Banks Stealing Your Home?
My mortgage has bounced around several times — now to a bank with a reputation for cheating here and there. It looks as though our mortgage/house seizures are an ungodly mess. I am waiting to hear that a property of mine without a mortgage has been seized — as was the Florida man mentioned in Krugman’s piece below.
Needless to say with the job market a mess, unqualified people are grabbing what jobs they can and making innumerable errors. I spend much of my time straightening out particularly hospital charges that have been paid or should have been by our medical and backup insurance for the 20% not covered. I was sent by a doctor to deliver a prescription to an office a few floors down from his. Fortunately they would not take it because they were short of staff. When I checked next I discovered that no way would they accept my 20% additional insurance coverage. I am debating whether to continue without surgery on the old wrist that had been hit with arthritis which seems to be healing enough to use the hand carefully with a splint for heavier things. Fortunately I can use my right hand for most things — the left wrist is the problem hit by arthritis half a century after my high school football injury.
But back to the primary issue. With all the moving around of mortgages, errors seem to abound. One must watch closely to be sure one is not being had either intentionally or by staff inexperience.
Good luck with this crazy American economy! I thought retirement would be a dream. How wrong I was. My heart goes out to those who cannot spot errors and fight back.
******************************
Krugman’s Op-Ed on Today’s Times
But do they actually have the right to seize these homes? Horror stories have been proliferating, like the case of the Florida man whose home was taken even though he had no mortgage. More significantly, certain players have been ignoring the law. Courts have been approving foreclosures without requiring that mortgage servicers produce appropriate documentation; instead, they have relied on affidavits asserting that the papers are in order. And these affidavits were often produced by “robo-signers,†or low-level employees who had no idea whether their assertions were true.
—
“A war is just if there is no alternative, and the resort to arms is legitimate if they represent your last hope.” (Livy cited by Machiavelli)
—
Ed Kent [blind copies]
1 user commented in " Banks Stealing Your Home? "
Follow-up comment rss or Leave a TrackbackIn 2008 we fell behind in our payments to everyone. Unfortunatly 50% of our income was from cnstruction, which was completly stopped.
We filled for Chapter 11 and were granted the motion. While in the process CitMortgage contacted us about a loan modification. We went through all the requirements and were told to not make the payments for 3 months. They then put us in a trial program with reduced payments for 3 months, which we made. we received 2 emails from them stating we had been accepted and every thing was fine. Then we received a letter saying we were denied. They then increased our payment $2500.00 to $3800.00 with no explanation. When we tried to contact them they told us because we were in BK they could not talk to us.
Now they gotten the BK stay lifted at a hearing we were told we could not speak or ask questions and the onlty way to avoid they motin being granted was to pay them the funds they say we owed (over $17,000.00 with all their fees interest and penalties)or face forclosure. We did make all the payments as per our original loan docs.
We have now hired an attorney to attemp to get a loan modification as we see no other way to keep our home. Our attorney told us this is becoming a common practice which is easly done since the BK Trustee takes every thing the lenders say as correct and the debtor has no rights.
Will they not be happy until they have evrything.
Leave A Reply