PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is

A

ama125

LoanSafe Member
Moe Bedard said:
Yeah, good stuff. I have said that same thing about a million times in many different articles that are now buried.

here is one from 2008 for you:

Loan Modification Truths: Will the Real Mortgage Modification Facts Please Stand Up? | LoanWorkout.org

here is me in the real deal.

Mortgage servicers sucking loans dry? | The Real Deal | New York Real Estate News

the problem isn't lawsuits, it is profits and accounting and you are all being used to balance the banks books so there isnt a bank panic/run. AKA you are all scarifical sheep. Some will live, many will not.

That is the truth in a nut shell. No need to make it complicated.
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Thanks Moe... I was sure you covered the subject somewhere already! I'll continue grazing in my field... BAA! :p
 
Moe Bedard

Moe Bedard

Call 619-379-8999
Staff member
Loan Safe Mortgage
Thanks ama!

Sometime I get perturbed when I see a blog post or article of something I have written about many times and get no coverage. Then some Realtor who helped create the crisis writes something about something he knows little about (loan mods) and its like he is an expert. Sorry, rough day today.

I'm gonna spend some time with the kids and sleep :)
 
THANKS2U

THANKS2U

LoanSafe Member
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Thank you Roberto77 - We all thank you for pointing this out !!

BANKRUPTCY RULES AND REGS IN THE FANNIE MAE HAMP GUIDELINES


https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0905.pdf


Fannie Mae HAMP pdf - - On page # 3 & on page # 18 of the APRIL 21 , 2009 Announcement 09-05R revised 0n May 15 - 09

It states on page 3 page the facts about chapter 7 Bankruptcy. As any person who is currently involved in Bankruptcy chapter 7 and how the servicer can still provide HAMP Modification service to you -

I assume the servicer can also provide other forms of Restructuring and possibly you can support your legal rights under HAMP, or rather support your Ethical Rights, for the servicer to allow you to receive the same terms, which are in the HAMP guidelines.. BUT ONLY IF YOU ASK AND MAKE SURE THOSE SAME BANKRUPTCY TERMS ARE IN YOUR NON HAMP RESTRUCTURING / OR INNER OFFICE MODIFICATION, WHICH IS NOT TRULY THE HAMP PROGRAM...

Point in fact - Do not reafirm the loan - If you do not have to do so...

One possible problem is that they may not report your future good payment history to the Credit Score people, since you have not reafirmed the loan. But once the dust settles and your new loan is safe and secure. Ask them to start reporting your good credit history to the credit score people, so that your FICO score can start to rise. This make take one simple phone call or may take several months of pushing in all manners ?
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Ok now back to the basic BK thing...

From what B of A has stated to me - During the BK / Before you receive the actual finalized discharge from the court... All the servicer usually requires is a letter from your BK attorney that it is OK to speak with you and proceed with any paperwork regarding a loan modification for you...

Point is -- Just because you are actively involved in BK does NOT mean the servicer should ignore you and in fact, they should still provide you with any and all modification services during you active bankruptcy..

I assume it is the same with NACA or other HUD approved home saving go between / middle man modification companies...
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Now onto page 18 of the Fannie Mae PDF file

On page 18 it states you are NOT REQUIRED to "Reaffirm: the loan debt, if the debt has already been discharged in your Chapter 7 bankruptcy

These 2 fact are very important to maintaing your leagl rights under the law with HAMP rules and regulations, which the servicers are duty bound and legally bound to follow and fulfill !

HOWEVER - If you do not have a HAMP loan on the table, it is then up to you and the servicer to work out the deatils... But I would simply ask them to follow the SAME GUIDELINES and RULES in the HAMP rules, when it comes to the chapter 7 Bankruptcy thing on page 3 & 18.

Thank you again Roberto77 for showing me the PDF below !

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0905.pdf


Respectfully,

Thanks2u
 
THANKS2U

THANKS2U

LoanSafe Member
davephx

davephx

LoanSafe Member
That is a good overview article and show how great HAMP was designed. But they need to know why its failing other than getting folks on the trials of course.

I suggest others write to the e-mail address given [email protected]

I had sent my usual slightly modified media/Congress letter.
 
davephx

davephx

LoanSafe Member
Since they can still sell the home without notice after the sale date in non judicial foreclosures knowing why you were denied doesn't help. You lost your home.

Maybe it does but some pressure on banks not to deny which is good but just knowing why doesn't save your home with no time to do anything about it such as Chap 13 etc.

I posted my media story if it gets thru moderation - but good site and good article for what pressure it might bring.
 
THANKS2U

THANKS2U

LoanSafe Member
davephx said:
Since they can still sell the home without notice after the sale date in non judicial foreclosures knowing why you were denied doesn't help. You lost your home.

Maybe it does but some pressure on banks not to deny which is good but just knowing why doesn't save your home with no time to do anything about it such as Chap 13 etc.

I posted my media story if it gets thru moderation - but good site and good article for what pressure it might bring.
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AND ???????????

Let us not forget that CW / Bank of America and Fannie Mae are both, for the most part / 95 + % part ... LIERS & CHEATS - Whos sole intent is to Insidiously Defruad & Beguile, Betray and GET RID OF, we the Distressed & defrauded borrowers.

B of A and Fannie Mae and other Banking Institutions may indeed be forced to give us an explanation of why our loan Modification / Restructuring, whether it be one of their own in house Mods or a HAMP government mod, was Denied - OK - so what - Good News ????

It is only good news if Bank of America and or Fannie Mae tell the real TRUTH of why the mod was denied and how we can then re-submit and receive a viable loan mod.... if at all possible, as some borrowers may just not be able to afford a mod -

However not being able to afford a viable mod is very unlikely, as this probably only applies to about 7 % of distressed borrowers who could TRULY NOT qualify in some way.....

Bank of America and Fannie Mae are liers and cheats who are hell bent on continuing to defraud borrowers until the bitter end - Or at least until Obama is out of office in 2012 -

2012 is when most programs will end and when most if not all banks have paid back our TARP funds, with plenty of left over Billions made, through using our TARP funds, which they invested worlwide, to fill their bulging pockets and purses

If the banking Institutions are forced to tell the truth, they better provide a FULL 1 page, in depth description of why the borrower was denied and
then also be forced to provide another FULL 1 page description of the many other ways the borrower can immediately re-submit and be streamlined to the front of the line, to try again, with a 99% chance of getting a mod that will work for them individually..

Always remember CW - B of A and Fannie Mae are for the most part / 95 % part, the lieing, cheating, defrauding DEVIL in disguise..

Never give up the good fight

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G

Garry

LoanSafe Member
davephx said:
Since they can still sell the home without notice after the sale date in non judicial foreclosures knowing why you were denied doesn't help. You lost your home.

Maybe it does but some pressure on banks not to deny which is good but just knowing why doesn't save your home with no time to do anything about it such as Chap 13 etc.

I posted my media story if it gets thru moderation - but good site and good article for what pressure it might bring.
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It got through Dave, Nice job.
 
N

NotinPA

LoanSafe Member
ama125 said:
Guidelines for the Home Affordable Short Sale/DIL Program..
http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf
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Hello ama!..
I wanted to thank you and everyone on this thread for your constant research and diligence in getting the information out there!
I appreciate it.

I am looking for the post that showed how they were reporting the credit bureaus. It may have been apart of an overall document that was posted, but it had a break down of the codes. Like code 17 means etc..code 28..mean blah blah

Anyone recall seeing that around?

Thanks again
 
A

ama125

LoanSafe Member
NotinPA said:
Hello ama!..
I wanted to thank you and everyone on this thread for your constant research and diligence in getting the information out there!
I appreciate it.

I am looking for the post that showed how they were reporting the credit bureaus. It may have been apart of an overall document that was posted, but it had a break down of the codes. Like code 17 means etc..code 28..mean blah blah

Anyone recall seeing that around?

Thanks again
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I searched this thread since I know I posted the CDIA's credit reporting guidelines for HAMP. Found the link, but page not found comes up. Odd, but no big deal. So then, I go to the CDIA website and searched for "HAMP", "home affordable" and "loan modification". Guess what...no results found! Could it be that after much criticism the CDIA is changing how HAMP mods are reported on credit reports? Or are they just updating it? I don't know, but it sure is strange!
 
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