The Innocent Victims of the Foreclosure Frenzy

In their rush to steal as many houses as possible from decent people, the banksters have left behind a broad path of destruction. Untold (and unnecessary) stress-induced health problems. Suicides. Uprooted families. Traumatized children. And homeless pets. 

Ginger and Rosie (13 yr and 14 yr) were just surrendered to the Humane Society of Yuma, AZ. These sweet dogs had been with the same owner all their lives. Unfortunately, their owner lost her home and was living on the streets with the dogs. She was getting dog food from a local food bank that helps the homeless also feed their pets. When their owner also lost her car, she had no other options and turned the dogs into the Humane Society. We can’t imagine how difficult this decision was for her and how lonely she must be at this very difficult part in her life without her two companions.

These dogs are very elderly so although they are in good shape (current on shots and spayed), they are at the end of their lives and it would be wonderful for them to spend that last time in a loving home. Please read the letter their owner left about them. HS says the dogs are very, very sweet.
~Desert Labrador Retriever Rescue

So unbelievably sad. As long as our government and so-called legal system allow corporate criminals to run roughshod over the populace, this is no longer a civilized nation.Bring back honesty, compassion and the rule of law.

It’s 2014 and the Banks Still Can’t Modify a Mortgage?

Think the foreclosure crisis has ended and banks are back on the straight and narrow after years of cheating and lying to customers? Judging from the searches that bring readers to this blog, that’s just not the case.

Seems people are still being strung along in fake mortgage modification reviews and offered false trial mods that lead to nowhere. I’m also seeing more searches for information about forbearances, which is just another scam to extract a bit more money out of homeowners before the foreclosure process grinds to a finish.

So, to review for those of you who haven’t been paying attention and still think that there’s nothing wrong with the way big banks have done business in the wake of the financial crisis and  the government really did all it could to help mitigate the foreclosure problems, here are a few interesting points:

1) In addition to their overweening greed causing the financial crisis, it also fed the foreclosure feeding frenzy that followed. 

“All those arrows point in the same direction – the HAMP failure, the foreclosure nightmare that people experience, the court decisions, the realtors’ short sale experiences. They all point to a huge bank bureaucracy that is incompetent, that is tormenting people, that is doing great damage to the investors.”

“HAMP would be more successful
were it not for “massive servicer noncompliance.”

~National Consumer Law Center

2) The Obama Administration did nothing to help beset homeowners ride out the financial crisis and everything to throw them to the wolves – namely the big banks.

“When President Obama delivered his speech in Arizona in February, 2009, nowhere in the speech did he come close to implying that this plan was intended to help the banks and servicers get more money out of homeowners before taking their homes. What he said was, ‘This will enable as many as three to four million homeowners to modify the terms of their mortgages to avoid foreclosure.’ It wasn’t followed by, ‘…for a couple of months.'”

~Government Tactic: Help Banks by Lying to Homeowners

3) Homeowners who were bled dry by the fake loan modification process and then offered meager relief are not to blame for the number of HAMP re-defaults. The banks set them up so they could make even more money “servicing” a second foreclosure process.

“… the majority of HAMP participants received
monthly mortgage reductions of less than 10 percent,
and 39 percent of them saw monthly reductions of less than 5 percent. When you’re struggling — which in the post-crash economy was and still is very common — every little bit certainly helps,
but a 5 percent or less reduction in your mortgage payment
is just that: a little bit.” 

~HAMP-Strung: Mortgage Modification Program
Seeing Too Many Redefaults

 4) Yes, it’s all still going on FIVE YEARS after President Obama promised help to millions of Americans being hounded into foreclosure by banks. In spite of much-publicized “punitive” settlements paid by all the big banks.

“A new report says homeowners trying to avoid foreclosure
must wait too long for their loan modification applications
to be reviewed by some of the nation’s top mortgage servicers.
Such delays can plunge borrowers deeper in debt.”

Mortgage Modifications Still Taking Banks Too Long, Report Says

5) THE BANKS LIE!

“The simple fact is that the nation’s biggest banks have practiced to perfection how to lose files and documentation. Simply put, no one is holding the banks accountable for submitted information.
Just exactly how many times can one lose their homework and get away with it? The question really is that simple.”

Terrifying Tales of Mortgage Loan Modifications Gone Wrong