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cinderella

Sleazebags in modifications

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If it is "well-known game banks play and to deny this is laughable" then how do you explain the 495,898 permanent HAMP modifications that have taken place since September?

 

That isn't laughable, it's pathetic.

According to the OCC, just 9% of eligible applications end up as successful modifications. "eligible" does not include scammers who do not meet the requirements.

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http://www.financialstability.gov/docs/Sept%20MHA%20Public%202010.pdf

 

See Page 2 It shows all the numbers, Still really low for over a year. But due to most servicers not historically checking income up front and therefore denying borrowers after the trial period when they verified income, (this has now changed) 54% of eligible delinquent loans have been offered a trial mod.

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If it is "well-known game banks play and to deny this is laughable" then how do you explain the 495,898 permanent HAMP modifications that have taken place since September? It seems pretty laughable to insist banks are deliberately playing games and the only frame of reference is your realtor. BTW, that is HAMP modifications, that doesn't count the internal modification offered by various lenders/servicers.

 

It's not just my Realtor. It's my own experience. It's her experience with the hundreds of short sales she's gone through. And it's all over the place because this is what people are experiencing. I wasn't the first to bring it up.. I was agreeing to what someone else here said. Thus, it's a well-known issue. I had someone else tell me be ready to submit my documents a dozen times before the bank will finally "get it".

 

You clearly want to see what you want to see and nothing else. So there's no point in trying to point out the obvious to you. You clearly have a vendetta and personal issues with loan modifications the way you attack people on these boards and keep bringing this up.

 

Again, I think most would agree there's a percentage of fraudsters out there. But MOST aren't. If your line of work upsets you so much, you may want to consider a career change.

 

uhhh...ok.

 

Well, maybe you have a vendetta and personal issues and can't accept anything but your side and your realtors, that has a financial interest in your property?

 

You won't take anything I have to say in consideration about the industry of modifications, and if I try to give alternate view points, you won't hear it. If I acted like, I would just say you are the one that can't submit documents and were denied because of your own incompetence, but I haven't.

 

And, can you point to anywhere where I said I dislike my job? I like it...a lot! I think everyday someone thanks me for a modification they are receiving. And probably everyday, someone is engraged and embittered because they are not getting what they want. That is the reality of the situation, to discuss one and not discuss the other is completely a misrepresentation of HAMPS.

 

I do find it strange that someone such as yourself makes a declaration that per your realtor, it is a well known fact it's a game banks play to deny mods. When there are 1/2 million HAMP mods.

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If it is "well-known game banks play and to deny this is laughable" then how do you explain the 495,898 permanent HAMP modifications that have taken place since September?

 

That isn't laughable, it's pathetic.

According to the OCC, just 9% of eligible applications end up as successful modifications. "eligible" does not include scammers who do not meet the requirements.

 

The number doesn't include two common types:

 

1) the internal mods

2) the ones that were approved but declined. Yes, this is common. Probably the biggest reason is there are homeowners that are upside down and they don't care if there payment is cut in 1/2 with a 2% interest rate. They want their principal discharged, if it isn't, they don't want the house, even with a significant payment reduction. Generally, the ones who don't accept aren't happy with their terms. A few think it is negotiable and believe a better mod. offer will follow.....but it won't. Once these types realize it not up for negotiation, it is a alot of work to get them reinstated, if possible, back on the prior offered mod.

 

I question eligible. Everyday borrowers are declined for not making 3 tpp's, not making 3 tpp's in 90 days, not residing on the property, having assets at $xxxxx. These borrowers could float in the system for awhile, still being deemed "eligible" when a review shows they in fact are not.

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If it is "well-known game banks play and to deny this is laughable" then how do you explain the 495,898 permanent HAMP modifications that have taken place since September?

 

That isn't laughable, it's pathetic.

According to the OCC, just 9% of eligible applications end up as successful modifications. "eligible" does not include scammers who do not meet the requirements.

 

The number doesn't include two common types:

 

1) the internal mods

2) the ones that were approved but declined. Yes, this is common. Probably the biggest reason is there are homeowners that are upside down and they don't care if there payment is cut in 1/2 with a 2% interest rate. They want their principal discharged, if it isn't, they don't want the house, even with a significant payment reduction. Generally, the ones who don't accept aren't happy with their terms. A few think it is negotiable and believe a better mod. offer will follow.....but it won't. Once these types realize it not up for negotiation, it is a alot of work to get them reinstated, if possible, back on the prior offered mod.

 

One state comes to mind for frequently having borrowers decline approved mods......Florida. Top of my head, biggest state for borrower declines on mods. One of the biggest hit for homeowners being upside down.

 

I question eligible. Everyday borrowers are declined for not making 3 tpp's, not making 3 tpp's in 90 days, not residing on the property, having assets at $xxxxx. These borrowers could float in the system for awhile, still being deemed "eligible" when a review shows they in fact are not.

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If it is "well-known game banks play and to deny this is laughable" then how do you explain the 495,898 permanent HAMP modifications that have taken place since September?

 

That isn't laughable, it's pathetic.

According to the OCC, just 9% of eligible applications end up as successful modifications. "eligible" does not include scammers who do not meet the requirements.

 

The number doesn't include two common types:

 

1) the internal mods

2) the ones that were approved but declined. Yes, this is common. Probably the biggest reason is there are homeowners that are upside down and they don't care if there payment is cut in 1/2 with a 2% interest rate. They want their principal discharged, if it isn't, they don't want the house, even with a significant payment reduction. Generally, the ones who don't accept aren't happy with their terms. A few think it is negotiable and believe a better mod. offer will follow.....but it won't. Once these types realize it not up for negotiation, it is a alot of work to get them reinstated, if possible, back on the prior offered mod.

 

I question eligible. Everyday borrowers are declined for not making 3 tpp's, not making 3 tpp's in 90 days, not residing on the property, having assets at $xxxxx. These borrowers could float in the system for awhile, still being deemed "eligible" when a review shows they in fact are not.

 

 

I'd think those things would be fairly evenly spread across the different lenders, yet some lenders are managing nearly a 25% success rate while others are in the 5% range.

Why a 20% difference from one lender to another?

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If it is "well-known game banks play and to deny this is laughable" then how do you explain the 495,898 permanent HAMP modifications that have taken place since September?

 

That isn't laughable, it's pathetic.

According to the OCC, just 9% of eligible applications end up as successful modifications. "eligible" does not include scammers who do not meet the requirements.

 

The number doesn't include two common types:

 

1) the internal mods

2) the ones that were approved but declined. Yes, this is common. Probably the biggest reason is there are homeowners that are upside down and they don't care if there payment is cut in 1/2 with a 2% interest rate. They want their principal discharged, if it isn't, they don't want the house, even with a significant payment reduction. Generally, the ones who don't accept aren't happy with their terms. A few think it is negotiable and believe a better mod. offer will follow.....but it won't. Once these types realize it not up for negotiation, it is a alot of work to get them reinstated, if possible, back on the prior offered mod.

 

I question eligible. Everyday borrowers are declined for not making 3 tpp's, not making 3 tpp's in 90 days, not residing on the property, having assets at $xxxxx. These borrowers could float in the system for awhile, still being deemed "eligible" when a review shows they in fact are not.

 

 

I'd think those things would be fairly evenly spread across the different lenders, yet some lenders are managing nearly a 25% success rate while others are in the 5% range.

Why a 20% difference from one lender to another?

 

 

Why do the Japanese make better cars than Americans?

 

Some companies just do things better. I don't think it is intentional on the other lenders/servicers. HAMPS are hard. Enormous amounts of paperwork, government regulation (yes, there are audits frequently by the government), and a massive amount of homeeowners applying. Keep in mind, many of these homeowners once documented aren't going to qualify because they gave $6k a month for income and their pay stubs shows $12k a month in income. Swere made for people with financial hardships (loss of job/reduction in income) for people with HTI's > 31%. But those types are probably 65% of the applicants - at best, the rest, are just as time consuming and tax the system beyond it's resources, yet still have to processed like everyone else. It isn't the guy that lost his job and now makes $3k a month vs. $5k a month that that is usually the problem, it is person that makes $8k a month with an $1100 mortgage that heard abouth the guy who lost his job from $5k to 3k a month and received a 40% reduction on their mortgage payment and demands the same thing. So they 20 times a week, write leter after letter, demand to speak with supervisor after supervisor, clogging the system up, and there is no financial hardship, but they demand thier mortgage payment to be reduced 40% too.

 

I've seen servicers offer $100 gift cards for RETURNING APPROVED HAMP's. Yeah, it is that difficult to get homeowners to return the final hamp approval back timely, yet a particular servicer ranks in the lower amount of completed HAMPs. How a lender or servicer manages the processes and flow of the HAMP is a learning curve, expensive and requires continual monitoring, it is a learning curve. With a program that has been around since April 2009, and realistically summer of 2009 is when documents started showing up with the first homeowners completing tpps in August of 2009. It takes time. I don't think servicers/lenders anticipated the large amount of homeowners declining mods once approved until it happened. Seems unbelievable a homeowner would decline a 35% reduction in payments, yet they do, all the time.

Edited by cinderella

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But those types are probably 65% of the applicants - at best, the rest, are just as time consuming and tax the system beyond it's resources, yet still have to processed like everyone else. It isn't the guy that lost his job and now makes $3k a month vs. $5k a month that that is usually the problem, it is person that makes $8k a month with an $1100 mortgage that heard abouth the guy who lost his job from $5k to 3k a month and received a 40% reduction on their mortgage payment and demands the same thing. So they 20 times a week, write leter after letter, demand to speak with supervisor after supervisor, clogging the system up, and there is no financial hardship, but they demand thier mortgage payment to be reduced 40% too.

Exactly.....which of course AGAIN emphasizes that the problem is a matter of INFLATION-- a condition ENTIRELY within the purvey of the central banking cartel-- NOT consumer income (or lack thereof), which is in fact beholden to it. Is it ONLY the homeowners who have thus far been sunk by Fed policy who sit on properties that are grossly inflated in value? No. It is most EVERYONE. Until those principle values are adjusted to a healthy reality, which means that the "investors" get their blood baths and many more banks collapse, this bacteria will continue to chew at what is left of the corpse of America.

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Exactly.....which of course AGAIN emphasizes that the problem is a matter of INFLATION-- a condition ENTIRELY within the purvey of the central banking cartel-- NOT consumer income (or lack thereof), which is in fact beholden to it. Is it ONLY the homeowners who have thus far been sunk by Fed policy who sit on properties that are grossly inflated in value? No. It is most EVERYONE. Until those principle values are adjusted to a healthy reality, which means that the "investors" get their blood baths and many more banks collapse, this bacteria will continue to chew at what is left of the corpse of America.

 

I saw this on a fortune cookie once.

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But those types are probably 65% of the applicants - at best, the rest, are just as time consuming and tax the system beyond it's resources, yet still have to processed like everyone else. It isn't the guy that lost his job and now makes $3k a month vs. $5k a month that that is usually the problem, it is person that makes $8k a month with an $1100 mortgage that heard abouth the guy who lost his job from $5k to 3k a month and received a 40% reduction on their mortgage payment and demands the same thing. So they 20 times a week, write leter after letter, demand to speak with supervisor after supervisor, clogging the system up, and there is no financial hardship, but they demand thier mortgage payment to be reduced 40% too.

Exactly.....which of course AGAIN emphasizes that the problem is a matter of INFLATION-- a condition ENTIRELY within the purvey of the central banking cartel-- NOT consumer income (or lack thereof), which is in fact beholden to it. Is it ONLY the homeowners who have thus far been sunk by Fed policy who sit on properties that are grossly inflated in value? No. It is most EVERYONE. Until those principle values are adjusted to a healthy reality, which means that the "investors" get their blood baths and many more banks collapse, this bacteria will continue to chew at what is left of the corpse of America.

 

WHat is your solution to a grossly overinflated market? All homeowners receive a principal discharge to current market value? On whose dime? The taxypayers?

 

I agree homes were and are overinflated. Many people were priced out of the market. I don't think artificially proping up home values or punishing those that chose not to lie about income or buy outside their means is the solution. I never voted voted for the bailout, I'm pretty sure Radi remembers I was adamantly opposed to and probably made over 100 calls to national politicians against the bailout. Let the banks fail, let the FDIC take over and let foreclosures happen. Prices need to come to affordable again, so that kid graduating college, the family that rented out and did not buy, can come in and enter the market again. But they had no chance with soaring values. Let the market stabilize itself and find price, not force it. Yes, many will be foreclosed on, but many will be able to buy and eventually the market will recover and balance.

 

Falling home prices are not necessarily the end of the world. In a bubble with rapid and excessive appreciation, a decline is needed, the bubble couldn't have been kept up indefinetely. Falling prices bring new buyers into the market, where homeownership was not a possibility for many before the bubble collapsed.

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For every "impossible to verify-doesnt' answer phone calls" borrower where you can't verify income, there are probably 100 who DID provide proper documentation, who CAN verify their income and who ARE playing by the HAMP rules. Only to have their paperwork "lost", the resubmitted, then "lost" again..

This from an industry that submits fraudulent paperwork to the courts, forecloses on homes with no mortgage, evicts homeowners who are not late..... sloppy sloppy sloppy.

 

Here we go again!

 

Submitted all docs for the short-sales offer we got to the bank. ALL. The bank said docs were missing. I faxed them again. So did my Realtor last week. The Realtor then called yesterday to confirm all was received. They said yes. Then the bank just called me today saying my financial workout sheet is missing. I challenged her on this and she made me wait while she looked into it. Then she said they received the worksheet as a fax but it was off centered so something may be cut off. I told her to look again so after several more minutes waiting she said it was all there and she couldn't see any reason why the reviewers said it was missing. As of 10 minutes ago it's back in review. For no reason of course. Because she confirmed (two people have confirmed in two days) that the docs are there but the reviewers are saying they aren't.

 

So this is how it will go based on the last time: It will take several days or weeks while they "review" the docs. Then, since so much time will pass, they'll say they need the most recent pay stubs and/or bank statements. I will submit those... and they'll have to review that they received the new docs. Then they'll say they didn't receive them again, and I will say they did, check again, and they'll keep sending it back to be reviewed. Then more time will pass and they will need the newer pay stubs/ statements again. Rinse, repeat. For months.

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For every "impossible to verify-doesnt' answer phone calls" borrower where you can't verify income, there are probably 100 who DID provide proper documentation, who CAN verify their income and who ARE playing by the HAMP rules. Only to have their paperwork "lost", the resubmitted, then "lost" again..

This from an industry that submits fraudulent paperwork to the courts, forecloses on homes with no mortgage, evicts homeowners who are not late..... sloppy sloppy sloppy.

 

Here we go again!

 

Submitted all docs for the short-sales offer we got to the bank. ALL. The bank said docs were missing. I faxed them again. So did my Realtor last week. The Realtor then called yesterday to confirm all was received. They said yes. Then the bank just called me today saying my financial workout sheet is missing. I challenged her on this and she made me wait while she looked into it. Then she said they received the worksheet as a fax but it was off centered so something may be cut off. I told her to look again so after several more minutes waiting she said it was all there and she couldn't see any reason why the reviewers said it was missing. As of 10 minutes ago it's back in review. For no reason of course. Because she confirmed (two people have confirmed in two days) that the docs are there but the reviewers are saying they aren't.

 

So this is how it will go based on the last time: It will take several days or weeks while they "review" the docs. Then, since so much time will pass, they'll say they need the most recent pay stubs and/or bank statements. I will submit those... and they'll have to review that they received the new docs. Then they'll say they didn't receive them again, and I will say they did, check again, and they'll keep sending it back to be reviewed. Then more time will pass and they will need the newer pay stubs/ statements again. Rinse, repeat. For months.

 

Btw, this is the second go-around on the docs on this offer. The offer was submitted a month ago! And the only thing holding up even getting assigned a negotiator is the damn document game they are playing.

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I'm pretty sure Radi remembers I was adamantly opposed to and probably made over 100 calls to national politicians against the bailout. Let the banks fail, let the FDIC take over and let foreclosures happen.

 

Yep, I remember, and in retrospect that is exactly what should've happened. Instead what should have been a disaster that quickly hit bottom has turned into a dragged out decade long bloodletting.

Score on that one: Cinders: 1 Radi: 0 :lol:

 

All is not lost though...after reading over the latest from BofA, we may witness a large collapse yet.

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I'm pretty sure Radi remembers I was adamantly opposed to and probably made over 100 calls to national politicians against the bailout. Let the banks fail, let the FDIC take over and let foreclosures happen.

 

Yep, I remember, and in retrospect that is exactly what should've happened. Instead what should have been a disaster that quickly hit bottom has turned into a dragged out decade long bloodletting.

Score on that one: Cinders: 1 Radi: 0 :lol:

 

All is not lost though...after reading over the latest from BofA, we may witness a large collapse yet.

I have said from the beginning that even some of the "special people" were caught with their pants down and have been granted the time to recoup, transfer paper into hard assets and secure themselves before the whole thing is left to collapse under the weight of its own feces. That is how the game plays out. That is also why the banks have ALWAYS gotten their bailouts. It is part of the central banking/fractional reserve lending scheme. It is why we have monopolies (for all intents and purposes) controlling all of our most essential resources. If the banks collapse, the monopolies collapse- and THAT isn't going to happen. When you know the scheme, you know how the game will play out. The question is really "how much" you want to learn. When you ask for a bank collapse, at least know what it means.

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All is not lost though...after reading over the latest from BofA, we may witness a large collapse yet.

 

Bank of America isn't going to collapse anytime soon. Getting them to buyback mortgages is a difficult proposition, and even if they do have to, they have enough money to cover it from collapsing.

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Bank of America isn't going to collapse anytime soon. Getting them to buyback mortgages is a difficult proposition, and even if they do have to, they have enough money to cover it from collapsing.

 

Damon Silvers, on the TARP board doesn't agree with you. He commented at a hearing 2 weeks ago that BofA may well need another bailout. Their stock value has been sinking since April.

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Damon Silvers, on the TARP board doesn't agree with you. He commented at a hearing 2 weeks ago that BofA may well need another bailout. Their stock value has been sinking since April.

 

And I can name people who do agree with me. The good thing is that we'll find out within the next few years.

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I'm not talking about a downtroddeden borrower with genuine financial issues and a hardship. I'm talking about genuine liars. People that plague the system, lie, withold docs, misrepresent their finances and complain how hard finances are for them....

And yet, not a one of them can simply create money out of thin air. The corruption on the part of these people isn't even a drop in the bucket to what banks do by the very nature of the system, but please do keep up the company line. It isn't the proverbial corrupt homeowner that brought this mess on those "downtrodden" borrowers. It was the banking system. And just because some pieces of paper may show that some of these people are capable of affording their mortgage payments doesn't mean that they are anymore than a piece of paper showed that they could afford them in the first place. :glare:

 

:good:

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I'm not talking about a downtroddeden borrower with genuine financial issues and a hardship. I'm talking about genuine liars. People that plague the system, lie, withold docs, misrepresent their finances and complain how hard finances are for them....

And yet, not a one of them can simply create money out of thin air. The corruption on the part of these people isn't even a drop in the bucket to what banks do by the very nature of the system, but please do keep up the company line. It isn't the proverbial corrupt homeowner that brought this mess on those "downtrodden" borrowers. It was the banking system. And just because some pieces of paper may show that some of these people are capable of affording their mortgage payments doesn't mean that they are anymore than a piece of paper showed that they could afford them in the first place. :glare:

You always exonerate fraudulent behaviour by pointing back to how corrupt the banks are, IYHO.

 

Have you heard the cliques of "two wrongs don't make a right?" Even if you are correct, it is completely separate from the actions of homeowners who deliberately attempt to conceal income, lie about it, and then cry wolf when they are discovered. Your continual pointing the finger at the banks reminds me of some bizarre story of how rape victims are occasionally perceived, it was her fault , she brought in on herself, look at her history...

Would it upset you if a person was not handicapped and parked in handicapped parking, and then when caught, feigned a limp?

 

How about a millionaire walking into to public servants office dressed in ripped jeans and pleading for food stamp out of poverty, only to discover he has 7 figues in his bank account?

 

This isn't too much different. HAMP is a federal program partially subsidised by the US taxpayer. Regadless of the behaviour of the bank IYHO, does not exonerate the behaviour of frauds and those claiming to be victims, when the reality is the opposite.

 

So its ok that these banks recreate documents to show that they have standing in a court of law to foreclose. That's ok?

 

The REAL reason that most people aren't getting loan mods is because the servicer either 1. cannot find anyone with enough ownership to give a valid answer 2. Or they don't KNOW who the real owner is or 3. They plain outright don't wanna!!! Why? Because the servicer makes MORE money NOT doing a modification!!!!

 

Alot of the Notes of these mortgages were destroyed because some dipwads at the bank didn't read the new e-sign laws well enough. You cannot convert a paper promissory note into an e-note. But they thought they could, so they scanned the notes, and destroyed the originals. So then they submit copies that they claim are certified copies of the original. NOT!!!!

 

Oh, I could go on all day...........

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Why do the Japanese make better cars than Americans?

 

FWIW, they don't. Japanese automakers have been de-contenting their cars for several years to increase the profit margins.

Compare a 10 year old Camry to a new one. The interior materials have gotten cheaper, the engines less durable and the assembly quality is slipping.

They are riding on reputation. For now.

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I'm not talking about a downtroddeden borrower with genuine financial issues and a hardship. I'm talking about genuine liars. People that plague the system, lie, withold docs, misrepresent their finances and complain how hard finances are for them....

And yet, not a one of them can simply create money out of thin air. The corruption on the part of these people isn't even a drop in the bucket to what banks do by the very nature of the system, but please do keep up the company line. It isn't the proverbial corrupt homeowner that brought this mess on those "downtrodden" borrowers. It was the banking system. And just because some pieces of paper may show that some of these people are capable of affording their mortgage payments doesn't mean that they are anymore than a piece of paper showed that they could afford them in the first place. :glare:

You always exonerate fraudulent behaviour by pointing back to how corrupt the banks are, IYHO.

 

Have you heard the cliques of "two wrongs don't make a right?" Even if you are correct, it is completely separate from the actions of homeowners who deliberately attempt to conceal income, lie about it, and then cry wolf when they are discovered. Your continual pointing the finger at the banks reminds me of some bizarre story of how rape victims are occasionally perceived, it was her fault , she brought in on herself, look at her history...

Would it upset you if a person was not handicapped and parked in handicapped parking, and then when caught, feigned a limp?

 

How about a millionaire walking into to public servants office dressed in ripped jeans and pleading for food stamp out of poverty, only to discover he has 7 figues in his bank account?

 

This isn't too much different. HAMP is a federal program partially subsidised by the US taxpayer. Regadless of the behaviour of the bank IYHO, does not exonerate the behaviour of frauds and those claiming to be victims, when the reality is the opposite.

 

So its ok that these banks recreate documents to show that they have standing in a court of law to foreclose. That's ok?

 

The REAL reason that most people aren't getting loan mods is because the servicer either 1. cannot find anyone with enough ownership to give a valid answer 2. Or they don't KNOW who the real owner is or 3. They plain outright don't wanna!!! Why? Because the servicer makes MORE money NOT doing a modification!!!!

 

 

 

Servicer makes more $ on a mod than a foreclosure. Last thing they want is a foreclosure, they are very expensive. If they have to, yes they will, but it is their last option. They would much rather modify by the guidelines.

 

Banks can't win. One poster curses them stating they hope all bankers go to he!! for not foreclosing. They can't win, they opt not to foreclose, and still they are wrong.

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Why do the Japanese make better cars than Americans?

 

FWIW, they don't. Japanese automakers have been de-contenting their cars for several years to increase the profit margins.

Compare a 10 year old Camry to a new one. The interior materials have gotten cheaper, the engines less durable and the assembly quality is slipping.

They are riding on reputation. For now.

 

Are you saying it is safe to get back into American waters and buy a USA car? I don't know Radi, last time I bought American was my Amish heater!

 

I have been eyeing the Camaro and Buick lacrosse. Trade my Japanese car in...maybe. If I can just successfully manage to lose 1,050 files and restart the entire papepwork process over again for borrowers, I might get my bonus and have the down payment!!!

 

 

 

 

 

 

 

 

j/k kidding about losing files.

Edited by cinderella

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Exactly.....which of course AGAIN emphasizes that the problem is a matter of INFLATION-- a condition ENTIRELY within the purvey of the central banking cartel-- NOT consumer income (or lack thereof), which is in fact beholden to it. Is it ONLY the homeowners who have thus far been sunk by Fed policy who sit on properties that are grossly inflated in value? No. It is most EVERYONE. Until those principle values are adjusted to a healthy reality, which means that the "investors" get their blood baths and many more banks collapse, this bacteria will continue to chew at what is left of the corpse of America.

 

I saw this on a fortune cookie once.

 

:rofl:

 

Ok that made me giggle.....

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I'm not talking about a downtroddeden borrower with genuine financial issues and a hardship. I'm talking about genuine liars. People that plague the system, lie, withold docs, misrepresent their finances and complain how hard finances are for them....

And yet, not a one of them can simply create money out of thin air. The corruption on the part of these people isn't even a drop in the bucket to what banks do by the very nature of the system, but please do keep up the company line. It isn't the proverbial corrupt homeowner that brought this mess on those "downtrodden" borrowers. It was the banking system. And just because some pieces of paper may show that some of these people are capable of affording their mortgage payments doesn't mean that they are anymore than a piece of paper showed that they could afford them in the first place. :glare:

You always exonerate fraudulent behaviour by pointing back to how corrupt the banks are, IYHO.

 

Have you heard the cliques of "two wrongs don't make a right?" Even if you are correct, it is completely separate from the actions of homeowners who deliberately attempt to conceal income, lie about it, and then cry wolf when they are discovered. Your continual pointing the finger at the banks reminds me of some bizarre story of how rape victims are occasionally perceived, it was her fault , she brought in on herself, look at her history...

Would it upset you if a person was not handicapped and parked in handicapped parking, and then when caught, feigned a limp?

 

How about a millionaire walking into to public servants office dressed in ripped jeans and pleading for food stamp out of poverty, only to discover he has 7 figues in his bank account?

 

This isn't too much different. HAMP is a federal program partially subsidised by the US taxpayer. Regadless of the behaviour of the bank IYHO, does not exonerate the behaviour of frauds and those claiming to be victims, when the reality is the opposite.

 

So its ok that these banks recreate documents to show that they have standing in a court of law to foreclose. That's ok?

 

The REAL reason that most people aren't getting loan mods is because the servicer either 1. cannot find anyone with enough ownership to give a valid answer 2. Or they don't KNOW who the real owner is or 3. They plain outright don't wanna!!! Why? Because the servicer makes MORE money NOT doing a modification!!!!

 

 

 

Servicer makes more $ on a mod than a foreclosure. Last thing they want is a foreclosure, they are very expensive. If they have to, yes they will, but it is their last option. They would much rather modify by the guidelines.

 

Banks can't win. One poster curses them stating they hope all bankers go to he!! for not foreclosing. They can't win, they opt not to foreclose, and still they are wrong.

 

Really? Well, maybe JPMorgan Chase and a few others are just UNIQUE in that they are illegally signing over mortgages that they service to themselves to foreclose. They don't own the loans, FNMA does.

 

Not only did they recently get a smack down in Florida, but I looked at all foreclosures in the past year brought on by them in my county alone, and all but 2 are owned by FNMA!!!! They created fraudulent Assignment of Mortgages signed, notarized and witnessed by their own employees on behalf of the original note holder as nominee for MERS. They were signing as the grantor and the grantee. So why didn't they give loan mods on these loans? Cuz they didn't want to!!

 

Your employer must be the rare upstanding ethical honest servicer/bank left on the face of the planet cinderella.

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For every "impossible to verify-doesnt' answer phone calls" borrower where you can't verify income, there are probably 100 who DID provide proper documentation, who CAN verify their income and who ARE playing by the HAMP rules. Only to have their paperwork "lost", the resubmitted, then "lost" again..

This from an industry that submits fraudulent paperwork to the courts, forecloses on homes with no mortgage, evicts homeowners who are not late..... sloppy sloppy sloppy.

 

Here we go again!

 

Submitted all docs for the short-sales offer we got to the bank. ALL. The bank said docs were missing. I faxed them again. So did my Realtor last week. The Realtor then called yesterday to confirm all was received. They said yes. Then the bank just called me today saying my financial workout sheet is missing. I challenged her on this and she made me wait while she looked into it. Then she said they received the worksheet as a fax but it was off centered so something may be cut off. I told her to look again so after several more minutes waiting she said it was all there and she couldn't see any reason why the reviewers said it was missing. As of 10 minutes ago it's back in review. For no reason of course. Because she confirmed (two people have confirmed in two days) that the docs are there but the reviewers are saying they aren't.

 

So this is how it will go based on the last time: It will take several days or weeks while they "review" the docs. Then, since so much time will pass, they'll say they need the most recent pay stubs and/or bank statements. I will submit those... and they'll have to review that they received the new docs. Then they'll say they didn't receive them again, and I will say they did, check again, and they'll keep sending it back to be reviewed. Then more time will pass and they will need the newer pay stubs/ statements again. Rinse, repeat. For months.

 

Btw, this is the second go-around on the docs on this offer. The offer was submitted a month ago! And the only thing holding up even getting assigned a negotiator is the damn document game they are playing.

 

 

I do modifications for a specialized group, I handle all of our highly escalated files. I can promise you from experience that when you get a letter saying something is missing 9 times out of 10 it is either illegible, filled out incorrectly or not signed. I cannot tell you how many 4506T forms I have had to get redone. I will sit on the phone and walk someone through it 2 times and they will still send it in wrong. I begin to wonder sometimes if it is the person doing it on purpose to try and delay the inevitable.

 

Sidenote: My fav are the borrowers applying for a loan mod who have stopped paying their mortgage but their $4000 Macy's card payments are getting made LMAO

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