What's fair in love and foreclosures.

[darth maul]

So, this settlement is dishing out few hundred to 125,000 dollars.....we all know that one person is probably getting the top dollar amount. Rest a few hundred what ever that means. If the banks foreclosed on your moms house worth $250,000 wrong fully what would you want her to get? What if the guy down the street lost his job, then lost his house, is he entitled to anything?


I ask because I live in Wisconsin, and if I did my math right, there is about $300 for every one listed as being a foreclosure household. For Wisconsin that is....

$300 is a drop in the bucket for some people, others it might pay a third of one months rent payment they are probably having to pay now.

Where does this settlement get it right, and where do they get it wrong? I was just wondering, other peoples take on all that is being said/promised?

 

[Greenman]

No idea what you might be talking about.

 

[Rakehellion]

What's fair in love and foreclosures.

All.

 

[darth maul]

http://www.nationalmortgagesettlement.com/

 

[darth maul]

http://www.occ.gov/topics/consumer-protection/foreclosure-prevention/ifr-settlement-faqs.html

 

[TwiceOver]

So what's this settlement about? The banks foreclosed too soon or didn't follow guidelines? Either way most of these people were going to lose their house anyway right?

 

[glenn1]

So what's this settlement about? The banks foreclosed too soon or didn't follow guidelines? Either way most of these people were going to lose their house anyway right?

Sounds like money for deadbeats. Banks paid a settlement for the "pain and suffering" of people who decided to stop paying their mortgages.

 

[waggy]

No idea what you might be talking about.

/this

 

[Jeffg010]

So what's this settlement about? The banks foreclosed too soon or didn't follow guidelines? Either way most of these people were going to lose their house anyway right?

This

I'm starting to think I have done it all wrong. Why should someone get free money for not paying on their house? I paid off my house and did not get a free ride. Unless the banks out right took away your house and you had every payment up to date there is no other reason you should get jack. Just because you stopped paying on your house or was a dumb ass for thinking you could handle a ARM loan or for thinking you could afford a house for 10 times your salary you think you should get free money.

 

[SlitheryDee]

So what's this settlement about? The banks foreclosed too soon or didn't follow guidelines? Either way most of these people were going to lose their house anyway right?

Reading the details, it seems that they caught them on a bunch of technicalities. Banks were signing foreclosures without a notary public present and/or without verifying the facts on the documents. I'd guess that the majority of those people were going to lose their houses, but a few probably were wrongfully foreclosed on too.

I disagree with deadbeats getting paid for being deadbeats, but it's hard to feel too sorry for the banks either. If you're taking someone's house you better make sure your ducks are in a row.

 

[IronWing]

Non-payers lose their houses, fair enough under contract and under law. Banks violating the contract/law having to pay a settlement is also fair.

 

[Sonikku]

As is typical, the banks are the victims in all of this.

 

[darth maul]

Did some more digging today, most people are getting $300 checks, with about 1,000 service members who were wrongfully foreclosed on getting the $125,000 checks. So those checks were sent out Friday I think. As far as I see, those are drop in the bucket numbers on the low side of things, as far as service members foreclosed on they do deserve every penny they get and then some.

Robo signing and wrongfully foreclosed upon, either way the banks did something wrong IMHO. Am I the only one that thinks they got off easy on the cash payout side of this deal?

 

[Midwayman]

They will track you down if you are entitled to a check. I just will the government hadn't caved and instead made them go through each case and pay out the correct amount for each. This is a huge copout in the bank's favor.

 

[Yreka]

Sounds like money for deadbeats. Banks paid a settlement for the "pain and suffering" of people who decided to stop paying their mortgages.

For the record:

NEVER missed a payment

Had online bill-pay (by-weekly) automatic

For 2 months, our payments weren't showing up on the mortgage side(Wells Fargo Home Mortgatge), but were being charged out of our account(US Bank checking)

Queue almost 1 year of trying to get this straightened out, even though we had PROOF that we paid on-time, every time and the error was on their end.

Apathetic / incompetent phone personnel who cannot help solve the problem / are not
empowered to fix anything anyway.

Pleas to upper management fall on deaf ears

No "Onsite" option available ( even offered to fly to MN where the payments were being sent)

Bank kept trying to force these re-fi programs on us.

Feel like making progress with one person (over the phone) only to find out they did not do what they said, or the next person says something completely different.

Finally had to hire a lawyer once they started foreclosure process.. Lawer had it straightened out in two weeks.


So we are getting a check for $300.. I'm only out -2,700 from my $3,000 lawyer bill and a years worth of stress and headaches trying to fix something that was entirely their fault..

Never knew winning would feel so good !!

 

[Yreka]

They will track you down if you are entitled to a check. I just will the government hadn't caved and instead made them go through each case and pay out the correct amount for each. This is a huge copout in the bank's favor.

X2 - sending people to jail would be nice too

 

[Jeffg010]

For the record:

NEVER missed a payment

Had online bill-pay (by-weekly) automatic

For 2 months, our payments weren't showing up on the mortgage side(Wells Fargo Home Mortgatge), but were being charged out of our account(US Bank checking)

Queue almost 1 year of trying to get this straightened out, even though we had PROOF that we paid on-time, every time and the error was on their end.

Apathetic / incompetent phone personnel who cannot help solve the problem / are not
empowered to fix anything anyway.

Pleas to upper management fall on deaf ears

No "Onsite" option available ( even offered to fly to MN where the payments were being sent)

Bank kept trying to force these re-fi programs on us.

Feel like making progress with one person (over the phone) only to find out they did not do what they said, or the next person says something completely different.

Finally had to hire a lawyer once they started foreclosure process.. Lawer had it straightened out in two weeks.


So we are getting a check for $300.. I'm only out -2,700 from my $3,000 lawyer bill and a years worth of stress and headaches trying to fix something that was entirely their fault..

Never knew winning would feel so good !!

Maybe alkemyst should hire your Lawyer seeing how he had it straighten out in 2 week.

 

[Yreka]

Maybe alkemyst should hire your Lawyer seeing how he had it straighten out in 2 week.

He literally sent one letter with the proof contesting their position..

Sad thing, I send the same letter at least 3 times, even had a non-profit HUD group try to help us out, they got nowhere as well.

Guess it was the magic letterhead