CHASE BANK RUINED THEIR LIVES !!!

How Chase Ruined Lives of People Who Paid Off Their Mortgages

Matt Taibbi, in giving a well deserved thrashing to the banking industry’s Tokyo Rose, aka New York Fed director Kathryn Wylde, said:

[S]tealing is pretty much the worst thing that a bank can do — and these banks just finished the longest and most orgiastic campaign of stealing in the history of money.

Once you read the allegations in the cases included in this post, I strongly suspect you will agree that the “ruining lives” in the headline is not an exaggeration. And as important, these two cases, with very similar fact sets, also suggest that these abuses are not mere “mistakes”. These are clearly well established practices that Chase can’t be bothered to clean up, since cleaning them up costs money and letting them continue is more profitable.

Both cases took place in Alabama. In both cases, the borrowers had made every mortgage payment on time. One was a couple with three children, the Barnetts. The second is a widow, Besty Barlow, but her husband was still alive when this ugly saga started.

In both cases, the house burned down, The borrowers both had homeowners’ insurance.

Read more at... http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html

In other words, this is the banking version of exploding Pintos. Ford did not fix the defect in its fuel tank design because they figured it would cost less to pay out the damages on claims for death and dismemberment than fix the design flaw. Similarly, Chase evidently figures it can bulldoze people, extract more fees from them by engaging in conduct that is unquestionably against the law (see the cases for details), and maybe once in a while it gets caught and has to write a big check.

Read more at... http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html

UNSATISFIED WITH THE BANKS......

"Many homeowners who are still in home loans that were originated between 2006 and 2008 -- when home values peaked and credit standards were the most lax -- would like to refinance, but can’t because they either don’t have enough equity in their home due to falling home prices or their credit profile doesn’t meet today’s tougher standards," said David Lo, director of financial services at J.D. Power and Associates.

"This has become increasingly frustrating to homeowners and a big contributor to their dissatisfaction," said Lo. "They are unable to take advantage of interest rates that have declined to historic lows. The challenge for legislators and lenders is to find a way to help not only homeowners at risk of default, but also this increasingly frustrated group of homeowners who are caught in loans with unfavorable terms and no ability to change them," Lo said.

"Excellence in mortgage servicing revolves around minimizing problems and addressing them quickly and efficiently when they do occur," said Lo.

This report is from Realty Times online news at......

http://realtytimes.com/rtpages/20110818_mortgage.htm

What is Cash 4 Keys ??

Here is an excellent explanation of the CASH FOR KEYS program that you may qualify for and could certainly use. Get some money to move on.

http://www.wisegeek.com/what-is-cash-for-keys.htm

Don't be afraid.......negotiate and be patient.

Larry, Blog Founder

ask us for help if you need it !!!!!! at .... sellorbuyland@gmail.com

ANSWERS on FORECLOSURE QUESTIONS..

This site is LOADED WITH ANSWERS to your questions about the Foreclosure process, Cash 4 Keys, etc.

http://www.loansafe.org/forum/archive/index.php/f-36.html

Defaulted Owners Living Payment Free For…Years (and Years)

June 19, 2011 ·

Millions of homeowners in distress are getting some unexpected breathing room — lots of it in some places.

In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.

Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.

In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books.

“If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?’ ” said Herb Blecher, an LPS senior vice president. “Now you’re probably not losing any sleep.”

When major banks acknowledged last fall that they had been illegally processing foreclosures by filing false court documents, they said that any pause in repossessions and evictions would be brief. All of the major servicers agreed to institute reforms in their foreclosure procedures. In April, the Office of the Comptroller of the Currency and other regulators gave the banks 60 days to draw up a plan to do so.

But nothing is happening quickly. When the comptroller’s deadline was reached last week, it was extended another month.

New foreclosure cases and repossessions are down nationally by about a third since last fall, LPS said. In New York, foreclosure filings are down 85 percent since September, according to the New York State Unified Court System.

Mark Stopa, a St. Petersburg, Fla., specialist in foreclosure defense, has 1,275 clients, up from 350 a year ago. About 75 clients have won modifications, dismissals or sold their properties for less than they owed. All the other cases are pending.

“Banks aren’t even trying to win,” said Mr. Stopa, who charges his clients an annual fee of $1,500.

This story originally appeared in The New York Times

I Really Dislike Banks - Now More Than Ever

A brilliant businessman I know wrote to me today. Read what he said about Banks.........

Hey Larry.

If you've been around me a while you know
I've always stayed away from banks for my
house investing business. In fact, with the
exception of the very first house I ever owned,
bought in 1988, I have not used a bank to buy
one SINGLE house. Short term or long term,
none of them. And that's a LOT of houses!

What I don't like about banks is that they are
difficult to deal with, and if you get near them
they get out their scope and give you a full on
"financialoscopy"!

My dislike has grown to include their child
like behavior on short sales and REO's.
Resale restrictions, hoops after hoops... I
say GET REAL. They, and the illustrious
idiots in Congress, created the mess the RE
market is in and now they want to flog us
when we try and help clean it up?

GRRRRR.

Then there's the paperwork, MERS, and
all the problems with

* lending and servicing violations
* predatory lending
* mortgage fraud
* and 10 other issues that will be
discussed in detail on the training
I'm about to tell you about.

So I, and many others, walk around with
teeth clenched in anger towards banks.

B of A (which BTW does NOT stand for Bank
of America) and Wells Fargo are, by far, the 2
biggest offenders.

Well here's the good news. In my travels, and
in the circles I run in, I learned about a couple
of guys who put together a business, that is now
HUGE and that does nothing but help borrowers,
who are in, or about to be in foreclosure, or
who are upside down on their mortgages, get
justice. They actually put a hurting on the banks,
by looking at the situation and determining if
there are legal issues with their loans, and
then come down on the lenders legally.

It's called Foreclosure Justice. It's a smack
down and It's beautiful!


PS.
For the First time in history, Homeowners can now get:
* A big discount on their principal balance.
* Waived deficiency judgments.
* Deleted derogatory trade lines on their credit
* AND they can legally get cash proceeds
from their property even if they have no equity.

PPS.
This is NOT:
* Loan Modification
* Negotiating a Short Sale
* Loan Audit
* Loan Consultation
* Foreclosure Defense
* Foreclosure Rescue
* Credit Counseling/Credit Repair

If your family is in trouble with your home, you have to follow up with us. email ASAP

Sincerely, Larry - Blog Founder

HOMEOWNERS...BANKS STILL MAKING MISTAKES

Mortgage servicers have been using questionable foreclosure procedures for nearly a half decade and twice this year, federal agencies busted mortgage servicers for robo-signing and other foreclosure shenanigans.

After reviewing 14 large mortgage servicers in the fourth quarter of 2010, the Office of the Comptroller of the Currency (OCC), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) found what regulators described a "pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing."

On June 30, federal regulators said banks that determine problems in their foreclosure processes must take "immediate" corrective action, and then gave them until September 30 to take "immediate" action, regarding:

• The practice of "dual tracking" simultaneously engaging a homeowner in a loan modification, while foreclosing on the property.

• Using robo-signing to finalize foreclosures.

• Losing and misplacing documents, not keeping records of contact with homeowners, and asking homeowners to repeatedly submit the same documents.

In an earlier April 2011 report "Interagency Review of Foreclosure Policies and Practices" regulators also found "unsafe and unsound practices and violations of applicable federal and state laws."

REFIs are Getting Tougher

Refinancing underwater

While hundreds of thousands of mortgage borrowers have been able
to squat in their homes without making a single mortgage payment
in months or even years, many responsible homeowners who have
good credit and consistently meet their monthly obligations
haven't been able to refinance in order to avoid losing their
homes. Many of today's homeowners purchased their homes during a
time of easy credit, when mortgage products, like interest-only
loans and option adjustable-rate mortgages were issued to the
marginally qualified. And many were told that -- if they made
their payments faithfully -- they could easily refinance out of
these products into affordable fixed-rate loans once the payments
started to balloon. But that day has never come for some
borrowers -- no matter how good their payment record or credit
score. Many lenders are refusing to refinance underwater
mortgages -- loans that are higher than the value of the home --
because it would mean big losses for them if the borrower
defaults, said Mark Zandi, chief economist for Moody's Analytics.
According to data submitted to federal regulators and analyzed
by the Wall Street Journal, nearly 27% of mortgage applicants
were denied mortgages in 2010, up from 23.5% a year earlier.

About the author:
Chris McLaughlin is widely known as America’s top
Real Estate Attorney and Investment Consultant.

Chris is one of my favorite and accurate Authors on Real Estate.

Thank you, Larry