Get the word out if you know someone who was foreclosed upon...
"The Office of the Comptroller of the Currency (OCC) is calling for independent reviews of almost 4.5 million loans The independent review of 4.5 million loans that faced foreclosure actions between January 2009 and December 2010 will identify borrowers who “suffered financial injury as a result of errors, misrepresentations, or other deficiencies in the foreclosure process,”
Sad they're only going back to January 2009. I know a lot more were pushed through before then. In cases where financial harm is determined, servicers will be required to make “appropriate restitution.” "The Office of the Comptroller of the Currency (OCC) is calling for independent reviews of almost 4.5 million loans The independent review of 4.5 million loans that faced foreclosure actions between January 2009 and December 2010 will identify borrowers who “suffered financial injury as a result of errors, misrepresentations, or other deficiencies in the foreclosure process,” Sad they're only going back to January 2009. I know a lot more were pushed through before then.
http://www.dsnews.com/articles/occ-requires-review-of-45m-foreclosures-2011-09-19 This is what should be done to many banks and lenders who have defrauded individuals out of their homes: Some lenders have played the bait and switch game, and pushed borrowers into foreclosure... For instance, one bank, (who I will refer to as bank 'q') has told at least one individual they would have a loan of about $2800 per month, while bank 'z' offers them (neither letter significant here in the illustration) a loan of $2500 per month. The same borrower told both bank q and bank z the same info, allowed the same credit report to be pulled, etc and bank q tells the borrower they will match bank z's offer after the consumer tells bank q they are going with bank z. Customer, wanting to be kind to that lender put their confidence in them but on the day of closing were told they must pay $2800 a month or they would lose the home they were in contract to purchase.
The buyer had already put in their moving notice, and had to get out of their old residence, and felt they had no choice, so they ended up closing and buying the house anyway, and thought they could somehow get the extra $300 they knew was not in their monthly budget. They had just saw their dog suffering in the rental home they were living at because the temperature was more than 100 degrees for more than 30 days straight at that time, and the place they rented told them they could have their dog in a cool area, then later changed that rule and the dog was forced to be put outside in the heat all day, even though the dog was very kind to all. After several months, several business, financial and other challenges hit and they borrower attempted to pay only $2500 per month and the lender told them they would not accept that amount and refused payments.
The borrower felt they needed to look at their options, and tried to sell the home, but unfortunately Zillow had published the value (their Zestimate) of this Texas home at under $200,000 (their records today show they changed history and that's another story) because they used comparable home sales for nearby manufactured homes (trailers), while the brick and mortar home was appraised at over $280,000 and was quite worth it, and had challenges selling the home for perhaps that and other reasons.
Anyway, the borrower (you may have guessed by now, it's actually me), moved out and informed the bank via 2 calls, 2 mailed letters, 2 faxes, and 2 emails that they had done so and gave the forwarding address. I had a perfect credit score prior to that point, and felt so much pressure that I didn't really react correctly. I didn't stay in the home personally, because I felt it was too much of a cost for me so I rented it out and moved into a much smaller place and tried to get my income back and combine it with all my income and funds but it still didn't meet the bills and that monthly mortgage and they still didn't accept less than the full amounts. The home owner was not notified of the foreclosure proceedings until 5 days before it was scheduled, and not at all by that lender, but by some random lawyer soliciting business from reading the county foreclosure listing posts.
The owner, who was a licensed Real Estate Agent at the time, had an offer for $290,000 but needed $299,000 to pay off all the loans with fees at that time. The owner spent many hours in phone calls being bounced around from department to department, person to person, getting no where time and time again for the months prior to this attempting to negotiate a short sale. The lenders were not helpful, nor were they honest, or knowledgeable at all. The time ran out and the bank bought the home on foreclosure day from itself for a mere $225,000 (I believe it was Feb. 5, 2008). It's sad to say, but that's a pretty fair assessment of the situation. I know it's true, because it was me it happened to.
OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices WASHINGTON — The Office of the Comptroller of the Currency today announced formal enforcement actions against eight national bank mortgage servicers and two third-party servicer providers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing. The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The two service providers are Lender Processing Services (LPS) and its subsidiaries DocX, LLC, and LPD Default Solutions, Inc.; and MERSCORP and its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS). http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html
Well, perhaps it's my own fault for hoping to be able to find tenants, or hoping that my income would be consistent, or at least one of the two, since I had enough savings for 6 months, yet they didn't happen and I wasn't quite prepared for the worst, and it came. Needless to say, they have this review because they believe it is necessary. I believe it is necessary to dig even deeper than those of 2009 and 2010 as well.
Those of us displaced from our homes in 2008, who were business owners in 2005 & 2006, paying workers wages', government taxes, workers compensation, licensing fees, etc, and watching unlicensed contractors gaining jobs while the government seemed to do little to stop them or the illegal immigrant workers many of them used, would like to see some changes here. I'm glad that banks that did the type of stuff they did to me are being reviewed and I certainly hope that there will be some positive things that come about from all of this.
Sad they're only going back to January 2009. I know a lot more were pushed through before then. In cases where financial harm is determined, servicers will be required to make “appropriate restitution.” "The Office of the Comptroller of the Currency (OCC) is calling for independent reviews of almost 4.5 million loans The independent review of 4.5 million loans that faced foreclosure actions between January 2009 and December 2010 will identify borrowers who “suffered financial injury as a result of errors, misrepresentations, or other deficiencies in the foreclosure process,” Sad they're only going back to January 2009. I know a lot more were pushed through before then.
http://www.dsnews.com/articles/occ-requires-review-of-45m-foreclosures-2011-09-19 This is what should be done to many banks and lenders who have defrauded individuals out of their homes: Some lenders have played the bait and switch game, and pushed borrowers into foreclosure... For instance, one bank, (who I will refer to as bank 'q') has told at least one individual they would have a loan of about $2800 per month, while bank 'z' offers them (neither letter significant here in the illustration) a loan of $2500 per month. The same borrower told both bank q and bank z the same info, allowed the same credit report to be pulled, etc and bank q tells the borrower they will match bank z's offer after the consumer tells bank q they are going with bank z. Customer, wanting to be kind to that lender put their confidence in them but on the day of closing were told they must pay $2800 a month or they would lose the home they were in contract to purchase.
The buyer had already put in their moving notice, and had to get out of their old residence, and felt they had no choice, so they ended up closing and buying the house anyway, and thought they could somehow get the extra $300 they knew was not in their monthly budget. They had just saw their dog suffering in the rental home they were living at because the temperature was more than 100 degrees for more than 30 days straight at that time, and the place they rented told them they could have their dog in a cool area, then later changed that rule and the dog was forced to be put outside in the heat all day, even though the dog was very kind to all. After several months, several business, financial and other challenges hit and they borrower attempted to pay only $2500 per month and the lender told them they would not accept that amount and refused payments.
The borrower felt they needed to look at their options, and tried to sell the home, but unfortunately Zillow had published the value (their Zestimate) of this Texas home at under $200,000 (their records today show they changed history and that's another story) because they used comparable home sales for nearby manufactured homes (trailers), while the brick and mortar home was appraised at over $280,000 and was quite worth it, and had challenges selling the home for perhaps that and other reasons.
Anyway, the borrower (you may have guessed by now, it's actually me), moved out and informed the bank via 2 calls, 2 mailed letters, 2 faxes, and 2 emails that they had done so and gave the forwarding address. I had a perfect credit score prior to that point, and felt so much pressure that I didn't really react correctly. I didn't stay in the home personally, because I felt it was too much of a cost for me so I rented it out and moved into a much smaller place and tried to get my income back and combine it with all my income and funds but it still didn't meet the bills and that monthly mortgage and they still didn't accept less than the full amounts. The home owner was not notified of the foreclosure proceedings until 5 days before it was scheduled, and not at all by that lender, but by some random lawyer soliciting business from reading the county foreclosure listing posts.
The owner, who was a licensed Real Estate Agent at the time, had an offer for $290,000 but needed $299,000 to pay off all the loans with fees at that time. The owner spent many hours in phone calls being bounced around from department to department, person to person, getting no where time and time again for the months prior to this attempting to negotiate a short sale. The lenders were not helpful, nor were they honest, or knowledgeable at all. The time ran out and the bank bought the home on foreclosure day from itself for a mere $225,000 (I believe it was Feb. 5, 2008). It's sad to say, but that's a pretty fair assessment of the situation. I know it's true, because it was me it happened to.
OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices WASHINGTON — The Office of the Comptroller of the Currency today announced formal enforcement actions against eight national bank mortgage servicers and two third-party servicer providers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing. The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The two service providers are Lender Processing Services (LPS) and its subsidiaries DocX, LLC, and LPD Default Solutions, Inc.; and MERSCORP and its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS). http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html
Well, perhaps it's my own fault for hoping to be able to find tenants, or hoping that my income would be consistent, or at least one of the two, since I had enough savings for 6 months, yet they didn't happen and I wasn't quite prepared for the worst, and it came. Needless to say, they have this review because they believe it is necessary. I believe it is necessary to dig even deeper than those of 2009 and 2010 as well.
Those of us displaced from our homes in 2008, who were business owners in 2005 & 2006, paying workers wages', government taxes, workers compensation, licensing fees, etc, and watching unlicensed contractors gaining jobs while the government seemed to do little to stop them or the illegal immigrant workers many of them used, would like to see some changes here. I'm glad that banks that did the type of stuff they did to me are being reviewed and I certainly hope that there will be some positive things that come about from all of this.
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