Borrower Spends on Lingerie … Should They Get a Loan Mod?
During the course of foreclosures when parties are discussing or attempting loss mitigation, borrowers submit financial records for lenders and servicers to review.
Sometimes, these records show a borrower’s financial condition to be unhealthy – not due to hardship like loss of job, reduction in income, divorce, medical bills, or funeral expenses – but due to uncontrolled, undisciplined, and/or unnecessary personal discretionary spending.
Review of some financial records have shown significant funds being spent on fast food, food deliveries, music downloads, lingerie, vacations, gambling at casinos and online, and even psychic advice instead of on existing financial obligations.
Then, after all of this money is spent on these non-essential items, borrowers want their lenders/servicers to modify their mortgages – the terms of which they previously agreed to in writing – to get them out of their financial rut. They want lenders/servicers to take the hit for their financial irresponsibility.
This should be no surprise to lenders/servicers as mainstream media, government officials at all levels, and many in the court system believe that mortgagors can do no wrong and are victims of a banking system that is coined as “the evil empire,” “predatory,” and “greedy.”
Rest from HousingWire here…
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So, borrowers are to go without underwear and bras, in order to be able to pay the banksters who don’t even own the homes in question and therefore have no standing or capacity to collect, modify or foreclose. Got it…
Lets be real about it, the loans were fraudulent from invception. Not by the borrower howver, by the banks whom own nothing at this point. They do not own the loans. i would say for certain there is a problem with spending however, these things such as eating out sometimes cost less than preparing your own food. I dont buy the lines of the Mortgage companies using any excuse they can to prevent a modification that should be automatic anyway. That was a misstatement. i’ll say it again the banks own nothing ! They stole from the homeowners from the beginning by setting up these fraudulent loans and want to blame the homeowner. once again they can take the time to blame the homeowner for failed modifications and now they want to create the marketing atmosphere the homeowner dont deserve the modifications bacuse they don’t spend their money right. The facts are what they are …. these are failed trusts that do not exist . not one banker went to jail over the fraud. shut up and provide the fraudulent modifications .the banks are claiming loans they do not own they are getting a free loan and charging the homeowner more money on top of what they already paid. GIVE THOSE people THE MODIFICATIONS AND RIGHT DOWN THE LOANS !!!!!!!!!!!!!!!!!
This is pure propaganda that poses a seemingly reasonable question. Housing Wire will never acknowledge the immoral, criminal and antisocial behavior from the FIRE sector. All throughout the housing crisis the Banksters expended considerable effort blaming their victims.
Did anyone ever wonder how this reporter KNOWS what is on people’s bank statements that they are submitting to lender??? WHOA! Can he actually prove or document his point? Really?! If so, then that lender who released those statements to a reporter is in violation of HIPPA and the Privacy Act. We always seem to consider what is in writing from these reporters (and in this case I would not classify this author as a reporter) as true gospel! Just like the majority of voters believe the crap that Obummer speaks. It’s sad that more of the population does not “verify” what they read. Still the sheeples and still following the herder. Think about this: when an official is running for office and that official will be in charge of spending YOUR tax dollars do we require to see his bank statements? Do we try to determine if he/she is capable of handling money that is ours? C’mon people, wise up!
You might find the odd few who have not had to give up all the little extras but this is not the norm.If you can still find a way to afford hair,nails,golf,drinking out at the bar and so forth then you do have issues and are not that tight for money.Most of us have spent everything we have fighting the good fight,we learned these things are truly not necessary to day to day living and have moved on.If you are still affording all these fripperies then possibly you do not need a mod. or help.JMHO.
Well, this crisis has hurt many people, and I know the desperation of having to stop and buy a few lottery tickets and scratch tickets otw home from work because one good hit could bound me going in the right direction (paying off school loans and c cards so I can keep these heartless F-er’s from calling me everyday…blood from rock….God help me if I find out I’m dying soon) however Im convinced that the lottery is just sucking us dry also and is rigged to TAKE and not randomly GIVE like it is supposed to do. Some people probably go deeper and put hope in the casino….I wonder if anybody has ever researched all the ancillary effects a bad economy has on human way of thinking…..people are desperate to survive and the big wheel just keeps on grinding us. F Bankers cant understand anything but profit so Im sure they can really dish out the wrongdoing principles which would be as tight as owning a dog or spending to much on groceries in order to deny a modification. I would love to be a fly on the wall watching all the excessive spending these big bank CEO’s do at their get together’s ha ! not to mention their life-style..ahhhh whatever, starting to become new way of life being poor and paying cash……and these banks still trying to suck your pennies away……..I am a retired Corrections Officer 24 years working in a prison by day and 35 years of coaching and teaching youth in my town. Two jobs always and a few hours sleep..I raised 4 super-sons (two in military and one going back to Afghanistan because of his specialty talents) I just retired to all this crap and my mortgage ends up with IndyMac, One West Bank-Deutshe, BOA, Wilshire Credit or where ever it is now Bank. Obama fooled me twice and yet there is times when I still wonder if he is shaking out bugs in the rug….most of congress hasnt done much to support its people, but plenty to support itself… is a point that enables me to still cut Obama a lil slack….a little! God Almighty will sort it out someday, maybe sooner than later.