Foreclosure Mills: if you still want to blame the little guy read this

[Truthmatters]

http://www.nytimes.com/2008/03/30/b...siness&pagewanted=all&oref=slogin&oref=slogin


They are making money on the downswing too people.

We are bailing out the banks while they are doing false forclosures on people who are not even behind in payments.



James R. and Tracy A. Edwards, who are now living in New Mexico, say they have had problems with questionable fees charged by Countrywide and actions by Barrett Burke. In one month in 2002, when the couple lived in Houston, Countrywide Home Loans withdrew three monthly mortgage payments from their bank account, Mrs. Edwards said, leaving them unable to pay other bills. The family filed for bankruptcy to try to keep their home, cars and other assets.



NEVER DO AUTO DEBIT FOLKS

 

[Truthmatters]

They are trying to forclose on people who have never missed a payment.

They are being just as slimey as they were when they sold the loans people.

We are bailing out the entities who are turning arround and then raping the people.

 

[Annie]

They are trying to forclose on people who have never missed a payment.

They are being just as slimey as they were when they sold the loans people.

We are bailing out the entities who are turning arround and then raping the people.

This may sound funny to you TM and I agree there is something wrong with what the companies are doing, but to say, "...on people who have never missed a payment..." well that is wrong and not a quote from the article. What seems questionable to say the least is if the foreclosure mills were jumping ahead of the scenario. 'Had 2 payments over 60 days late', seems where the mistakes were made.

I've had auto debit, accelerated for over 20 years. Never had a problem with it, indeed it's helped me get over an 800 credit score. Then again, I have a 25 year conventional mortgage on a townhome I can afford.

Do I think the judges should fine the mortgage companies and lawyers? Absolutely, but do not exaggerate the innocence of the borrowers.

 

[Gunny]

This may sound funny to you TM and I agree there is something wrong with what the companies are doing, but to say, "...on people who have never missed a payment..." well that is wrong and not a quote from the article. What seems questionable to say the least is if the foreclosure mills were jumping ahead of the scenario. 'Had 2 payments over 60 days late', seems where the mistakes were made.

I've had auto debit, accelerated for over 20 years. Never had a problem with it, indeed it's helped me get over an 800 credit score. Then again, I have a 25 year conventional mortgage on a townhome I can afford.

Do I think the judges should fine the mortgage companies and lawyers? Absolutely, but do not exaggerate the innocence of the borrowers.

What seems odd to me about this is hwo does one have 2 payments over 60 days late with an auto debit?

 

[Annie]

What seems odd to me about this is hwo does one have 2 payments over 60 days late with an auto debit?

Yeah.

 

[Truthmatters]

Mr. Rothbloom represents the Atchleys, who almost lost their home in early 2006 when legal representatives of their loan servicer, Countrywide, incorrectly told the court that the Atchleys were 60 days delinquent in Chapter 13 plan payments two times over four months. Borrowers can lose their homes if they fail to make such payments.

After the Atchleys supplied proof that they had made their payments on both occasions, Countrywide withdrew its motions to begin foreclosure. But the company also levied $2,793 in fees on the Atchleys’ loan that it did not explain, court documents said. “Every paycheck went to what they said we owed,” Robin Atchley said. “And every statement we got, the payoff was $179,000 and it never went down. I really think they took advantage of us.”

 

[Annie]

Mr. Rothbloom represents the Atchleys, who almost lost their home in early 2006 when legal representatives of their loan servicer, Countrywide, incorrectly told the court that the Atchleys were 60 days delinquent in Chapter 13 plan payments two times over four months. Borrowers can lose their homes if they fail to make such payments.

After the Atchleys supplied proof that they had made their payments on both occasions, Countrywide withdrew its motions to begin foreclosure. But the company also levied $2,793 in fees on the Atchleys’ loan that it did not explain, court documents said. “Every paycheck went to what they said we owed,” Robin Atchley said. “And every statement we got, the payoff was $179,000 and it never went down. I really think they took advantage of us.”

Here's what you are missing TM, the payments 'were made', but not addressed is timeliness. It may have been within those 60 days, or outside of them. Unless made on due date, penalties would apply. I had to pay CapitalOne $59 once, because I missed my due date. It happens, I think it excessive, but it's what I agreed to.

 

[Truthmatters]

OTHER judges are cracking down on some foreclosure practices. In 2006, Morris Stern, the federal bankruptcy judge overseeing a matter involving Jenny Rivera, a borrower in Lodi, N.J., issued a $125,000 sanction against the Shapiro & Diaz firm, which is a part of the Shapiro Attorneys Network. The judge found that Shapiro & Diaz had filed 250 motions seeking permission to seize homes using pre-signed certifications of default executed by an employee who had not worked at the firm for more than a year.

What your missing is that they are flat out lying. Why are you giving the benifit of the doubt to people who are using tacitcs like the above mentioned?