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

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

SOME LOANS CAN BE RENEGOTIATED..

More loan modification options coming

Six months after the Federal Housing Administration (FHA) announced an $11 billion refinancing initiative for these “underwater” borrowers, nearly two dozen lenders have agreed to take part in a new loan modification program. The FHA program — called Short Refi — requires major concessions from lenders, which must agree to write off at least 10 percent of the principal balance, and from investors, who, if they own the mortgage, must also agree to the deal. To qualify, homeowners must be current on their monthly mortgage payments and not already have an FHA loan. The size of the new primary loan cannot be more than 97.75 percent of the current value of the property; refinanced loans for homeowners whose properties carry second liens cannot exceed 15 percent of the property value.

read more helpful info at...http://www.smartrealestatenews.com/

From Larry Tutino, Blog Founder

HELP IS ON THE WAY !!!!

Hello folks,

This Blog is meant to HELP any one that may be facing FORECLOSURE.

We will be posting information to help.

There will be You Tube videos that give you HOPE & DIRECTION.

Many tidbits of information will be FREE.

We do not believe in taking money from those that can not afford it!!!

Some types of information will cost money only if necessary. But, count on this,,,,, it will be very affordable for all. It will be guaranteed.

We are on your side,

Larry Founder of this Blog