13 replies to this topic

[Steve Heard]

Police arrested 22 demonstrators who blocked entry to a downtown Chase bank branch Thursday to protest what they said were unfair home foreclosures.

The demonstrators, which included homeowners facing foreclosure, community advocates and labor leaders, silently allowed officers to bind their wrists behind their backs with plastic restraints and guide them into a police van.

Dozens more demonstrators chanted and marched on a nearby sidewalk holding sighs that said "Stop Bank Greed, Save Our Neighborhoods" as the 12 men and 10 women were taken into custody.

Detective Gus Villanueva said there were no injuries to police or protesters, who would be cited for trespassing and released.

Alliance of Californians for Community Empowerment member David Mazariegos said the demonstrators hoped to bring attention to the plight of people who are unjustly losing their homes.

He said banks' failure to modify many borrowers' loans puts them in violation of the Home Affordable Modification Program, which lenders agreed to participate in as part of the bank bailout.

"The banks are not helping anyone stay in their homes," Mazariegos said. "It's highway robbery, what they're doing to these people."

Alliance director Amy Schur said the groups were singling out JPMorgan Chase & Co. because most of the borrowers whose foreclosures and evictions they are contesting are serviced by that bank.

This article appeared on page D - 2 of the San Francisco Chronicle



Read more: http://www.sfgate.co.../BADM1GRSME.DTL

[ducky]

The banks are a mess. They are even trying to foreclose on homes they don't have loans on.
These poor people have to pay attorneys to clear up the mess.

http://news.yahoo.co...re_wrong_people

[Steve Heard]

I just got a call from one of my clients I've been working with on a short-sale. The deal fell apart when the first (Chase) and 2nd (Golden One) couldn't agree on the payoff.

Weeks later, Chase called and said they wanted to work out an agreement and asked for updated (proof that he was still broke), and that they'd pre-approve the short-sale. I've been calling weekly and am told they're working on it.

About 20 minutes ago, the owner called and said he was just served with a Notice of Trustee's Sale. They are going to foreclose on the 11th of January.

[Bill Z]

The banks are a mess. They are even trying to foreclose on homes they don't have loans on.
These poor people have to pay attorneys to clear up the mess.

http://news.yahoo.com/s/ap/20101208/ap_on_bi_ge/us_foreclosure_wrong_people

I would sue the holy heck out of a bank that tried to foreclose on a non-existing homeloan on me.

[ducky]

I would sue the holy heck out of a bank that tried to foreclose on a non-existing homeloan on me.

Instead of hiring an attorney, I think I'd be tempted to just hire Randy Quaid to bring the bank president wrapped up in a bow to my house and see how quickly things got cleared up. I think with Mr. Quaid's recent legal troubles he could probably use the money.

[nomad]

Instead of hiring an attorney, I think I'd be tempted to just hire Randy Quaid to bring the bank president wrapped up in a bow to my house and see how quickly things got cleared up. I think with Mr. Quaid's recent legal troubles he could probably use the money.

He's a fugitive in Canada!

[ducky]

He's a fugitive in Canada!

I guess I'd have to pay him in loonies then.

[asbestoshills]

There is no incentive for banks to get their money-they get more from foreclosing and wasting time. They get paid on the loan from private mortgage insurance and then again from the bail-out and then again from the foreclosure-that's tripple dipping and you get your credit ruined in the process while they just turned your misfortune into a fortune. Let's say the house is worth 300,000, you default, they collect on the insurance, then they send your paper work into the gov bail out and collect again and then they finally don't give u a modification and collect another new loan on the foreclosure-doesn't sounds fair does it?

[ducky]

There is no incentive for banks to get their money-they get more from foreclosing and wasting time. They get paid on the loan from private mortgage insurance and then again from the bail-out and then again from the foreclosure-that's tripple dipping and you get your credit ruined in the process while they just turned your misfortune into a fortune. Let's say the house is worth 300,000, you default, they collect on the insurance, then they send your paper work into the gov bail out and collect again and then they finally don't give u a modification and collect another new loan on the foreclosure-doesn't sounds fair does it?

That's what I've been reading in several articles. Once they have you on the track to foreclosure, it's near impossible to get off. What the banks are doing is just plain wrong - and we bailed them and are helping them do it.

[The Average Joe]

While I don't necessarily support the banks actions, I think we are overlooking one big elephant in the room. It (in most cases) is not the banks fault you defaulted on your mortgage. Not to mention that the average foreclosure has been in default for between 420 and 600 days. Hard to find the moral high ground for somebody beating the bank out of 20 months of "free" lodging...

[Redone]

"The banks are not helping anyone stay in their homes," Mazariegos said. "It's highway robbery, what they're doing to these people."

Show me the payments...

[ducky]

While I don't necessarily support the banks actions, I think we are overlooking one big elephant in the room. It (in most cases) is not the banks fault you defaulted on your mortgage. Not to mention that the average foreclosure has been in default for between 420 and 600 days. Hard to find the moral high ground for somebody beating the bank out of 20 months of "free" lodging...

I understand what you are saying, but it is wrong for the banks to lead people on and not be upfront about what they are really going to do. They are no better than those U.S. Loan Auditors.

http://news.yahoo.com/s/ap/20101218/ap_on_bi_ge/us_mortgage_fraud;_ylt=AlVGmqf878HBHqCrZvpH63f9xg8F;_ylu=X3oDMTNrMzVicjZ2BGFzc2V0Ay9zL2FwLzIwMTAxMjE4L2FwX29uX2JpX2dlL3VzX21vcnRnYWdlX2ZyYXVkBGNjb2RlA21wX2VjXzhfMTAEY3BvcwM1BHBvcwM1BHNlYwN5bl90b3Bfc3RvcmllcwRzbGsDYXJpem9uYW5ldmFk

[Steve Heard]

While I don't necessarily support the banks actions, I think we are overlooking one big elephant in the room. It (in most cases) is not the banks fault you defaulted on your mortgage. Not to mention that the average foreclosure has been in default for between 420 and 600 days. Hard to find the moral high ground for somebody beating the bank out of 20 months of "free" lodging...

I agree, but in many cases, people are trying their best to do the right thing.

In the case of my client today. Chase called October 13 and said they wanted to do a HAFA short-sale for him and when finalized would pay him $3000 relocation money. He submitted his documents, and I've been calling regularly for updates.

Today, they serve a Notice of Trustee's Sale (aka foreclosure notice), and when I called and expressed our confusion, the response was, 'just because we were working on a HAFA doesn't mean we're not going to foreclose!'

[M.E.G.]

I think part of the problem, is that there are different departments within the bank doing different things. Short sale departments, broken into the Hafa, etc, then there is the foreclosure department. They don't talk to each other, or communicate.

I also think that when it comes to HAFA, or any other program. The banks will run it through, to make it look like they tried(and thus make their numbers look good), but the bottom line is they are going to do whatever process gives them the biggest bottom line.

But, I agree with The Average Joe, if you are not making your house payments, it should not be a surprise that you get foreclosed on. If you are going to try different programs, either loan mods or short sale, HAFA or otherwise, you should go in with your eyes wide open. Know that it may not end the way you want it to.


M.E.G.