Losing My Home......

Sorry to hear about your troubles.It is weird how they wouldn't take your money ,almost on purpose to create paper work of nonpayment to get at your home.A mandate to steal homes.I hope you get it all sorted out or cause a stink with an article in the news or something.I saw a movie were they said a guy who won his foreclosure case because the bank didnt put out any money but maybe it was a one off thing.Anyway best of luck

I had an issue with my credit card after I lost my job back in 2009. Usually 90 days behind with no payments is considered default. I went in to a bank branch on day 87 with out any payments and attempted to make a payment of $250 which was well above the minimum payment. The bank teller and then bank manager refused to accept the payment. Under the Uniform Commercial Code UCC1 it is unlawful to refuse a reasonable payment.

As I understand it this should apply to a Mortgage too. If you can prove that they refused payment the debt is forgiven. That's what happen in my case. However they refuse to correct my credit report and continue to sell that debt they forgave under the law to other institutions that attempt collection. All of them have called me only once. I explain the law and what happen and they NEVER call back. They will just give up and transfer it to some other organization to attempt collection.

I know its not the same with real property however if you can get them into court and prove that they refused to accept reasonable payment ( the court will decide if it was reasonable or not ) the court may rule in your favor and you can keep your home.

Do the research yourself as no Attorney or Lawyer will help as they will be disbarred for helping you lawfully trump the system. Check out www.teamlaw.org for more information.

Originally posted by TruckDriver69
reply to post by sheepslayer247

 

One of the important things I did read in your post is you love your brother enough to sacrifice a big part of your life. That is more valuable than 10 homes. I know that doesn't help your current situation but I don't think your priorities were in the wrong place. Does your brother know what is happening to you now?

I don't know you but I am proud of you. What is the total cost to get caught up with the bank?

Edit to Add: Forget my last question. If you have the money to get caught up with the bank minus the fees then the bank should take the deal. This just leads me to believe there is a bigger issue going on in America. The banks are not suffering under the weight of foreclosures. They are systematically dismantling home ownership in this country and at all costs.

edit on 15-6-2012 by TruckDriver69 because: (no reason given)

That's what I dont understand. If I have the money to cover the payments, minus the fees, why wouldn't they take it?

reply to post by sheepslayer247


A lot of times it is just logistics. They may not be taking the payment because the right person hasn't gotten the file in front of them yet. My attorney told me about a case that took 6 years to get Bank of America to finally say, "DUH, that is a great deal." Once the file got in front of the right person, the deal was done the same day.

This is why you should hire an attorney to look out for your side of this and make sure your rights are protected. Just getting a letter from an attorney will put the bank on the defensive and make the file get into the correct hands.

The whole time this fiasco is going on, you should be putting your money in escrow, and then when they finally come to their senses, you'll be able to make a big principle reduction!! This will actually go a long way to help you. It sweetens the deal for the bank, and when they wipe out all the interest and fees, you will have just taken a nice chunk out of your mortgage balance.

Sorry to hear about your dilemma, I hope it works out in your favor.

Not sure about American law but in Canada if a payment on a bill is refused by the debtor and there is a document stating so, the bill is considered paid.

I wish the lawyers near you had some different advice that what they told you. Kind of too little too late. Perhaps since company B took over company A, company B needs to look at their records because just as they can collect money, they have replaced company A's obligation to you. I think someone is either being lazy or trying to screw you (IMHO the latter).

I don't know how they'd take it if you told them you hired a lawyer and that the situation was being reviewed? Sometimes the mention of a lawyer's involvement makes companies try a little harder.

Good luck, ...prayers so you don't lose your home.

Sir Banks dont learn until they start losing money. I would sue that bank for every dime and penny i could. That is utter and total non-sense.

Maybe you could sue them for what you lost and sue for profit. I would like the bank to cringe at what they did to you. They dont care about your problems , so make them care.

Oh , God , this guy hasnt made a payment in 3 months. It's the end of the world! We need to sell his house quickly to recover our 3 grand!

Originally posted by sheepslayer247

Originally posted by TruckDriver69
reply to post by sheepslayer247

 

One of the important things I did read in your post is you love your brother enough to sacrifice a big part of your life. That is more valuable than 10 homes. I know that doesn't help your current situation but I don't think your priorities were in the wrong place. Does your brother know what is happening to you now?

I don't know you but I am proud of you. What is the total cost to get caught up with the bank?

Edit to Add: Forget my last question. If you have the money to get caught up with the bank minus the fees then the bank should take the deal. This just leads me to believe there is a bigger issue going on in America. The banks are not suffering under the weight of foreclosures. They are systematically dismantling home ownership in this country and at all costs.

edit on 15-6-2012 by TruckDriver69 because: (no reason given)

That's what I dont understand. If I have the money to cover the payments, minus the fees, why wouldn't they take it?

Because they want your property and for you to pay for it even after its foreclosed on and is auctioned, and the money the govt will give them for being distressed with so many foreclosures. Home ownership is the last sign of the American Dream. They can kill several birds with one foreclosure.

Im so sorry this is happening to you. We are seeing it all too much in our town. Its sickening.

Originally posted by Advantage

Originally posted by sheepslayer247

Originally posted by TruckDriver69
reply to post by sheepslayer247

 

One of the important things I did read in your post is you love your brother enough to sacrifice a big part of your life. That is more valuable than 10 homes. I know that doesn't help your current situation but I don't think your priorities were in the wrong place. Does your brother know what is happening to you now?

I don't know you but I am proud of you. What is the total cost to get caught up with the bank?

Edit to Add: Forget my last question. If you have the money to get caught up with the bank minus the fees then the bank should take the deal. This just leads me to believe there is a bigger issue going on in America. The banks are not suffering under the weight of foreclosures. They are systematically dismantling home ownership in this country and at all costs.

edit on 15-6-2012 by TruckDriver69 because: (no reason given)

That's what I dont understand. If I have the money to cover the payments, minus the fees, why wouldn't they take it?

Because they want your property and for you to pay for it even after its foreclosed on and is auctioned, and the money the govt will give them for being distressed with so many foreclosures. Home ownership is the last sign of the American Dream. They can kill several birds with one foreclosure.

Im so sorry this is happening to you. We are seeing it all too much in our town. Its sickening.

That is exactly the way I see. The folks who are getting ever closer to paying off their mortgage had better hope and pray that they can make those last payments on time. The banks will be foaming at the mouth to make double the money off of one home.

reply to post by usmconslaught


Hoorah

reply to post by sheepslayer247


When I bought my home, I paid cash. ......... It wasn't hundreds of thousands, in fact it was barely thousands, but it was what I could afford with the cash I had on hand.

I mention this because people spend too much on their housing. Better to live in a cheap house, that is paid for than a wonderful house, that can be lost to a mortgage company or bank.

To address your situation, if possible sell the house for its value plus your input, and pay off the mortgage company. At least you will get back your investment.

In fact this is a good idea for anyone who is strapped every month after paying their mortgage. Sell the house and get out from underneath it. Rent until you have the cash to pay for your next digs.

This may not apply to you but:www.nationofchange.org...

I feel for you OP truly I do (and anyone else that is the same boat)...

However I just "really" wish, that people would understand how a bank thinks about you...

They Don't....

In any sense of the word as a human being, but (instead) as a "product"....

Banks have no morals, no soul, no spirit, no mind, no body, and no "consciousness"..

There is only "ONE" other device, that can do work, that shows the exact same mentality, the exact same efficiency in execution, and the exact same lack of empathy... "A Computer"...

Computers were first developed to break codes for WWII, but the very next actual programming done, was for "accounting" commercially by banks, and even during the war, the earliest machines were used to stamp inmates in the prison camps from IBM..

This same mentality is still with us today, and now more enforced and up front then it ever has been before, as the banks treat you the same way as they always have, as potential Products to do with as they please, by whatever means is necessary, as they do not even recognize your humanity...

Banks have only "ONE GOD!!"....

The Bottom Line......

What you are, who you are, and anything to do with you as a human, are immaterial to a bank.. They only care about their God, and nothing else matter but that..

I just wish people would see them for what they really are, they are a stain upon humanity, as they offer nothing but a form of transactional convenience, for the price of your individuality..

reply to post by sheepslayer247


Back even before the housing boom banks didn't like keeping foreclosed houses on the books. This is why you could buy a "HUD" home for 2-5 percent down back in the mid 90's. I bought my house that way and never had a problem making payment. But I digress.

My point is these banks are once again colluding - for something. Rather than shunning foreclosures and keeping them off of their books, these banks are trading "bad debt" like it's vintage baseball card time. I don't get it.

But I do hope you come out on top. Financial issues are the one thing that keep me up at night, for sure. These banks sure don't know the meaning of the term "customer service" anymore.

reply to post by sheepslayer247


I am not happy with Obama lately but it is more about opening drilling in the Arctic to BP.

I just got approved (after screwing back and forth for almost a year!) for the Making Homes Affordable Program (you can find it online) and don't trust anyone else who wants to help you with your mortgage. You work with your mortgage company and them exclusively. Many scammers are out there and you do not need an attorney at this point. My previously $1100 per month mortgage is knocked down to $775 and since during the time you are "discussing workout options" you do not get a bill - I have saved up almost a years worth of payments.

I jumped through the hoops, rang all the bells and whistles, and did what my financial advisor (a friend who got a reduction through the same program) told me regarding my mortgage company - Don't take it personal. Yes, it is infuriating, some makes NO sense, but you can't let the insanity of it all discourage you. It is possible, you probably deserve help, and they WILL work with you. The people on the phones are not the enemy.

Throw them paperwork and keep it coming, whatever they ask for give it to them. If they say pay in a money order, don't send a check, if they say pay by phone, don't mail it in, if they say put your loan number on every document, put it on everything whether you think it needs it or not and whether it makes sense or not.

You need to call your mortgage company and tell them you absolutely want to STAY IN YOUR HOME...and you want to DISCUSS work out options right away. You want to speak to a "home preservation specialist" in loss mitigation. You do NOT want a REFI (I used the word once and they were ready to transfer me to a completely different department that involves a whole new agreement including fees) you want to discuss a loan MODIFICATION.

They don't want these houses if you are willing to stay put and take care of them. They have to pay people to mow the lawns and in this economy the homes are not selling. Banks will have to sell for much less than you owe so they would MUCH rather keep you there mowing the lawn, keeping the place up and making your payments like a milk cow.

It is in their interest to work with you and they will. They just need all kinds of documentation and paperwork. Go online and look up SAMPLE HARDSHIP LETTER. It actually tells you what sort of hardship they are looking for. You suffered a lot of problems back to back. Also any money you put INTO your home should be mentioned as well as the depressed economy and raising prices, medical bills etc. you face. I really think you can do it. They want to see enough income so that if they gave you the modification you can actually make the payments. Many people claim too little income and they get rejected because even with help bank knows you will fail. I was rejected 3 times so don't even let a few rejections scare you. Ask why? And redo the paperwork. Oh look I forgot some income. lol
I faxed everything - that way you know what you sent and they can't say they didn't get it - IF YOU HAVE YOUR LOAN NUMBER ON EVERYTHING.

Once I was rejected because I was NOT late on my mortgage payments and for this program you have to be 3 months late. Suddenly I had extreme difficulty paying. Another time I was rejected because the letter from my atty (I am in a chapter 13) had expired, another time my Home Preservation Specialist said she didn't get the paperwork in time to apply. When I freaked she said "we can reapply" so I calmed down. Like I said "Don't take it personal" and you will get through it. Worst comes to worst that atty can force them to come up with the deed before they kick you out. Half the time they can't...sloppy paperwork when they bundled and sold loans hastily. You might get lucky! I have another friend - bank can't take and sell his home (though he quit paying them 4 years ago) because they don't have the deed!

I know I'm supposed to feel sorry for this guy and rail against the banks. That's kind of what is expected here, isn't it? To hear him tell it, the mortgage company is involved in a litany of screw-ups where he did everything right. Well, he did not. He screwed up. Now he blames the mortgage company. And the thing is, this was so avoidable. That's the saddest part of all. It didn't have to happen.

It's like pulling the trigger on a gun, then being surprised that a bullet gets fired, then blaming the gun. In any court in the land, anyone who did this would be held liable for any damage the bullet caused, up to and including manslaughter. Happened here this year. Kid slams a back pack down on the desk. The .45 in his back pack fires. Bullet hits a classmate, who nearly dies. The kid is responsible (but parents get charged.)

OP pulls the trigger quite knowingly--it was no accident at all, and blames the gun. What in Heaven's name did he think was going to happen? He signed a Deed of Trust that enjoined him to make mortgage payments on time every month. He promised to do that. That Deed of Trust is probably 25 pages long. All it says really is this: "You keep the house up to snuff and make the payments on time, and we'll leave you alone. If you don't make the payments, we'll take the house. There's a bunch of mumbo jumbo in there, but that's really all it says: Make the payments. It doesn't say, "Make the payments unless you have other priorities." There is no provision for other priorities. There is no provision for "skipping" a payment or two if you feel like it. It's a legal contract. What don't you understand about that?

He intentionally and willfully disregarded and violated his signed contract and skipped the payments because he decided his priorities lie elsewhere. Now, of course he was being humanitarian in doing so. If he said he was going to buy beer with this money we wouldn't be nearly so sympathetic, but it was to "save the children" in a desperate "custody battle" which we don't have any particulars for. We don't really know who the Bad Guys(tm) or Bad Gals(tm) are here in this battle, so we are compelled to buy off on it. Not only was it to save the children, but the father put his life at risk serving in Iraq! You can't get the heartstrings twanging any better than that!

So right off the bat we have a guy who pulls the trigger and thereby sets all this in motion. Had he used automatic payment from checking, it never would have happened. But even though he has put tens of thousands of dollars into this home, he says, he put it at risk and he has to have known he put it at risk. Your mortgage is the most important payment you make. Then come utilities. Then comes everything else. And what does he NOT pay? The mortgage. There were many other alternatives open to him. Loans, even with the lawyer, cash advances on credit cards, etc. that would have avoided this, but instead OP takes the absolutely riskiest option available. And the thing is, it's not even his debt. Had he gone to anyone for advice, a debt counselor, a lawyer, even the mortgage company itself, he would have been told, "Don't do it." But he walks off the end of the pier and wonders why he is wet.

But it doesn't stop there. He starts arguing with the mortgage company. He refuses to pay fees. He sets up an adversarial relationship with the mortgage company. They ask him to sign a payment plan and he does what?? FAXES it back? Has he ever heard of registered mail return receipt? When you get in a situation like that you don't fax anything without a follow up, signed-for document. Many people here have already said, "Document!" At least for some of the stuff, it looks like it's too late. If I'm reading this right, in most cases he didn't bother.

Did the mortgage company screw up? We only have his side of the story, but I believe it. Sure sounds like they did. I hope he gets out on top. But he needs to see that he shares responsibility here instead of just blaming the big bad mortgage company and getting everyone here to say, "Yeah! Yeah!" which does him absolutely no good at all. It's wasted energy. Besides which,

he's the one who pulled the trigger.

That about sums it up right there.

The responsibility the politicians speak of involves them taking from you for they and their cronies and you catching on that they are not there to help you.

You have the criminal elite in government, military industrial complex and wall street and then you have the victims of their brainwashing and thievery. The majority of American's.

Anyone that supports the wars and stealing from these criminal elite deserve all they get.
They are not there to help you but take your wealth for their bankster cronies or your LIFE even for their criminal wars.

Originally posted by usmc0311
This picture I saw earlier seems like it is relevant to the situation with the banks.

reply to post by schuyler


Thanks for your response Schuyler.

You are correct in that the initial "trigger" was pulled on my own accord. I admit that and have gone above and beyond to correct that mistake in any way that I could. Unfortunately, the process has been riddled with issues since.

I am not trying to attract your pity, nor am I using my family as a way to garner sympathy. The OP was nothing more than a way to tell ATS what is happening in my situation, and not a made-up tale of hogwash to pull at your heart strings.

You can blame me and even call me a liar if you wish. That is your right. Just because you may not believe me does not change the situation. Trust me, I wish it could.

Anyway, thanks again for participating and I hope only the best for you and your's.

...but Bank of America is nothing more than a zombie bank. They get no sympathy from me.

I don't recall Bank of America ever asking for sympathy from anyone.

Zombie bank, eh? How is it that the new workaholic CEO has started right-sizing the ship and the bank is now turning a profit every quarter? The only Zombie at Bank of America is their acquisition of Countrywide Mortgage. The rest of the bank is quite healthy.

In the middle of October, 2011, BOA moved some of their derivatives exposure over to their INSURED DEPOSIT SIDE.

Done with the blessing of the Federal Reserve, and no different than all the other mega-banks, including Chase. This was done months ago, and the sky is still not falling. In fact, our banking system is healthier now more than ever, and banks are flush with liquidity.

If you have your money in a big national bank, YOU ARE THE PROBLEM!

Let me translate. If you are a consumer, and offer little of value or profitability to your banking institution, then you belong at a credit union. If you are a Fortune 500 company, with billions of dollars in deposits, there is a high probability that you bank with one of the Big 5 mega-banks in some form or capacity. After all, it is only the big banks that have the specialists, knowledge, and sophisticated bank resources to meet the needs of the Fortune 500. Unfortunately, your po-dunk small mom and pop credit unions don't cut the mustard.

The bank has a lien against my house. They can claim the house if I reneged on any loan on that line of credit.

Depends on who holds the first mortgage. If it is Bank of America, then they have a 1st lien position on the original mortgage. If another bank holds the original mortgage, then that bank is in a 1st lien position, and the Home Equity Line of Credit would have a 2nd lien held by Bank of America. In such a case, Bank of America would be subordinate to the first lienholder, a relatively risky place to be.

I will have the original mortgage loan completely paid off in only a few years meaning the only debt I have on the house is less than 40% of the total value.

Key words: In a few years. The bank cannot read your mind. For all they know, you may leverage the house to the hilt and never pay off the original mortgage. After all that's what 95% of Americans do - refinance every few years to the maximum amount possible.

Bank of America is probably sending out letters to everyone due to their own internal problems.

Doubtful. They told you why they sent you the letter. House prices are falling in your local area. They even gave you an opportunity to contest their reasoning. This could be done cheaply by getting a Market Value Opinion from a local Real Estate Broker for less than $75 in most parts of the country. Or, spend $250 and get a full blown appraisal. Heck, look up your housing values on Zillow.com for free.

It's not up to the bank to prove to you the value of your house. Based on their market knowledge of your neighborhood, they aren't convinced. And I am certain that they are intimately familiar with the number of foreclosures in your vicinity.

House prices have gone up in my area.

Doubtful. The housing market is ready to take a double dip downwards when more of these Interest-Only loans reset in the months ahead. The housing market is still very unstable right now. Again, if you really believe that your house has strong market value, get an appraisal or Market Value Opinion and prove your case.

Anyway I think they are being stupid and I won't be doing business with them after a few years when my home is completely paid off.

Banks don't care what you think. They care about facts, and protecting themselves from losses on toxic real estate rapidly losing value. All they are doing is protecting themselves like any other good business would do.

Someone suggested the bank is probably reducing credit lines for people who haven't been using the credit line any time recently.

Correct. If you don't use the Line, then the bank doesn't earn any interest. Instead, they have a liability on the books, and no corresponding fee or interest income. Sounds like a pretty easy business decision for the bank, don't you agree? Cut your liabilities if you aren't earning any revenue. That's what all good businesses do. Sounds to me like they are making sound business decisions.

A girl from corporate called me up and offered to raise my credit line to get a lower interest rate when I was first getting the line set up.

Sure, back in the loosey-goosey days of Countrywide, if you had a pulse they would give you a higher credit limit. Those days are long over, my friend.

Originally posted by CookieMonster09

...but Bank of America is nothing more than a zombie bank. They get no sympathy from me.

I don't recall Bank of America ever asking for sympathy from anyone.

Zombie bank, eh? How is it that the new workaholic CEO has started right-sizing the ship and the bank is now turning a profit every quarter? The only Zombie at Bank of America is their acquisition of Countrywide Mortgage. The rest of the bank is quite healthy.

There's clearly no evidence of Bank of america being a corrupt institution. I wonder why... Oh, that's right, they pay everyone off and delete all of the evidence!

God bless man!! Stay strong!