Comments on: Bamboozled Into Foreclosure http://housingdoom.com/2009/01/19/bamboozled-into-foreclosure/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: toysarefun http://housingdoom.com/2009/01/19/bamboozled-into-foreclosure/#comment-15390 toysarefun Tue, 20 Jan 2009 13:37:14 +0000 http://housingdoom.com/?p=1978#comment-15390 It's easy to see what went wrong here. The borrower called someone who told her to call someone else, and so on and so forth. I think if you are not making payments that should give you time to save up for some other kind of living accomodations. All those lies that were told were apparently, pefectly ok lies. Politicians lie, middle managers lie, salesmen lie, people need to realize. It's ok to lie, it's encouraged, and you can't get in trouble for it unless your doing it in a court of law! It’s easy to see what went wrong here. The borrower called someone who told her to call someone else, and so on and so forth.

I think if you are not making payments that should give you time to save up for some other kind of living accomodations.

All those lies that were told were apparently, pefectly ok lies. Politicians lie, middle managers lie, salesmen lie, people need to realize. It’s ok to lie, it’s encouraged, and you can’t get in trouble for it unless your doing it in a court of law!

]]> By: wazzooo http://housingdoom.com/2009/01/19/bamboozled-into-foreclosure/#comment-15389 wazzooo Mon, 19 Jan 2009 23:49:12 +0000 http://housingdoom.com/?p=1978#comment-15389 "What about lenders failing in their Fiduciary Duty to their investors?" Talking about mortgage Fiduciary Duty... Countrywide did a "settlement" with the AG's and agreed to do mortgage "workouts" after the AGs came all over them for being predatory lenders. Guess what? Instead of paying for the workouts from their own pockets... they decided to screw the bondholders instead. I guess even though Mozillo's gone.. his legacy is still going strong there over at BoACountryWideMerrilLynch. http://www.foxbusiness.com/video-search/m/21562452/investor-sues-countrywide.htm “What about lenders failing in their Fiduciary Duty to their investors?”

Talking about mortgage Fiduciary Duty… Countrywide did a “settlement” with the AG’s and agreed to do mortgage “workouts” after the AGs came all over them for being predatory lenders.

Guess what? Instead of paying for the workouts from their own pockets… they decided to screw the bondholders instead. I guess even though Mozillo’s gone.. his legacy is still going strong there over at BoACountryWideMerrilLynch.

http://www.foxbusiness.com/video-search/m/21562452/investor-sues-countrywide.htm

]]> By: Stev http://housingdoom.com/2009/01/19/bamboozled-into-foreclosure/#comment-15388 Stev Mon, 19 Jan 2009 19:53:51 +0000 http://housingdoom.com/?p=1978#comment-15388 The legal concept of promissory estoppel states that any action taken on the basis of a someone's promise can generate an equitable remedy for damages suffered. Arguably, the lender offered to stop foreclosure proceedings if they filled out the loss mitigation forms, so there may be a cause of action. There is a more disturbing note in the comments to this case. The lenders are getting bailed out by government to the tune of billions (if not trillions) of dollars basically saving them from their poor decisions of issuing (or buying) toxic mortgages. Why shouldn't the borrowers get similar protection for their bad decisions? People should be marching in the streets instead of defending the %$%#$% banks. P.S. I bought a foreclosed house in Vegas 33% below the peak. I am now underwater as the market has now declined almost 50%. Condos are now down more than 50% because banks are not lending without 75% owner occupancy. Where's my bailout? Should I go into default to have my mortgage reduced? The legal concept of promissory estoppel states that any action taken on the basis of a someone’s promise can generate an equitable remedy for damages suffered. Arguably, the lender offered to stop foreclosure proceedings if they filled out the loss mitigation forms, so there may be a cause of action.

There is a more disturbing note in the comments to this case. The lenders are getting bailed out by government to the tune of billions (if not trillions) of dollars basically saving them from their poor decisions of issuing (or buying) toxic mortgages. Why shouldn’t the borrowers get similar protection for their bad decisions? People should be marching in the streets instead of defending the %$%#$% banks.

P.S. I bought a foreclosed house in Vegas 33% below the peak. I am now underwater as the market has now declined almost 50%. Condos are now down more than 50% because banks are not lending without 75% owner occupancy. Where’s my bailout? Should I go into default to have my mortgage reduced?

]]> By: Tobby http://housingdoom.com/2009/01/19/bamboozled-into-foreclosure/#comment-15387 Tobby Mon, 19 Jan 2009 18:00:53 +0000 http://housingdoom.com/?p=1978#comment-15387 If the facts are correct that they had an FHA loan, then it is doubtful that they could be helped. Their original FHA loand would have been at a reasonable rate, so their is no subprime reset here blowing them up. HUD has specific guidelines on helping homeowner's out of default. One of them is a job, and the ability to make payments. It may be that the lender lied. It may also be that the lender attempted to get an exception for their loan and failed. This sounds like an old fashioned default, and not something that was due to predatory lending. If the facts are correct that they had an FHA loan, then it is doubtful that they could be helped. Their original FHA loand would have been at a reasonable rate, so their is no subprime reset here blowing them up. HUD has specific guidelines on helping homeowner’s out of default. One of them is a job, and the ability to make payments. It may be that the lender lied. It may also be that the lender attempted to get an exception for their loan and failed. This sounds like an old fashioned default, and not something that was due to predatory lending.

]]> By: surak http://housingdoom.com/2009/01/19/bamboozled-into-foreclosure/#comment-15386 surak Mon, 19 Jan 2009 17:15:51 +0000 http://housingdoom.com/?p=1978#comment-15386 This is what happens when good regulations (such as the Glass/Steagall Act of 1933) are deemed obsolete and eliminated. All parties are to blame. Twist, can you post any articles pertaining to stats on such things as foreclosures, price drops, etc. All your posts are great, but I particular like your posts on stats. Thanks This is what happens when good regulations (such as the Glass/Steagall Act of 1933) are deemed obsolete and eliminated. All parties are to blame.

Twist, can you post any articles pertaining to stats on such things as foreclosures, price drops, etc. All your posts are great, but I particular like your posts on stats.

Thanks

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