The Great Foreclosure Deception; Big Banks Renege on Obama Deal
Like the Allies before D-Day, who quite literally used smoke and mirrors and stage magicians to deceive the Germans as to the true site of the landings, America’s five biggest banks are engaged in a very serious game of deception. They are pulling every trick they can to deceive homeowners, the Department of Justice and President Obama himself as to their true goal in the foreclosure crisis. The banks are trying to make it look like they are complying with a deal they made with the government to help homeowners, but it is all a great sham. The banks want out of the mortgage game, and are taking their pound of flesh as they exit.
That pound of flesh is pricier than the finest fillet mignon. Wells Fargo, Bank of America and the other big banks that hold most of the nation’s mortgages have found ways to make a big, quick buck in foreclosing on homes. So too have the law firms they retain. These attorneys reap at a minimum $10,000 per foreclosure. The fees rise geometrically with the value of the property, often topping the $250,000 mark.
There are other buzzards hovering in the sun who also feed on the carrion that is a lost home. As MSNBC reports, “loans in foreclosure generate a laundry list” of fees for home inspectors, mortgage servicing companies and even home maintenance firms. The banks themselves also tack on late charges and other fees to further harry homeowners struggling to hold on to their property. These fees only add to the burden and make it more difficult for those behind on their mortgage to become current.
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Why can’t the federal government become servicers of these foreclosed and defaulted loans? Since the bank servicers refuse to comply with HAMP and other programs to help struggling homeowners, then the Feds should modify and services these loans…life would be much easier…and jobs will also become created as employees need to service these loans…like it or not, the Feds are in the real estate games by virtue of providing bail out to the banks….These too big to fail institutions must be broken up!
My 2005 interest only loan done by a broker and Wells Fargo that I never got closing docs or a signed copy thanks to the organized crime ring of broker,escrow officer,title co,and Wells.After trying to refi or rengotiate then mod what a joke,10 dif points of contact,lost paper work no returned calls i find out that Wells claimed to pay off a second that I paid off two months before closing this mess there for shorting me 130k and charging me interest for it amongst a slew of other deal breaking,contract nulifying crimes and when presented to Wells and the OCC all they do is send another copy of a note I never signed.This is happening today,5/19/2012 after all the cease and desist orders and so called settlements.Forged docs,fabricated docs,notary mistakes,outright crime and so brazen.I have an attorney and going to file but for what /The outcome is grim because they have the backing of the gov of the united state.Point is if we dont unite and make a scene we will get nada but the screwing thats been allowed to go down.god help us all
To Ruth Ann Traci:
I agree completely – in fact, I know that at my age (middle age) I will not make it up.
I have decided that I will just rent a decent place until my kids are grown and gone – and then what? I have no idea. I think I’ll be living in an RV or something…as I will never buy again. Never, ever. I am also consigned to the fact that I will have to work until the good Lord calls me home (I hope He will have me). I hope the world is a better place by the time our kids are in the workplace…but I don’t hold much faith in that thought.
Here I sit waiting for the agent representative of the investor/bank who foreclosed on modification put into effect 4 yrs ago, with perfect payments until fall, refused to take any payments after 60 days late/then claims well you haven;t made a payment! Waiting for something in writing/ cash for keys/move out date?? so far nothing? so what does that mean?? eviction?? senior citizen who has worked all of their life since age of 15, who was a single mom who managed to earn a good income/purchase a home/ who inherited monies to purchase other homes! Happy days! the economics are horrendous on investors also!! why? tenants lose their jobs!! some chose not too immediately throw persons out? so 4 yrs ago credit score of 800 and now having been forecllosed on while asking once again for a rate adjustment?? since the second loan doubled? instead foreclosed? they first transferred the trust fund carrier, then sold loan to a different bank, then foreclosed?? that is why the federal government will never catch what is going on, it is more fun to chase after the homeowners and destroy their credit and future chances, I supose if you are young enough you will recapture, if you are recently reitired if you live a healthy life til 80 just maybe you will get it back,however keep in mind that your good credit and unquestionable integrity that you have worked hard to acquire is now destroyed!! foreclosed on!!! I still own 2 properties, both upside down, perfect payments?? good luck!! My daughter has too co sign for me a place to live??? $1200 mo./ humiliation?? when does it stop? Holding someone accountable?? Report to whoever will listen about mistreatment and lies from all involved!! Good luck!! If you haven;t made your mortgage payment you are a deadbeat! scumbag! medical?loss of job?? well think about it, even a suicide hasn;t stopped them from their inaccurate reporting!! Doesn;t anyone get it?? Is no one paying attention? This IS California??
Is it a surprise to anyone that the banks would renege on any deal put before them? We all know, except for the people making up these deals, or maybe they do, that the banks will never follow any of the deals made.
There is a prevailing perception that defaulting homeowners are deadbeats and deserve to lose their homes permeating the government, general public and even among ourselves that everyone who defaults took out too much loan or refused to pay. Everyone except ourselves of course. There is no motivation to work out loans or reduce principal.
If the attorney representing Wells Fargo in my case is any example, he is billing hours taking useless depositions and charging WF tons of money or their investors holding the paper, since he is with the largest firm in Memphis while refusing to modify my loan. I told him in a deposition they could have modified the loan for what they are paying him on my little $60,000 house. Before it is over they could buy the house! They have attorneys to represent attorneys who foreclose plus attorneys to represent Wells who probably charges it off to the investor holding the loan, plus fees. Go figure why this isn’t profitable for everyone concerned! For what they are paying to defend the case, they could ditch the loan entirely, not that I am asking that. I am only asking them to modify for market value, still they refuse!!!
I don’t buy the argument that cost to defend comes out of a different pocket! Horse Feathers! Money is money. Money out of my pocket to bale out banks is a horse of a different color too!
Friends, the banking industry and those who protect them have the upper hand. Until someone or our government steps up and takes the reins, we are destined to lose. Will we be dealing with austerity measures like Greece unless our government takes a hand and stops this money grab by banks. Split up JP Morgan and B of A. Wells Fargo NOW!
I will guarantee you if JP Morgan fails, our taxes will rescue them. Jamie Dimon sits atop his pile of _ _ _ _ shouting de-regulation is evil. Do you really have to ask WHO controls Washington and both parties????
Only an attorney defending a borrower in foreclosure could even get the fee to the attorney as high as $10,000.00 for one case. The defense attorneys are the ones taking useless depositions and running the defendants bills higher. Also lets talk about all the defense attorneys who charge the defendant a MONTHLY fee, usually $200 – $500 per month, for as long as they keep the defendant in their home. As soon as defendant stops paying the defense attorney withdraws.
And remember the borrowers who are collect RENTS and not paying on the mortgage….is that FRAUD?
What these Banks are doing is a crime against every person no matter if they are a Homeowner or not.They have taken their Crime Wave to a whole new level of Inhumanity & they ARE Destroying Countrys & its Citizens from within.If the Elected Officials do not put a Stop to the Banks Fraudulent Misconduct of the Banks wrong Doings there will be a War between The people (Citizens) of the Country and the Banks that resign within its areas.