Posts in category "Uncategorized"

Bank of America

Bank of America announced that they have settled with a class action suit brought by shareholders. When they bought Merryll Lynch, it was not disclosed that they were buying huge amounts of bad mortgages. Because of this they had to accept 2 bailout packages from the govt. B of A does not admit any wrong... Read more »

Independent Foreclosure Review

This process was developed in response to the robosigning and other indiscretions for loans in 2009-2010 in foreclosure and modification process. There was a deadline to submit October 2011. It was then extended to December 2011. Recently I see it is now extended through December 2012. No homeowner has recieved the results of the review.... Read more »

Banks and Attorney General

I read that very little money has been dispersed from the $25 billion “agreement” that the banks made. In Illinois $650,000 was committed to legal defense of foreclosure. I don’t know if that money is released and available, I think it is just committed. This entire “agreement” continues to be a public relations venture. The... Read more »

Foreclosure and CPS Strike

The city cannot raise property taxes anymore and thus there is no more money for the schools.  The city is losing tons of revenue from foreclosures.  2 months ago the state averaged 26,000 new foreclosures per month.  A disproportionate amount of them were in Chicago.  Housing drives so many other things. That is why the... Read more »

The Banks

The banks are holding on very tightly to their money.  I agree they should.  When you earn money you don’t let others take it back or stop paying you if they owe you.  This is one thing where I felt bad and others will respond by saying, “stop whining about how the banks won’t do... Read more »

Where did it start?

My wife divorced me, taking 60% of the household income with her.  I was unable to pay my mortgage.  Ironically, this is the perfect time to for foreclosure.  Foreclosures were happening everywhere.  I was still very scared.  You feel like a failure having to let your house go.  I worked at being ok with this by rationalizing... Read more »

The process begins

Prior to missing my first payment I asked the bank for help in modifying the loan.  They said since I am not behind they could not help.  I stopped paying and they  offerred to help.  They asked for about 50 pages of documentation including pay stubs, letter explaining why I am unable to pay, and... Read more »

Loan Modification and Foreclosure Fiasco

Going on 4 years in foreclosure with several attempts to modify loan. The banks do not want to let anything go.