Too Little, Too Late?

I recently completed a loan modification using the loss mitigation experts at MIZNA ( loanmod.com ). I would highly recommend them to anyone trying to complete a loan mod. Before I turned to MIZNA I tried doing it on my own and I lost 3 months of sleep and countless hours attempting a loan mod on my own. Then I found MIZNA and it was all taken care of by them....thank God. Now I have my home back to a fixed rate.

oopps wrong site sorry. I went to easiestmortgages.com

Sub prime loans my butt! Its a license to steal! My rate was high to begin with but I budgeted for the 9.8% then it jumped to 11.5% then to 12.65% how could this happen to a single mother trying to make ends meet. Yes I screwed up in college w/ unwise credit card decisions but do I have to pay for it w/ yet another black mark on my credit (foreclosure). My mortgage company scammed me from the start "oh dont worry about the high rate if you pay your mortgage on time every month for 2 years we'll refinance you at a lower rate..oh no mam we wont charge you closing cost...boy was I scammed! I just wanted a house for my son. Instead I ended up w/ an ulcer and a prescription for Paxil!

Unfair to those who have already gone under. Our Congress is so consumed with steroid use that they can't be bothered to deal with folks losing their homes, their jobs and their savings. Too little too late is right and people need to get out and vote every incumbent who put George Bush in office and then sat back on their fat behinds and allowed this to happen out of office and that includes Hillary Clintyon and John McCain.

The truth: the price of housing is out of control. Even in my own dumpy condo building in Los Angeles, the artificial prices set by the real estate industry are way out of synch with the actual value of the property.Sure, I could sell my condo for a nice profit - but where could I live???. According to a recent survey in PC Magazine, the price of the average home in Los Angeles is about $ 600,000. The average salary is about $ 47,500. Does this say anything? The lack of regulation is responsible for this problem. APR's should be illegal. No one should have permitted them, and the folks who promoted the APR need to go to jail, directly to jail without passing Go or collection $ 200,000. (Remember Monopoly?) We need to return to sensible mortgage practices with a 20% down and a 30 year fixed. The price of a home should not exceed four times your salary. Multiply $ 47,000 by four and you'll see how far the LA market needs to drop. Try this in other markets and see what you get. Newton said what ever goes up must come down - in the case of housing - the prices need to go down - way down. The moral: you buy a house to live in - not to flip for a profit.

Greedy lenders has created this horror, and they are the ones who should pay for their actions. The lenders have not suffered any losses - even the difference between prime and sub-prime created "strips" that became long-term investments (ask a top institutiional bond dealer), so no one with money has lost anything. Once again, it's the citizen. This will all stop when the "Fed" gets out of goverment - it's not a federal agency, but a private one, so why is the Federal Reserve involved in our daily lives?

HUD? Come on, it's part and parcel of this. When our nation permits "private" mortgage writers to function outside "on the street (most are uneducated, no experience, out-of-workers trying to make a quick buck)," in what should be a highly qualified job-line, something is bound to happen, and it did. Of course, this only perpetuated the corporate game by predatory loan sharks aka "corporate America." sad, sad, but let's now blame the victim. Our nation was founded upon the believe that everyone deserves to own their own home, but this last decade the Middle Class has disappeared. Can they vote?

We submit to your viewers some interesting data....(from a blog site ) alleging WAMU, Countrywide and others Contributed to California Foreclosures . The web site fiound that a real foreclosure outbreak is occurring here in the northern California - according to reports. The company says California is especially hit hard in the northern part of the State". Recent findins will corroborate data for distressed homes ale once valued at $500K to $600 K are not selling, even for all cash offers at half the price. But what is ironic, says Soliman, is these borrowers are now being thrown of their homes at a price range they can actually afford. The current price of their homes, from $250k to $300k is where they should have been approved. This affordablity range is assuming current rates remain stable or drop further and are relatively unchanged by comparison. Staff at borrowerhotline.com

So how did this whole thing get so out of control? Soliman believes it is the most outrageous case of what HUD defines as Predatory Lending by the majors that anyone affected will ever see in the United States . One thing Soliman is assuring the public of is that no discrimination by lenders has taken place in his eyes. Everyone was a target ! No one group, race or affinity was overlooked. The lenders were reckless and determined to profit at the hands of steep earnings with no regard for tomorrow - which is unfortunate today! Nearly 100 percent of the families or "cases" we open are definitely...predatory loan targets!


NLS is a modestley priced fee based service that charges far less than what the client can expect to accomplish ontheir own. This is significant given recent studies showing that over 70% of all borrowers facing economic hardship and foreclsoure never bother to seek a negotiated settlement with their lender. The Staff FOR BORROWERHOTLINE.COM THANKS NEWSWEEK MAGAZINE FOR THEIR HONEST REPROTING ON THIS MATTER! ....your the best on-line!

I read, (article excerpt) according to a recently published report from NLS, A trusted source for mortgage loan servicing information , Northern California is heading into a foreclosure crisis. The company sponsors a web site for borrowers seriously delinquent or in foreclosure under the name www.borrowerhotline.com. According to Maher Soliman, a managing Director and chief compliance officer for secondary ABS and RMBS trading, "this is the most difficult and "heartbreaking" story he has seen in his career. Reports show for January volumes of real people who were "over sold" when they obtained their loan. More than anything else they were just a victim of derelict underwriting , aggressive loan officers and closing agents hell bent on making money ! But its the institutional players on Wall Street and the big Lenders such as Countrywide and WAMU who are whole loan securities players that made the loans available and who must come under scrutiny.Soliman, an underwriter for over 20 years cannot understand how the industry went unchecked. "Borrowers are coming to us with foreclosure scenarios whereby they believe its time to give up and move on" According to Soliman ". What we started here with our web site www.borrowerhotline.com was a grass roots effort to assit to and give hope to select homeowners regionally during the holidays. But now that the concept is spreading, we cannot control it". Brenda Michelson

Not everyone stuck in this mess was irresponsible, just for the record. We purchased 2 years ago at $360,000. We've put over $100,000 into the property, thinking that even if values dropped, that would surely be enough to at least break us even. We have good credit. We've made every mortgage payment, every month, on time with no problem. Yet when we went to refinance at the 2 yr mark, we tried five major lenders and couldn't get refinanced. There were no sales within a mile of us for the past 2 months (which is what they base your comps on), so the value of my house is now based on what the banks are ASKING in price on comparable properties in the area. A block away, a girl who worked at the 7-11 up the street purchased the same model as our home, with no upgrades, with a $400,000 mortgage. Yes, a $400,000 loan to someone whose sole income was the 7-11 cashier job. She went into forclosure almost a year ago. The bank is asking $300,000. So that is the property they based my appraisal on. I could afford my payments, and have. I have good credit. And the house I paid $360,000 for, and put over $100,000 into, is currently appraised at $340,000. My payment has gone up $600 per month. There are no government programs in the works that will do anything for me, because although we're broke, we're not poor enough. How is this our fault?

"If two people on my street go into foreclosure, even if I pay my mortgage [on time] my house will be worth less. I'm not sure it's in anyone's interest to let this spin out of control."

Well, that may be true if you're planning to sell your home. But propping up housing prices doesn't help people who don't plan to move, and it hurts citizens that would like to buy a home. No handouts for greedy homeowners. If they overpaid while I kept renting, my tax dollars shouldn't be used to keep me out of the housing market.

I don't feel sorry for any of these people. They knew what they were signing. I find it appalling that the government needs to step in because people made a irresponsible decision. Home ownership is not a right and i'm not willing to fund it because i was responsible.