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Dismal Foreclosure Numbers Could Be the Tip of the Iceberg

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There are good companies out there actually trying to help people. But unfortunately there are also bad ones that are trying to take advantage of the situations. I purchased 2 foreclosures and have been happy with my purchases.

Foreclosure Listings of KY 10:14PM October 22, 2009

How many times over the recent months have you heard, or read about our government officials saying, “You don’t need to hire a third party… just call your bank directly.”
Make NO MISTAKE ABOUT THIS, the lenders don’t want homeowners to have 3rd party negotiators help them obtain loan modifications!
The lenders would very much prefer that all of the borrowers show up on their doorstep and ask for home loan modifications alone, scared, drained, and unsure about how to proceed. After all, they've been told by very reputable sources that their needs would be protected and that they will receive the help they desperately need for free, right?
The government wants you to believe that they’re protecting you from millions of “scammers” that are roaming around the country cheating homeowners out of their last $3,000 for fun and profit! To listen to the government spokespeople, there are no legitimate private sector firms out there to help you. Only your bank, or some HUD non-profit housing counselors can be relied upon! Don't talk with anyone else, because they're a scam! Do these statements really make sense to you? Does this sound correct, or even possible?
We’re going to finish this year with about 4 million foreclosures in this country! There are literally hundreds, if not thousands of loan mod companies, law firms and real estate agencies all across the country that offer help to borrowers get their loans modified. To be sure, some of these companies are performing illegally, but if all of them are scams – please, you do the math. Shouldn’t there be millions of people marching in the streets screaming about having been cheated by these people? If what we are being told is true, why is it that every story you read about a loan modification scam involves such small numbers of “scammed” clients?
After considering this information, is it reasonable to think that something else might really be going on here? Could it be that the government's recommendation to “just call your bank directly” is a ploy designed to protect their assets and profit motives?
What do you think?

Steve Lutman of AZ 3:20PM October 22, 2009

...is to call your CongressCritters and tell them to get the "Audit the Fed" bill passed or you won't vote for them. After we see what the Fed did with our $2 Trillion dollars given to the banksters, we can decide what to do next.

Marty From North Dakota of ND 9:58PM October 20, 2009

http://housingstorm.com/2009/09/whats-the-real-reason-that-banks-arent-foreclosing/
Banks make more money by NOT foreclosing on homes. Banks are dragging out the foreclosure process for their own selfish reasons. Until the day they foreclose, the amount of money owed to them is an asset…sure, it’s an asset that isn’t paying interest payments…but it is still an asset. The day they foreclose, a $400,000 asset could become a $150,000 asset and a $250,000 loss.
Multiply that loss by 10, 20, or even 30 times leverage and there are several million dollars worth of new loans that the bank can’t make.

Greg Fielding of CA 3:25PM October 20, 2009

The cause of the financial collapse was the millions of dollars in fraudulent loans given out from 2000 through 2006. This, in turn, was caused by Greenspan keeping rates down to 1% for far too long, essentially free money, and by banks not worrying about being paid back because they were securitizing the mortgages. Greenspan was warned about mortgage market abuses and ignored the warnings; he even encouraged buyers to consider Variable Rate Mortgages in 2005, just before the crash.
The financial markets collapsed in September, 2008 under President Bush. The bailouts of major banks and AIG were initiated under Paulson at Treasury under Pres. Bush. Whatever President Obama has done, he did keep us from going into a real depression. It remains to see if the solution will be permanent.
We are still facing a huge amount of mortgage loans that won't be repaid. Fanny and freddy now own many of these tosic assets; the increased deficit is due to bailing out the banks with taxpayer money. Most other industrial countries are using a variation on the same theme to stabilize their economies. I haven't seen any serious alternatives proposed by the Republicans.
Like most, I am pissed off at the banks now turning huge new profits and paying obscene bonuses when they should be paying the government for saving their ass. Paulson, et al did not hold out for a serious quid pro quo in exchange for the bailouts.
RCharles

RCharles of PA 7:36AM October 20, 2009

Barney Frank is still pushing government mandated loans to Fannie. While also pushing other things in Freddys fannie. Yes Barney sure does love his Franks!

DOES IT MATTER, HONESTLY of FL 9:05PM October 19, 2009

There are a couple of factual errors in this report.
It says that "Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible" but in reality I know of three Banks, Chase, B of A and Wachovia whose policy is that if you haven't missed any payments yet, you are not eligible.
Additionally, my experience with Chase has uncovered the fact, relayed to me by Mr. Andrew North of Chase, that they have modified Z E R O mortages under the MHA program.
I personally was "approved" for a modification under the MHA program in March of 2009 and it STILL has not gone through.

JR of MI 6:52PM October 19, 2009

End of Suburbia
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http://endofsuburbia.com
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Primate Healer of CA 6:42PM October 19, 2009

Even with the foreclosures, Barney Frank is still pushing government mandated loans through Fannie Mae and Freddy Mac.

Galasso of SC 3:03PM October 19, 2009

I lost!! 08. Ray o, finac bully europe china?,Ca suspected scam products.flexible shoes? All Cotton clothes defiled. Real estate companys are pushing expensive housing. I was upset. And Great God is majorly upset. Come on caring builders.Wood floors and hand crank sunroofs. Nylon carpet. sorry home depot, Durac? and springfield armory about bullys? thanks Psa99:9-outside pray. Col 3:11. 1 corinth 14:26. Thank you. Vote Sam Brownback! Babys are a blessing. A new life! Band together but help sincere christians.Be very careful.

Andrew tucker Jesus Christian brotherhood of IL 6:06PM October 18, 2009