Profile:
losinghome2012

This is losinghome2012's Profile page. Use it to view losinghome2012's comments, other users' replies to these comments, and comments losinghome2012 has endorsed.

What's Happening Now

August 16, 2012 1:22 pm

I bought my home in 2005 and took out a fixed rate loan. I put $100,000 down and in 2005 it was worth $267,000.00. Now it is worth $144,000.00. I started my title company in 2004. In 2007, when the market tanked, we were able to stay afloat for 3 years. During this time period, we were on the equity acceleration program and were making 2 payments a month. We were attempting to get the loan paid off as quickly as possible. In 2009, I closed my company due to a lack of business. I was lucky to get a job a month after I closed the company and started making payments again. I was only behind on my mortgage 2 months. I tried to work with Chase later in 2010 to see if I could get the 2 months added to the back of the loan and was told that I could not afford the home. I told the rep that… more »

…I was and had been making the payment. I am losing my home this year simply because the servicers of the loan would not work with me. I am not asking for a compliant to be filed because I have come to terms with what has happened to me and the fact that I am losing the home. What I want you to do is put regulations in place that will make these lenders work with homeowners. There are many homeowners who have been affected by what our government has allowed these lenders to do to the economy. Until we can create jobs and repair the economy, we are going to see the foreclosures rise. People cannot make their payment if they do not have a job.

I have one more thing to say, If I or any other consumer forge someone’s signature or fraudulently file a paper, and we are caught, I would go to jail, and would not be able to walk the streets and continue to hurt people. The Lenders need to be held accountable for their actions. I don’t understand how they can conduct business like this without having to face the consequences for the wrong that they have done.

I realize that many people chose to purchase a home that they really could not afford, but that does not give the right for the lender to foreclose with the incorrect paperwork or fraudulently signed papers. If they are going to take someones house, then they need to do it the right way, with the correct paperwork and signatures.

It is not the homeowners fault that the lenders cannot get the appropriate paperwork signed at closing and it is also not their fault if the lenders cannot keep the documents in the file where they belong. I am sorry that the lenders do not have a system set up to where they can keep the paperwork safe for the time when they possibly need it. « less

August 16, 2012 3:25 pm

Thanks for the reply. I do think that it would have helped if these rules had been in place. Rules are great if they are regulated and followed. We can create rules all we want along with fines, but in the end if they are not followed and consequences are not served, they will just continue to take advantage of distressed homeowners.

The lenders are still filing inaccurate paperwork and by falsifying and forging paperwork. Money fines are not going to do it. They are wealthy individuals and corporations and I don’t see that money fines are going to make a difference to them. They will just pay the fine and move on. They need to serve jail time. They may be very wealthy individuals, but in the end, they are no different then you or I. They eat the same kinds of foods,… more »

…put their clothes on the same way. Yet, if I did something like this, they would not hesitate to prosecute me and I have no doubt that I would be in Jail for a very long time. Without some type of jail time, they will not correct their behavior.

I have been a negotiator that assists homeowners with their homes for the last 2.5 years and was working with homeowners and the banks before the settlement as well as after the settlement, and I can tell you that NOTHING has changed. The lenders do not call back, they are always loosing documents. And you cannot get a response in 30 days even if your life depended upon it, but again, NOTHING is being done. I am sure he mortgage settlement has done some good for many homeowners, but for many it has not. But yet, you don’t hear about the lenders/servicers receiving any fines or even jail time.

They need to be prosecuted in court just like everyone else or else they will continue the same behavior. Make some rules that make sense and hold them accountable.

You are on the right track with what has been done, but we are far from there. We will never get there if the servicers and lenders are not prosecuted for violating the laws.

Again, thank you for taking the time to listen and trying to make it better for many homeowners who desperately need assistance. « less

August 16, 2012 2:04 pm

Welcome to Regulation Room losinghome2012, thank you for sharing your experiences. It sounds like you didn’t get the help or information you needed. CFPB is proposing to require servicers to evaluate borrowers for all loss mitigation options they might be eligible for and provide prompt, accurate information about those options. In addition, servicers could be found in violation of CFPB regulations if they fail to keep records properly. Would these rules have helped in your situation? CFPB needs detailed regulations to protect consumers in the future, so any specific recommendations you could share based on your personal experiences would be valuable to the agency.


No comments