posted on Apr, 16 2010 @ 03:20 PM
No way I could pass up replying on this, my poor friend.
We are in exactly the same boat with Wells Fargo. The internet is flooded with reports about their tactics, and it is always the same, no matter how
faithfully you paid, for how long, or how stable you may be.
I am fully convinced, due to the absolute lack of business sense in their dealings with us and many, many others, that it is a conspiracy.
The government gave them a ton of money to stabilize the housing market, i.e. shore up bad loans. All property tends to appreciate over time,
notwithstanding the market fluctuations we have experienced over the last three years. There is no way, imo, the government did not have their butts
covered by having our homes serve as collateral for that bail-out money.
There are also many types of insurance that we average humans know nothing about, including some kind of investment insurance, like collateral or some
other type of hedge against loss. These are banks, after all. They always cover their backside. Usually they want people's money, so what do they
have to gain?
Simple. They resell your home at a higher value than you originally paid. Long time mortgage holders are the ones whose homes will actually
appreciate from original purchase price. It's not about stable payments, it's about quick cash and taking over people's homes for resale.
Even more chilling, if our homes are, in fact, the collateral for the government's bailout of these huge banks, then they will be the real owners of
all this property.
If it was about my own personal financial ups and downs, I could live with that. But seeing the games they play, the ignorant ways they tend to show
most, the unqualified and overworked call center employees, it's just too freaking much to believe a professional organization with this much money,
power and backing is doing this without purpose.
They just don't play with money that way. It is, in my opinion, also designed to get the homeowner to abandon their property without realizing it,
thinking they will be shamed and put into the street without notice.
Nothing makes sense anymore. Our mortgage company said if we kept making payments, we wouldn't qualify for the lower payment program.
RETARDED. It's dropping the homeowner's credit score to the point they actually disqualify themselves by having a FICO score that's too low.
Further, the company will not apply the payments to your mortgage, but holds them in suspension, doing no good for anyone.
Sickening. Find an owner-financed property and get an arrangement you can live with, approved by a qualified lawyer. Or declare bankruptcy and hang
on to what you have the best you can.
My parents abandoned their home and went through sheer hell to buy another. After it was all said and done, my mom realized that with her property
taxes, she was paying on the first house. She checked it out and guess what?
After the bank had settled all the debts with the land around the house, the house ended up paid off, and now they live there on the remaining two
acres, with no more mortgage!
LOL. Is that not crazy?
Pray and stand your ground, my friend. Or take an option that has nothing to do with any mortgage company. There are more ways to get a home than
through mainstream methods and madness.
God bless you. I appreciate your story, and you will make it. Your stand was awesome, and really illustrates the insanity going on.
Don't think all these foreclosures are deadbeats, people. Not even close.