Daily Finance | Will Homeowners Benefit from Mortgage Mess Settlement?

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Will Homeowners Benefit from Mortgage Mess Settlement?

Lisa Epstein, a homeowner-rights activist and founder of ForeclosureHamlet.org, a social network of more than 3,000 distressed homeowners, is skeptical that the review will be substantial or truly independent.

“They came out with weak, conciliatory try-to-do-it-better consent agreement that offers no hardcore investigation,” Epstein says. “It’s trying to sweep up the confetti while the parade is still happening.”

She says a thorough investigation needs to examine both the borrowers’ records and the servicers’ records. “There can be two different stories,” she says. “A lot of people may look delinquent for the servicer, but they have records of payment.”

‘How Many Times Can You Be Outraged?’

One such borrower is Nicole West, a homeowner in Jensen Beach, Fla., who has been fighting a foreclosure on the home where she has lived with her husband and two children since the early 2000s. Their four-year-long saga has been highlighted by Rep. Alan Grayson (D-Fla.).

She says she has Western Union records of more than $43,000 made in wire payments to her mortgage servicer in 2007 in an effort to get current on her loan. West claims that the money was never applied to her debt. She concurrently tried for a loan modification, but her property was placed under threat of foreclosure, she says. That practice is called dual-tracking. West is currently working with a lawyer to fight the foreclosure proceedings on her home and expose the fraudulent procedures.

West called Wednesday’s settlement a poor excuse of a solution and a slap on the wrist for the banks. “There is a phrase called ‘outrage fatigue,’ because how many times can you be outraged before you are done?”

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7 Responses to “Daily Finance | Will Homeowners Benefit from Mortgage Mess Settlement?”
  1. pamela miller says:

    We thought we would lose our house too so I tried to get it modified for help and it was a big scam and lost a lot of money. Tryed to get it back and did everything I could but lost. Not fair when u try so hard thinking u get help and nothing. My mortgage company wouldn’t help me and the other company stoled my money. Why people don’t trust others anymore. How sad!

  2. enough already of this b-ll sh-t says:

    thank you lisa!!! i live in the tampa bay area but had to go out of area to get a foreclosure lawyer to take my case
    the lawyers want to charge so much who can afford to defend our homes/. to say home owners have extra money because they are not paying the mortgage is horrible. we here in tampa had 2 issues the housing crisis and the BP oil spill. anyone who worked the tampa bay area last year is most likley fighting foreclosure because of under employment. employees do not get re imbursed only businesses. so sad for us. the securities fraud is exposed, the appraisal fraud is exposed, and the mortgage modification fraud is exposed. where is our justice . why does this continue. we all work so hard and it is so fustrating to see fraud happening infront of us and i want aue and layers state fraud is ahrd to prove. so it is ok for the servicers to lose our modification paper work so they will get us mad enough to leave our homes. remember a undefended foreclsoure is alot cheaper then a defended foreclsoure.. we nned to save our homes.please everyine we need to do this together

    • Joanne Littlejohn says:

      Hi There !
      My name is joanne Littlejohn I live in So. Florida and i have a foreclosure My attorney is in appeal right now to turn the f/c around based on Linda Green fraud, I want to work with the bank in medication to modify my loan down to its value . I am so scard they will say no in appeals and that will be it. Can you help, call me 954-214-8062

  3. Fury says:

    lisa, thank God that you keep fighting for all of us!

    it doesn’t matter how many watered-down, so-called “settlements” are offered or put out for
    public consumption. defrauded homeowners know exactly what they have endured and lost.

    banks, give back ALL of the money we have lost. we will fight until there is no tomorrow!

  4. The Key Fact that nobody will get justice is this: “The investigators are to be named by the banks, subject to approval from the Office of the Comptroller of the Currency

  5. Grady says:

    The rule of law is dead in America. It is simply used to advance political agendas and ideology, punish those that resist, enrich the masters of our fiat government, and further the interests of those that plan to enslave us.

    Anyone that claims differently is either ignorant, a sheep and useful idiot, a servant of the masters of our fiat government, a willing co-conspirator, or on the take.

    • Malco says:

      Grady you said it all, at this point I have resigned myself to the fact we will lose our home . But these bastards will not profit from me , every turn I will cost them money any way I can until I leave.

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