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Posts Tagged ‘profits’

Why did America bail out the banks mortgage when they were making 2 to 3 x the total amount of the loan?

If it was a 0,000. dollar loan the insurance paid the bank 0,000 to 0,000.

Why did America go into debt to "save" this money making scheme?

Do you feel robbed? or ripped off?

Foreclosure info from LPS details banks getting paid 2-3x for the foreclosure

LPS, short for Fidelity’s Lender Process Services is the nations largest insurance & foreclosure tracking servicing and is used by many banks to handle the nitty gritty details involved in managing your home loan – specifically how to maximize profits for the bank at the homeowner’s expense AND to clean up any troublesome title issues related to cleanly foreclosing on your home by a lender who is TOTALLY DIFFERENT from the one whom you started AND different from the lender named in the recorded documents living in the property records.

My favorite rip-off is the banks’ plan to insure your home month by month when they intend to foreclose (and add it to your bill) but not naming you in the policy so you reap no reward.

Think of it this way. The bank takes out insurance to pay off your loan if they have to foreclose. They foreclose, collect the insurance money, SELL YOUR HOUSE keeping that money, and then SUE YOU FOR THE DEFICIENCY between what you “owed” and what they got at the foreclosure auction! Nothing like trying to collect three times!!

Sweet deal for the bank. Sour for the homeowner.

http://homesolutioncounselors.com/foreclosure-info-from-lps-details-banks-getting-paid-2-3x-for-your-foreclosure

I refinanced my house through Ocwen in 2002 just before a major surgery to help with cost that I knew I would incur during the no work time. They told me one thing on the phone and when it came to signing, the paper work was nothing like what they offered me on the phone, but at the time is was only one week before surgery so I went ahead and signed. Since then I struggled and finally last year I was able to pay off my 2nd mortgage and all credit cards. The only bill left was the mortgage, since I paid off my vehicle the year before. November of last year I was in a bad car accident that totaled my vehicle. After receiving the check from the insurance company I purchased a used 2008 Dodge Advenger for 15,000 with 6,500 down on a 36 month loan. (Trying to stay debt free). Well December comes in and on the 2nd I was informed that layoffs would begin that week and sure enough two days later I got the call not to come in. This was a big surprise, since my company received records profits just the quarter before. Anyway I feel really bad, but I just cannot handle the mortgage payments anymore and I have tried everything to get the mortgage company to do something. They say I do not make enough for them to be able to help me. I am currently spending three hundred every month more than I am bringing in. My savings is now gone and starting to use credit cards again. And at this point I have a good chance of getting a job outside of Michigan, but if I do get the Obama modification I have to stay here with no hope of a job. Things just look worse at my company each month.
Will I be able to keep the car even though there is some equity in it? And can I let the house go this way with no reprecussions? I feel bad, but I also feel they took advantage of me when I was in a bad situation. And I have had the house on the market for over three years with not even a glimmer of hope. Thanks in advance for any and all advice. For those who like to talk down about people that file bankruptcy I pray you never find yourself in this situation. Current situation:

House owed 99,500 value about 105,000
Car owed 7,000 value about 15,000 (kbb)