September 21, 2009

Unanswered Qualified Written Request


I enjoy your site very much, – infact, I check it every day for the latest informatin on how to solve my problem. 

When I was attempting to pull $$ out of my house when I was out of work, I was contacted by a housing lender.   When I told them that I was temp. out of work, they wanted to know if my wife worked.  (My wife is a homemaker, but had a small cleaning business on occasion).  We told them NO, however the persisted and called us back several times.  They took my wife’s business card to show employment–although we had no W2 to back it up.  We were honest with them, but now feel that we were being led to slaughter.   I had a VA note, but when New Century got involved, it reset everything and we re-did another 30-year note.  New Century–almost overnight sold (or assigned) it to Ocwen. After all these years, Ocwen has us on a ARM and told me that I make too much $$ to refinance under the Obama plan, but would qualify under their plan.  I submitted paperwork, W2, paystubs, etc and were told that we were approved. (They didn’t tell me what year). 

As I am attempting to get answers to any/all questions, I submitted an “Extremely Qualified Written Request” some months ago.   As time passed…..and passed…I finally receive a letter with several spreadsheets & explanations as to what the different charges mean.  I have been very persistent to ask “Who is my lender”.   They finally wrote back and told us that it is “confidential information”, and they would not provide it. 

Question:  Where do I go from here?   Is this a TILA violation?   I thought they would have to tell me if I demanded it.   I did–several times with CMRRR.   They will provide me nothing.   I suppose they are afraid that I will go around them if I knew who the lender is–and they are correct.   Straight as a Martin to his hole. 

I make the money again, in a great company and have paid the mortgage on-time ever since my lay-off.   I’m stuck and need your advise.  Is there any law you can provide?  

Thanks for all your help and professionalism.

Rick (more…)

April 28, 2009

Post Short Sale Cleanup

Hi Paul…I purchased a house in 2006…got behind on a payment and GMAC would not work with me to bring it current….in Aug 2008 I put the house on the market….GMAC sold my note to Midland and Midland sold the house under a quick sale…they have listed it on my credit as paid in full…..however…GMAC has listed on my credit also…as a foreclosure…the house was never foreclosed on although it was in preforeclosure status at one time….how can I get them to delete themselves off my credit report altogether since they sold my note before foreclosure?

Sharon (more…)

April 24, 2009

Qualified Written Requests & HELOCs

Hello Paul: 

My mortgage is still with the original bank I borrowed from because they do not sell the loans and I have been trying to negotiate with them for 2 years now.

On the HUD website in regards to open ended mortgages, which is what I have, it says: “Both subordinate lien loans and open-end lines of credit (home equity loans) in first lien position are exempted from the loan servicing requirements”.

Does this preclude me from sending a qualified written request to my lender?

Tony (more…)

April 11, 2009

HELOC After Foreclosure

My situation is so complicated.My lender has failed to respond to my qualified written responses on my two home loans.I have recently received a 1099A for the first.I  received a notice from a new lender claiming that I must make payments to them on the second(HELOC).I no longer live on the property and have learned that there maybe a new tenant/owner.Am I required to pay the second if the first was foreclosed on?Do I have a viable claim of vioations of tila/respa since the lender GreenPoint Mortgage has failed to respond to the Qualified written requests on the two loans prior to the foreclosure? should I sue the lender?Any suggestions or advice

Kels (more…)

April 9, 2009

Short Sale Tradeline

Hi Paul,

I had a short-sale close in Sept 2008.  The loan amount showed on 2 of the 3 credit agencies.  I did receive a document from Countrywide that it was forgiven.  How do I get the other 2 agencies to remove this as Experian was the only one who did.

Also, when can I apply for another home loan.  My FICO is 626.  I also have debt that needs to be brought down but I don’t know how fast I can get that done.

Thanks for being here for all of us in this nightmare.

Rosanne (more…)

March 28, 2009

Loan Mod Waivers


Is it true that voluntary agreements the banks are sending to clients to modify their loans may have traps in giving away clients valuable legal rights to sue them after the acceptance to go after them later for TILA, GFE or other violations and infractions?

thank you

William (more…)

February 24, 2009

Joe Short Sale

We have a house in Bradenton, Florida that was purchased as a primary residence at the height of the price escalation. Due to some job changes and income changes, we can no longer afford the payments and we are trying to do a short sale as you can imagine the house is worth a lot less than we owe. The 1st mortgage is with US Bank and we have an equity line with Wells Fargo. After several calls over serveral months and little or no help from US Bank, the latest is they will not do a short sale as long as there is another lien on the property. We called Wells and they said we could try and settle the equity line which they will usually do for 60 – 80% of the balance but we don’t have the money to settle for that much. Rep at Wells said they have never heard of a 1st mortgage holder not allowing a short sale because of a second mortgage or in our case an eqity line.

We are currently three (3) months behind with US Bank, not behind with Wells. We tried on several occasions to discuss alternaties with US Bank before we got behind but they would not discuss anything, we feel because we were not behind at that time.

Are there any alternatives other than just letting the property go into foreclosure?

If US Bank forecloses what are the chances that Wells will get anything?

Can either of the lenders come after us for the remaining balances on either loan?

I can understand the lenders not wanting to loose any more than they have to but foreclosure seems a lot worse for everyone because there is no doubt the property won’t be maintained, will look terrible when it is tryig to be sold and will bring a lower price than if they would allow us to maintain the home during a short sale, which we are still doing, and hopefully get as much value out of it as we can.

US Bank’s attitude towards this situation really just doesn’t make a whole lot of sense unless there is something “behind the scenes” that we don’t know about that benefits them more, maybe some additional amunition for more “bail out money.”

Joe (more…)

January 31, 2009

Breath Inside The House – The Qualified Written Request

This is kind of a broad question so I apologize.  Here is my problem: 

I have owned my own (small) publishing company for 25 years.  The paper I print is sustained solely by the advertising I sell.  Last year business dropped off dramatically.  I refinanced to keep all my payments current thinking it was a temporary situation (it has happened before) but things never bounced back. 

From September to December of 08 I didn’t sell a thing and had to call it quits.  Now I have, and haven’t since September had any income. 

My husband has a decent job but lives in another state (he is a pilot without enough seniority to be based in California) therefore he has an apartment in Phoenix.  My salary has always paid for everything here. he pays for the insurance (car, health, life) he has a little left over to throw my way once in awhile if i ask. 

I have gone back to school to get a degree in computer graphics and should be done by the end of summer or next fall.  I would like my mortgage company to somehow give me a pass for a year (loan reduction) then I will go back to fulfilling my obligation as agreed. 

They won’t budge or help at all, we are now 2 months past due.  Over the last year we have been cutting back in an effort to survive, we have no heat, many days you can see your breath inside the house, our trash can got repossessed (yeah can you believe they do that!) anyway my point is we are not living high on the hog by anyone’s standards. 

I have a first and a second totaling $400,000 all on traditional loans, no weird ARMs and my house is now valued at $180,000.  Can I do a value reduction?  I keep hearing about this.

Susan (more…)

January 30, 2009

Who’s Behind The Loan Mod?

Filed under: Loan Modification,RESPA




TIM (more…)

January 22, 2009

Injunction Junction What’s Your Function

Filed under: Foreclosure,RESPA,TILA

My brother and his family (wife & 2 young children)  are losing their home of 10 years.    The kicker is that he should be able to easily afford it, but is stuck in a terrible ARM that he can’t get out of.   We are in Texas.

He did a cash out refinance about 4 years ago at a time when he had a lot of medical bills (2nd child had heart defect at birth) and was completing his Master’s degree, thinking he would be able to refinance, and wasn’t able as property values dropped.

Over the last few years, he has been trying to work on a refi, mod, even tried to sell the house and do a short sale.  The lender has wracked up close to 20K in fees in the account, and although he is paying $1,500 a month on a 130K mortgage continues to report all payments as late, etc due to old fees from years ago, so his credit is terrible.    His interest rate is at 12.5 %, the loan payoff amount is around 129K.

His mortgage servicer is Ocwen, and he has been told they will refinance, they won’t refinance, they will do a mod, they won’t do a mod, pay this amount, pay that amount, etc. For a long time he was told “they didn’t know who owned his loan”  and that was why they couldn’t work with him.  He was worked 3 jobs trying to pay the amounts requested, but can’t get any sort of fixed rate.  He recently hired a company to negotiate with the lender, they were unsuccessful.   What they have now told him is,

His loan is owned by an “investor.”
The investor will not do a modification.
He must pay $20K in fees immediately or enter into a $2500 a month forebearance plan.

They have offered to do a deed in lieu, so he’s preparing to move into a 2 bedroom apartment which will be $900 a month.   If he had a 6% interest rate his home payment would be under $800, even with the full principle balance!

The loan is now in pre-foreclosure proceedings. 

Are there any options to keep his home?  Are there any options for refinancing through the government, etc, since there are no options with the current lender?  I know he feels that there are no options left, and is giving up.

Sarah (more…)

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