Author Topic: Sneaky mortgage company  (Read 4172 times)

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nomorecredit

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Sneaky mortgage company
« on: October 31, 2012 03:44:37 AM »
My spouse and I (pro se)went to our mediation hearing for our home that is in foreclosure.

All was present except the representative from the mortgage company who could not be present due to weather, so he was phone conferenced in.

I had sent in all information required on time and to the attorney and mediatorabout 30days before the hearing date.

I received a letter from the mortgage company 4days before mediation date stating we were missing some documents.  Which I know was sent in.

These documents were brought up at the hearing and I was able to provide copies for everyone. They also requested additional information and I happen to have the copies they needed in my folder (I brought the whole file). The mediator thanked us for being prepared.

After ALL the documentation was submitted and it was time to get to the negotiations, the mortgage representative says oh I'm sorry I just noticed your loan had been sold to another servicer. 

My spouse was ticked as he wanted to get things wrapped up today.  He has a new job and was prepared to start fresh with this mediation today.

I on the other hand thought that maybe this could work to our advantage not sure how, but it will definitely buy us more time as the new servicer "loses" our information. 

I believe we have shown the mediator we are trying to work this out.

As of now the hearing is rescheduled because technically the new servicer doesn't officially take over for 2weeks, so the old servicer is going to see if they can still make a decision on this loan. 

What do you think... can this be an advantage?


There is no victory without a struggle.

CleaningUp

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Re: Sneaky mortgage company
« Reply #1 on: October 31, 2012 04:23:22 AM »
If you think that the mortgage holder singled you out to move your servicing to another company, you're in dreamland.

Mortgages and servicing don't work that way.  They are transferred in portfolios; you are one of thousands.

Short term?  Yea, you can shuffle them along.  Long term?  Not a bit of difference.

But welcome to the loan modification shuffle.

You can always make a complaint to your state's AG, and they my muck-up the servicers' works for a bit, but there's a risk.  If you get too visible, you might just get a level of attention that you may not appreciate.  Bureaucracies really don't like squeaky wheels.  Best to be left in the middle of the stack.


kevinmanheim

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Re: Sneaky mortgage company
« Reply #2 on: October 31, 2012 11:19:50 AM »
The mediation isn't binding, correct?

Don't fool yourself into thinking that this process is going to help you save your home or provide you with much lower payments for the life of the loan.

You are being played by a process that is set up to delay and confuse you.

This process can buy you a little time but, in reality, you are going to lose your home if you can't afford to make the payments agreed to in the contract.

Have a plan in place that anticipates the loss of the home. Think very carefully about giving the bank any more money -- doing so may have the same effect as flushing said money down your toilet. 


nomorecredit

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Re: Sneaky mortgage company
« Reply #3 on: October 31, 2012 05:15:29 PM »
We were unable to make payments because of the loss of work.  My spouse has started new employment I hope that will help us make the payments.   

But it is a reality check, this is a process that is not in place to help us (the consumer) to succeed.

What about "hardest hit" funds or government programs (grant money) for mortgages, are  they helpful for the consumer
There is no victory without a struggle.

kevinmanheim

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Re: Sneaky mortgage company
« Reply #4 on: October 31, 2012 05:26:04 PM »
Don't go into this assuming that the bank will allow you to catch up on passed missed payments, waive interest, etc.

Even though they may promise those things during the mediation process, they can and will still foreclose after they have sucked a lot more money out of you while breaking promises.

The questions to ask yourself is this -- can I afford to catch up past payments, make all future payments on time, and have enough reserves left over for an emergency?

If the answer or answers are no, I would stop paying now, save the payments and make other plans.

recover1

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Re: Sneaky mortgage company
« Reply #5 on: October 31, 2012 05:27:28 PM »
We were unable to make payments because of the loss of work.  My spouse has started new employment I hope that will help us make the payments.   

But it is a reality check, this is a process that is not in place to help us (the consumer) to succeed.

What about "hardest hit" funds or government programs (grant money) for mortgages, are  they helpful for the consumer

I agree totally.  BOA is attempting to scam me with a loan modification.  Luckily, I have a close friend going through the same deal as me and has lost thousands.  Your best bet, if in a state that has judicial foreclosure, is hire an attorney and slow this foreclosure to a crawl.

Save your money, every dime you can and walk away after a couple of years with some money in the bank.  Believe me, they do not have your best interests at heart.  Protect yourself.

CleaningUp

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Re: Sneaky mortgage company
« Reply #6 on: October 31, 2012 05:35:28 PM »
Is this a Countrywide loan that BoA now has?

If it is, you may have them tied in as many knots that they have you in.


recover1

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Re: Sneaky mortgage company
« Reply #7 on: October 31, 2012 05:59:57 PM »
If you have missed payments and have the cash to reinstate your loan, then so be it.  If you do not have enough money, then save and save, then save some more.  Pay all your debt off and walk away with money in hand and head held high.

Do you live in a judicial foreclosure state?  Good luck and God Bless you.

WardOfTheCourt

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Re: Sneaky mortgage company
« Reply #8 on: October 31, 2012 08:12:51 PM »
Based on their unfailingly egregious behavior, I would treat a home loan collector the same way I would treat a credit card debt collector.

To use the vernacular of a popular holiday involving costumes and nighttime antics, the home loan collector would receive all "tricks" and no "treats".
All warfare is based on deception. | Pretend inferiority and encourage his arrogance. The Art of War by Sun Tzu

nomorecredit

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Re: Sneaky mortgage company
« Reply #9 on: October 31, 2012 11:28:08 PM »
This is very discouraging news.

I was hoping hardest hit funds or renegiotiation of the loan would be helpful to us because we applied for those funds.  The hardest hit funds is a government program that we qualified for because of lost of employment and then receiving new employment.

It's been a year that we have not made payments.  We didn't even bother to spend money on an attorney.

I was hoping for something better, I really did not want to lose our home.

Are you saying that if they refinance our loan we still will have issue paying it? What if we can afford the amount, should we look out for underlying fees?

No it's not BOA it's a NY bank.  Also the house is worth more than the loan, not by much though.

« Last Edit: October 31, 2012 11:35:39 PM by nomorecredit »
There is no victory without a struggle.

recover1

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Re: Sneaky mortgage company
« Reply #10 on: November 01, 2012 12:09:24 AM »
This is very discouraging news.

I was hoping hardest hit funds or renegiotiation of the loan would be helpful to us because we applied for those funds.  The hardest hit funds is a government program that we qualified for because of lost of employment and then receiving new employment.

It's been a year that we have not made payments.  We didn't even bother to spend money on an attorney.

I was hoping for something better, I really did not want to lose our home.

Are you saying that if they refinance our loan we still will have issue paying it? What if we can afford the amount, should we look out for underlying fees?

Simply put, hire an attorney.

No it's not BOA it's a NY bank.  Also the house is worth more than the loan, not by much though.

WardOfTheCourt

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Re: Sneaky mortgage company
« Reply #11 on: November 01, 2012 01:01:23 AM »
I have a  bad attitude about injustice. *I* would probably not give up.

I see the bad guys routinely win against people they exhaust through a constant barrage funded by a seemingly unlimited war chest.

Everyone has to decide what battles are worth their energy to fight.

The uninformed and untested mostly view CC debt collectors as unbeatable (aside from BK).

Home debt collectors are mostly viewed as unbeatable.

I don't believe it.

Those that do view them as "unbeatable" are probably best served not fighting.

I'd pursue anything and everything that makes sense up to and including litigation. I'd do so with an open mind that they will lie and cheat as it is in their DNA. I'd believe nothing until it is in writing by an authorized decision maker.

I do not blame anyone for not choosing to fight these evil brutes as it is a nasty sport.
All warfare is based on deception. | Pretend inferiority and encourage his arrogance. The Art of War by Sun Tzu

recover1

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Re: Sneaky mortgage company
« Reply #12 on: November 01, 2012 01:06:49 AM »
I have a  bad attitude about injustice. *I* would probably not give up.

I see the bad guys routinely win against people they exhaust through a constant barrage funded by a seemingly unlimited war chest.

Everyone has to decide what battles are worth their energy to fight.

The uninformed and untested mostly view CC debt collectors as unbeatable (aside from BK).

Home debt collectors are mostly viewed as unbeatable.

I don't believe it.

Those that do view them as "unbeatable" are probably best served not fighting.

I'd pursue anything and everything that makes sense up to and including litigation. I'd do so with an open mind that they will lie and cheat as it is in their DNA. I'd believe nothing until it is in writing by an authorized decision maker.

I do not blame anyone for not choosing to fight these evil brutes as it is a nasty sport.

I have chosen to fight them to the very end, whatever that end may be.  They may take my home, but they will never defeat me.  I started out believing that there is good in everything, but soon learned that banks only see one thing and one thing only.  They want your money and will do whatever it takes to get it.

I will not give banks power over me.

WardOfTheCourt

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Re: Sneaky mortgage company
« Reply #13 on: November 01, 2012 01:59:56 AM »
Perspective matters.

It is just a home.

I am not willing to kill for it. Some are: http://www.vcreporter.com/cms/story/detail/dirty_clean_ethics_of_banks/10049/

The illegal theft of a home can be the beginning of litigation for some.

When I am fatigued in my battles I think about Norman Rousseau and get angry and then I am reinvigorated.

Dual tracking: Good for trains, bad for distressed homeowners.
All warfare is based on deception. | Pretend inferiority and encourage his arrogance. The Art of War by Sun Tzu

CleaningUp

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Re: Sneaky mortgage company
« Reply #14 on: November 01, 2012 02:59:17 AM »
Smart people fight battles that they can win or fight in order to mitigate their losses.

Perhaps, Ward, your failure to do so is part of the reason why you see yourself as a ward of the court.

We are nation of laws, not a nation of justice.  If you tilt at the windmill, do be careful of the blades, there are usually four of them and one of you.