Why hasn't the government jumped in to help people in foreclosure because of predatory lenders?
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Yikes, here is the best I can do to alliviate the concern
Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/n...
HUD consumer complaints: http://www.hud.gov/offices/hsg/sfh/res/r...
HUD Sample of Good Faith Estimate: http://www.hud.gov/offices/hsg/sfh/res/r...
HUD Real Estate Settlement Procedures Act: RESPA the entire statute
http://www.hud.gov/offices/hsg/sfh/res/r...
HUD Initiations of foreclosures, an explanation
http://www.hudclips.org/sub_nonhud/cgi/n...
Fixing your debt problems information from the US Government
http://www.ftc.gov/bcp/conline/pubs/cred...
National Home Recovery Program for foreclosures http://www.nhrp.com/
FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/home...
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/s...
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/foreclos...
Predatory Lending information from ABA: http://www.aba.com/consumer+connection/c...
Mortgage Loan Fraud a report http://www.fincen.gov/mortgageloanfraud.
Racketeer Influenced and Corrupt Organizations Act – RICO
http://usinfo.state.gov/usa/infousa/laws...
That should give you plenty of information to do your research in.
Best of luck and sorry about your situation
They hae not stepped in yet, but they are aware of what is occuring with the recent increase in foreclosures around the country. They are persuading lenders/banks to offer assistance to home owner's to help them keep their homes. Some banks have taken the lead and are coming up with programs to work with people, becasue believe it or not, foreclosures are costly to the banks as well. And they very rarely recooperate their money.
I really do not think you are being fair by saying you were "set up" for a payment you could not afford. I am sure you were aware of what your payment would be when you signed your loan documents.
I know someone going through the same thing. Their mortgage payment was too high for them and now they're going into foreclosure. It's really sad.
I know how you feel. I am in the same boat here in California. I refinanced to put my son through college & was not told of all the contract contained. Now, I am in a high mortgage & it goes up next year! Have you tried talking to a lawyer? I've heard lots of commercials lately about this happening all across the nation & the possibility of help. I haven't tried to do anything yet but I could wind up having the same happen to me! I pray it all works out for you!! My problem now is that my FICA is so low NO ONE will refi for me now! Not even the current mortgage company!!
Let's face it the government could care less! My first question is do you have a adjust rate or a fixed rate? I never suggest anyone to go with adjust rate because the payments can go over the top. I would not give up! Go see a lawyer that can help you find some type of help. Not one of these that offer you a deal that is too good to be true type of things. Also go to a good credit counselor at you county office. You might need to call them first. They can sometimes offer you things that other places can't. A lot of times they can contact your creditors and talk with them. Good Luck!
Why should my tax dollars bail you out of a poor financial decision? If you have owned that home for 20 years you should not have some huge mortgage, unless you borrowed heavily against your home. Did you read the contract before you signed it? Did you ask for clarification on any points that you did not fully understand?
I don't mean to sound harsh, and it makes me sad that so many folks around the country are losing their homes (25,000+ foreclosures here in FL just last month alone). but the truth is that you, and all of the others signed those loan papers. Very few people bother to have a lawyer read them first, and then want to blame someone else for the situation that they now find themselves in.
Good luck to you. I hope you find a way to save your home.
Banks are highly regulated and aren't always at fault for borrowers who don't read the fine print. Still, I understand where you are coming from. The republican still holds the country by its' neck and they aren't usually known to empathize with the common man so I wouldn't expect any new deals to come your way. There is an existing government program that might be of help, but I am not sure if they do refinancing issues. You might have to call them to make sure. See link below.
They are working on it. Unfortunately, it is at the state level. I'm trying to do business in all 50 states. All of the licensing and compliance issues are a nightmare. I can't afford to pay a team to keep up with it all. I wish mortgage companies were only federally regulated. I'm sorry you were taken advantage of.
I don't know the specifics of your situation, but here are my general observations:
There are two scenarios here: 1) People who don't have a full understanding of what they are signing and/or don't read what they are signing. 2) People who have been misled/lied to. #1 also plays into #2.
My experience is that most of these situations stem from #1 above. People don't read the documents. They rely on wha the by the mortgage broker/lender has SAID to them and not what is in writing. In any type of business this is a receipt for disaster.
Unless someone falls under #2 above (misled/lied to) I don't have much sympathy and don't believe that the government should bail them out. I have a hard enough time paying my house payment. I don't want to pay one for someone else.
In the case of #2, I think the government should come down with the biggest hammer they can find. Unfortunately, they wait until it is to late and they have to scramble to make themselves look good by doing something after the fact that they knew was going to happen beforehand.
For all of the talk of "predatory lending", I don't see it.
This is probably a question that you should as your representative in Congress and make absolutely sure that they give you an answer that sounds reasonable.
One of the reasons that the government can ignore helping people in your situation, is that foreclosure victims do not complain to the right people, in most cases. If its a clear case of predatory lending, then you need to write to the state regulatory agencies and possibly hire an attorney. Try and get some press coverage, as well, by contacting local newspapers or network affiliates.
So much of the foreclosure problem has been kept pretty quiet. We've all seen the rising numbers and other data, of course, but there are still few stories about the actual homeowners and what caused them to face foreclosure.
Ask your state regulatory agencies and your Congressman the question you asked here, and demand some answers. If you don't get any answers, or you get non-answers, then ask the local TV affiliates to cover the story, or find some fellow foreclosure victims and organize a group to stand up for yourselves.
It's your government, you pay their salaries, they wouldn't exist without you.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
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