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California’s 90-day foreclosure moratorium starts, sort of
June 15th, 2009, 1:45 pm · 71 Comments · posted by Mathew Padilla
A state law halting home foreclosures for 90 days begins today, but companies can earn an exemption by showing they are already busy modifying loans.
The California Foreclosure Prevention Act, or Assembly Bill X2 7, which Governor Arnold Schwarzenegger signed in February, is meant to push banks and loan servicers into lowering mortgage payments of homeowners in financial trouble. It reflects a similar federal plan.
Several companies have already applied for exemptions, said Mark Leyes, a spokesman for the state’s Department of Corporations. The department must grant or refuse an exemption within 30 days, during which companies need not comply with the moratorium. The law impacts loans made from 2003 to 2007.
A lender or servicer gets an exemption by demonstrating it already has a loan modification program in place, including lowering owner payments to a target of 38 percent of their income going to housing. Methods of choice are lowering the loan’s interest rate or extending its term to 40 years.
The bill, however, seems to lack teeth. The 38 percent debt-to-income ratio is merely a target.
And the bill says it does not require a servicer to violate contracts for “investor-owned loans.” The most troubled loans are generally those investment banks packaged and sold, and if the servicing contract says foreclosure is preferable to a loan modification, nothing in the law stops foreclosure.
The law also says it does not require a bank to “provide a modification to a borrower who is not willing or able to pay under the modification.” I am not sure what “able to pay” means if the target debt-to-income ratio is 38 percent? Maybe if borrowers have to make other hefty payments — on cars, credit cards etc. — then they are out of luck.
- Read the full text of the bill, sponsored by Assemblyman Ted Lieu (D-Torrance), HERE.
- And vote HERE in a poll on the bill I created when the governor signed it.
In other news..
- Obama to unveil banking oversight changes. Your vote?
- Painful months ahead for housing?
- O.C. mortgage rates ease
- Answers for first-time home buyers
- Video interview of widow, 85, facing foreclosure
- Higher rates squash refinance demand
- Economists disparage foreclosure relief
- Once top subprime lender settles suit
- U.S. clears 10 banks to return $68 billion of capital injections
- Foreclosure is the ‘cure’
- U.S. will let stronger banks repay bailout funds
- Time to double-down on housing?
- Do these homeowners deserve help?
- O.C. mortgage rates jump again
- SEC files civil charges against Countrywide founder
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Does anyone think this new moratorium could be because the banks will be swamped processing the backlog of foreclosures from the last moratorium? Remember the recent spike in NODs?
Anybody know if Wells Fargo has filed for an exemption? Thanks.
A list of the participating banks will be at http://www.corp.ca.gov
They may not be there right now, but will be listed soon. Hope this helps.
Basically, these borrower’s will have another 3 month’s of free rent. Most people will foreclose eventually even if they are helped.
Hopefully my bank will finally site down with me and help me renegotiate terms on my HELOC. I am one honest hardworking home owner who looks forward to this law.
Yeah? What did you spend the HELOC on?
probably a lifted truck and a 50,000 dollar boat and camper. Ya know, all the toys the “Jones’s” have that they cant live without!
exactly, it looks like our “hardworking home owner” is just another “live beyond his means” OC resident. He should have never been able to borrow against the equity on his home to begin with.
Our whole country has lived beyond its means. This reminds me of the fall of the roman empire
no kidding, huh?
How about if I borrow money from you and then I can’t afford to pay it back? Will you modify the loan terms for me? Please…I’m a hard worker.
Why are we continuing to postpone the inevitable? The housing market needs to adjust downward from irrational exuberance. I guess the point is to spread the pain and try to slowly absorb the adjustment, but I am more of a rip off the band-aid kind of guy.
They never have trouble passing these socialist laws, but when it comes time to reduce the rise in spending, they stall forever. Once again those who are prudent are shafted since banks are going to have to make up the loss somehow while the liars who deliberately overstated their income to get something they could not afford get a free stay.
As a Utah broker, it will be fascinating for me to watch as California progresses on this program. The outcome is potentially positive and potentially very negative. I’m glad it’s your state leading the way.
as told; the path to hell is paved with good intentions.
Woo hoo! Three free months of rent-free living! God bless our state legislature! Too bad they couldn’t make it three years… then I’d claim squatters rights!
Now for a summer of surfing and no worries! Thank you Ted Lieu for putting the FUN in Funemployment!
I really need to modify my loan the sale date is two weeks away and I don’t know who can help me there is fraud involved because the lender said there was a six month cushion when in reality there was only three can anyone out there please help , can anyone hear me ?????
What? Don’t sign. End of problem if you have a loan contingency.
Dealeo, by “sale date”, I think he means FC. he’s not buying a home…
Yes, I realized that a minute later. Thank you.
Go to loansafe.org, a blog where people share internal contacts to reach escalated contacts within the lender’s ranks.
I find it hard to believe, however, that they aren’t already talking to you… We’re busy, yes, but we are doing everything to reach borrowers in default like you: calling, sending letters, paying people to stick a notice on your door. Have you not called them? Have you opened your mail?
PS Do not pay a third-party. They offer nothing you can’t do by picking up your phone, calling the lender, and following their instructions.
PPS this new law is stoopid. We’re already offering super low rates and extended terms IF you have the “ability” to pay. Just call.
Very nice of you to step up.
Who are you? What Bank. I’m working with BOA formerly Countrywide. And it has been an impossible 3 month process. Everytime I send something in, they lose it.
I was in a short sale in April because I was told it was my only option, they sent a letter that said they would contact us 5 days. I’ve gotten 3 letters saying the same thing. And never been contacted, never had an appraisal get done and…oh yea, I’m not in a short sale anymore becauase the buyer backed out due to lack of action by BOA.
I make a weekly call, after sitting on hold approx. 20 minutes, I have to basically start from scratch explaining my situation, I’ve been spoken down to, I’ve been lectured…oh yea. I’m not a deadbeat I made over $100k the last 2 years - on my tax forms and everything, had my condo 3 years in January. I was laidoff and out of work for 7 months.
Now that I am working I struggle to get anyone to help me move forward on a loan modification that we’re hearing so much about. On my 2nd I got an offer to move the delinquent amounts to the back end - but at the same interest rate of 9.5%. Still no word on my 1st, although they say the computer says papers were sent the first week of May. When I called the company sending out the papers, they said “yea, we’re a little behind. It’s in process.”
And my foreclosure date is August 1. Did I mention they told me not to make any payments, not partial not the regular nothing, now that I’m in foreclosure proceedings. They won’t even take my money.
The gov’t can write any law they want, the banks don’t want to try. Anyone see the article where BOA won’t give back the injection money like several other banks did. I tell you what if I didn’t have to work with them, I’d do my business elsewhere.
Well, I am in the same boat as you! I have been trying to get BOA to do a loan mod. but they said I don’t “qualify”!!! Got laid off from my job after 30 years but got another job that only pays 1/2 of what I was making. I am short about 300.00 amonth. Trying to get a second job…..do housecleaning, yardwork…whatever I can do. I just ask them for alittle help. They had me call HUD……HUD told me to do a short sell and remember that I will have to pay the difference!!!!! Thanks but no thanks! I have worked and paid taxes since I was 16. I have never had to ask for any assistance….until now…..this whole thing sucks.
The banks are stalling everyone on the loan mods. If your current but struggling “Forget IT”!!
You have absolutely no idea what you are talking about Joe! The banks are OVERWHELMED. It is in THEIR OWN INTERESTS to try to modify loans “IF” the modification makes sense. It ain’t “Rocket Science” Joe: Modify the loan terms and still get paid with the hope of ultimately recovering ALL of the principal or “stall everyone” on mods, pile up more defaults and risk hundreds millions and even billions of dollars in further losses….the banks, unlike most on this and other ranting blogs claiming banks WANT to foreclose aren’t STUPID!
Look, I’ll give you a simple example: A “Fantasyland owner” got a $500,000 option ARM in say, 2006. They got a Stated Income loan but really make only $5000 a month before taxes (gross income). The new balance is now $530,000. They can’t afford even a modified loan and will be denied. Why? because there is no math in the world that can get them a modified loan. Even the Home Affordable modification reducing their rate to 2% P&I on a 40 year amortization won’t work because they still would have taxes and insurance on top of the ridiculously low $1605 P&I payment under HAM and push their payment to about 45-50% of Gross and would be begging for a future default. At the opposite end are the “Big Pimpin Spenders” who make $120,000+ in household gross income (MANY of those STILL in OC…believe it…I see them ALL the time!) and can EASILY afford their $530,000 loan but would rather put that money towards the 3 shiny new Benz’s in their garage and $1500/month in restaurant spending. They aren’t gonna get approved for a loan mod either. Again, they can afford it. I oversimplify here because from what I have seen MOST of that bad behavior has reversed these past 3 years…though not all of it, but there is little chance someone making $10,000+/month is going to get a loan mod on a $500,000 loan…ain’t gonna happen. they can afford it. So, at the end of the day, the $6,000-$9,000 a month folks will get modified for a loan that size. The modification will “fit” for them to varying degrees. Banks are shooting for 31-42% Housing DTI on FULL INCOME DOCUMENTATION modification underwriting. If after modification to the lowest ALLOWABLE rate your DTI is above that, you can’t afford it. If PRIOR TO modification your housing DTI is BELOW that, you already CAN afford it so you need make your decisions too. Stay and pay as YOU PROMISED when you borrowed the money or turn tail and bail like a thief in the night? And since banks are NOT RESPONSIBLE for the equity preservation of the people that SIGNED ON THE BOTTOM LINE TO BORROW AND REPAY THEIR LOANS, there is RARELY if ever balance writedowns…and NEVER to “current value”. Stories of these are like Bigfoot…people believe them without anyone having ever seen it themselves.
There are MILLIONS of borrowers trying to get their loans modified right now. Countrywide/BofA is the hardest hit because they have MILLIONS of loans themselves…and only a couple thousand to actually DO the modifications…do the math…it’s GOING TO TAKE SOME TIME. And I know for a fact they have HIRED thousands in the past two years…the flood is too large…they aren’t “stalling” nor are any of the other banks. they are OVERWHELMED!
I know it is a stretch to ask this around here but people should THINK about what is going on before they post their ridiculous, ignorant, and utterly misinformed opinions on this and any other blog. To paraphrase “Glengarry, GlenRoss”: If you don’t KNOW the score, keep your mouth shut!” People get HORRIBLE advice all the time from their friends who know about as much that is going on behind the headlines as they do…it is destructive advice. Just ask the tens of thousands of people whom have gone with 3rd party “Loan Mod” companies that took thousands from them for work they could have done for free with their banks if armed with patience and resolve instead of ignorance and bad advice. It’s all about numbers, affordability, and patience…you aren’t the ONLY one looking for a loan mod and they don’t happen at the snap of your fingers. Get smart. Get informed. And GET REAL!
Sorry, I thought you meant you are buying. I see you mean you have a Notice of Sale. Please post more detail (leaving your ID out). What is your negoatiator (on the loan mod) saying? Tell them you need written evidence of a postponement until you can finish your workout. And don’t count on any past slip ups on a lender’s part as your argument. Your only hope is working with the system as it is, which means you must be willing to honor some kind of compromise, based upon your current ability to pay. There is significant relief available if you perservere.
It’s better for you if the foreclosure goes through, it creates more transactions.
LOL!!!
The new moratorium means that your sale date has been postponed. Call the trustee and get the new date and call your mortgage company and ask for the loss mitigation department. Tell them you need a modification. Don’t use an outside company, they cannot help you only your bank can.
P.S Try to ignore all the people on this board who think they know why you are having problems paying your mortgage!
I believe your best bet is to get the lender/servicer to agree to a short sale. Call them & speak to someone in the litigation department.
Yes I meant the mitigation department.
If two weeks till the sale date, it’s really too late to start a short sale…unless he already has it on the market and gets an offer in in the next few days.
His best bet is to call the Loss mitigation dept at his lender and try to pre-qualify for a loan mod. Of course, you can lead a horse to water….
Who can help you??? Um, how about your BANK? I don’t care who your lender is, they DON’T want to foreclose! If you have provable income, get YOUR BANK on the phone (I know, novel concept, actually ask your LENDER for help! C’mon people!) and get it done.
Who do I call? really??? And there’s “fraud involved”? Gimme a break! At this point people are still not calling thier banks when trouble strikes? Amazing! I suppose there’s always BK Court too if you forget how to operate a phone. A phone and an hour of time is all you need…can we hear you? Yeah. Can you hear this: CALL YOUR LENDER IMMEDIATELY!
You’re joking, right? You really think mortgage companies are out there to help people? The only loan modification my mortgage company offered me was to capitalize the late payments into my existing loan, which made my monthly payments significantly higher. Now I’m seriously upside down on my mortgage. I approached the company about doing a real modification under Obama’s Home Affordability Plan (e.g. which might lower the interest rate to an affordable level, etc.) and they told me I didn’t qualify because I had received a loan modification already once in the last 12 months. No wonder people fall back into default with this kind of “help.”
Hurry ! Call your lender, so they can tell you no mod. You do not qaulify, not enough income. If you have enough income, no mod,. you dont need it. Ignore the bank and their nonsense and Move!
Hey Larry Have you called your bank lately? By the time you get to the LM dept. you’ve listened to the same song 120 times! Not to mentioned being transferred and hung up on 5 times or more!
My experience with banks leads me to believe that they DO WANT TO FORECLOSE on people’s homes. 13 times this year alone I’ve had to beg a bank not to foreclose and give us time to complete a short sale transaction. 4 of those times we were within 48 hours of closing.
I do agree that the moment a homeowner finds themselves in trouble the first call should be to their banks. They need to try to work out some sort of arrangement to get them through a temporary financial condition they’re facing.
The biggest mistake a homeowner can make is to ignore the issue.
See my reply post to Joe above Realtorman, Beth, and Bill Carson. “Know The Score”! You folks ARE NOT the ONLY ones under a deadline that are calling your banks. More like number 55,637 that WEEK! Like I said above, it is a FLOOD of Loan mod requests, short sales, forbearance plans, etc. at EVERY BANK IN AMERICA. They could all hire 1,000 people each tomorrow and they would STILL be swamped. Realtorman, how much “personal Service” could you provide if you had 400 listings? And 10% of them called you EVERY DAY??? I thought so! Thats what the AVERAGE loan mod rep at the major banks has on THEIR plates from what I have found! Give them some lead time and don’t do things last minute as best you can and you “should” be fine…usually. Depends of course on the individual you are dealing with but I’ve had MOSTLY good experiences.
And Realtorman, I haven’t had to deal with my own bank but I have dealt with many others and here’s what I have learned:Persistence and patience are needed…call in the early morning hours before 7 or after 6 pm….never call on Mondays…and never get to addressing issues like holding up a foreclosure sale 48 hours till closing!
This is in reply to Larry P -
Your pre-supposition that we don’t “know the score” is preposterous. Each person who deals with the banks understands that they are overwhelmed with the onslaught of LM & SS requests.
Your response shows that you do this on a “part-time”, when I can “get to it” basis. Or worse yet, you work for BofA.
I always give the banks plenty of “lead way” because I recognize that the negotiator has a stack of files on their desk and mine is one of many. However, no matter how many files each negotiator is given, there should be some standard as to when the file is to be fully considered and some type of decision made.
The clock is always ticking and if it takes 4-6 months for the banks negotiator to fully work the file - it sometimes causes properties to reach the trustee sale date. And here’s the rub, if you call several days prior to the sale, they tell you that you must call back 2-3 days before and then they’ll consider postponement!
I agree that persistence is key when working with banks… I believe in being proactive, not, of course, to the point of harassment. 1 call a week is quite enough. Oh, and I never call on Mondays - - that’s just a waste of time!
And by the way, I’ve love to have 400 listings!
Another moratorium? What a joke. I was at the Trustee Sales at Santa Ana courthouse today and it was business as usual. Tons of sales to investors and the usual postponements. It’s just another politicians window dressing (and a little late to the party to boot)! Unless politicians are prepared to tell people they can live in their home for free forever, these programs DO NOT WORK.
So we basically have a computer science major like Ted Lieu throwing up a 90-day foreclosure moratorium in a field he has zero experience in. No wonder the state is so screwed up; look at the people at the helm.
Talk about delaying the inevitable.
I do feel bad for the few out there that were defrauded and actually did not participate in the fraud. However, if the banks would just foreclose already and get these people back into rentals they would have more money to spend on supporting our economy. Then the people who have saved properly and who have the income to afford to buy a house can buy at reasonable prices. They would then fix up the house which would also stimulate our economy. The longer the politicians delay the inevitable, the worse it is for California in general.
so this means loser homeowners who went over their heads or cashed out their home as ATM machine, can live free of rent for a total of about 320 days?!! 90 days from the Federal plan, 90 days from Arnold’s plan, and another 140 days to foreclose and keep them out.
Can someone please tell me this is not redicuolous!!!!
sounds like another way for people who made bad decisions get a few months to “mooch” the system. meanwhile people who have been saving for their chance to buy must wait even longer to scopp up the forecolsed property. it like the reverse of the old “and and grasshopper” story. in america the grasshopper gets to mooch off the ants as long as he needs
National Association of Realtors+ Ben Bernanke + Henry Paulson+ Barak Obama + Barney Frank= Conspiracy to price fix
Republicans are traitors just listed all Democrats that screwed up the system. Nice.
I’m just feeling so deeply sad and can only imagine how horrible it must be..to be one of those homeowners who were fooled by their loan officer, they were told that they could afford the monthly payment on their home. I mean, nobody even bothered to tell them what the monthly payment was, or any other important details about their loan program… and the only reason why these poor homeowners ever decided to take out a HELOC or second mortgage is because they were coerced by their greedy loan officer, and did not get enough disclosure about how they were expected to repay the 2nd loan either.
The least we can do for these helpless victims is let them live for free in their home for the year and a half (on average) that it takes from the time the homeowner stops making monthly payment…till the time that they are moved out of the home. I mean isn’t this is a small price to pay for the horrific crime that they were an unsuspecting victim of…
(is there anyone who is still buying this story?)
“The least we can do for these helpless victims is let them live for free in their home for the year and a half (on average) that it takes from the time the homeowner stops making monthly payment…till the time that they are moved out of the home”.
Oh, it gets even better. These victims don’t even have to leave their home, or give up their income properties. Even if they have million of dollars of equity, they qualify for loan modifications, and can continue to visit spas, dine at restaurants seven nights a week, have a life coach, etc.
Just reference the Jeana Keough story, here in the OC Register. Thanks guys!
http://lansner.freedomblogging.com/2009/06/11/real-housewife-saves-coto-home-from-foreclosure/25593/
Are you one of those fools who pays your mortgage on time, lives within your means, and has a savings plan? Get to the back of the line! Save me a spot!
Tiffany :)) LMAO
GOING ON 2 YEARS IN MY HOME WITH OUT MAKING A PAYMENT 90 MORE DAYS THANK TERMINATORE. WITH THE MONEY I’M SAVING ILL BE ABLE TO BUY A HOUSE CASH AND WHO CARES ABOUT CREDIT. THERE ARE HOMES GOING FOR 49K IN RIVERSIDE HURRYYYYY GET ONE BEFORE IT’S TOO LATE!!!!!!!!!!!
no….no….90 more days, PLUS another 130 days for banks to kick us out!!!
Plus, i am renting my place out, so additional cash there for me!!! I love america!!!!
Another Aberration from Sacramento incompetents
Dems/Reps
Now here’s a man who knows how to manage a buck.
Like Matt said, this legislation has no teeth. Two servicers have already been granted exceptions, and ten more have applied.
http://www.sacbee.com/static/weblogs/real_estate/archives/2009/06/two-lenders-get.html
It really bothers me that a bill would be passed that would exclude mortgages held by investors. A good share of the mortgages that are in trouble are held by investors. I have been aggressively trying to modify my mortgage with Wells Fargo Home Mortgage since last October (when we determine that we would have a close a business) and the investors don’t want to modify the mortgage.
At this point it does not look good and the thought of losing my house and my entire life savings that is invested in my house is horrible thing - even though we could afford the house if the mortgage company would just modify our rate lower - GREED CONTINUES TO RULE THE BANKS!!!!! They would rather sell my house for a loss than modify own loan.
My heart goes out to everyone who is in this situation.
your an investor, you lost
deal with it
I am currently in escrow on a short sale that my wife and I are trying to purchase. I’ll be damned if this causes us to lose the transaction, because the owner now wants to live rent free for 3 more months.
We need a new tea party…
This is just mortgage methadone.
The underlying American addiction to living the high life will inevitably put these people our on the street.
Why do taxpayers continue to bail out these deadbeats?
Cut them off. Let house prices fall to reality and go from there.
Taxpayers and the governor need an intervention.
I see that this is just another stalling tactic for foreclosures.
If people got in over their heads, then they got what they deserve along with the greedy people in the lending industry. Look at the numbers. The odds are against the majority of these people to even keep the house if they make alternate arrangements,
Foreclosures come about because people did not have enough sense not to buy or borrow against what they could not afford to pay back.
Yes owning a home is the American Dream, but come on people, it is called the dream because you have to plan and make sure you can afford it. People who did not plan have turned homeownership into a nightmare.
it would be interesting to find out what percentage of all foreclosures are due to people losing thier jobs and what are due to those that bought more then they could afford/or rate resets that caused then to default.
One of the bad things that has happened as a result of all the subprime, atm equity bandits and bought too big a house people that have set the economy to meltdown is people losing their jobs.
I agree w/the sentiments of frustration on both sides here, but what’s the fix? 3 of our Neighbors are being affected: A) Retired couple (ex-cop+ex-teacher), B) Single retired man w/no nearby relatives, C) Family of 4 who have experienced the nightmare of Job Loss + 1 parent having health problems that requires extreme $ insurance + greatly limits type of work capability.
All 3 sit are trying to stay in their homes & none are investors/flippers, they just have had extremely bad turn of events! We’ve lived in this historical district for 11 yrs & each of these Neighbors has been a great community member over the years…
I do know in the case of Family of 4 that they have tried all kinds of ways to get work, but there just isn’t anything going on for them that lasts (temp work only) or that has made it possible for them to save $ so they have fallen behind on their BofA mortgage about 3 months…each time they’ve called, it’s a lot of being passed around w/o much help…
Sad times when these individuals are viewed in the same way as speculators!
It is sad and it makes me wonder how many more responsible people are going to fall into the same situation due to job loss. The only way I see for things to improve is for the job losses and layoffs to stop but when the economy if on the downware spiral it doesnt look good.
I just hope that the economy is on its recovery as it will take a while for things to improve.I just hope everyone learns from this but history has a way of repeating itself.
These laws trying to avoid the unavoidable make me want to vommit. Quit trying to bailout those that should never have had homes. Us homeowners that have purchased homes within our means will certainly see property values go down measurably, but that’s better than seeing some of my neighbors getting price and loan modifications while the rest of us, who have been conservative in our investments, be forced to help them pay for their homes through higher fees and taxes.
This is just one more law that is going to try to avoid the unavoidable. People that were irresponsible then will be irresponsible in the future. The high percentage of mortgages in the rears ‘ after already getting a loan modification’ proves that. Quit bailing out those that abused their equity by getting these HELOC’s. Anyone trying to get a loan modification shoul have to prove that they actually had the income that they stated on there loan application.
Too bad the govinator , assemblinators, sanchezinator, fienstienintaor and the obominator doesn’t read this blog.
When do people who actually make their payments get 90 days off from payments?
Well… it’s a sham… when Leyes said “several” applied for exemption, he should have said 90%. What does that tell you. go look at the list… most likely this group services over 95% of the loans in California, and the Legislature tries to call this a Moratorium. It’s a sham.
Here’s your list:
http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf
Martin Andelman:
“The exempted lenders and servicers don’t have to modify or prove they tried to modify a single mortgage before foreclosing on properties in California. In other words, nothing changed… essentially nothing… nada… not a thing.”
This is not just about people living beyond their means - it is about an economy pulled out from underneath them from a greedy and unregulated era that is leaving them possibly homeless after their unethical loans have come to light and the enormous real estate bubble has burst. The banks were give billions of dollars specifically to assist homeowners in modifying their loans to reflect the current market and to avoid foreclosure. Hope for Homeowners was implemented in the Spring of 2008 and has been recently updated by the Obama stimulus plan but the major banks have been just foreclosing on people anyway, even those that clearly qualify. This moratorium does not waive any past due money owed should the modification happen. It does slow the feeding frenzy of investors and opportunists eating up the family homes and life savings lost in these sad times.
for all of those who do get foreclosed on. please take all your filthy trash with you!! people are pigs I’ve been servicing these properties for lenders for over 20 years in california and the condition mortagees are leaving these properties is sick , all their getting is 3 more months to pile up trash ,let the pool go green,and not cut the lawn and i’m not even talking about the vindictive ones who strip and brake everything before they leave. I see this first hand everyday and any reo broker can back me up on this. Stated income was a joke on all of us. I don’t care how many garages you convert or how many families you move in there’s no way people could afford these homes and all the exspenses that went along with them. foreclose on these homes let investors by them up and all these previous homeowners can become the tenants they should be and if they don’t pay the rent and dont clean up after themselves when they leave at least they lose their deposits and can be taken to small claims and I dont think the judge will give them 3 months to modify there rental agreement.
Dont forget that the people that leave their pets to starve to death. Those people need to be tied to a stake in the sun so they can experience what it feel like to have the love and dedication you gave to your owner rewarded with being abandoned to starve to death.
The people need to have thier kids taken away because I fear for them and their future. It really sickens me and make me angry that people can just dump thier suppossedly beloved animals like trash.
But what can you expect from unevolved scum after all.
Welcome to Cali and thanks for stating your income. Enjoy your new over priced slice of paradise!
Oops, looks like you’re getting foreclosed on. Better take your ugly wife and kids with you, because us Cali natives didn’t want them here either.
Why are credit unions such as Technology Credit Union (Tech CU) not willing to work with their home owners having difficulty with their payments? I have heard from other sources, there will keep asking you to submit documentation after documentation just to discourage from moving forward with a loan modification. Has any one here experience this or know of anyone that has? A friends seem to be going through that mess with Tech CU. However, I’ve heard you can file a report with the state, if a bank is not willing to work with the borrower to modify the loan. This will allow the state to impose a 90 day moratorium on the bank’s foreclosure proceedings. To whom or what agency do you file this report?
What is the status of this moratorium?