Big Anaheim event Wed. for distressed homeowners

March 4th, 2008, 2:45 pm · 5 Comments · posted by Mathew Padilla

HOPE NOW, a national campaign to limit foreclosures, is hosting a big event tomorrow in Anaheim. Nine lenders — Countrywide, EMC Mortgage, GMAC/ResCap, Home Loan Services, HSBC Finance, Indymac Bancorp, J.P. Morgan Chase, Option One, and Washington Mutual — will be at the Anaheim Convention Center from 2 p.m. to 8 p.m. to talk to any homeowners facing foreclosure. Just show up, no registration required. And HUD Secretary Alphonso Jackson will give a speech. To read the release, CLICK HERE.

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5 Comments

NanoWest says:

March 4, 2008 at 3:49 pm

They should have only one message………if you purchased a home and you don’t have enough money to pay for it, get a second job. If you don’t have enough money to live in your home with two jobs, get another job.

By taking the mortgage you are a slave to bank, now get to work. The bank needs your money.

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Boca says:

March 4, 2008 at 4:39 pm

Alfonzo Jackson, one more bush retard blowing smoke up people’s butts. If you go to this dog and pony show, please boo old Al off the stage right after you ask him about:

1 William Hairston, his buddy, and that 1/2 million payout he received from a HUD contractor that Al squeezed?

2 Why does good ole Al restrict HUD contracts to individuals or groups that do not support bush?

3 Why the hell are you tearing down perfectly good New Orleans low income housing to replace it with brand new and totally expensive low income housing? I think I can guess that one.

Alfonzo is an incompetent crook just like the rest of the bush administration. Send this dork packing, pleaseeeeee

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OCTrojan says:

March 5, 2008 at 5:29 pm

So if I want to walk away from my loan, they will show me how? I certainly hope so. My mortgage is going to jump to $5000 per month and I only make $2500 before household expenses… maybe they’ll cut my principal to 30 cents on the dollar and put me into a nice cushy 30 year fixed.

That’s exactly what I’m waiting to hear from them.

Yep, I think I’ll continue to dream on.

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Larry P. says:

March 5, 2008 at 6:34 pm

OCTrojan,

You KNOW they won’t do that BUT….Banks are getting close to doing just about anything to keep their loans performing…I would be willing to bet they WOULD do a modification plan if it were warranted. I have even heard of banks doing an automatic refinance IF you have some equity, no appraisal needed.

Also, I don’t know what kind of ARM you have (sounds like an Option ARM?) but since ALL ARM index rates have been plummeting recently, your loan may not jump to that high of a payment. If it is an Option ARM, depending on your margin and index (MTA or COFI or COSI) your rate will be in the 3.75% - 5.25% range by September

At any rate, I would contact them now if that kind of payment increase is going to be a problem. And if you don’t mind putting it on here I could tell you what rate you would be looking at if you gave me the index type and margin on it….might not be as bad as you think!

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