The HAMP prgram should be call the Making Home Delaying Foreclosure Program This program was made only to delay foreclosures, while the Banksters Stick you up with Inspection Fees, Interest fees, late Fees and most of all the payments you made while you were on a trail period, those payments are not being apply to your mortgage account, nor being return to you either they keep the money in a suspend account and then when they foreclose they keep those payments (they don’t give it to the investor of your mortgage either) at the end ROBING YOU of your money
HAMP= License to rob you!
God Bless America !

This report is very discouraging. It appears that the fraud that Chase has been perpetrating on me for 16 months when the started me on a trial program may have no recourse With the advise of my Goverment paid MHA counselor I requested the NPV values used to deny my latest modification request .
They received it over 2 months ago. The have called me several times saying that I exceeded the thirty day time limit. I faxed it and Express Mailed it. Each time after threats and long discussion they admit that that did receive it prior to the 30 days following the date of thier letter. The want to talk about it and I respond that every counselor was sure I would be approved, and they were all wrong. I advise them that all correspondence from them must be in writing because they have proven that there word is never recorded and they can say anything.
I believe that the cannot support their denial which is why they will not provide the NPV Calculation.

I am seeking an experienced LA attorney that knows how to deal with their tactics and win and stop the forclosure sale. Any help would be appreciated.

The HAMP program is not the only thing that banks are abusing in their favor, because from where I’m sitting, I have not seen one case that DID NOT have “legitimate issues”, ie lack of standing, no causes of action, induced default, false placed insurance, bogus loan mod offers, escrow manipulations, robo-signing, false affidavits, defective assignments, fabricated notes, manufactured allonges, forgery, false notary, fraud on the court, perjury, you know, felonious acts…
Not paying a mortgage is NOT illegal, what the banks are doing to seize property IS.
Property rights violations at its best !

@ another Florida defaulter - you rock! I agree - stop paying. They can’t steal everyone’s home.
Why should the bank get your house to resell, get made whole by insurance you (taxpayers) furnished them and then *also* get the option to SUE you for “deficiency??”
Eff that $#@*^%%!!
Hold the line, Florida. Look at the banks scurrying away from the f.c. cases in Lee County. They are throwing up their hands there and retreating! Score!
No. More. Checks.
Meet them at the courthouse conference table. Alert the media and get a camera crew in there, stations love this stuff. Make sure they film the bank lawyer and get his name out there.
Stop paying and insist on the deals the speculators are getting in our neighborhoods.
No Money for Banks!

Go into minute 8 and play - BHO promised to help “7-9 million” homeowners with mtg. assistance. Not the 3 million they talk about now.
Nice job moving the goal posts, Barry. When the camera was rolling and the klieg lights bright, you went for that cheap applause.
Oh, check me. Maybe you meant 7-9 million…foreclosures??
lol.
Nice economy you got there. Be a shame to see anything happen to it….

Don’t call them, don’t move out, suck as much out of the banks as you can.  If you are in this situation your credit has already taken a hit, pretty soon 600 will be the new 800 on a credit score.  I think the bad ass robber banks have not seen the true might of the American people.  It’s OUR money they’re blowing, how did TARP get passed anyway?  Why was it passed with no oversight for these banks?  We need to come together over this, no party line bullshit, people are sick of them blamong each other.  Think for yourself, don’t throw good money at bad paper.  We can start a revolution, we all stop paying.

hey FL defaulter, what area are you in??  I’m in the panhandle and kid you not—Realty Track at the end of 2010 listed almost 1500 forclosures in my zip code!!!!  AND banks were holding back on some “so as not to flood the market”  HA what a joke!!!  Bring on the flood!  I encourage everyone to check thier zip code on Realty Track’s website.  I own in CO as well and it is a much different story there are only 150 forclosures in my area code there.  For those of us in an area with a HUGE number of forclosures, the banks are not in any hurry to take a house and have it sit empty, as that will lower the value even more.  Remember everyone YOU DO NOT HAVE TO MOVE OUT until you are served eviction papers from the law.  So stay as long as you can, keep track of all the money you’ve saved and then DUMP IT into the robber banks scummy laps.

Propulica, what a fresh breath of air, your reporting is brilliant,  to the point, specific and outright “fantastic”  the standard we only wished mainstream media had to use. 
  In this particular case with the Tarp, treasury and Servicers conduct was known, as exposed here, then the complaints and action by the people would overwhelm the manipulative, if not conspiratorious, Lobbiest.

I am yet another victim of Chase. Been on the program since May"09 making every trial payment since then, the gobs of redundant paperwork faxed many times, the profit loss, the taxes, the gas bill, the phone bill, (because it has your street address), the homeowners insurance, the bank statements,etc., then about a year later they denied me because I don’t live in my home, as I am self employed and they saw different addresses on my checks…my office address. Are these people idiots or what? I disputed that. Then they invited me to one of their events to help homeowners and this will put you on the fast track, you will know in 30 days. This is the best part, they transferred my loan to LBPS (IBM) before they could decide. The whole mess starts over again….we just want to help you by sending me 15 letters with the transfer….so I apparently was thrown off the HAMP, unless I can prove otherwise and will only qualify for one of their loans with the same interest rate as my original loan 6% and a $400 increase of my original payment. If I couldn’t pay my original loan how can I pay $400 more? This is the help they can offer. They also have my income incorrect after years of paperwork. They also have a sale date for my home in May. With all the fees and late payment charges and the way they figured my trial payment I am so far behind now it’s absurd. Chase is making the most money of any of the banks, if they really wanted to help us they know how.I really thought Obama would help the little man, but look who he’s sleeping with now, his newest chief of staff a big wig of guess who Chase. Does anyone know of any class action suits against these cheaters Chase?

Well wonderful WOO HOO we got a trial modification finally and guess what ?
ITS A WHOLE 59 DOLLARS LESS THAN MY ORIGINAL PAYMENT.  THATS RIGHT LESS THAN 60 BUCKS DIFFERENCE! WAY TO GO oBAMA FINANCE LAWS!

Earlier this week we read the Financial Crises was avoidable and banks knew the risk.  YA THINK! We have seen the audit reports on Countrywide, Wamu, Wells Fargo etc that all prove they banks targeted homeowners, insured themselves againt the failure yet there are no reprecautions.  This article points out once again how no one is looking out for the Homeowner.  Even the media, except for this one, do not report these details they are hidden, when they should be all over the media.

I have spoken to the Tresury department (hamp no solution center) and was advised yes I do qualify, Chase mis-calculated my numbers, resubmit.  Resumbitted in Nov and continue to make my mod payments.  have been in loan mod hell for 2 years.  Now Chase accepts my payment but holds it. I send it certified w/receipt.  When I call in to ask why it has not been processed I am advised they will call me back.  Yet, to date I have not received a phone call.  So now quesitoning am I just throwing money away?

enough is enough!

As a child of the 60’s I cannot fathom the apathy in our nation today while banksters and corporate lobbyists - compliments of our elected representatives - are busy raping and robbing the entire middle class!  People are just too lazy to get out and demonstrate these days.  We need some solid organization and coordination to rally our numbers and then march on Washington DC if we really hope to get anyone’s attention. Emails, blogging and ranting (of which I am equally guilty!) on our computers is a great way to vent our frustrations, but unfortunately it just isn’t sufficient to warrant attention and action from our elected officials.

When this mess first started unfolding, the Wall street crowd blamed all those deadbeat borrowers for the entire economic collapse, and I fear that impression has stuck with Americans who really aren’t aware of the real cause, or extent of the corruption.  So they tune out to these great expose’s that Propublica is famous for, as it doesn’t affect them anyway.  But it does affect them too, and until they understand this and are equally outraged, we are doomed! 

As long as the housing situation is deliberately slowed to a crawl by these banksters - who can only afford to absorb so many foreclosures at a time, it’s going to be decades before things turn around for ALL property owners.  Somehow we need to impress this fact on ALL Americans!  If more people realized their property values aren’t going to change either as long as these banksters continue to control the housing market - and they are allowed to foreclose on another 4 million homeowners this year, just maybe the situation would change.

Can we bring a class action lawsuit against the Treasury Department?  I was lured into the HAMP program with the promise that doing so would help me stay in my home.  What a farce (LIE) that has turned out to be!  Instead I am farther in debt, living in hell, and at the mercy of these monsters.  I know there are countless others like me who entered the program with the same hopes.

I suppose we could appeal to Obama.  But then, he’d probably just turn it over to his new Chief of Staff - William Daley.  OOOPS!  My bad…I forgot!  Daley also coincidentally happens to be an executive director for JP Morgan Chase!  So much for HOPE and CHANGE we can believe in!

Sorry I missed this article when it first came out.  I’m glad to hear that some are being helped by HAMP.  But there are far too many people being punished before they can become eligible to even apply for HAMP.

Since Barack Obama has repeatedly approved and bragged about HAMP, I believe he could be directly liable for harming taxpayers by luring them with a taxpayer funded program that punishes people before they can become eligible for the taxpayer funds.

If bankers are benefiting by accelerating foreclosures and reducing credit scores of homeowners before they can even become eligible to apply for HAMP, this basically sounds like a Federal Hobbs Act violation, the extortion clause, under the color of right.

And Barack Obama’s support of HAMP, the encouraging of people to try for HAMP, makes Barack Obama liable, and I believe, impeachable.

Our problem is we don’t have the money to hire an attorney..Again Chase ruined our credit, which was NEVER DISCLOSED TO US..We got nothing from Chase except the first 3 month trail period payment. I wrote to AG in Arizona and in Indiana. Ag in Arizona tried to help..but again with no prevail. The AG in Indiana chose sides with the bank. How can we get an attorney to help us?? Please let’s try to work together to get something rolling. All we’re asking for is for Chase to add a statement to the Credit Bureaus stating we we’re on a 3 month trail period (which lasted 9 months) so our credit can allow us to buy a less affordable home..So far they REFUSE!!  HELP!!!

Should I say..a MORE AFFORDABLE HOME! We are stuck in a home we love but can’t afford…

My HAMP application was wrongfully denied because the mortgage company used my annual property taxes and insurance premiums as though they were monthly payments when calculating my eligibility. It took 35 days for me to receive the numbers they used after I requested them in writing. Then when I pointed out their mistake, they told me that my 30 days to appeal had passed and that I could not apply again, and they threatened to foreclose. I contacted my congressman, and then I got a call from the mortgage company saying that I was correct that they had made a mistake and that my HAMP modification was being approved and backdated to when it should have been granted. Even after that, they tried tacking on thousands of dollars of extra fees and costs, and tried to sneak in a $25,000 balloon at the end of my mortgage. With my congressman’s help, they didn’t get away with it. It took almost a year, but my modification finally went through, and my mortgage dropped by $600/month. I urge everyone to contact your congressman for help on this issue. It’s worth the time and effort.

For all of those who have loan modifications in place, permanent or temporary, ALWAYS send your payment by cashier’s check, ALWAYS send it via FEDEX and require a signature and proof that it was received.  I got a permanent loan modification from Wells Fargo (actually, they just refinanced my current balance at a lower interest rate); however, I STILL send my payment with a cashier’s check AND by Fedex, so I ALWAYS have proof that the payment was sent and the amount of each payment.  NO ONE can argue with that kind of proof, trust me!!!

Arnie…..try Price Law Group in Encino.  They have a loan modification attorney.  You can find their information on their website.  They are AWESOME.  I used their bankruptcy attorney to file Chapter 13, and I had NO problems.  I know they have a loan modification attorney because I talked with her briefly about the modification that I received from Wells Fargo (ASC).

Jean, since my first day posting I said the same thing about rallying in Washington and I was sure Pro Publica and Some of the other media iutlet would help! It is the only way! We can wine and wine on this Blog but if we don’t get out and do something nobody is going to help! Not once did Obama mention Foreclosure in the Sate of The Union it is America and many are going to be out on the street. Instead of complaining let’s organize busing and trains and DO IT!

Barry why do you think President Obama and his democratic congress passed HR1? To keep the insurance companies from doing just this..What I don’t like is how it’s taking until 2014 before the entire bill is in place. Alot of people will have died by then.

Thank you for your comment Kim. There will be hundreds of thousands who are killed by the insurance companies before 2014.

But right now the Presidents top managers are also recklessly endangering the lives of many very sick Americans.

They have taken no action after seeing all the evidence at http://www.extremelyurgentpresidentobama.blogspot.com

I have received a letter from a Department of Labor Director in Washington and the Regional Manager in Atlanta, telling me it is their top priority to stop these exact violations, but they have done nothing.

It is so hard to believe that doctor’s paid by insurance companies can ignore brain lesions, a foot broken in 5 places, heart conditions, and so much more, and the Obama administration that promises hope and change will do nothing !!

I expected this from Bush, but it’s hard to take from Obama while hearing him continue to talk about “higher moral standards” and “listening to each other”

Please check out the website mentioned above to see Judges quotes that prove the destruction of lives that Obama and Bush have allowed.

The surprising thing is that it has taken this long for this be be “news”. This is old news to anyone who has tried to be reasonable with their lender, only to find a system designed for inefficiency, frustration and ultimately a means to say, “No”, to a homeowner in dire need of help. I love that some homeowners have finally had their fill and are suing lenders suemylender.us now so that the banks finally have to answer to a higher authority.

@ another Florida defaulter - um, why dump $$ into a banker’s lap? What does that mean?
Would rather keep my $$. If that’s OK by you.

love ya Kim and Barry but we’re talking about mortgage issues

At a Congressional Oversight Committee meeting on TARP this past Wednesday Florida Rep. Connie Mack spoke against more regulations.  It is like he had no idea why more regulations of the HAMP were needed, despite being from one of the hardest hit states/

@ florida defaulter.  My post meant dump the property, after you’ve lived in it for as long as you can until you are evicted and then take every scrap of everything out of the house.  You can save money by not paying the bank ROBBERS and buy a home with it, they will be really cheap because the market is going down down down with all the forclosures

Thanks for the love Florida : )

I hope everyone understands all the Corporate Corruption is very connected.

The banks have used this loan program to fill their pockets and destroy so many lives.

Goldman Sachs got a non prosecution agreement for creating a scam and then betting against it.

The world economy was crashed in part by banks that took the worst rated loans and “repackaged” them and magically and fraudulently changed them to be the best rated.

But no one has been prosecuted.

And then you have insurance companies getting non prosecution agreements while they are ignoring brain lesions on one patient and a foot another patient broke in 5 places as evidenced by the Judges quotes at http://www.extremelyurgentpresidentobama.blogspot.com

This psychopathic behavior is all very connected, and I feel strongly that the corporations involved and the government leaders who are allowing all of this are responsible for the willful destruction and deaths of millions of people around the world who will have no money for food, shelter, or anything, while the corporate CEO’s and their cronies make millions, billions, and trillions of dollars.

The administration never had an intention of helping homeowners.  If it did Obama would not have blocked legislation that would have allowed bankruptcy judges to force a cram down of mortgage principal for bankrupt people about one year ago.  It will not charge penalties to a Financial Industry that it is propping up with the other hand by QE I and II, relaxing accounting rules and keep interest so low that it subsidizes the bank industry by favorable interest rate spreads. 

If you are underwater on your mortgage and current on payments you give the bank no incentive to reduce principal and refi.  The servicers, many of whom, are owned by major banks, make more money charging penalties for non paying home owners.  The only way you can gain leverage is by stopping your monthly payment.  Wait 3 months and when the bank calls, simply inform them that my mortgage is worth more than my home and I have no incentive to continue making payments until they reduce the principal.  Then wait, which will be awhile as the lender can’t sell your house for anywhere near what is owed and if they seized it they’d have to pay your property taxes and maintenance costs.

If you’d really like to stay in that home save another 6 mos of payments and have the home appraised, based upon recent sales, and then contact your lender with a principal reduction amount consistent with comparable sales.  If your dealing with a servicer, let them foreclose, by that point you will have saved tens of thousands of dollars.  Hire a lawyer to contest the action and see if the servicer can prove they hold your note.  Many do not and most judges will not allow a foreclosure when the lender can’t prove they have a lien or mortgage on the home.  If that occurs the lender will definitely agree to a dramatic principal reduction because they won’ t be able to foreclose and haven’t receive d money in 2 years.  Then great.  If they can foreclose then you move with 30-50K in your pocket.  Of course your credit will suffer and its stressful but you will not have thrown away tens of thousands of dollars on a non performing asset while you unavoidably bleed property taxes.  Guess what happens when there are way too many houses and not enough credit worthy buyers.  People with a strategic foreclosure become credit worthy.  So you rent for 2 years and then buy the same house you used to own for 30-40% less than your old mortgage.  You repair your credit and your wife f$%^s your brains out for being a gutsy financial genius because now you have a house and a college fund.

The last post this is about people who can not pay their mortgage and have difficult times not about doing to the Banks what they did to us! Then we become no better then them. What goes around comes around I want to be the decent people that we were and be the ones in the right not lay down with Pigs and be in the wrong with them.If you can afford to pay your mortgage pay it. It is the people that needed help and were promised help because of circumstances in this economy with job loss and so on . Financial hardship.!
This is not how to beat the Bank game if so I’m out! Because there is no way to beat them they are bigger and more powerful than all of us so forget it.
But if you have a legitimate problem maybe we can all beat them down!

Susan,

Grow up.  This is not unethical, some have made the mistake of equating paying your mortgage with loving your mother, praying to god and loving your country.  It is not that, you are making a rational decision about not throwing more money at a non performing asset.  Commercial property holders have been refusing to pay their notes and forcing principal reductions for 3 years, why should the average person be a sucker.  Six months ago JPMorgan handed a $5.7 billion dollar residential development in Brooklyn back to the lender after they made the prudent calculation that the market value had dropped too much to keep paying the mortgage.  How do you think they are sleeping?  You think they can get a loan?  Remember, you’re not the one who inflated the housing market beyond all semblance of reasonable valuation.  The Fed did, the banks broke down the regulatory frame work over decades by paying off congress and presidents in campaign contributions, wallstreet built a huge securitization model which made it possible for a fruit picker to get a 700K mortgage and the realtors staged the properties and the mortgage brokers played matchmakers.  You’re not robbing anyone, they did, you just wanted a home for your family to live in.. ) 
Fight the smart fight.

I thought I’d heard it all, but today encountered a new one. I applied for a loan rate modification with BofA in October 2009. At that time I was not behind in my mortgage, had a credit score of 840 out of 850, and a positive NPV.  Beginning Feb 2010, I completed a five month reduced-payment trial period for the loan rate modification, and was repeatedly told that if I paid this off, my application would be denied. After a year of the administrative horrors everyone is familiar with, this month I received a decline letter for negative NPV.  When I called to question how this could be, I was repeatedly told it wasn’t really negative NPV, but that the investor turned me down because I had become behind in my mortgage and the trial period had destroyed my credit rating. I decided to call the investor. They said that BOA had done the declining, then untruthfully written them that I was two months behind in my mortgage and had a bad credit score when I applied to MHA program, had been put into a “repayment plan” rather than loan rate modification program, and that I had defaulted on my “repayment program.”  They lied to both me and to Fannie Mae.  When MHA Hotline and I called BofA back with this information, they admitted they turned me down because I had put $80,000 down on the house and therefore had equity. She said that having equity automatically resulted in a decline, because they’d make more money by foreclosing. Of course they had waited a year and a half, running up late fees the whole time, to decide to reject me for having “any equity.”  A BofA woman told me today that the decline really was for negative NPV, but that “many factors go into our NPV calculation, not just the things that are actually in the NPV formula.”

Stan,
Okay! I’ll grow up you are right! I’m out of my league here! I’m fighting to save my home.Not the Banking System! I can barely save what I have not Bank of America’s position in how they will treat the rest of the world.
You do that! While I try and figure out where I am living next month!

Susan,

I’m very sorry to hear that.  My entire point is to save yourself, save your money, stop paying.  I know its easy to say but its only a house, just a piece of property, don’t let them use credit score as blackmail, save yourself.  Good luck.

Look at Tunisia Look at Egypt people are in revolt because government and corporation are extracting the money from the people so much that people after not having homes, money for food and no health care they decided not to take it any more and take to the streets could this be a warning for other governments to pay attention? could this happen in the USA? watch out Banksters and Gov
If there is no Justice It could happen

It all boils down to that stupid “NPV”—-which is some made up calculation that is so “secret”, that they can literally give ANYTHING reason they want to to deny a loan mod.  It’s just SO perfect for the banks—-they say “Oh, our hands are tied because that’s what the “Treasury” told us we have to do…”  So obviously, the homeowners will NEVER win, the only thing we can do is what that HUD counselor said—-file lawsuits for wrongful foreclosure and force these people to show IN DETAIL why the homeowner was denied—-then they are called to the carpet and they balk because they know they are committing fraud. 
My story in a nutshell—- my husband is in sales; I have 2 young children in local schools where we’ve lived for 10 years; our (already modest) income was cut in half when the economy crashed; we have been trying to get a loan mod. ( with the usual back and forth bs ), for 11 months to an affordable mortgage with OneWest Bank…They told me we “failed the NVP test…so my next plan of attack is the wrongful foreclosure lawsuit…to be continued…

I’m sorry to say Susan but Stan is right Banks also have forged notes, lost notes, intentional destruction of notes, unauthorized people signing mortgage assignments or endorsing notes, missing documentation, fraudulently fabricated documents, different plaintiffs foreclosing on the same property, plaintiffs who do not exist property right violations, braking illegally in to homes, and the inability or refusal to provide proof of purchase and/or ownership of the promissory notes.
Why give your money to crooks? the only problem is yes, at the end they will take your house

I haven’t checked this site and posts for a while, but I wondered if anyone had experience visiting local branches of some of the big banks (BofA and Chase) with loan mod requests? 

Since these offices were the site of my original transactions, it seemed reasonable to demand the same personal attention—now that I desperately need mortgage assistance—as when they were courting my business initially.  My weekly follow-up would then be with a person that could hardly avoid my visits. 

I grew so weary of the incessant transfers, dropped calls, and contradicting (mis)information, while juggling other pressing life events, that I dropped this effort for a bit.  Ready to resume the fight in earnest, and would like to make it up-close and personal.

Has anyone been successful negotiating on a VA loan?  BofA hardly has the same incentive to offer mod assistance in my case (plenty of equity on the 1st).  Regrettably, I also have Chase to deal with on a 2nd—that’s the problem child.

Thank you all for your posts; they’ve often kept me from feeling completely hopeless.

I know you are right 2006 New century never sent us the signed loan Docs they turned it over to BOA in August of that year and guess what I still don’t have them. They sent last year a few micro film pages but not complete and never adressed it again. I have asked every year so many times. But I don’t have money to fight them. Yes in the end they will take my home!  It isn’t growing up It is growing weary! Really ! They wear you Down! Is it worth it in the end! I’m not sure. I’m fighting for the Arc that is taking away my soul! TRULY! Iam foreclosured out!!!!!!!

I have a 30 year fixed rate with HSBC which was 9 3/4% which I did get modified to about 6% and reduced my payments to 563.68 but still too high and interest rate way tohigh and payments too high as I got 2 months behind and weith help from my children They gave me enough to get caught up. They need to be realistic and reduce interest to the 3% President Obama set which would reduce my payments below $400.00 makingn them more affordable for me. They need to take and include all late interest and everything into the modification and make that a permentant modification. I would like to be included in the lawsuit .

Kenneth Piper, HSBC does not work with the HAMP (obama plan) so they do their own Loan Modifications usually at 6% interest many only for 6 months so if you received a permanent mod from HSBC considere yourself lucky I have also seen some principal reductions from HASBC but very limited

Stan,
I think what has been hardest but I’m actually getting there is learning the difference between a HOUSE AND A HOME.You are right it is only a house a home is what I made it for 30 years and that comes with me memoriies not stone and Chimney!
Has anybody noticed a change in Bank of Americas Attitude lately or am I going crazy. But it is like the calm before the storm!

To Jean..let’s do some research and see if we can hit the T.D. with a law suit..I wrote them 3 times about what Chase was doing to us..not ONE TIME DID THEY EVER RESPONDED!

https://www.nacalynx.com/nacaWeb/Advocacy/chase-lawsuit.asp?#LawsuitIndividual
I don’t know if this is a helpful site or not..I’m just now researching it.

You have all said it so well.  I can no longer state what they did to me because I am beaten.  Nothing positive will come from it, so I decided to be productive by starting a group to support and educate others battling Aurora Loan Services so they can prepare themselves for battle. I’ve tried to work for 3 years w/politicians through letters and complaints. Now I’m starting on a letter writng campaign to all 50 attorneys generals.  What surprises me the most is the American people.  You see, we still have apathy in this Country. They listen to the President’s speech and nod their heads in support. Wh…? How many millions have to be foreclosed on before we March on Washington?!  How many families need to be put in the street before these Bank CEO’s and Servicers, foreclosure companies and Robo Signers are run out of dodge and put behind bars? Maybe we should remind ourselves about the profits made by Banks in 2010.  Profits at our expense. And what about the Judges that continually look the other way when we present a legal complaint with evidence of fraud and forgeries?  Judges are suppose to be fair and just. But they don’t want to look at the truth presented. In addition to Marching on Washington, maybe we should have a peaceful sit in on the Lenders and Servicers front lawns.  Let’s include Geithner and Bernanke, two more crooks in this nightmare. Let’s seize all their homes so they know what its like. Look at Egypt today? Is our Country that far off from the same?

Banks are “modifying” loans for their best customers instead of those behind on their payments, voluntarily reducing their interest rates.  That way they save the customer, who might well have refinanced with another lender, and they can amass statistics that show the government how well they’re doing.  No one looks to see that it was a Grade A customer instead of a pending foreclosure.

HDB,

I’ve seen a little of that, banks refi’ing performing loans, how much reduction in principal are they allowing.  However, I think thats from the realization that its cheaper to do than having someone strategically default and then having to resell at a much lower price. Transactions are down, lower than NAR has said, as they are revising down the last 4 years of volume sales reports.  Moreover, there is so much supply still to come on and 8-10 million lurking shadow homes that they own as well.  Banks have a huge problem , there is way too much supply and prices, at least in Chicago, have another 20-25% to fall. Most markets east of nevada have the same issue w/ few exceptions.  (Dakotas, Ca, Tex)  Prices will not stabilize for 4-6 years or longer.  Point being, there is only power in negotiatino, those that have it and those that don’t. Historically, the banks have had the power, they don’t as much now. The banks/financial industry greed was short term and voracious.  As a result, the homeowner or home seeker has a great deal of leverage now, a great deal of power.  Most homeowner can force a principal reduction by holding out.  You are paying property taxes on a declining asset.  What is your cost basis?  Is your income increasing?  I"ve attached an article showing the rising prime shadow inventory being held disproportionately by banks.  You have the power, do you want to use it? 

http://www.housingwire.com/2011/01/28/banks-grip-on-prime-shadow-inventory-growing-morgan-stanley

THE TITLE OF THIS ARTICLE SAYS IT ALL!
OBAMA IS TRYING TO BE ON THE “GOOD” SIDE OF THE “INVESTORS”, BECAUSE HE THINKS THAT’S HIS ONLY HOPE FOR “CREATING JOBS”, SO HE CAN LOOK LIKE THE “GOOD GUY”.  NOTICE HOW HE KEEPS SAYING THE WORD “INVESTING”,ETC., IN HIS SPEECHES…LITTLE CONFLICT OF INTEREST, EH?
THE INVESTORS AND THE BANKS DON’T LIKE THE LOAN MOD. PROGRAM FOR A VARIETY OF REASONS…BASICALLY BECAUSE THEY WILL MAKE MORE MONEY IF THEY FORECLOSE…
SO THEY HAVE FIGURED OUT WAYS TO GET AROUND THE PROGRAM, AND NO ONE IS CALLING THEM TO ACCOUNT FOR THEIR FRAUD…THAT HAS TO CHANGE…
THE PEOPLE DESPERATE TO STAY IN THEIR HOMES ARE JUST “COLLATERAL DAMAGE”  OF THE CONTINUING GREED OF THE INVESTORS, BANKS, AND SELFISH INTERESTS OF WALL STREET.

Pat - Can you send me an email on what HUD agency you work with.  I am in the O.C. and have a lawsuit in the works and this information w/b very helpful. .(JavaScript must be enabled to view this email address)

I have a cxase for you guys and it may be good news: California Appeals Court Rules Homeowners Can Sue Banks for Fraud Over Broken Loan Modification Promises
Claudia Aceves received a foreclosure notice from U.S. Bank, so she filed for bankruptcy protection and the foreclosure was halted.  Her plan was to file Chapter 13, which would mean that she could very likely keep her home and under a court approved repayment plan.
Then she got a call from the nice folks at U.S. Bank… and the bank’s representative said… I’m paraphrasing here…
“Oh, Claudia, Claudia, Claudia… this is all just one big misunderstanding.  You don’t need to trouble yourself with the whole bankruptcy thing.  We’d be happy to help you get your loan reinstated and modified… assuming, of course, you wouldn’t mind just withdrawing your bankruptcy filing.”  And just five days later… without so much as a courtesy call or even a “F#@k you” card… U.S. Bank scheduled her home to be auctioned off a month later. - The auction went on as scheduled and would you like to venture a guess as to who purchased Claudia’s home?  U.S. Bank, of course!  And just two months later, the bank pinned an eviction notice to her doSo, the lower court dismissed her frivolous claim, but what do you know… it must be a brand new day in the California courts because the Second District Appeals Court picked it right back up and, even though they declined to reverse the foreclosure, this past Thursday the court ruled 3-0 that…
“… a lender who falsely promises to help a homeowner prevent foreclosure can be sued for fraud.”
During the proceedings held in Los Angeles, U.S. Bank argued that Claudia had acted in “bad faith,”  read this its incredible the arrogance form banks - A spokes-jackass from U.S. Bank supposedly said:
“The betch was trying to avoid getting foreclosed on by hiding behind that bankruptcy shiz, so why should we have to deal fairly, tell the truth, and keep our promises?  She’s the one who set the rules here… and come on… we all know that ho can’t afford no $835,000 loan, and if we don’t take her pad back and dump it now, it could be worth a hundred grand less by the end of this year.
If Americans want this country’s banks to get healthy again, they’re going to have to stop getting in our way, and set aside all those ridiculous rights and laws that deadbeats are always yammering on about.  I’m telling you, if people keep resisting like this, we’ll just have to spend more of your tax dollars lobbying and probably even have to order another trill from Uncle Timmy and Aunt Ben.”
for more information about this case go to:

mandelman.ml-implode.com/2011/01/california-appeals-court-rules-homeowners-can-sue-banks-for-fraud-when-damaged-by-broken-loan-modification-promises/

Really????? We tried for a refiinance on an ARM interest only loan with our original servicer, Aurora Loan Services/Aurora Bank/Lehman Bros. who was supposedly “out of business”. LIE Number 1-Lehman Bros. is still alive and well and doing business as AURORA LOAN SERVICES/AURORA BANK. LIE number 2- You have to apply for a MOD. under HAMP. LIE Number 3- We were told that only one of us was on the loan. We knew both of us were on the loan. We both signed those loan docs.LIE Number 4- For seven months Aurora Loan Services-a/k/a LEHMAN BROS. dragged out the “trial payments”, put those payments into a “suspense account” and did not apply them to the loan. LIE Number 5-We called every week and got a different rep. with a different answer each time. LIE Number 6- We called HOPE and got no where. We even had a 3 way conference call with HOPE, ALS and us. LIE Number 7-In the end, HOPE, who is supposed to help the consumer seeking a modification/refi.. wanted us to sign a “repayment plan” with ALS and ALS sent docs. LIE Number 8-We refused and according to both ALS and HOPE, the agreement was that if we paid the arrearages within 30 days, our credit would not be ruined. LIE Number 9-We brought the arrearages CURRENT within 10 days of the denial on the MOD. LIE number 11-ALS HAD ALREADY reported us delinquent on our credit reports at the time they said we had 30 days to clear the arrearages to save our credit. LIE Number 12-ALS took no responsibility for denying us saying it was OUR FAULT that the partner was not included in the paperwork for the MOD! Every single representative for ALS told us every week for 7 months that only one of us was on the loan! LIE Number 13-OTS, AG’s office, FREDDIE MAC, HOPE, even the WHITE HOUSE continues to DENY they are failing the American public or even that they are LYING to protect each one’s political position or job with the government!
Wake up America-you don’t have ANY say in government. You just keep electing people who are LIARS and won’t represent you, the taxpayer, the citizen, the constituent.