Hi, found your site sometime ago and need help from any of you that can.
First, I’m headed towards foreclosure and not the only one as the economy crumbles. I decided to be proactive and contact the bank "wells fargo" right away. As my income has been cut by a third. What was the response, can’t help you. So I got angry and called again. This time I asked to speak to a supervisor. Instead they told me about loss mitigation and I faxed in all my information. Now, I waited and then after a week called in. Was told, they haven’t looked at it yet. Week after week goes by and they just send "loss mitigation" more emails. Finally I grow tired of this game and ask for the loss mitigation number – they can’t give this out?
Now I hire a loss mitigation lawyer and he tries to get a lower interest. The bank tells him, I have a good interest and they won’t negociate. All I keep getting is calls about the payments being late. From a recording. So now I either not pay and perhaps get forclosed on or go further into debt and bankruptcy. So the question is what to do now?
I have been following the markets and the bank bailouts and the banks are doing next to nothing. Why, perhaps the truth is, they want the bailout money and our houses. Why not, the banks get money at zero interest from the bailout funds and Fed and write off the losses to the tax payer and then foreclose on the home owner and make more money putting up the house again for sale.
I would picket outside of Wells Fargo, but their main office is in SF and Im in Seattle.
Investorzzo. I might be able to help you. If interested email me at [email protected]
Thanks castlewp, sent off an email.
investorzzo – I am sorry to hear about your problem…sometimes I get lost in the numbers and forget that real people are hurting from a crisis they neither created nor profited from.
There have been a number of ideas floating around about how to help those with mortgage difficulties and I think we will soon see some packages offered – 4% mortgages and such. Hopefully castlewp will offer something more meanigful to your specific situation.
investorzzo said: "I would picket outside of Wells Fargo, but their main office is in SF and Im in Seattle." As a political activist and a financial revolution advocate; I love to hear about opportunities to stage public protests. The real core of the banking problem is the private and closed door Federal Reserve – the sinews of the beast. Look forward to seeing you at the next END the FED day of protests!
Thanks DrKrbyLuv, with almost a million foreclosures last year, the banks are n’t helping anyone. And most of the government agencies helping home owners are not a leg up, but digging the hole that much deeper with 40 year mortgages and time limited interest rate drops. And also, tacking on late payments to the end of the mortgage. Wow! It may take me ten years just to break even from the losses from this crash!
Then they wonder why over half are still going into default. But what can you say about the politicians; they are well paid, the best medical and retirement and they aren’t working for the American people, just themselfs. I am trying to wake up as many as possible. I can’t believe so many just don’t want to know the truth????????
No wonder the elite are so smug and arrogant………
I actually work for this bank in the loss mitigation department. Please let me know if you need help. I am sorry you have been waiting so long for a response. Unfortuately with all the hiring they do in this department most are not knowledgable about how to really help borrowers. What state are you in? Is your first mortgage with the same institution?
[quote=lundsta]I actually work for this bank in the loss mitigation department. Please let me know if you need help. I am sorry you have been waiting so long for a response. Unfortuately with all the hiring they do in this department most are not knowledgable about how to really help borrowers. What state are you in? Is your first mortgage with the same institution?
Sorry if I’m a bit skeptical, but if you work there like you say, then it seems to me you would know how the standard dealings with mortgage holders is to ignore them until there on the verge of bankruptcy. From everything I’m reading, this is the case. Not to mention that I have already had a lawyer contact the Wells Fargo only to tell them they don’t want to deal with me. They say that I already have a good interest rate. So what can you do, that I’m missing or is it information you are really looking for?
If you like you can email me at [email protected]
I think that posting this major personal issue onto this website was a master plan and I very much hope you get the best support possible from all that write here.
My first suggestion may well be a dead end because it is a specific issue but, pressing the ‘Contact’ button at the top of the page and seeing whether Chris Martenson or his crew have some good answers from helping to deal with others in the same situation. Any thread that can aid you right now has be taken I feel.
My second suggestion is important to grasp; there are many threads in this forum and yours may well still get missed by the one person that could be of the greatest help to you. I note you have only posted 10 times so far. I would study through every blog (even ones that appear out of date), if you write on it, so it will shoot back up the list on yours and others personal ‘Tracking’ in box and hopefully get answered.
Thirdly and by no means least important have to be online bloggs that cater to your specifics. I’m giving you a link to Martin Lewis at ‘Money Saving Expert’. This is a vast site and quite diverse. It’s a British site but must be supporting English people with concerns over homes bought in America during the housing bubble and foreign mortgae and finance..
All I can say is, my heart goes out to you and your family. Learn to breath again but please, build an action plan for what the alternative can bring. What positive steps could you make from loosing your home, i.e, renting another property and supporting brothers, sisters etc. Please don’t get mired in the mud over the financial losses or feel a failure, you did not create this mess.
Money Saving Expert
Another important link is on this site and written by Chris Martenson on the 8th of October last year. I’ve directed a few to this and it has helped me greatly. I too have made some very life-changing choices over the last year, including emigrating last september and buying a farm, but this is another matter. Here is the link :-
The Six Stages Of Awareness
Thanks for the reply Vanityfox451
Some of what you talked about, I have already put in place or to use. I have an equivalent site in the USA called "lowermybills.com http://lowermybills.com/
I have done everything I can think of and no luck so far. But am hopeful something can be resolved. If I can only talk to someone in the right department, of which so far they will not let me do? I also am astounded at the lack of help from our own government as to this crises. While Millions lose their homes, the politicians and banks talk and talk and talk. And the rest is just games and mud slinging. Soon I fear the whole thing will collapse and it will be all out anarchy.
I do wish there was a site that people could go to and help with what they know. I have searched google on my own, spending many hours and days trying to find out how to fight foreclosure. So far this is the best site for those who have any grasp of what is really going on in the world. To many other places just offer little help, but are all there to take your money. If what I learn here can help others, I will surely pass it on. investorzzo
[Ed. note: Post removed for possibly libellous content]