Supporting, Informing & Connecting People in Foreclosure

HAMP NEGOTIATION

I was told by a Foreclosure Defense attorney that lenders are NOT willing to negotiate the terms of a modification. I was offered 3 1/2 % for three years 1% a year to cap of five. No principal reduction AND they want me extend my term to 30 years. I was told there was no jurisdiction (if that is the right word) that makes the lenders work with the homeowner's on modification. I have a FREDDIEMAC Loan serviced by Chase. (People who are refinancing are getting 3.75%fixed?????

My terms, based on what I have already paid in interest, the equity I have lost due to the fault of the banks, I feel is reasonable. I would agree to 3/75% fixed for 15 years without reduction in principal, or 3 1/2 %Fixed for 20 Years with a 30K reduction in principal.

Let's face it we have lost equity due to their recklessness and must take some accountability. If they can afford to pay millions and millions of dollars out in bonuses and get bailouts for the government they need to ante up to the plate and stop being so greedy.

If I do not get my terms, (which I'm not banking on (no pun intended) I will walk. I have already started bankruptcy procedures so they cannot come after me for deficiency jugdgment. However, I will not go down without a fight!

I plan to do a forensic audit on my mortgage documents, note and see if any violations occurred under RESPA and the other acts.

Does anyone have any input for me about success with negotiating a "reasonable" modification that is a win/win?

Is anyone pursuing the fraudulent aspect and how.

I read something about a class action suite of homeowners against the banks? Is there a group working on this and is there any legal standings to support such an action.

Thank you for any and all input

0 members like this

▶ Reply to This

Replies to This Discussion

Permalink Reply by saving my home in floridah on October 15, 2011 at 12:13am

pgrewal@cuneolaw.com Cuneo Gilbert & LaDuca, LLP try this woman fro that law group there are some class actions going on. i also have to do a BK are you in florida?? we need to talk if you are. i am terrified. but am fighting. they will not take my home and if they do i prepared to appeal. they will never win i have to much fraud. i found appraisal fraud, application fraud and lets not forget all the modification fraud like losing paper wor, moving files and telling current homeowners not to pay. this is way beyond out thought processes .

▶ Reply

Permalink Reply by Victoria on October 15, 2011 at 12:45pm

Thankyou for your reply! Yes I am in Florida.

There seems to be a lot of proposals of laws and I was curious on the specific class actions going on. I have spoken to 3 different foreclosure defense attorneys and get a different story everytime. I will say, however, I have not heard anything to give me hope. I was told once the BR goes through the bank will not do a modification with me. The same attorney told me that even if the lender cannot produce the note and the mortgage it doesn't matter because I signed an "Assignment" clause giving theme the right to transfer to anyone and since it did not affect me adversely, that is not a defense.

I really do not understand why the banks will not give modifications the same terms that they give to financing or refinancing?

I could always wait until the bank put my house up for sale and buy it for the $63K it is worth rather than modify an underwater $95K mortgage.

Please let's talk! Let me know how to get in touch with you.

▶ Reply

Permalink Reply by saving my home in floridah on October 16, 2011 at 2:29pm

in florida we are ALL going through the same thing. wish we all werent so "separate" we should all be defending each othe rin court. my fear is my court date and i will not have lawyer to defend me. i truly scared. i did not go into homeownership to lose my home. i put the 20% down. i bought a home so my kids had a stable place to grow up in. i do not think any bank should be able to "reposes" a home. cars are reposesed. if your bank tells you not to pay before you can apply for a hamp loan and then when you are finally in review have someone move your file out of review. that should makenay repsession of a home illegal. all homesteaded homes should be saved. mortgages to property value so we can afford it and our kids grow up stable with out the daily fear of being "served" its devistating me and my family. i have become very depressed.

▶ Reply

Permalink Reply by Victoria on October 17, 2011 at 8:22am

My heart breaks for you, knowing that you also have kids involved, for which you are trying to provide stability to and this is affecting you with depression.

None of us expected the extent of this debacle or how bad it would get. We are not here (in most cases) by any fault of our own, but the greed of WallStreet bankers and our elected officials who refuse to regulate them and pull them into line.

Have you checked into an attorney who may epresent you 'pro bono' (without fee) either through a contact or the court system?

I know it is all overwhelming and depressing, however some how wehave got to keep the faith ands pray for peace that all things will eventually work out for good for all of us.

If you ever need to chat or vent, please feel free to contact me.

~Victoria