Deutch bank got mine. Hard to beat them. If they need more money to fight you, the government will give it to them.

I fear for our country. Every country in history that had the government turn against the people went down hard.

God save us!

With regard to home loan modifications, They are a joke, especially in terms of them alleviating any real pressure from the home owner. 99.9% of those who are successful enough to qualify for a Loan Modification in the first place are back in their original predicament a few short months later. The benefits that their new loan modification provide are so small and insignificant that no real pressure has actually been removed from the home owner. The home loan modification programs are for the benefit of the mortgage company only, they are a tool designed to close and eliminate discrepancies in your original loan documents that are detrimental to the mortgage company.

Once a new loan modification is agreed to and in place, the reality is, the home owner is much worse off than before the modification. HERE”S WHY, You need to pay close attention to what I have to say next… Many of the original loan documents contained NEWLY DISCOVERED fraudulent & illegal flaws, Flaws and illegalities that are to the homeowners benefit if they choose to fight their existing mortgage the way it has been prepared.

In most instances, the homeowners mortgage has been paid off by a series of events that have taken place since its inception. Example, Your mortgage has been sold either in whole or in part to pools of local and foreign investors. Your original lender has been paid out in full by these outside investors of which you have NO FINANCIAL DEALINGS OR OBLIGATIONS TO. You were obligated to pay the original lender only, not anyone else. Since they have been paid out you have no further obligation to anyone else.

In most cases your original mortgage servicer is still being used to collect your payments, which leads the homeowner to believe that the Servicer is the owner and lender in due course of their mortgage and Note which it is not. Check your mortgae document, it more often than not states that you will continue with the present servicer, it does not say you are obligated to pay any new investor.

In addition to the above example. Again, your mortgage debt has been paid off for you by the very system that was supposed to make money for the system. Because of this flaw in the ORIGINAL PREPARATION IN YOUR MORTGAGE DOCUMENT LANGUAGE, Freddie Mac, Fannie Mae and banks alike, along with other mortgage investors are scrambling to have this blatent defect corrected through new loan modifications.

Once a home owner involves themselves in a supposedly helpful new loan modification, they have immediately destroyed any defenses that their original FLAWED loan documents gave them, the lenders know this, which is why under the guise of being helpful and understanding, they insist that all new loan modifications REQUIRE NEW LOAN DOCUMENTS TO BE COMPLETED AND SIGNED BY THE HOME OWNER. These NEW loan documents do not contain any of the beneficial flaws and clauses to the home owner that the original ones did.

If the lender is so GENUINELY (cough) intent on providing assistance to you, then tell them that you will agree to a new loan modification under the original terms and conditions stated in your original mortgage, all they have to do is create an addendum and change the loan amount and adjust to a new payment schedule, all other terms and conditions are to to remain the same.

Of course they will not do this and now we all know the reason why, But guess what? You are in the drivers seat, let them start foreclosure against you, better that you take the lesser of two evils by trying to find the money to pay for an attorney famillier in foreclosure law, than lose your home and then have to come up with an up front minimum of three months payments to find a new home, rented or otherwise. Not to forget of course all of the trauma, anguish and upset that comes from being uprooted from your home.

In any regard, it is good to see something coming out of this, by which VICTIMS of FRAUD can possibly be VINDICATED…. but I am nervous that with Barney Frank involved, there may be only slight assistance while more covers are placed on the situation to shield those at fault from being incarcerated.

WE AS VICTIMS OF FRAUD ARE NOT INTERESTED IN HAVING OUR LOANS MODIFIED… if it was WRONG from inception, IT CAN NEVER BE RIGHT!

Bravo! Grayson, Frank and Brown, It does not make sense to me to foreclose on a home because owner cannot pay on inflated market price of mortgage when you can keep them in the home if it is refinanced at current market price. Owners keep up neighborhoods and property and pay taxes, banks leave homes to deteriorate and neighborhoods to become slums. Putting ppl in shelters, living in cars and on street does not contribute to community, children’s lives or the future of this country. Keeping neighborhoods and families together will eventually pay bigger dividends than foreclosures.

One other question you may want to ask: Since a home can only be sold for Fair Market Value — by definition never more — how could it ever make sense to foreclose when the person in the home can afford the current fair market value of the home? That is, even if a foreclosed home brought the same price as a non-foreclosed home (they don’t, but we’ll ignore that), the costs of foreclosure still make the foreclosure more costly than just refinancing at fair market value … and the taxpayers are footing the bill.

Doesn’t the foreclosure just force the US Treasury to borrow money, that will have to be repaid by taxing the children being evicted when they grow up, to cover losses that are larger than they should be?

Members of Congress … do everybody a favor; cut them off. Fannie and Freddie want to pretend that they’re private: show them what happens to private companies who take on $900 billion of garbage liabilities. If they talk about the “implicit guarantee” tell them there was also one between the borrower and their bank, and that the US is going to start treating those implicit guarantees equally … they’re going to ignore it.