Upcoming Foreclosures

What should the Federal Government do with the quarter million foreclosed homes it owns? "For sale or rent by distressed owner: 248,000 homes. That’s how many residential properties the U.S. government now has in its possession, the result of record numbers of people defaulting on government-backed mortgages. Washington is sitting on nearly a third of the nation’s 800,000 repossessed houses, making the U.S. taxpayer the largest owner of foreclosed properties. With even more homes moving toward default, Fannie Mae (FNMA), Freddie Mac (FMCC), and the Federal Housing Administration are looking for a way to unload them without swamping the already depressed real estate market." http://www.businessweek.com/magazine/foreclosures-uncle-sam-and-his-248000-homes-09012011.html

Is this the Liberal dream of tax that cripples economies? Bank and Tax Lien Government Foreclosures Trap Homeowners in NJ [Valid RSS feed] Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265 By : John Cutts 99 or more times read Submitted 2010-12-04 14:10:42 With the high number of bank foreclosures and tax lien government foreclosures in New Jersey, most will probably expect people to be leaving the state in droves. However, most troubled homeowners have admitted that despite being on the brink of losing their homes, they are unable to make the decision to leave because of the potential losses that such a decision will incur. For those who own Elizabeth foreclosed homes, NJ and distressed properties in other areas of the state, leaving the region and selling off their homes to get out of the foreclosure mess are not very good options. For one, finding buyers willing to give them even half of the true worth of their properties had become even more difficult. For another, job prospects in other regions are as bad or might even be worse than what New Jersey has to offer. This scenario has become quite common among owners of New Jersey foreclosure homes, with local population data showing fewer people leaving the state since 2006 when the housing crisis started. As the number of bank foreclosures and tax lien government foreclosures increases, the number of New Jersey residents leaving the state decreases. According to a study conducted by economists from Rutgers University, over 76,000 people left the state in 2006. Last year, that number was down to over 31,000, representing an almost 60% decline. The drop in migration has been attributed by economists to two major factors. First is the declining value of properties due to huge supplies of foreclosure property for sale and the second is lack of employment opportunities in almost all parts of the country. They added that homeowners facing foreclosures are the most reluctant to leave since majority of them are unable to sell their homes at a price that will at least give them some return, no matter how small, for their investments. Economist also reveal that around 15% of homeowners in the state have underwater mortgages, which means that they pay higher rates for their loans that the worth of their properties. They further reveal that those who own bank foreclosed properties and tax lien government foreclosures are the most likely to stay in the state for quite some time. Author Resource:- Original Post: Bank and Tax Lien Government Foreclosures Trap Homeowners in NJ on Foreclosure-Support.com. http://www.realestateproarticles.com/Art/31569/265/Bank-and-Tax-Lien-Government-Foreclosures-Trap-Homeowners-in-NJ.html The Liberal agenda is that people cannot leave NJ without going totally broke due to taxes. Great way to keep people in NJ Liberals. We all know that won't last though cause sooner or later we won't be able to pay your taxes and then what.

wheres this story at CNN PMSNBC Feinstein routes government money to firm doing business with husband? Feinstein routes government money to firm doing business with husband | The Washington Times reports that Senator Dianne Feinstein (D-CA) took unusual steps to route government funding to an agency that usually works from a separate stream of revenue just after the agency awarded her husband’s firm a lucrative contract. The FDIC gave Richard Blum’s firm, property management firm CB Richard Ellis, contracts to handle residential foreclosures at a higher rate than normal market price, even though CBRE had less experience in that market than other competing firms. And Feinstein got the FDIC the money even though she has no connection to the Senate Banking Committee, the body that normally deals with the FDIC: On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms. Mrs. Feinstein’s intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn’t a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments - not direct federal dollars. Documents reviewed by The Washington Times show Mrs. Feinstein first offered Oct. 30 to help the FDIC secure money for its effort to stem the rise of home foreclosures. Her letter was sent just days before the agency determined that CB Richard Ellis Group (CBRE) - the commercial real estate firm that her husband Richard Blum heads as board chairman - had won the competitive bidding for a contract to sell foreclosed properties that FDIC had inherited from failed banks. About the same time of the contract award, Mr. Blum’s private investment firm reported to the Securities and Exchange Commission that it and related affiliates had purchased more than 10 million new shares in CBRE. The shares were purchased for the going price of $3.77; CBRE’s stock closed Monday at $5.14. In other words, Richard Blum bought 10 million shares at the same time his wife arranged for an unusual and extremely large chunk of taxpayer money to go to FDIC. Blum must have been an investment genius to guess that his wife’s intervention would coincidentally precede the FDIC’s award, making CBRE stock more valuable. Blum’s investment made a $14 million profit for Blum and Feinstein and their partners. But of course, that’s all just a coincidence. The contract award to CBRE should raise a few eyebrows: The firm, known for its commercial real estate services, is to be paid monthly maintenance fees for each foreclosed property it handles, as well as commissions and incentives. The total compensation can range from 8 percent of the sales price on many residential properties to 30 percent for properties worth $25,000 or less. A smaller firm also won a slice of the work with similar terms, records show. Most real estate agents earn no more than 6 percent on residential, even on foreclosed properties, and CBRE doesn’t have as much experience in foreclosure sales as other firms, the experts said. FDIC awarded this contract to CBRE even though it’s more known as a commercial real estate property management firm, and it gave them more commission than agents usually get. Why would the FDIC deliberately award a contract at relatively unfavorable terms to a company with a weak track record in this industry? Perhaps they knew that the contract award would net them a lot more cash than they would have to pay out, thanks to the political connections at CBRE … and they were right. Now Feinstein wants people to believe that she and Blum had no idea that the FDIC would give CBRE this contract at the time she gave the FDIC $25 billion. How did CBRE get the contract — a lottery? They had to bid for the FDIC contract. Blum obviously knew that the bid was under consideration, or he’s the most incompetent board chairman in history. Feinstein expects us to believe that the board chairman would have no idea that his own company had a major bid under consideration for handling foreclosures at a time when foreclosures were exploding? Is that really going to be her final answer? At the very least, this shows a clear conflict of interest, especially with Feinstein suddenly jumping into the banking arena and FDIC at a time when her husband was doing business with them. It looks a lot more like a payoff and a shell game to allow her family to cash in on taxpayer-funded bailout money. (

Should stimulus funds be used to allow developers to buy foreclosed houses? The stimulus provided $2 billion for HUD's new Neighborhood Stabilization Program that provides funds to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. These funds are in addition to the $3.9 billion provided for the same program in the Housing and Economic Recovery Act of 2008 (enacted last July). While HUD has yet to distribute the $2 billion provided in the stimulus, a recent review by the Los Angeles Times of a similar program launched in 1998 indicates what kind of results we might have to look forward to: Congress launched the program in 1998 to clear the Department of Housing and Urban Development's books of foreclosures and provide affordable housing. Local governments would buy the homes for $1, fix them up and resell them at a discount to poor families, who would get a chance to put down roots in the community. More than 2,300 homes have been sold by HUD for $1 each nationwide, with 326 in California. Nearly half of the homes in California were bought by companies or individuals who typically resold them at a much higher price. The city of San Bernardino bought more Dollar Homes -- 62 -- than any other city or county in the state. But San Bernardino officials could not provide The Times with any account of what happened to the homes after they were sold. Using county property tax and assessor records, federal bankruptcy files and real estate listings, The Times tracked every property sale to San Bernardino under the program since 2000. Among the findings: * At least 43 of the 62 homes were sold to housing contractors and investors. Within months after purchase, nearly all were resold, and for an average of three times the original sales price. Despite their track record, San Bernardino received $8.4 million from the first $4 billion for the Neighborhood Stabilization Program. Source: http://www.latimes.com Great use of stimulus money yet again!

Do you think Foreclosure Bill will help the average person? Thinking this may be a help to consumers? Wait until you read what the people who you elected are going to do. First of all this bill is ‘bi-partisan’ and was voted ‘yea’ at 84-12. The Senate has proclaimed it as a package designed to help businesses and homeowners ‘weather the housing crisis.’ The supporters of the bill in the Senate also acknowledge it does little to help borrowers losing their homes. it actually does nothing to help them at all, there are no provisions for those in duress. For Builders The plan gives them large tax breaks. Over a three year period no less. The same guys who made huge fortunes building homes and condos at inflated prices the last 6 years. For investors $7000 tax credits for buying foreclosed properties. This can include big businesses like lenders. Buying a foreclosed home means going to a foreclosure sale. At this time this will mean 99-100% lenders tax credit as no one else will be there. $4 billion in grants for communities to buy and fix up abandoned homes. Grants will probably be given to those that can afford to buy lots of those homes, like large investment firms, lenders, and builders. Local Joe Public will see little of this in my opinion For the oil companies and their ‘renewable energy divisions.’ $6 billion in unrelated tax breaks. This tax break goes against the Senates own rules regarding revenue increases. Well, you elected corrupt people to lead, what did you expect. The businesses that made the most money in the last 10 years were Oil companies. They are the ones that will get this $6 billion tip. What the heck is this doing in a foreclosure bill? Other notes The plan modernizes the FHA to allow more people to refinance into loans back by ‘the depression-era agency.’ So, if you have good credit and payment history, the FHA will be there for you. Of course that helps no one in trouble at all. Rumors of what the House will do when it receives it. Try to reject 25 billion in tax breaks to ‘money-losing’ businesses like home builders. I think, if I were to be cynical, that only 'money-making' home builders will get this. The House seems to want to drop the tax credit for buying foreclosed properties. Maybe they are afraid too many regular people may be able to buy a foreclosed home? For the people $150 billion for pre-foreclosure counseling and stronger loan disclosure requirements. The only 'foreclosure counselors' will be your lenders. The only ones doing disclosure requirements will be your lenders. Lenders, say hello to another 150 Billion, thanks for the memories. Tax breaks for ‘first-time’ home buyers and investors in low income rental housing. You could sum this up as 'Nobody and slum lords.' A separate house bill would be paired with it that gives $300 billion to refinance loans for 1 million+ homeowners who ‘might face’ foreclosure. Keyword 'might', this means if you are in foreclosure or probably cannot stop heading towards it you will not be eligible. This is a sad joke. The White House George Bush, the President, ‘opposes’ the plan but has no plans to veto the final version coming from the House. Thanks for 'almost' George! The Bush administration countered those plans Wednesday with its own, far narrower, proposal. It would expand an existing FHA program to allow more homeowners who are facing large rate hikes to refinance into more affordable government-insured loans And this will preclude everyone in trouble or who already faced huge rate hikes

Can you get a real estate loan (Gov/Trad) to purchase a more affordable home when you are now in a foreclosure Job loss and injury caused us to fall behind on our mortgage payments. The Bank wouldn't work with us and began foreclosure proceedings after 30 days late. We cannot afford our current home. We are trying to sell, but the sheriffs sale has happened, our time to sell is limited. We have located a different home that is 1 1/2 times cheaper & will allow us to make MUCH lower house payments. We have some money to put down (the bank wouldn't take partial payments, work out repayment plan etc..) but we need to finance the balance for this different home. Our credit is terrible now because of this but we need a home for our family & children...are there any loan programs (government or traditional) out there to help us get into this home. We tried going Contract for Deed but the Foreclosure Co. wants to cut the home loose (the home we are trying to buy is a foreclosed property that needs repairs but the payment would be $100's less than we pay now) -Any guidance would be appreciated.

When are we home owner who work hard and live within our means and pay our mortgage going to speak up? I am a sixty year olded home owner my wife and I have owned our home for thirty-two years we have sacificed and strugged to pay our mortgage and raise our childred , 5 years ago a family moved 2 houses over from us they have four of the wildest kids with no respect for their neibors , in the 5 years they have live there they have bought 2 new SUVs ,clearly living well beyond their means, last year I guess it finilly caught up with them ,we found out that the husband worked as a teacher's aide and the wife worked as a asst manager for a Burger King , Thier house was being foreclosed and a for sale sign appeared on the lawn that had cut only a few times in the past years next to the toy and junk that alway seem to be in the yard, we were so happy, then the sign disappeared, come to find out they had made a deal with their mortgage company to delay foreclosure and will see if the government will bail them out now mind you the big SUVs are still there she barely works anymore , If this living large in over their head family get some of my tax dollars to bail them out, it will be a disgrace to hard working familys who work hard ,live within our means , pay taxes and our mortgage , I have been a life long Dem had high hopes for Obama ,but if this family get one dime of my tax dollars they will lose me , my only hope is that before monies are spent , is that someone looks at these foreclosures and weed out these irrsponsive people like this , I guess I will see before the year is out ,, will they be gone ,or will there be a new SUV in the driveway.I can only pray that there some oversight and not turn this into another form of welfare..

Job Change Forcing Move, should we try to sell home with incentives, deed home back to bank, or foreclose? My husband and I move to Ft Myers, Florida 2 years ago (the height of the realestate boom) as he had a government contract here. The contract will be completed in August 2008 and he is scheduled to start working with another group in another city. I'm afraid that we won't be able to sell our home due to all the short sales, foreclosures, and bankruptcies. We have no equity in our home as we moved at the height of the the realestate boom - and home of our current size are selling for $100,000 less than what we paid. My questions are as follows: Should we list the home and give incentives (like offer $20,000 in cash at signing)? or Should we try to deed the home back to the lender? (Is this actually possible?) or Should we foreclose on the home? My husbands new employers have offered numerious times to co-sign on any loans we may need - if our credit is adversely affected (and it most definetly will be affected) by this foreclosure. Thank you for your thoughts.

How can anyone be happy with Obama? Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back? In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today's economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today's economy. As for me. I am losing close to $2,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses. Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn't teach any lessons other than to live beyond your means and don't worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, $2,500 is SUBSTANTIAL!!! So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money. Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats. How can anyone be happy with Obama?

serious business if you think you are going to be a smart axx don't message me only those who want to help me. Then, read it through carefully and correct the errors by inserting the proper punctuation marks or deleting those that are incorrect. Post the revised copy in the provided text box. Foreclosure Filings Hit Record High By Kenneth Musante, CNNMoney Posted: 2008-05-14 13:00:31 NEW YORK (May 14) -- US foreclosure filings reached a record high in April rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property according to a study released Wednesday. Some 243,353 households nearly one in 519 received a foreclosure filing during April according to the US Foreclosure Market Report from RealtyTrac an online marketplace that tracks foreclosed properties That was up 4% from March, and surpassed the record of 239,851 set in August 2007. It's "the highest monthly total we've seen since we began issuing the report in January 2005 said chief executive James J. Saccacio in a statement. RealtyTracs measure of foreclosure filings includes notices of default auction sales and bank repossessions According to the report, 54,574 were fully repossessed by banks in April. Property tax plunge: The record number of foreclosures added their weight to an already saturated real estate market pulling down home prices Plunging home values reduce the money that cities villages and towns collect in property taxes. In particular jeopardy are parts of Nevada California Arizona and Florida whose states maintained the highest foreclosure rates, according to RealtyTrac. "For example the city council in Vallejo Calif. - part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in April - last week voted to have the city file for bankruptcy said Saccacio. The state of California had the second-highest foreclosure rate in the nation up 112% over the previous year and affecting about one in 204 households The top spot among states was held by Nevada which maintained a foreclosure rate 3.6 times the national average affecting about one in 146 homes. Nationwide single-family home prices have fallen 7.7% since the beginning of the year to the lowest level since at least 1982 according to the National Association of Realtors and data from real-estate broker Zip Realty showed that the number of houses on the market grew by 3.5% in April. With more homes being seized by banks, local governments also lose out on tax revenue from sale transactions. "It's really hitting the municipalities from multiple fronts said RealtyTrac marketing vice president Rick Sharga in an interview. Ten hardest hit metro areas: Cities in California and Florida have been particularly hard-hit. Areas in those states accounted for 9 of the top 10 metropolitan foreclosure rates. The California metro areas of Merced Stockton Modesto and Riverside-San Bernardino took the top four spots. In Merced one out of 66 households was hit by foreclosure in April. In Florida Cape Coral-Fort Myers came in at number 5 Port St. Lucie-Fort Pierce and Fort Lauderdale came in at numbers 9 and 10. Also making an appearance was Las Vegas a city that had seen heavy real estate speculation at number 7 with one in 116 households receiving foreclosure notices. As Congress debates plans to prop up troubled homeowners the foreclosure rate shows little signs of slowing. Delinquent mortgage payments which lead to foreclosure will likely rise over the next six to 12 months according to a key mortgage trend statistic from First American CoreLogic. Copyright 2008 CNNMoney 2008-05-14 06:06:18

I LOVE ROSS PEROT'S FINANCIAL CRISIS ANSWER, WSY? The Main Street Rescue Plan Congress will be voting on a revised Wall Street Bailout Plan as early as October 1, 2008. If you believe that Congress should be focusing on Main Street first, then please click here to send an email to your elected officials telling them you don’t want the government spending billions of dollars on bad loans. Phase One - Immediate Action by U.S. Congress 1. Securities and Exchange Commission Mandate that the SEC: Suspend its “mark-to-market” accounting regulations that are causing the write-down of bank assets to fire-sale prices, and thereby contracting the supply of available investment capital. Tightly restrict short sales of financial stocks. 2. Federal Deposit Insurance Corporation Mandate that the FDIC: Declare a national emergency during which time the FDIC will back depositors and general creditors of banks that fail and resolve those collapses in a way that does not cost depositors, such as selling deposits and loans of the failed institution to another institution. Reconstitute the FDIC’s “net worth certificate” (NWC) program that Congress created in the 1980s for the savings and loan crisis of that era. The NWC required no federal subsidy or cash outlay. Under the NWC, the FDIC bought subordinated debentures in the bank and issued FDIC notes to the bank, with the interest being the exact same on both instruments. Under this program, the FDIC assesses the financial condition of banks and shores up weak ones that can survive if given time to resolve their problems and merges/liquidates those too weak for the NWC program. Under the NWC program, the FDIC will provide strict supervision of participating banks, including the employment of key personnel and their compensation, until the crisis has passed. Again, no federal subsidies or outlays are required. Declare a 120-day moratorium on payment of dividends by banks. Executives of banks that need capital often worry that failing to pay dividends is a sign of financial instability. A temporary ban across-the-board will end fears and give FDIC time to strengthen banks’ capital base. Expand FDIC insurance coverage to other financial institutions, including hedge funds, placed under federal regulation. 3. Stabilize Owner-Occupied Homes Declare a 120-day moratorium on mortgage foreclosures. This will (a) keep families in their homes while components of the broader plan are put in place and the real economy is revived; (b) better ensure that the property does not fall into disrepair; and (c) reduce the decline in housing values created by unoccupied, foreclosed homes. Devise a post-moratorium program to do work out plans for owner-occupied homes, including federal cash subsidies for owners that can pay for their homes if given time to financially survive this crisis. Amend federal law so that federal bankruptcy judges are able to modify the terms of mortgages of homeowners in bankruptcy and thus give them more time to work through their financial problems and keep their homes. 4. Share Rescue Profits with U.S. Taxpayers Whenever the government makes a loan or an equity investment in a distressed financial institution, such as the AIG deal, the public gets a share of any future recovery profits. Create a true “Social Security Lockbox” for the warrants and equity the federal government acquires as part of this financial rescue. The goal is not long-term federal ownership, but to assist these organizations in returning to a sound operation and then make a prudent sale of the public equity. Restrict the investment of those funds to AAA-rated state and local infrastructure bonds, which provide safe, long-term investments that will stimulate the real economy, create new jobs, and fiscally strengthen the Social Security System. 5. Oversight Create an independent agency/board to oversee and manage the non-FDIC/SEC portions of the Rescue Plan and report to Congress on a regular basis. The Board would consist of: Secretary of Treasury (Chair). Chairman of the Federal Reserve Board, Chairman of the FDIC, Chairman of the SEC, Comptroller General of the United States, One appointee by each of the Majority and Minority Leaders of the House of Representatives and the U.S. Senate. Create a new Joint Committee of Congress to oversee the plan and provide recommendations to Congress. The new Joint Committee would consist of representatives from all standing committees with partial jurisdiction for resolving this financial crisis. The goal is to involve all relevant committees in this rescue plan. 6. Create an Emergency Financial Crimes Office in the Department of Justice The mission of this unit is to investigate any criminal acts that led to this crisis, hold the guilty accountable, and disgorge assets from individuals and institutions found guilty. The head of the Office will be an experienced, non-political career prosecutor appointed by the President and confirmed by the U.S. Senat Sorry it took so long, but I think this is brilliant...What do you think?

If we default on an Calif FHA loan for purpose of 'strategic foreclosure', what are long/short term impact? Originally purchased Manufactured Home in 2000 in California. Non-predatory lending, put 5% down for 120,000 home (3BD/2BA). We refinanced for lower (fixed) rate in '08, w/ payoff of 3 credit cards & some cash out. Current loan balance is $170,000... but other manufactured homes are Short-Selling for $75K or less... and some are selling REO at $14,000!!!! At this rate -- we know we won't see recovery for 30+ years (we won't live that long). We do NOT qualify for Short Sale (we tried), bank will not lower rate (which isn't really the problem). We technically CAN afford our monthly payment -- HOWEVER, our home is on a Land-Leased program, where we pay IN ADDITION to the mortgage..... $650 per month!!! Since we are approaching our 10 year mark living here --- the Land Lease is jumping UP to $924!!!! We have 5 kids (ages 14 - 4) and we feel like we are throwing GOOD MONEY at BAD. We know the 7-year rule about credit damage... but frankly - that is easier to swallow than 30+ years... and leaving a burden for our children. By foreclosing and choosing to RENT -- we can save money for our kids college education... rather than throw underwater-mortgage money PLUS land lease rent away each month for something will will NEVER own. Refinance was 82/18, so it is FHA technically. Bank will recoup from FHA, but can/will FHA/HUD seek DEFICIENCY JUDGMENT since government programs are not bound by Calif Law (ie, non-recourse)??? Thanks so much!! FHA does not do refi's? Then, why are my Loan Docs on HUD forms, and why do I have MIP (mortgage ins premium) taken each month? I think I find my answer: http://www.foreclosureoptionsnetwork.com/index.php/news-blog If a homeowner refinances the property with a new loan this then becomes a recourse loan. Often with a refinance there is an equity withdrawal sometimes called a "cash out" refinance. A recourse loan means that the bank or lender now has recourse from the homeowner. In the state of California the bank or lender typically foreclosure by Deed of Trust or Non-Judicial foreclosure. Therefore the 'recourse' isn't typically pursued with a Non-Judicial Foreclosure for a lender in first position, even with a 'recourse' loan.

Unfair Loan Practices: Where can I join a Class Action suit against US Bank & Wells Fargo Trust? Downey failed and was bought by US Bank. US Bank states that Downy sold my loan to a “Secondary Market Investor” after the loan was originated, which turns out to be Wells Fargo Trust. It was sold into “Scrutinized Trusts.” US Bank is the Servicer, Wells Fargo is the Master Servicer. They are telling me although I qualify for the HAMP loan modification which is a Making Home Affordable program, they have to deny me help because the loan was sold and the agreement with the new owners of the loan is to offer no loan modification to me under any circumstances. --- I feel this is just their way of burying the bad paperwork and getting the house out of my hands and into a new package with someone new so I will go away and the bad paperwork won’t have to be dealt with. --- I found in my County’s Recorders office no other paperwork has been filed with the County to show a new owner, which apparently is the Wells Fargo Trust. Only the original Downey Note Claim from 2005. Since then, the loan was sold and assigned to Wells Fargo Trust & US Bank. There are no records from either bank with my County’s Records office. So if US Bank and Wells Fargo Bank tried to Foreclose on my house, well, are they really the Owners? Do they have the right? Did they even have the right to sell my loan to a Trust? I’ve owned this house for 10 years. I did a refi in 2005. Now this. – I am a victim of The Banks being greedy and giving so many loans in 2005, 2006, 2007 during the boom and to lessens their processing load, they sold my loan like a poker chip for less than it’s worth to a Scrutinized Trust. These banks don’t want to help people with these sold Trust loans because the Banks make MORE money off foreclosing a home rather than helping the “owner”/Loan Bearer into a more affordable loan. They get Reimbursement money off of their Insurance Policy that they Hold in case the borrow defaults on their loan. That is another reason why they deny Short Sales by the way, because they make Insurance Money off Defaults and Foreclosures. They won’t even offer a forbearance. The greedy banks caused this economy problem in the US. They affected the Companies and companies had to lay off people. Well I am in HR – Staffing Manager and Senior Recruiter and was laid off during this economy crash, they caused me to loose my job in a RIF with half of my company. When there are no jobs, who needs a Staffing recruiter? I was out of work for over a year. I spent my whole savings trying to pay my bills and save this house. Now I have had a job for 6 months making Half of what I made before in my job of 3 years that they caused me to loose. Now that I can pay and keep this house, they are denying me help! This is absurd! So I would like to find a Class Action suit I can join to try to stop this Foreclosure and have my Loan Payment plan be adjusted permanently or temporarily so I can be helped. Please advise me to the contact the right people! I want my old life back! If I can’t get it, then at least help me get the help the US Government set up and asked the banks to promote, which is a HAMP Loan Modification under the making Home Affordable Program. Shame on you Downey, US Bank and Wells Fargo Trust! ---- Any direction, contacts, web sites that you can suggest to me to help would be so appreciated! (P.S. I have sent a QWR and other docs recently… so I have that in process. Loansafe.org has been somewhat helpful in info) I need to find a lawyer to help me get leverage over the banks to leverage them in to granting me my HAMP Assistance! Thanks!!!! I know it's long. Not enough people are online talking about his problem by people like me. I hope you home "Owners"/borrowers out there know you are not alone in getting taken advantage by the banks!

Unfair Loan Practices: Where can I join a Class Action against US Bank & Wells Fargo Trust? Downey failed and was bought by US Bank. US Bank states that Downy sold my loan to a “Secondary Market Investor” after the loan was originated, which turns out to be Wells Fargo Trust. It was sold into “Scrutinized Trusts.” US Bank is the Servicer, Wells Fargo is the Master Servicer. They are telling me although I qualify for the HAMP loan modification which is a Making Home Affordable program, they have to deny me help because the loan was sold and the agreement with the new owners of the loan is to offer no loan modification to me under any circumstances. --- I feel this is just their way of burying the bad paperwork and getting the house out of my hands and into a new package with someone new so I will go away and the bad paperwork won’t have to be dealt with. --- I found in my County’s Recorders office no other paperwork has been filed with the County to show a new owner, which apparently is the Wells Fargo Trust. Only the original Downey Note Claim from 2005. Since then, the loan was sold and assigned to Wells Fargo Trust & US Bank. There are no records from either bank with my County’s Records office. So if US Bank and Wells Fargo Bank tried to Foreclose on my house, well, are they really the Owners? Do they have the right? Did they even have the right to sell my loan to a Trust? I’ve owned this house for 10 years. I did a refi in 2005. Now this. – I am a victim of The Banks being greedy and giving so many loans in 2005, 2006, 2007 during the boom and to lessens their processing load, they sold my loan like a poker chip for less than it’s worth to a Scrutinized Trust. These banks don’t want to help people with these sold Trust loans because the Banks make MORE money off foreclosing a home rather than helping the “owner”/Loan Bearer into a more affordable loan. They get Reimbursement money off of their Insurance Policy that they Hold in case the borrow defaults on their loan. That is another reason why they deny Short Sales by the way, because they make Insurance Money off Defaults and Foreclosures. They won’t even offer a forbearance. The greedy banks caused this economy problem in the US. They affected the Companies and companies had to lay off people. Well I am in HR – Staffing Manager and Senior Recruiter and was laid off during this economy crash, they caused me to loose my job in a RIF with half of my company. When there are no jobs, who needs a Staffing recruiter? I was out of work for over a year. I spent my whole savings trying to pay my bills and save this house. Now I have had a job for 6 months making Half of what I made before in my job of 3 years that they caused me to loose. Now that I can pay and keep this house, they are denying me help! This is absurd! So I would like to find a Class Action suit I can join to try to stop this Foreclosure and have my Loan Payment plan be adjusted permanently or temporarily so I can be helped. Please advise me to the contact the right people! I want my old life back! If I can’t get it, then at least help me get the help the US Government set up and asked the banks to promote, which is a HAMP Loan Modification under the making Home Affordable Program. Shame on you Downey, US Bank and Wells Fargo Trust! ---- Any direction, contacts, web sites that you can suggest to me to help would be so appreciated! (P.S. I have sent a QWR and other docs recently… so I have that in process. Loansafe.org has been somewhat helpful in info) I need to find a lawyer to help me get leverage over the banks to leverage them in to granting me my HAMP Assistance! Thanks!!!!

why don't the states lottery start a new game for the people that are losing their homes? We all want a way out of foreclosures; this problem is bad for all of us. Well think about it as the house gets foreclosed on next door to you and your value of your home goes down even more, you lose more money. Stop the foreclosures and stop the short sales. Do you want to pay higher taxes? Do you want to bail out more lenders with your hard earned money? No I didn’t think so. We will pay for this one way or another. So how do we help ourselves and help keep our future taxes down? We need to help every one out of this and we need to do it now. We need to ask the help from our state and federal governments and we need them to make it tax-free. As we know everyone likes a chance to win some money. So lets give them a chance and help us all at the same time. I think but not sure, that all states have a state lottery. We start a new game and call it help the foreclosures or whatever you would call it. How it would work is you pay $1.00 per play at a chance to win the jackpot a small amount of the jackpot one-person wins, the rest of the jackpot would go into a drawing for the people in foreclosure. Now these people all have numbers assigned to them for this drawing and for future drawings and what they would get is $50,000 to give to their bank as part of their mortgage payment now the bank or lender takes the money and rewrites the mortgage. That person now can afford their mortgage payment. We as losers get our value back in our home and pay less taxes and a chance at winning the jackpot. If we would do this for a few years we could get all of us back on track and have some fun doing this. Just think if we would get jackpots of $20,000,000.00 plus we could help out 400 hundred people at a time, times that by all the states that’s a lot of people and it’s fast. Talking to some of the experts?? They tell me it will be the year 2023 before we see our values of our homes comes back to 05 levels? Maybe 2026? But really who knows when they will. Well that’s to long for me and I most likely will be dead by then?? So if we don’t help ourselves no one will… so lets help out now so we don’t pay higher taxes later. You know you will and your kids will too if this continues. I urge you to contact your state government and the fed’s too. Tell them to use this plan to help us all. A few dollars now will save you big bucks in the future. would this work?