The first thing any homeowner with not only an ARM, but any mortgage, should do is to immediately initiate debt relief and an interest rate reduction from their home loan lender.
The Federal Government should freeze all foreclosures, and do it immediately and for a 2-year period. Why? Because the greed of the home loan lenders has caused them to NOT, and continue NOT, to follow and obey the EXISTING rules and laws REQUIRING lender Foreclosure Mitigation.
Rather, the home loan lenders are in an illegal, immoral, greedy, and unethical frenetic feeding frenzy to foreclose in VIOLATION of EXISTING rules and laws ALREADY IN PLACE FOR SEVERAL YEARS, requiring them NOT to foreclose.
A federally mandated foreclosure freeze would force the greedy home loan lenders to start following the exiting Foreclosure Mitigation rules and laws. To save your home from foreclosure AND mitigate damage to your credit report, EVERYONE with ANY home loan should be immediately initiating debt relief from their home loan lender. It's known as a Note Modification/Foreclosure Mitigation which is immediately available AND been around for several years. Do it NOW as "President Bush signed HR 3648, The Mortgage Forgiveness Debt Relief Act of 2007. It created a three-year exception for debt forgiveness on home loans." http://www.homesalessandiego.com/blog/bush-signs-mortgage-debt-forgiveness-act/
What it also means is (aside from the obvious to have not done the illegal and unethical Mortgage Fraud in the first place) to NO longer do mortgage fraud and immediately fire, turn in, prosecute, and imprison ALL Mortgage Fraudsters.
What it also means is (aside from the obvious to have not done the illegal and unethical Mortgage Fraud in the first place) to NO longer do mortgage fraud and immediately fire, turn in, prosecute, and imprison ALL Mortgage Fraudsters.
Note Modifications/Foreclosure Mitigation are REQUIRED by Freddie Mac http://www.freddiemac.com/singlefamily/news/newsletter/2007/05/loan_modification.html, REQUIRED by Fannie Mae http://www.loss-mitigation-training.com/Learn-Loss -Mitigation, REQUIRED by FHA http://portal.hud.gov/portal/page?_pageid=33,71734&_dad=portal&_schema=PORTAL and REQUIRED by VA http://loanworkout.org/2007/10/fha-va-and-rural-mortgage-modification-information/.
AN OPEN LETTER TO OUR HOME LOAN LENDERS
I am writing you to request an immediate note modification as already allowed for by all your investors. For years, Freddie Mac , Fannie Mae , HUD and the VA have had foreclosure mitigation standards for note modifications in place. They allow for principal forgiveness and interest rate reduction to market or below market rate. That begs two questions: 1) why have lenders not followed them before, and 2) why have lenders instead chosen their senseless fanaticism to foreclosure?
As you know, President Bush has blamed the collapse of the American economy on "too many houses were built." You and the other home loan lenders financed those "too many houses built."
President Bush signed HR 3648, The Mortgage Forgiveness Debt Relief Act of 2007 http://www.homesalessandiego.com/blog/bush-signs-mortgage-debt-forgiveness-act/. It created a three-year exception for debt forgiveness on home loans.
President Bush signed HR 3648, The Mortgage Forgiveness Debt Relief Act of 2007 http://www.homesalessandiego.com/blog/bush-signs-mortgage-debt-forgiveness-act/. It created a three-year exception for debt forgiveness on home loans.
Home loan lenders are increasingly being accused and * proven of pandering, Unclean Hands and being a threat to American economic interests and security. President Bush and millions others are rightfully blaming lenders for the American recession.
UNREASONABLE, AND IN VIOLATION OF THEIR OWN RULES, LENDER'S CONTINUING INSISTENCE ON FORECLOSURES JUST DRIVES THE AMERICAN ECONOMY INTO A DEEPER RECESSION. That is an increasingly contemptible tactic as it pushes us nearer to national and global depression.
Home value continue to go down because of lender initiated foreclosures. Lender foreclosures only make the recession worse. They drive home values further down as they add to the already enormous inventory of houses for sale.
Because of home loan lenders previous illegal lending practices and now irrational frenzy to foreclose in violation of their own investor existing guidelines, home values have dropped further putting me upside down. Your loan to me is more than the current value of my home.
The Feds, to boost the American economy, have recently done several aggressive emergency fund rate cuts. They have stated they will continue to cut interest rates to stimulate the economy. Those interest rate reductions should be passed through to me. Your investor guidelines even allow for it, and strongly encourage it, to avoid foreclosure.Realtors are correctly not interested in taking any more listings for upside down properties as they are flooded with them and can no longer afford the costs to market a declining in value product.
The Feds, to boost the American economy, have recently done several aggressive emergency fund rate cuts. They have stated they will continue to cut interest rates to stimulate the economy. Those interest rate reductions should be passed through to me. Your investor guidelines even allow for it, and strongly encourage it, to avoid foreclosure.Realtors are correctly not interested in taking any more listings for upside down properties as they are flooded with them and can no longer afford the costs to market a declining in value product.
Permanent loan forgiveness and permanent interest rate reductions would immediately put a floor under the collapse of housing prices. That would pull America out of this ruinous recession.
Are you a patriot or a terrorist?
A patriot is one who loves and defends their country. A terrorist is one who engages in UNLAWFUL uses or threatened use of force or uses violence, terror, or INTIMIDATION to achieve a result against citizens of a country to the HARM of the country. What these lenders are doing with their frenetic frenzy to foreclose in violation of their own rules, is per se Economic Terrorism against our country.
For a patriot, a note modification is the only answer. Without a note modification, I am facing bankruptcy. Bankruptcy attorneys are getting court-ordered note modifications. It is against public policy and unconscionable to throw people out of their homes because they are upside down because of lenders previous illegal lending practices.
The American Congress, President and Presidential candidates all support a freeze of several months on foreclosures, and a freeze of several years on upward interest rate adjustments. Senator McCain said that "the home lenders created the housing problem, they have to solve it, NOT the American government." So, solve it. Follow your own investor foreclosure mitigation standards for note modifications. They have been in place for years.
My proposal is fair and reasonable as the current interest rate and the current fair market value of the house support it. I propose a note modification of an interest rate reduction to a fixed 4.000% and a debt forgiveness of $175,000, with a 30 year fixed fully amortized loan.
Sincerely,
Craig B.
Craig B.
Better Business Bureau
991 Bible Way
Reno, NV 89502
re: Follow up to BBB complaint Countrywide Home Loans
Dear Better Business Bureau,
I remain unsatisfied with Countrywide Home Loans. My complaint to the BBB against Countrywide Home Loans remains inexplicably 100% unresolved. In March 2008, I began my attempt to get a loan modification from Countrywide. I have repeatedly provided Countrywide with my information including my income tax returns and income and expenses. As Countrywide knows very well, the Statue of Frauds requires that all communications, contracts etc., regarding real estate must be in writing. For months, I have made repeated written communications to Countrywide. I have repeatedly written Countrywide to communicate with me as required by the law, in writing. That has not happened from Countrywide.
Per the requirements of the Statute of Frauds, I am again making another written request of Countrywide to comply with the law that all of Countrywide's communications with me be in writing.
Per the requirements of the Statute of Frauds, I am still awaiting a written response from Countrywide as to my several written requests for a loan modification.
Per the requirements of the Statute of Frauds, I am still awaiting a written response from Countrywide as to my several written requests for the error that Countrywide continues to make in applying my payments as unapplied on my mortgage statements resulting in late charges.
Per the requirements of the Statute of Frauds, I am still awaiting a written response from Countrywide as to my several written requests for Countrywide to reverse all late charges and apply the monies Countrywide illegally used of my payment to those illegal late charges instead to my payment where they should have gone in the first place.
Per the requirements of the Statute of Frauds, I am still awaiting a written response from Countrywide as to my several written requests for a note modification in compliance with Congress and my loan's investor underwriting rules of an permanent and fixed interest rate reduction to 4.625% and a permanent debt forgiveness of $175,000, to a 30 year fully amortized loan.
cc: Countrywide Home Loans
Mail Stop, PTX A-657105
Corporate Dr.Plano, TX 75024
Copyright © 2008 Craig B
Check out Is Your Lender A Patriot Or Terrorist? http://reno.broowaha.com/article.php?id=3462
Check out Just Do The Required Home Loan Modificationhttp://www.broowaha.com/article.php?id=4070
Check out Blame Greedy Home Loan Lenders For Frightening Recessionhttp://www.broowaha.com/article.php?id=3352
digg_url = 'http://www.babelation.com/?q=node/1054';
digg_title = "Negotiating With Your Home Loan Lender to Modify Your Loan";
digg_bodytext = "The first thing any homeowner with not only an ARM, but any mortgage, should do is to immediately initiate debt relief and an interest rate reduction from their home loan lender.\r\n\r\nThe Federal Government should freeze all foreclosures, and do it immediately and for a 2-year period. Why? Because the greed of the home loan lenders has caused them to NOT, and continue NOT, to follow and obey the EXISTING rules and laws REQUIRING lender Foreclosure Mitigation.\r\n\r";
digg_skin = 'compact';
Check out Is Your Lender A Patriot Or Terrorist? http://reno.broowaha.com/article.php?id=3462
Check out Just Do The Required Home Loan Modificationhttp://www.broowaha.com/article.php?id=4070
Check out Blame Greedy Home Loan Lenders For Frightening Recessionhttp://www.broowaha.com/article.php?id=3352
digg_url = 'http://www.babelation.com/?q=node/1054';
digg_title = "Negotiating With Your Home Loan Lender to Modify Your Loan";
digg_bodytext = "The first thing any homeowner with not only an ARM, but any mortgage, should do is to immediately initiate debt relief and an interest rate reduction from their home loan lender.\r\n\r\nThe Federal Government should freeze all foreclosures, and do it immediately and for a 2-year period. Why? Because the greed of the home loan lenders has caused them to NOT, and continue NOT, to follow and obey the EXISTING rules and laws REQUIRING lender Foreclosure Mitigation.\r\n\r";
digg_skin = 'compact';
No comments:
Post a Comment