Dismal Foreclosure Numbers Could Be the Tip of the Iceberg

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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

What tricks are up that Obama's sleeve next? I'll bet another few Trillion in DEBT!
Obama the gambler and his Acorn administration spending OUR money like it was theirs!
The deeper in debt the more you need him and the government. Don't you realize this is the strategy to become dependent on government. The more Obama tanks the economy the choices for the now needy are only with government help. This is why capitalist Hollywood promotes Obama. They want you to be government needy and this will Empower Hollywood jerks into government positions as Franken now has.Why would rich Hollywood want to promote a socialist society when they are all wealthy?
For POWER FOOLS!
WAKE up you fools and REBEL!
Liberals are the scum of America!!
WAKE UP !!!!

Hung of NY 12:24PM October 18, 2009

THE ILLEGITIMATE ONE HAS RUINED OUR GREAT NATION IN UNDER A YEAR. 1.4+ TRILLION IN DEBT AND COUNTING...................................................................................
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VOTE ALL LIBERALS OUT OF OFFICE IN 2010 AS OUR OBAMA'S DEBT RISES ABOVE 3 TRILLION.........
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..................................................TO INFINITY

DOES IT MATTER, HONESTLY of FL 11:59AM October 18, 2009

Due to the economy being the way that it is; people are losing their jobs; and homes. Thanks to who? Obama has made a lot of promises; dished out a lot of money; but for what? He sure isn't having to worry about where he is going to live; he is living comfortably in the white house; and we are paying him; and all of the representatives a nice bundle of cash; to put us in tents in campgrounds; or wherever we can find a place to crash; in the cold. Yes it pisses me off; because I have a friend who is so close to God only knows what; he has tried talking to his mortgage company "American Home Mortgage Servicing,Inc" repeatedly; but they will not re-do his loan; as Obama says they are suppose to do. They where given money; so what it the deal here? He; like so many has fell on hard times; a 5% cut in pay; less hours a week; I thought these where the people that Obama says he is going to help. It seems to me that as long as they are living comfortably off of the people that they are not concerned with the hardships that the people are facing; and getting worse every day. I hope everyone who put these ____ are happy; they need to remember where they came from; Bev Purdue is another one. The rich don't care about the little man; as long as he is paying the rich man's salary every year; it is a shame that we can't cut their pay!! It is a shame that the American people can't take our Country back; that is what needs to be done; and put these high filuting people in their places. If it wasn't for the little man; they wouldn't be living so High and Mighty!! I am glad now that I didn't vote; and to think; I was gonna vote for Obama; that would have been one of the dumbest things that I would have ever done. The school teachers put Bev Purdue in Office; and boy they hate they did now!!! I hate they did too!!!!!!!

Doris of NC 8:42PM October 17, 2009

Freddie and Fannie will ride to the rescue led by moronic Barney Frank. They'll hand out zero down loans at 3% to totally unqualified buyers. Hey, we have no real economy other than the phantasm of never ending home equity.
I've seen this movie before...

R.L. Schaefer of CA 2:02PM October 17, 2009

The "simple solution" posted here is ignoring the unemployment issue.
We currently have 1 out of every 6 working Americans with no job or seriously reduced hours/wages. At the same time we have 5 appicants for every 1 job opening.
Big companies are cutting payroll to keep stock holders happy, and small companies have gone bankrupt because they have lost too many customers. Those customers have stopped buying because they have lost some or all of their income. People need jobs to be able to buy products and pay any kind of mortgage or rent. Now that IS simple.
These are people who mostly DO want to pay their mortgage and many of them have ordinary 30 and 40 year fixed FHA loans that are not toxic. They made sound decisions and had adequate income until the economy went in the crapper.
But now, even if they wanted to sell their houses they can't because property values have dropped to the point that if you have less than 20 years of accrued equity you will short sell. NOBODY WINS in a short sell and nobody wins if you foreclose on a house that is "underwater" on resale value (ie: more princial owed than you can sell it for).
The banks would be BETTER OFF if they suspended payments for anyone who can document loss of employment. Likewise a payment adjustment for reduced wages makes sense. Keep adding interest and move the terms out by the same number of months the problem lasts. If the homeowners haven't found good paying jobs in three years THEN forclose and sell the house for a much HIGHER price than you can currently get in this economy. That not only is simple, that is business SMART!

Mr A of CA 7:37PM October 16, 2009

Try this on for size, I have been helping the homeowners for almost 2 years through loan modifications and heading the negotiations for the cases we take on by dealing with servicing lender employees/managers and few times the investors directly. When you look at banks like Indymac, now known as One West Bank, they recent hired 400+ employees fresh out of high school and college that have little to no knowledge of finance in the real world, what it means to go through a financial hardship, let alone what it means to be 100's of thousand of dollars in debt and they are the ones that are dictating what kind of help the struggling home owners receive? These new employees just aren't experienced and lack the in depth training it takes to be a knowledgeable, understanding and helpful source to these homeowners. On a recent home owner case his trustee sale date was set on 10/14. We were told by all Indymac employees whom we contacted over 7 days that they and the investor would not allow a postponement in order to review his case appropriately. Now this was a case where the home owner tried on his own for 1 year, following Indymac’s mailer instructions to call them direct but every time he called in they would tell him something different and information he faxed in they claimed they did not receive. This fatigued him over the year and after they offered 1 mod and decided not to honor because "they did not have enough time to finish processing it" and the second time they reviewed they only considered 70% of his gross income because they claim to have not received the other 30%. He finally got a 3rd party professional company involved and they went in and updated the income appropriately, got a new package complete to Indymac’s new guidelines yet here is where it gets interesting. They confirmed they received the package 9 days before the sale date and was complete, yet there was nothing any of the employees/managers could do to postpone the sale or review the file before the scheduled sale date? Luckily the investor that owned the loan was Freddie Mac and through a lot of persistence, hard work and determination the homeowner was able to communicate with Freddie Mac directly (went around Indymac’s employees) to find out that what they had said could not be done ended up getting done! The sale got postponed to allow Indymac time enough to complete their review of his case. He should be added to Indymacs payroll and train their employees on how to do help homeowners in need when their request is valid. Funny how the US tax payers have spent trillions of dollars through losses, stimulus plans, loans etc. to bail out these large lenders and those same lenders still bottle neck this housing problem. When are the investors going to deal more direct with the homeowners instead of working through the “failed servicing lender model”? The US taxpayers should fire all servicing lenders after the trillions of dollars spents with little help acheived!

Ricardo Salazar of CA 6:18PM October 16, 2009

1) Everybody pays their own mortgage.
2) Those who can't pay, or don't feel like paying their mortgage can rent
3) Banks and speculators who lent money to people who can't pay, or don't feel like paying their mortgage are out of luck. They lose. Better luck next time.

Joe Haskins of NY 2:23PM October 16, 2009