Facing Foreclosure!

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investorzzo's picture
investorzzo
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Facing Foreclosure!

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.  

 http://seekingalpha.com/article/115275-8-important-facts-about-the-federal-reserve

castlewp's picture
castlewp
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Re: Facing Foreclosure!

 Investorzzo. I might be able to help you.  If interested email me at [email protected]

investorzzo's picture
investorzzo
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Re: Facing Foreclosure!

Thanks castlewp, sent off an email.

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DrKrbyLuv
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Re: Facing Foreclosure!

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!

 

investorzzo's picture
investorzzo
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Re: Facing Foreclosure!

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.........

 

 

 

lundsta's picture
lundsta
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Re: Facing Foreclosure!

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?

investorzzo's picture
investorzzo
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Re: Facing Foreclosure!
lundsta wrote:

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] 

Vanityfox451's picture
Vanityfox451
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Re: Facing Foreclosure!

Invertorzzo,

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

http://www.moneysavingexpert.com/

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

http://www.peakprosperity.com/page/six-stage-awareness

Take Care,

Paul

 


 

investorzzo's picture
investorzzo
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Re: Facing Foreclosure!

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 

investorzzo's picture
investorzzo
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Warning! Warning! Warning!

[Ed. note: Post removed for possibly libellous content]

SkylightMT's picture
SkylightMT
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Re: Facing Foreclosure!

Many, many people are facing foreclosure.

If losing 1/3 of your income put you in a position where your mortgage is at risk, you were then and are now definitely in a mortgage that you should never have qualified for. You want your mortgage to be no more than 1/3 of your income. We lost half our income starting in October, and although things are very tight, there are ways to make it work. I contacted our mortgage company as soon as my husband got laid off, and, like you, because we were in a good rate (5.99%) and not in an ARM, and because we weren't behind on our payments, they would not revise our mortgage. And honestly, I didn't expect them to - they are not responsible for our work situation nor were we in one of the "bad" mortgages.

First thing you might consider is looking at all your debt and expenses and see if you can get them refinanced or consolidated.

Next, cut expenses, like cable TV, Netflix, gaming accounts, etc. We cancelled all that stuff but kept the internet connection.

I feed our family of 3 healthy food on less than $50.00 a week in an area of the country (Bellingham, WA) where the cost of living is pretty high. So look at your grocery bill and see if you can make cuts there.

Look for parttime work to replace your missing hours. Chances are, if your employer is already having to cut hours by 30%, layoffs are in the near future. So try to get something else going before you're completely jobless.

Finally, if you have to, you can take in a boarder to help with costs. Many people are looking for rooms to rent these days.

investorzzo's picture
investorzzo
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Re: Facing Foreclosure!

I have done all the things you are talking about. I am not stupid. Sorry, but I know what I can and cannot do. Also, you do not know my situation. I can't get a border, as the person living with me has two kids and is disabled. Do I kick my best friend of over twenty years in the street?  No!!!!

You are right about one thing; I should never have been given the loan counting on overtime. But then who in there right mind thought that the next great depression was just a couple of years away.  You have to realize that my house value has lost 75,000 or one fourth the value of my home. Am I the only one responsible for this or are the bankers and the Fed just as culpable as I am. If you have watch the "crash course" documentary you would know this answer! 

 Most folks cannot afford house prices and were deperate to get in; figuring they could take the equity and refinance later-wow! not only no later, complete collapse. If you really look at the way the system is set up you can see it was all a ponzi scheme to begin with. I myself can take the loss, but it would be devastating to my friend and her kids.  The stress for both of us has been unbelievable.

 So am I to watch banks get billons of  tax payer money and spend it on stock dividends, bonuses for brokers, buying other companies while they let millions default? These bankers have access to free money at no interest and tax payer bailouts and the Federal reserves printing presses. I don't have access to any of these, but you chose to chastise me??? The bankers propagate this type of scam to get richer and richer. I think you need to look else where for your causes. At least I didn't lie about anything in my application. The bankers knew exactly what my income was.

 I think you need to educate yourself some before the condesending attitude! This country is in great peril and I have tried to wake up many only to find they are more interested in not knowing or finding blame in someone else. 

SamLinder's picture
SamLinder
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Re: Facing Foreclosure!
investorzzo wrote:

I have done all the things you are talking about. I am not stupid. Sorry, but I know what I can and cannot do. Also, you do not know my situation. I can't get a border, as the person living with me has two kids and is disabled. Do I kick my best friend of over twenty years in the street?  No!!!!

You are right about one thing; I should never have been given the loan counting on overtime. But then who in there right mind thought that the next great depression was just a couple of years away.  You have to realize that my house value has lost 75,000 or one fourth the value of my home. Am I the only one responsible for this or are the bankers and the Fed just as culpable as I am. If you have watch the "crash course" documentary you would know this answer! 

Most folks cannot afford house prices and were deperate to get in; figuring they could take the equity and refinance later-wow! not only no later, complete collapse. If you really look at the way the system is set up you can see it was all a ponzi scheme to begin with. I myself can take the loss, but it would be devastating to my friend and her kids.  The stress for both of us has been unbelievable.

So am I to watch banks get billons of  tax payer money and spend it on stock dividends, bonuses for brokers, buying other companies while they let millions default? These bankers have access to free money at no interest and tax payer bailouts and the Federal reserves printing presses. I don't have access to any of these, but you chose to chastise me??? The bankers propagate this type of scam to get richer and richer. I think you need to look else where for your causes. At least I didn't lie about anything in my application. The bankers knew exactly what my income was.

I think you need to educate yourself some before the condesending attitude! This country is in great peril and I have tried to wake up many only to find they are more interested in not knowing or finding blame in someone else. 

Hey Investorzzo  - calm down there.

SkylightMT was not being negative and certainly not condescending!

While those of us who have read your posts are sympathetic to your plight, you have to shoulder a big portion of the blame. Taking out a home loan and counting on continuous overtime to pay the mortgage was, plain and simple, not a smart move!

Nevertheless, SkylightMT was trying to offer suggestions that may have been of help. Neither SkylightMT, nor the rest of us, had any knowledge of your boarder so don't go attacking over something no one knew anything about!

If you come to this site willing to listen to the combined knowledge of hundreds of good people, you may get lucky and get some good advice. Come here and start attacking those who are trying to help you and you will lose out real fast.

I, for one, am immediately turned off by your attitude and have no interest in offering any advice.

castlewp's picture
castlewp
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Re: Warning! Warning! Warning!

[Edited for same reason as original post of quoted material]

 

Frankly, Investorzzo I am offended by your remarks.  We haven't even spoken to each other.  We help people every day modifiy their loans and I wanted to reach out to see if we could help you.  Am I missing something??

Unbelievable! 

For the record we are a reputable company that help many people everyday modify their loans so that they can stay in their homes and avoid foreclosure.

I won't make the mistake to offer you assistance in the future.

investorzzo's picture
investorzzo
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Re: Facing Foreclosure!

SamLinder, As stated before, I know my part in this problem. perhaps it's best I leave here. I am in a tough spot and have a short fuse these days. I will not post again, as It seems that I am not helping the situation. I hope others can get some help in the topic started, as this was my main goal. Take care all, investorzzo

SkylightMT's picture
SkylightMT
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Re: Facing Foreclosure!

I really didn't mean to be condescending. I meant to be realistic. We're struggling, too... it took me a while to realize that my energy would be better spent trying to figure out how to keep the house and make ends meet without counting on any help from the bank.

Before Christmas, some mortgage companies had put a temporary moratorium on foreclosures. I guess that has been lifted now. But I think at some point, unless this country wants to see a huge increase in homeless people, the govt is going to have to mandate something similar. I can't hold my breath for that, though.

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Moderator John
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Re: Facing Foreclosure!

Two posts have been deleted. I would like to remind everyone to keep this civil, nonconfrontational, and appropriate. I would also like to remind everyone that should you feel there is an issue with another member, please contact us, the moderators, before posting your allegations. Most likely, it will be inappropriate, and that personal matter ought to stay between the two of you.

Vanityfox451's picture
Vanityfox451
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Re: Facing Foreclosure!

Hi investorzzo,

I should have added a fourth to the list I wrote to you earlier. Please don't get angry with people writing suggestions as there are many people in very much the same situation as you are on this site. I've found out very early on when 'writing' to people rather than just reading comments that, how everyone is dealing with this differs from one to another and manifests itself in many and varying ways. Don't give up this thread and Don't give up on this site either. What I've found is a community here that actually defends each other with a considerable amount of thought. If you act like a phoney, they'll find out soon enough. There is nothing phoney about you or your situation, you're just damn scared out of your mind and feel out of control.

In all honesty, the banks pretty much have all this wrapped up and watertight. They're going to run you through hoops of fire and red tape, rules and regulations until your spinning on the spot. That is what they've always done when reccession hits and no different from the 90's in England when friends lost houses and their credit cards after being lulled into a false sense of security.

I want to help you to think what it is that you really value, not just stuff but your actual life. What are the most basic means you can live from, what do you really value - what risks are trully worth taking - can I set a plan from the worst case senario - have I fully visualised what the future is rationally rather than trying to protect but one option in which you yourself agree that the house is now beyond your means.

It isn't about winning or being seen to win if the dice are loaded against you, but taking on the chin a big wack of reality and facing this subtle set of truths. 

This short film of just 1 minute and 49 seconds pitches the question I think you know the answer to :-

Take Care,

Paul

 

Vanityfox451's picture
Vanityfox451
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Re: Warning! Warning! Warning!

Hi Castlewp,

I too, understand your exasperation at offering help and then feeling that the help was offered to someone undeserving, but this a time that will go down in history as one of the greatest crashes of all time, making 1929 look like a blip. Thats my opinion though many would still disagree on this site. The general public know so much less than even the most average member of Chris Martensons website and, they are trying hard in many ways to gain control of their lives after giving so much of their responsibilities by trusting a system with damn cruel ulteria motives. Through cause and effect you're going to find many more people than Investorzzo, because this is really all but the real begining. Real life is getting more and more personal on this site like an invasion; rather than talking of countries and the bigger picture we're talking of individuals.

Will you stand back and look at this situation after thinking through what I'm saying. You have this mans email account and hopefully he'll know why you contacted him after reading this.

Even if I'm wrong, you know my heart is in the right place,

Take Care,

Paul

castlewp's picture
castlewp
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Re: Warning! Warning! Warning!

Vanityfox451,

I appreciate your post.  Every day more and more people are desperately trying to figure out how to get through this.  This is all collapsing so quickly and no one is prepared to what may happen next.  That is why I appreciate this site so much. Chris gives me a map of how to prepare for the next shoe to drop and most of the posters here are so very smart.  I am so out of my league but want to contribute in any way that I can.

This is a serious, serious time we live in and unfortunately many will suffer.

Bill 

Vanityfox451's picture
Vanityfox451
Status: Diamond Member (Offline)
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Posts: 1636
Re: Warning! Warning! Warning!

Hi Castlewp,

thankyou for the reply. I couldn't begin to describe my own actions better than this thread I wrote to Samlinder :-

http://www.peakprosperity.com/forum/britain-brink-economic-depression-say-experts/12118

The pace of this collapse is so far reaching, I find the signs in the strangest of places only because I've learned how to figure out those signs by studying this site and as many of the links I can from it. Like you, I feel well out of my league but try my best to figure out what my strengths are in helping people. I started out by simply directing people to Chris Martensons Crash Course videos and have moved on as best I can to being a listening ear and a support with all of the questions raised from it that need decisive and quick response. I've gone onto supporting some financially and even gave the second car I could have sold, to a friend who was in dire straights directly before I emigrated. They still hadn't grasped how big the financial crisis was going to become, even after I'd sat them through the Crash Course, but then that was in late September last year and the less media savvy were going to get it around the clock and daily by mid October.

For me, money has never been my drive. I think my epitaph will be, 'he wished to be a success in all in life but money'. I've always asked myself the serious question, 'How much is enough?', and gone on from there. To be living now with the basic essentials has been easier for me than most but, the journey in getting to this point has been as equally hard in its own way, as others.

I think we're all surprising ourselves in many and varied ways...

Take Care,

Paul

investorzzo's picture
investorzzo
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The End!

Well just got off the phone with Wells Fargo.

They don't consider net income only gross.

They don't consider living expenses only debts.

End result, house forecloses. Take care all................... 

Vanityfox451's picture
Vanityfox451
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Posts: 1636
Re: The End!

Investorzzo,

I'm utterly devastated for you and your friend. I hope in some way that talking and involving yourself with the people of this forum has helped you in some way to come to terms with this criminal financial madness. I'll be damned if I'll bore you with the usual platitudes given by others when in a personal crisis but, to see an empty reply to your last post after 3 days has to mean that everyone was busy running a farm like I am? Please understand that my late reply is no less an assertion of understanding where your mindset must be at this time.

F***ing Banks!!!!

Take Care,

Paul

investorzzo's picture
investorzzo
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Posts: 1182
Re: Facing Foreclosure!

Here's the help your banks are giving?

http://www.consumerwarningnetwork.com/2009/01/26/foreclosure-help-run-around/ 

investorzzo's picture
investorzzo
Status: Diamond Member (Offline)
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Posts: 1182
Re: Facing Foreclosure!

One more to help stop foreclosure.

http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/ 

investorzzo's picture
investorzzo
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Posts: 1182
End Homelessness

I couldn't help when I saw this little girls sign. How fortunate the rest of us are.  

http://homelessness.change.org/

SamLinder's picture
SamLinder
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Posts: 1499
Re: Facing Foreclosure!

My heart always breaks for the innocent little ones who don't understand why their world has turned upside down.  Cry

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