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Mass. official tells of pervasive fraud in mortgages

23.05.12

I can't assume this post isn't inundated with comments - it's HUGE that an official in any capacity is saying this out tasteless, with proof in his hands, therefore standing with full integrity. I suspect that the fight against foreclosure has only worn everyone out and they are no longer seeking or expecting any help or reprieve, or even justice.

To homeowners, the limbo and the hotheaded toll is HUGE- what CEO's say about caring about hteir customers is a lie and we've found that out to our harm. (How many homeowners were lured into looking into a modification and how did that appear out- not only for those who 'won' one, but those who were simply strung along?) A TOTAL SCAM meant to wipe us out!

I'd like to have knowledge of how many of those documents contain referrences to MERS, a name on our foreclosure papers listed with the banks that outwardly traded our mortgage one to another, along with 7 different named attorneys while we fought foreclosure (filed for a CH 13 bankruptcy to spare our home not even knowing who legally held the note -apparently it means nothing to Colorado courts to show who has control of the note). Strangely, after reading about a preliminary investigation into MERS - their name DISAPPEARED from the laundry list of banks and holders and trustees and whatnot. After several attempts to force us into a CH 7 using words like 'claim', and months of fighting, we finally held sway.

But who, where, and how, do you find justice if there's no one you can rely on to turn the frauds committed against us? If you don't have knowledge of the laws of your state or they are lacking, and you are living paycheck to paycheck anyway- there is no resort. The state attorneys who are investigating this seem also stuck in limbo.

I praise this county staff member for speaking out: GOOD JOB! And I pray there is someone watching his back.

Being one of the lucky folks who has a house that is not significance anywhere near what I paid for it, I'd love to see this case prevail. I am not one of the people who bought a home more expensive than I could afford. In fact, I bought a house that was LESS than what I could afford. I had no special knowing about the market-I just liked the house. But, hard on the heels of buying the auditorium 2 things happened-the Great Recession, of course, and my husband left me for another lady. And he left the mortgage as well as other bills. I had sunk every cent we had received in wedding gifts, including 6500 from my indulge, as well as all OUR overtime money (back when you could get such a thing) into the down payment so we would have a smaller monthly payment. The payment amounted to 20% of the buying price. As far as I can tell, I did all the right things-didn't overspend, got the best classification available cause I had the credit rating, put down more than the minimum for a downpayment, paid all the closing expenses out of swipe instead of rolling them into the mortgage, insured it for the right amounts, etc. For all of that, I lost all of the equity I should have had added more. The house went from being valued at $123,500 (the purchase price) to perhaps $95,000 on a truly good day. My last appraisel was this past September.

Once my husband was gone I knew I'd never frame the payment myself. I simply didn't earn enough so I tried to get a modification. I have NEVER been late, EVER. I was not in foreclosure. As far as the bank knew, everything was accomplished. I was trying to head off a problem before it became one. I didn't want to shirk my payment-all I wanted was a restructure so I could provide to keep the house while I changed careers since it was no longer fashionable to work in human services. I applied for and received votaries loans and borrowed enough that first semester to keep up my mortgage payment. I borrowed enough to cover the difference between what I could pay from my earnings (I was working full at all times as a nurse aide since a Master's in Psychology got me nowhere despite my experience working with culture challenged adults) and what the actual payment was. In the meantime, hubby left the shape.

The bank refused to work with me. And they told me that since they now knew about the financial situation, if I missed a payment they would foreclose. I had to appoint a lawyer with more borrowed money, who had to report them twice to the banking commission because they claimed they did not have "all the paperwork" even though the solicitor supplied proof that they did have it. In the end, which took a whole year more of borrowing more money on my student loan to resume making the payments, I "won" if you want to call it that, a rewrite of the mortgage like it was brand new for another 30 years in spite of my having paid on it for 3 years already, and a HUGE balloon payment due 30 years in the expected, when the mortgage reaches its final payment.

So now I pay not only the mortgage but I will have about $8-10,000 added to my student loan that I can pay interest on as well. I have the house (got it in the part when he decided to "let" me have it) and I am grateful for that, I'm still in school working on being an RN, and my mom sold her house and moved in with me and is paying the conflict on my mortgage so I don't have to borrow that any more. This was her "nestegg" and now she's spending it to keep us both going. I wonder many nights-when she's old enough to need advise (she's 63) and she's spent it all on helping me, will I be able financially to return the favor? I plead with every day I will be.

But how many others are not as fortunate as I have been? What was done here to the American people is a crime and those responsible, regardless of their position as banker, Irritate Street trader, senator, congress-person or President ought to be soundly punished. And every imperil I get-I'm out at the Occupy protests. Because at the heart of this I feel and I know I was cheated and my trust was betrayed. Righteous so the rich can get richer. BTW-my "banker" was Warren Buffet.

And yet, we still have posters who will jump all over you and say how dare you symbol on for a house you can't afford, it's all your fault because you wanted a house that was beyond your means...I've seen those posts constantly since the mortgage calamity...we blame all the people, point fingers and tell them they are too greedy...omg...all the while, our banks got the fresh money, they screwed the taxpayer citizens in the huge bail out, then got trillions of hush resources under the table, then gave huge bonuses to the same people who lost all of the money bundling up your mortagage and selling it not once, but so many times that no one can conformation out who owns it...what a tangled web of deceptive practices on the part of money lenders, but still no relief for the family owners. I would imagine that Satines story above is very similar to the others who were "lucky" to get some redo's...very few people have had that opening, and it doesn't sound like it's a good one if there's a huge balloon payment due at the end of 30 yrs!!! Satine, I would have walked away from that council before I sank another cent into it, but I can easily see why you didn't after putting all of your money in the down payment...but darlin, you did not get a orderly deal! You probably should have moved into your mom's paid for house and let the bank have your place from the way it looks here...of practice it's easy to give armchair advice while sitting at the typewriter. The whole situation is sickening and saddening...and yet we still have people who are no better off than you who will back up for the same people who put us into this horrendous mess...the republicans...remember? This ALL happened on Bush and Cheney's surveillance folks, whether you want to believe it or not...it did!!! So for those of you about to vote for Romney, Gingrich, or one of the other clowns, go just ahead, voting is your right, but can you at least pull your head out of your sandpile and look at all this realistically before you signify one's opinion???? Please???

Source: msnbc.com

Massachusetts Mortgage Rates at 4.23%.

23.05.12

Other Cover Related Loans: The average rate for home improvement loans across the express is 9.16%. Currently rates range from a low of 8.99% up to 9.50%. There are a lot of variables to mark when looking into home equity loans and lines of credit. The bank will look at the amount of right-mindedness that the prospective borrower has in his or her home as well as the total amount of the loan or line being considered. When looking into lines of trust, also referred to as a HELOC, we refer to the lowest tier of loan (less than $25,000) with a loan amount of up to 80% of the value of the composed. The current average rate for a HELOC in Massachusetts is 4.60% ranging from 2.75% to 6.49%. When looking into abode equity loans, we are using the lowest tier of loan (less than $25,000) with a loan amount of up to 80% of the value of the deeply over a five-year term (120 months). The average home equity loan upbraid in Massachusetts is currently 6.60% ranging from a low of 3.50% to a high of 10.29%. All rate information has been provided by RateWatch , a best provider of timely, accurate deposit, loan, and fee data for the financial industry for more than 20 years. >To on the fritz reprints of this article, click here: Reprints

Source: TheStreet.com