Is Foreclosure for You?

Getting a subprime rate @ 9.5% and not knowing if taxes were inclued is her fault, not the broker or bank. The HOA is not part of the impounds anyways for condos. They always claim I was lied to when they get into trouble, but the facts are this lady went ahead and bought a home under those terms. Deal with it, this is a grown up world and we need to keep our obligation to lenders/ banks and not just walk away when it is no longer convienient to make the mortgage payments.

It is unfortunate that so many of us don't learn to handle our money and credit better. I think so many are used to living above their means that they don't consider the cost should their lifestyle take a hit for the worse. We need to be careful that we don't condition our children to think that it's okay to live on credit. Best bet to avoid this for our children is to teach them to manage their money properly and expect the unexpected, don't spend more than you make and have an emergency fund. We could all learn from others' mistakes. We need to get out of the mentality of "instant gratification". We would all benefit from it. These are very hard lessons to learn and I'm sure many would turn back the hands of time if they could to make different decisions based on their knowledge from the future. As they say, hindsight is always 20/20. This is a good wake up call for all.

This forclosure epidemic comes as no surprise to me at all. I worked in the mortgage industry from about 10 years. When I started out in the mortgage industry in Alabama in 1992 we had to learn the business from the ground up. I started with a small mortgage broker. We had to learn the business from originations to satisfying post closing conditions. We were in business to make our customers lives better. Then i moved to Georgia and started with a larger mortgage company. The mentality of that company and so many others was about making money. When the interest only loans and other type of sub-prime loans came about it got worse. Everyone was so busy trying to make a dollar. The loan officers and mortgage brokers were busy trying to make a commission. The loan clients were trying to get all the house they could for the smallest amount of downpayment and the smallest monthly payment possible. It became like a "don't ask, don't tell" in the mortgage industry. The mortgage clients did not ask a lot of questions and the mortgage companies did not offer a lot of information. All involved parties were just focused on closing the deal now. no one was looking at tomorrow. No one was even wanting to think about tomorrow. It was such a good ride as long as everyone closed their eyes and rode blindly. Just like all blind driving then came the crash. Now America is facing he fall out from such unthinking behavior. I left the mortgage industry in 2003 because i saw the disaster coming. I am back in the service business though in the capacity of helping people save their homes from foreclosure. I am willing to help anyone with a foreclosure issue. If you have any questions or issues you may contact me at kaizenfinancialmanagement@yahoo.com. Just because you are in a foreclosure situation does not mean all hope is lost.

foreclosurecoach - Thank you for your honesty and life lesson. I hope many people read your message and it opens their eyes.
To all others - Thank you for your stories. I have learned alot today.

cbloom57
I worked for Realtors and I know how mortgage companies get their business. When was the last time you were given your closing papers in advance to read (which would take 6 months) and read them all? Heck, none of us would purchase homes then. The contracts are to protect the lender, not the buyer.

I am in a bad spot and decided to walk away. I have the same struggles and I ll make a long story short. I jumped in the sub prime craze and lost. I have talked to everyone I can think of to help. My mortgage moved from accredited to cit group and was making progress in getting a deed in lieu. As my mortgage has been behind for about 6months yes 6months. I thought some resolution was in sight and guess what. Cit group was able to sell my loan to someone else and now the whole process needs to happen all over again. Everyone including me are dancing around the fire pit seeing who will get burned last or the least. I finally got an apt and walked away. It doesn't lesson the financial loss or how I have no credit now and probably for a long time. My house is sitting vacant waiting the outcome of what the final chapter will be. My mind, health, and ability to learn from a lesson and pass those lessons on however make it worth the decision. Material things can be replaced the stress and loss of life can't. Go with your gut instinct and do what makes you live again!!!

I was a single mom in a similar situation. I got a second job. What has happened to our pride? We did this to ourselves, therefore suck it up and keep going. It has taken me three years and I am back on track. My credit is perfect and never had a late payment. Too many people want to take the easy way out.

I find myself unable to pay my mortgage. I don't think I was ripped off by mortgage brokers or anything such as that. I had a very good broker who really looked out for me, Bryan Smith with Conrnerstone. he is fantastic. He made sure to get us an FHA loan with a fixed rate. What has hurt us is that in the last two years my property value actually increased by nearly $45,000 (this happened just one month after purchasing the home) therefore raising our taxes and our homeowners insurance went up twice as well, therefore making our mortgage increase from $1100 per month to nearly $1500 and our son is a cancer patient. With the increased mortgage and the doctor bills, we just can't make it! If I am not paid up by December 11, 2007, Countrywide will begin foreclosure proceedings. Do you think they will take a smaller payment temporarily and will that come back to bite me as well with the continued interest accruing?

After reading many postings, it's quite apparent that most of you (or us) are illiterate! The misspelled words, the bad grammar and sentence structures are embarrassing. No wonder our country is screwed up -- and no wonder people are losing their homes due to pure stupidity (not reading the contracts, not doing the math, and looking for an easy way out).

How can I find out if my (Florida based) mortgage co. is running in the black? Eight months ago I called them for a payoff. Within 30 minutes a loan officer called me offering to change my loan from the 5/1 ARM into a fixed rate loan, waving appraisal, inspection, credit report and only charging $500 in fees.

Two months ago when I called them again, I asked them in 2 phone calls about the same or similar offer and can't get a return phone call. I'm asking myself if it's because they're so swamped with similar calls? And/or are they themselves on the brink of closing their doors?