to show proof that I had money in the bank to pay my mortgage as if by some miracle I was supposed to know this was going to happen and I was going to be free & clear of fault. After many months of fighting with them, because you cant work with these people.....they have sent me a letter saying they are nofying all the credit agencies that there was an error in reporting. In the process they have tried to forclose my home because I refused to pay the adjustable. I have submitted 6 modification applications to no avail. Everytime I submit a payment to them I do it in a secure form (wire transfer or fedex) and I still get letter at home saying that they have not received my payment when they already cashed the check. As far as options, I doubt this rescue plan will be for us. My only other alternative would be BK in order to reclaim my house. Did I do anything foolish to loose my house? No, but with some of the comments I see here I am sure someone is going to think we did. We don't have an extravagant lifestyle. We buy only clearances and sales. My son or I don't wear anything over $30.00 and we don't eat out because of health reasons. I have asked this Mortgage co. to freeze my adjustable and keep my mortgage what it was. Before July of 07, everything was impeccable we made sure everything was paid first and it did not get me anywhere. The only reason I had not refi a few months before because of the prepayment penalty. At the time it seemed foolish to loose so much money just because. We were only 3 months away from being able to refi without a problem. Now we couldnt get anyone to touch us with a 10' pole. What is worse, we are getting tired of this fight and it is taking a toll on everybody in my home. Was we at fault of this? No, we did everything we were supposed to in order to stay within our limits despite the fact that there have been health emergencies and I have a son with moderate special needs. It does not make sense how I have tried to work with this lender and how they would rather loose 383k and have the house sit for more than a year before they can even sell for a fraction of what it is really worth. I am willing to pay my debt, they just don't want to fix what they created. There I vented!!!

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Anonymous — Tue, 18 Mar 2008 11:00:00 GMT

Some of you people make me sick! You're SO ready to blame people for trying to make a better life with the best they can get! And what about those who just had NO choice in their situation? I bought a nice LITTLE home with payments I could afford. Then I was diagnosed with cancer. I can't work. It's terminal. I had to refinance and draw out the equity. The payments shot up too high and I can't afford them anymore. So, I guess I should just DIE of this cancer, homeless. Yeah, it's ALL my own fault! NOBODY knows the future. What YOU self rightous people have now may not be what you have in a year or two. And I bet you'll cry for some help or a bail out then!

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Rosa Maria — Tue, 25 Dec 2007 13:00:00 GMT

When things go wrong, we blame others, but us. We blame the government, lenders, builders, realtors, bankers, immigrants, buyers, etc. Some of whom have lost their jobs, their homes and credits. Many people participated in the housing revolution. The bigger, the better! Is that wrong? Perhaps Not! It is jut that just like most things in life, the higher the stake, the higher the risk. Let's just learn from it, find solutions for now, and for when it happens again in 10 to 14 years from now.

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Pamela — Sun, 09 Dec 2007 13:00:00 GMT

Simpley Amazing!!! I feel sorry for our new President Elects. Presidant Bush and Greenspan created the American dream, Mandated every city to build more homes, create jobs, then lowered home interest rates to 1% and 100% financing and no documentation loans. Our econommy was booming and no one complained until the party was over and they had to pay the mortgage that is clearly spelled out in their loan doc's. Opp's cant read english maybe that is the problem. Solution Let's sue Bic their INK..

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

joe — Fri, 07 Dec 2007 13:00:00 GMT

i have a loan several years old and the payments are getting more difficult to make. will the govenment bale me out as i do have great credit and always worked and saved ?

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Mike — Fri, 07 Dec 2007 13:00:00 GMT

Don't blame the brokers & banks... EVER HEAR OF FHA?? In 2002 when 'the FED' could NOT stimulate the economy after 2000 Recession & 9/11 they TOLD the industry to "TEMPORARILY" FIND ALTERNATIVES to make home ownership 'POSSIBLE' FOR EVERYONE, sound familiar to the HOPE Bailout?

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Mike — Fri, 07 Dec 2007 13:00:00 GMT

NOW instead of correcting past mistakes Paulson wants TAXPAYERS to do it again by LOOSENING the ALREADY ridiculously easy FHA standards that ALREADY allows 98% financing for those w/poor credit scores

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Mike — Thu, 06 Dec 2007 13:00:00 GMT

I've been in the business for 23 years, in the past 3 years 98% of my loans were refinances out of teaser rates to FIXED before it was too late. THANKFULLY SUBPRIME helped them as not even the almighty FHA would. ONLY 1 of 10 took the offer to pay $0-$100 month more, (w/chip on shoulder) the UNREALISTIC overextended others w/bad credit wanted another $10,000 cash + LOWER PAYMENTS $500+ month or wasn't worth it. THEY HAD A CHOICE, NOW HERE WE ARE !

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Anonymous — Thu, 06 Dec 2007 13:00:00 GMT

To under the intricacies of the modern banking society one must first understand the root of The Federal Reserve and who the key players are. Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money and economy it is all out lined in a documentary The Money Masters. Leaves one wondering who has true control over the global economy...

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Matt Graham — Thu, 06 Dec 2007 13:00:00 GMT

And if people with SS income who wanted the 250k house didn't tell the broker for that loan or they would get it elsewhere, thus making the broker do the loan or go out of business, this wouldn't have happened either. It goes both ways. Many were overly exuberant. Lots of people weren't paying attention or had a false sense of security.

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

james - LO, RE — Thu, 06 Dec 2007 13:00:00 GMT

This is the fault of the brokers and banks. How many times have you heard radio ads and internet banner ads offering unrealistic rates? Brokers and banks were competing more and more and offering more unreasonable terms and rates. 50 and 60 year terms! Stop blaming the buyers, they just wanted a house, the LOs and brokers really knew what was going on, they had all the docs in front of them and still offered the loan. 100% financing with a 580! Please.

If the brokers and banks would have stuck together and said "No, you can't afford a 250k house with your SS income" then we wouldn't be facing this problem now.

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

reality — Wed, 05 Dec 2007 13:00:00 GMT

We have two choices. (1) Allow the lenders to continue to hide their losses. This will cause our economy to suffer the same fate as Japan (15 years of economic stagnation!). (2) Allow our economy to correct quickly. In the end real estate values will be the same.

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

Anonymous — Wed, 05 Dec 2007 13:00:00 GMT

If I were in that situation, the one I would be the most angry with is myself. Do the mortgage documents disclose what was going to happen with your rate and payment? Did any of you take the time to learn what that meant before you signed it? Read anything that teaching the basics of ARMS? Were any of you coerced or bribed to sign those documents against your will? Ignorance is not a valid defense. It's pretty simple - if you didn't know what it meant, you shouldn't have signed it.

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

jose — Wed, 05 Dec 2007 13:00:00 GMT

And the lending institution will attempt to regain liquidity by selling the properties for more than what they are worth.

RE:Treasury Secretary Outlines Foreclosure Rescue Plan

jose — Wed, 05 Dec 2007 13:00:00 GMT

The foreclosure phenomenon that we are experiencing today is a direct result of the subprime lending practices. Consumers and speculators purchased over inflated priced properties to the tune of two to three times what should have been the true value. Now, the government and the mortgage tycoons are engineering another scheme by increasing the cap on the jumbo loans higher than $417K and freezing the rates on the outstanding subprime loans.

If the current owners are unable to pay for those properties even if they were priced at $417K, what makes the government and the lending institutions think that raising the cap to the jumbo loans will help. I know. It is not in the best interest of the government to allow properties to go back to a more realistic value. They'll be collecting half the property tax they have been collecting for the last four years.