Answers (11)
Well they didn't just decide your payments were no longer due, you asked for a modification to your original note didn't you?. Had you continued to pay what you contractually agreed to pay there never would have been an issue.
This whole idea that banks are tricking people into defaulting so they can foreclose on their underwater homes is ridiculous to no end.
This whole idea that banks are tricking people into defaulting so they can foreclose on their underwater homes is ridiculous to no end.
- je523nn
- Contributions:47
Its kinda hard to make payments when you call the bank and they tell you no payment is due for 2 months!!! thats what they did to me, after they gave us a modification/!!!
Or another option is to pay what you contractually agreed to pay.
Funny that Dave says: "Banks will lie and do whatever they can to not follow the HAMP agreements they signed."
Ummm, what about the agreement that the Op signed; you know, the one with the big bold word on it that says NOTE? Did we forget about that one?
Funny that Dave says: "Banks will lie and do whatever they can to not follow the HAMP agreements they signed."
Ummm, what about the agreement that the Op signed; you know, the one with the big bold word on it that says NOTE? Did we forget about that one?
- Pasadenan
- Contributions:26042
If they won't do HEMP you can always offer them COKE.
- pinnaclebiz
- Contributions:13
[Hotlink, promotional content and phone removed by Zillow moderator. Please see our Good Neighbor Policy for more information about posting in Advice.]
- davephx
- Contributions:6
Banks will lie and do whatever they can to not follow the HAMP agreements they signed. They make huge profits by foreclosing not modifying and the taxpayers mostly take the foreclose sale loss (GSE backed or investor takes loss not the bank that is just the servicer.)
Zillions of lawsuits filed including by State Attorney Generals but their lawyers will fight for years as they keep making profits by foreclosing.
Arizona v Bank of America and Nevada v Bank of America just example that go into details on consumer fraud.
Even when Attorney Generals and Congressional offices send in required documents they usually get "lost" so have to keep submitting many times over and over to be lost over and over.
Then they are caught in so many lies like "investor will not participate" when under the PSA agreements they clearly can.
Freddie Mac audit of just one bank found 80% of the rejections of applicants for HAMP were incorrectly handled.
But since HAMP is only an agreement they signed not a law little can be done. Democrats outraged at 4 Congressional Hearings. Republicans have voted to defund HAMP so banks can foreclose faster and get the government out of the way of private industry banks.
Zillions of lawsuits filed including by State Attorney Generals but their lawyers will fight for years as they keep making profits by foreclosing.
Arizona v Bank of America and Nevada v Bank of America just example that go into details on consumer fraud.
Even when Attorney Generals and Congressional offices send in required documents they usually get "lost" so have to keep submitting many times over and over to be lost over and over.
Then they are caught in so many lies like "investor will not participate" when under the PSA agreements they clearly can.
Freddie Mac audit of just one bank found 80% of the rejections of applicants for HAMP were incorrectly handled.
But since HAMP is only an agreement they signed not a law little can be done. Democrats outraged at 4 Congressional Hearings. Republicans have voted to defund HAMP so banks can foreclose faster and get the government out of the way of private industry banks.
- je523nn
- Contributions:47
I am so mad!!! I am working with our PMI company now, I am looking into getting another attorney...I dont understand how they can do this!!?
- sunnyview
- Contributions:26843
That is terrible. I hate stories like that. They makes me so mad. Here you were trying to do what you were told to do and they took your money and dumped you.
I do not know what your options are, but you need to get an attorney for a one time consult to tell you about the laws in your state. You need to know if it is recourse or not so you can decide how to deal with the bank. I hate to say this, but if I were you I'd be so mad, I'd hunt down that attorney and not pay the bank another dime. I know that's wrong so please don't take that as advise, but that's how your story makes me feel.
You need to get the facts. You do not want to walk away without talking to a lawyer about bankruptcy to protect your other assets. You have to do what you can, but do not be told that anyone can help that is not a straight bankruptcy or full time RE attorney that does not specialize in loan mods. It is a lie in most cases.
I do not know what your options are, but you need to get an attorney for a one time consult to tell you about the laws in your state. You need to know if it is recourse or not so you can decide how to deal with the bank. I hate to say this, but if I were you I'd be so mad, I'd hunt down that attorney and not pay the bank another dime. I know that's wrong so please don't take that as advise, but that's how your story makes me feel.
You need to get the facts. You do not want to walk away without talking to a lawyer about bankruptcy to protect your other assets. You have to do what you can, but do not be told that anyone can help that is not a straight bankruptcy or full time RE attorney that does not specialize in loan mods. It is a lie in most cases.
- je523nn
- Contributions:47
We started this proess 2 years ago with an attorney, mde trial payments for 10 months, got bill in Sept 2010 with all loan mod info with a due date Dec 2010...I contacted them several time, everyone told me not to make a payment and no payment was due till Dec!!(it was an alternative mod not HAMP) so after I mailed my dec payment we got foreclosure paperwork in the mail, the attorney was no longer around so we went through the whole process again on our own and it took 11 months for nothing? Id rather foreclose than pay these assholes, they tricked us into defaulting!!
- sunnyview
- Contributions:26843
If they don't participate then I think that you need to get legal advice about what your other options are. You may need to decide how far you are willing to go to press them for a modification, what the impact to your credit will be, find out whether your state is recourse or non and really look at your ability to carry this house long term if they refuse to work with you.
It is a bad situation, but you have to get all the information you can. You also have to assess what will be the best outcome for you and how to get there with or without the bank's cooperation.
It is a bad situation, but you have to get all the information you can. You also have to assess what will be the best outcome for you and how to get there with or without the bank's cooperation.
- Brian Goetz, "bri_gets"
- Contributions:451
If your current lender is not willing to modify your loan, you have no choice but to make your current payments.
Investor doesn't participate in HAMP, what do I do now? Been waiting 11 months for nothing
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.