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Originally posted by lostviking
File a bankruptcy immediately... You can stop these guys from taking your home!!!!!
I was more than willing to pay all arrearages, including all their inflated fees and fees that they couldn't even justify in order to save my home. Citi flat out didn't want to modify my loan,
The reason why the bank won't typically accept payments is because they have already started the foreclosure process. Once they do so, if they were to accept a payment, they would have to stop the foreclosure process. If you didn't make the next month's payment, they would have to start the foreclosure process all over again. The banks figure it doesn't make sense to play these costly games with borrowers that make payments only when they are threatened with foreclosure, only to stop making payments once the foreclosure process is stopped.
Secondly, while there is complete craziness surrounding how these mortgages were sold and passed from one mortgage lender to another, ultimately, at the end of the day, someone stroked a check at closing for the purchase of the house. That house today might be only worth a third to a half of what it was worth 5 years ago when the closing took place. Whomever holds the mortgage paper today is now holding an asset - real estate - on their books for a fraction of what they paid for it.
Thirdly, the banks got totally screwed over by corrupt mortgage brokers and borrowers. Mortgage fraud was rampant, especially by sub-prime borrowers. You can call that the bank's fault for being so naive, but a criminal that lies to a bank on a mortgage application is still a criminal any way you look at it.
For all of the anger directed at the banks, take a look in the mirror, Mr. American Consumer. You certainly didn't complain when credit was loosey-goosey, or when you lied about your inflated income on your mortgage loan application, or when you refused to put 20% down like every other conventional mortgage in the past 100 years, or when you were riding the speculative "house flipping" frenzy. You didn't complain when the politicians kept selling to the American public that "everyone deserves to own a house in America". Where were you then?
Don't blame the banks for your own vicious thievery and greed. You gambled that your house would appreciate in value, and you lost that bet. Don't blame the banks. Look in the mirror.
The sad reality is that most delinquent borrowers don't qualify for loan modifications because they have crappy credit, late pay history, charge-off's, and a long litany of abuse of the credit-lending relationship. The vast majority of these delinquent borrowers are deadbeats, or house-flipping speculators, or downright criminals. Most of the delinquent borrowers should never have bought a house to begin with, and would never ever have qualified for a traditional mortgage under normal circumstances.
Serious... Who the hell are you working for????
You mean you don't find it odd that the bank will keep a home owner in his home for almost a year who's house value is less than the loan, but will automatically start foreclosure proceedures for people who are on time and have have equity in their home..
you also don't find it odd that Mr. Bank Lender lent out money at high interests rates while packaging high risk mortgages as Triple AAA Bond's to the highest bidder
The multi millionaire bank mangers who just got bailed out wth TRILLIONS of taxpayer $ al awarded themselves "multi million MORE in "Bonuses" for what a greta jobthey did - in ripping us off once more!