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  • From: "Lynda" <lurine AT com-pair.net>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] Ozark place
  • Date: Mon, 24 May 2010 12:43:18 -0700

Eldest's m-i-l is trying to negotiate a loan modification from Wacovia/Wells Fargo/whoever the heck they are now. She got a letter from them saying she was denied based on 1) her mortgage was current and 2) she had shown where she had a loss in income. Well, she showed the loss in income (two sons aged out and she wasn't getting SS survivor benefits for them anymore, a loss of over $1500/mo). AND two days later they posted a foreclosure notice on her door!

So, my question was, how can you foreclose on a property where "your mortgage is current"?

Is it any wonder that banks are failing?

Lynda
----- Original Message ----- From: "Rob" <becida AT comcast.net>

"60 Minutes" did a piece on the people 'walking away' from upside
down mortgages, just a business decision. It was pointed out that
several of the big money guys had walked away from big money projects
when it was clear they were not going to improve their bottom line.
This was to a large extent a moral vs money question, why pay a bank
$2k a month for a property they could rent down the street for
$500? As a business decision it's the banks problem and would the
bank care if it the problem was going the other way?

Can it be just a business decision for the lender but a moral
question for the borrower? It can if you can convince the borrower
it's about morals rather than the bottom line.

The bank owned properties with no for sale signs? There are several
in my area.
A couple of things I've read talked of bank bookkeeping, if the
foreclosure process is put on hold part way thru it the property does
not show up in the 'bad' column, or there are already too many bank
owned properties for sale in a given area.
Other things talked of the banks not knowing what to do as values
readjust and people are out of work. If you don't have a job you
can't afford to buy a house, at least not at the inflated prices we
had yesterday.

I keep waiting for land prices to 'readjust' out here, $7-10k and
acre is nuts...





Rob

becida AT comcast.net
Western Washington State, USA

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