April 22, 2010
This is a great start and I'm happy that something is being done about all of this mess as a result of those big greedy banks. Hopefully, this will be the start of preventing any more of their fraudulant activities that have occured for new homeowners.
I'm happy that the investors got back some of their money from the government. BUT WHAT ABOUT THE VICTIMS ON THE OTHER SIDE OF ALL THIS FRAUD? THE CURRENT HOMEOWNERS THAT ARE LOSING THEIR HOMES LEFT AND RIGHT BEHIND THEIR BACKS AND ILLEGALLY?
For instance, Wells Fargo Home Mortgage is NOT doing true loan modifications...they consider a 3 month "Special Forbearance Agreement" a permanent modification. Then, at the end of the 3 month period, they expect you to come up with $14,000 in late fees, attorney fees, etc. AND, I'll bet they reported to the government that they did a permanent loan modification and collected money on it. I know of people that have been through SEVERAL Trial Periods...how many does it take?
I've been going through this whole loan modification process for 9 months with Wells Fargo Home Mortgage. In the meantime, I continued to pay my mortgage in full...struggling each month while they just kept asking for the same documents over and over.
They sent me a letter dated September 1, 2009 for the HAMP Program and after I sent it back along with all of the requested documentation, they claimed they didn't receive it. Then I told them that I Fedexed it and had proof. Then the new reply was, "Oh, well you were declined 4 weeks prior, so it automatically went to our Short Sale Department." I wasn't even delinquent at all
They proceeded to tell me that I needed to start the process all over again...how many hardship letters do they need? How many income loss statments do they need? Why didn't they do something as soon as I saw a problem and notified them in the middle of last year and was laid off? Instead, they waited until I depleted all my savings and had to max out my credit cards.
I would have qualified back then, but they just wait until it gets to a point where you have so much credit card debt that you no longer qualify because you're now forced into bankruptcy.
Also, why is it the the banks or other related party to the bank is almost always the winning bidder at "Public Auctions?" Perhaps because they need more homes to securitize?
Wells Fargo is telling homeowners (via telephone) in California and elsewhere that they are working with the "investor" while behind the homeowner's back they are selling their home The homeowner thinks that Wells Fargo is working with them and the next thing you know a realtor is showing up at your door to show your house to a potential buyer because your house was sold (behind your back).
Wells Fargo lied to the investors and they lied to us. My originating lender was not even licensed to lend in California 2 years prior to signing my documents Wells Fargo took over my loan 4 days before I closed escrow. There is so much fraud in the origination of these loans and the modification process.
We have all worked so hard for our homes, PLEASE PUT A STOP ON ALL FORECLOSURES IN NON-JUDICIAL STATES AS QUICKLY AS POSSIBLE. Homeowners are having their homes stolen from them by entities that don't even have an interst in the property. The banks are playing games, and us homeowners, as victims of all their fraud, have should have a RIGHT to have our cases heard in court. The average homeowner has not idea of securitization and all the fraud that occured, so they think that Wells Fargo Home Mortgage (a Servicer)has the right to take (steal) their house. Wells Fargo Home Mortgage and Wells Fargo Bank, NA are two different entities with different functions.
I would much rather get a loan from the government directly and pay our government the interest instead of Wells Fargo who ends up sending money to the Cayman Islands.
I would be more than happy to share any and all of my documents with you. My loan origination is filled with fraud from the Notary Public to the "pretender lender" GN Mortgage, LLC, Guaranty Bank, Stewart Title. They all played together, lied and deceived us. Even though Wells Fargo was warned against 10-Year Interest-Only loans in 2006 by governmental agencies, they were still doing it in 2007. They don't care about rules or regulations when they're making so much money.
We, too, are victims. The banks don't follow the rules, so break them up and get them regulated.
Take a deep look at Wells Fargo Alternative Loan 2007-PA3 Trust... then to Wells Fargo Asset Securities Corporation for WFALT 2007-PA3. Most of us were at the peak of all of the fraud just before it came down.
Wells Fargo is getting away with grand theft by stealing homes that don't belond to them. My home was paid for by hundreds of investors that were bailed out as were the banks, so how many times do they need to be paid on my house?
After 8 months of barely making it, yet paying my mortgage in full each month, I finally found myself having to default on February 1st of this year. Interesting how the Special Forbearance Agreement dated 2/16/07 showed up with a big "congratulations" within weeks while they continue to "negotiate with the investor." Is that what they were waiting for? Did they have to wait until it got so bad for me...having to give up things like medical insurance, my daughter's dance lessons, my life insurance policy and other things before they would move on something?
And, of course, at the end of this Trial Period which ends in May...once again, I need to send ANOTHER letter of hardship, with income expense statements, etc.
This just isn't working... The victimized homeowners need a bailout of their own and leave the banks out of it completely or they'll steal some more.
Cash for keys? Why? I put a down payment of almost $100,000 on this house and all I get is a lost job, messed up credit, a lot more debt and $1,500? That was hard-earned money.
Short Sale? Again, why should I give up my home when I've put so much into it. Why can't they short sale it back to ME?
Sure the economy is looking up... The big banks are stealing homes left and right and them selling them for a profit and resecuritizing them. But this is only temporary...it will break big time, if it's not fixed.
I hate the big banks. From now on...I'm sticking to local banks within my community. My savings will not go into a savings account, it will remain with me as cash...just like in the good old days.
Thank you for the new changes for new homeowners...us victims (and taxpayers)look forward to help from the government directly.
If that can't be done... COMMAND (not recommend or suggest) that the banks lower all MERS involved loan originations from 2002 to 2008 to a 1 1/2 to 2% interest rate straight across the board make MERS open to the public.
PLEASE DO SOMETHING QUICKLY TO PREVENT ANOTHER HOMEOWNER THAT WAS A VICTIM OF THEIR FRAUD FROM LOSING THEIR HOME.