Why Do Home Foreclosures Keep Rising? 6 Things You Need to Know

ONLY SOLUTION !

WE ALL COMPLAIN ABOUT THE ECONOMY,POLITICIANS,LENDERS. BUT, WHEN WAS THE LAST TIME WE CALLED OR WROTE TO OUR ELECTED OFFICIALS (SENATORS,CONGRESSMEN,GOVERNORS) AND COMPLAINED DIRECTLY TO THEM?THEY NEED TO BE REMINDED THAT THEY WORK FOR US.... FROM THE FIRST DAY A POLITICIAN IS ELECTED,HIS/HER GOAL IS TO DO WHATEVER NECESSARY TO GET RE-ELECTED OR GET FINANCIAL SUPPORT. WE HAVE NUMEROUS GROUPS IN THE UNITED STATES (VETS,A.A.R.P.,ECT.) THAT HAVE ENOUGH MEMBERS ACROSS THE NATION TO COLLECTIVELY PUT ANYONE "IN" OR "OUT" OF OFFICE. OR,MAYBE IT IS TRUE THAT THESE SPECIAL INTEREST GROUPS ARE BEING "BOUGHT" BY GOV'T GROUPS TO BE SUPPORTIVE OF THE PRESENT ADMINISTRATION POLICIES AND REMAIN "QUIET"? I SAY, LET'S STAND TOGETHER AND DEMAND POSITIVE CHANGE FROM OUR PRESENT ELECTED OFFICIALS OR WORK TOGETHER TO GET THOSE POLITICIANS OUT OF OFFICE. PLEASE I AM NOT SOME KIND OF "NUT" TRYING TO START TROUBLE...I AM 62 YEARS OLD AND UN-EMPLOYED....I HAVE BASICALLY LIVED MY LIFE, BUT, I AM SCARED TO DEATH FOR MY FUTURE GENERATIONS....IF WE DON'T TAKE A STAND NOW TO SECURE A BETTER FUTURE FOR THEM,WHO WILL?..IF THOSE WHO READ THIS, SO CHOSE TO DO NOTHING BECAUSE YOU ARE AFRAID TO "MAKE WAVES", I RESPECT YOUR DECISION... THEN,PLEASE PICK UP YOUR TELEPHONE AND CALL EACH OF YOUR CHILDREN AND/OR GRANDCHILDREN AND EXPLAIN TO THEM WHY "THEY" ARE NOT WORTHY OF "YOU" MAKING WAVES TO SECURE THEIR FUTURE!....PLEASE......TOGETHER WE CAN SECURE THEIR FUTURE....GOD BLESS YOU !

CHUCK HABEEB of FL @ Oct 22, 2009 14:56:19 PM

The big sucking sound

The way our economy is geared - Wall Street and the Health Care Businesses will end up with most of regular people's money. I've always followed the rules. Pay off credit cards each month. Only borrow for education, vehicles - mostly used, and our first house - at the age of 54. In the three years since buying a house, with a 30 year traditional mortgage, plus a few thousand in improvements, I've paid off 42% of the total cost.

Over the last year I've tried numerous times to refinance when rates dropped - but each time experienced various ways the banks, "looked like they were working," but in the end did not get refinanced as a way to reduce my monthly payments.

Now both and wife and I are unemployed and quess what - we can't get any help. I don't want a bail out like the car company's and the banks - just give me a new mortgage with lower payments. Each day that sucking sound gets louder as the president and congress invent lots of nice sounding language but have not real reform.

Angry of PA @ Oct 22, 2009 13:30:21 PM

Principle reduction is the only answer

Why aren't the banks mandated to refinance these defaulting loans to their current market value? Lets make the bail out dollars go towards that. In other words, if someone is 75k underwater, the bank refi's at the current value and the bail out money covers the difference. To make sure the homeowner doesn't receives a windfall profit, make a clause stipulating that any profits from the sale of a refinanced home will go directly back to the tax payers who funded the bail out. This will stabilize home prices, stop foreclosure rates from rising and give everyone (including the bank) an incentive to do this.

Marcus of FL @ Oct 22, 2009 13:24:06 PM

Mortgage Companies are just pure greed

I am submitting a loan modification request, my property is worth about 75% of what I owe on it, I am a senior on fixed income and if I can't get it I have little choice but to walk away, my payment has gone up and my disposable income is less than it was 3 years ago...I bought a homeowner's warranty for $37.95 per month through my mortgage co, that covers all appliances & major repairs in the home ie, furnace, water heater, washer, dryer, etc, because I do not have extra money to fix those if a major repair comes up. I did this to protect my mortgage. I made a payment that registered after the late charge date and GMAC mortgage.....without letting me know until after the fact......took the $37.95 out of my payment and used it for late fee instead of my warranty and cancelled my warranty policy. I am still fighting with them to get this resolved. This is pure greed, it is unethical, if not illegal misappropriation of funds I paid to them in good faith, is this how they help the homeowner?

What crooks!

Flushing Michighan

Ellen Augustine of MI @ Oct 22, 2009 12:44:01 PM

Hey Mark in MI,

That's YOUR fault for getting an adjustable rate loan. Take responsibility for your actions. I am in a housing situation too. I'll take my lumps , I got into my my of my own accord.

of @ Oct 22, 2009 12:43:12 PM

Realtor

It is the banks-they are making money hand over fist during this crisis-penalties and interest-they have no reason to modify loans-and they certainly don't care about the greater good-this started with them. They can't wait to start lending again with no social security care and stated income-in some cases it is happening already. They are built for greed and it is greed that is killing this country-the Obama adminstration is doing more than any other administration would do-but he is missing one part-if an industry is to big to fail-is should not exist-break them apart-and put a lid on the money the banks can make off a forclosure-he is cutting their pay-this is where the problem is-stop them from making a fortune off other people's misery (that they caused).

Roxanne of CA @ Oct 21, 2009 17:55:16 PM

help me get a home

i was discharged drom bankrupcy and i want to buy the house i am in the lender told me i would come out better to buy the home than renting it i pay 700 amonth when i can pay 500 and the bank wont give me a loan cause of the bankrupcy well hell the debt is discharged and i have to wait 2 years when my job now has cut days to keep our jobs and 500 will be very much in my favor if i can get a fha loan but lender wont look at my case at all is,t not fare at all i need help bad thank you debra young 16212 biltmore ave cleveland ohio 44128

debra.young of OH @ Oct 21, 2009 14:20:26 PM

here we go again

it's been 9 months for my bank to get back to me. now they say they wont do a modification on my loan. I got a phone call telling me they were going to start foreclosure unless i came up with the past due payments. Oh ya this all started when they raised my rate and my payment by 480.00 a month, after my home value went down....... Stimulus money well spent.. Obama knows all about change......... Nice.

mark of MI @ Oct 20, 2009 03:11:51 AM