My Neighbors Foreclosure updated

My Neighbors Foreclosure updated (Full Version)

All Forums >> [Casual Banter] >> Off the Grid

Message

OrionTheWolf -> My Neighbors Foreclosure updated (10/16/2009 6:42:59 AM)
Here is the update that I promised. My neighbor was being foreclosed on. The company did not want to accept payments unless it was total amount due. I had him set up an escrow account to deposit these in until court. Before court he was able to get it to being only one payment behind but they still would not accept it. Prior to court I had him request a statement from the mortgage company, and I discovered they had calculated the escrow for him incorrectly. His escrow balance after payment of insurance and property taxes, was almost $3000. I contacted the mortgage company for him, but they gave me stall and run around. The court date finally came and we presented everything to the judge. My neighbor filed a counter suit. The judge was not happy with the mortgage company. With what my neighbor had been depositing each month in an escrow account as his house payment plus some, the surplus escrow the mortgage company had, and all the certified letters where my neighbor attempted to work things out, the judge ruled against the foreclosure, and found in favor of the counter suit. This meant all late fees were stripped from what was owed, and the judge allowed my neighbor to charge them interest on the escrow the mortgage company had been holding. Net result is he got $4000 (his escrow surplus, plus the late charges for 7 months refunded, plus interest on the surplus) which he had applied to the next three house payments. So everything is done, and he has paid three months ahead on his house payment. He paid in advance because he still does not have steady work. Mortgage companies really suck, but at least the judiciary here saw what was going on. Now to look into a complain to the FTC about this.

pahunkboy -> RE: My Neighbors Foreclosure updated (10/16/2009 7:01:45 AM)
maybe there will be a debt jubilee. Every 50 years- at one time there was....

Hillwilliam -> RE: My Neighbors Foreclosure updated (10/16/2009 7:06:03 AM)
Good job. Im a real estate broker and I have had some hellacious problem with lenders even when Im working FOR them. It seems the right hand has no clue what the left hand is doing. When you finally get in contact with someone, they have no authority to do anything except read from their script. Ive seen them lose hundreds of thousdands of dollars over the years because of simple bullheadedness. Guess who pays for it... You and Me

Termyn8or -> RE: My Neighbors Foreclosure updated (10/16/2009 7:52:39 AM)
Nice job Orion. These bitches expect everyone to just lay down and wait for the sherriff to show up. Actually these days that is usually what happens. Luckily your neighbor had something to work with, that is being able to fill that escrow. Many people don't. As out of character this may sound, there should be a law ...... Simple, limit foreclosure rights and fees that are abominal. This would sort of nip it in the bud, while limiting contract rights, it would protect the consumer from the predatory. It has been open season on the people for too long. It's not all that more than we have now, as a contract which defies law is unenforcable. Can you imagine if your neighbor was awarded the property free and clear as a punitive judgement ? Things would change in a hurry wouldn't they ? Lenders have enjoyed a superior position for far too long, to the point where they can't take "yes" for an answer. Actually it is time to cut all big business down to size, I could go on about that, believe me. At any rate, congrats on the win, I hope it sticks in their craw. T

BossyShoeBitch -> RE: My Neighbors Foreclosure updated (10/16/2009 11:40:38 AM)
What mortgage company was it?

Musicmystery -> RE: My Neighbors Foreclosure updated (10/16/2009 12:32:53 PM)
Well done Orion.

OrionTheWolf -> RE: My Neighbors Foreclosure updated (10/16/2009 2:17:35 PM)
That was a feat to find out. In the end it was Litton Loan Services, LLC that held the note and had to initiate the foreclosure. Their mortgage had been through five different companies in the last two years. quote: ORIGINAL: BossyShoeBitch What mortgage company was it?

Musicmystery -> RE: My Neighbors Foreclosure updated (10/16/2009 2:28:36 PM)
One reform I'd like to see (and it will never happen) is to forbid selling loans/mortgages/credit card accounts except in when a bank/company is folding. If I take out a loan from XYZ, I want to do business with XYZ, not find out I'm back to ABC, which I deliberately avoided.

Louve00 -> RE: My Neighbors Foreclosure updated (10/16/2009 2:47:09 PM)
Wow!! Excellent, Orion! I've wondered from time to time how that all went. Thanks for your update. [:)]

Loki45 -> RE: My Neighbors Foreclosure updated (10/16/2009 3:51:41 PM)
I must have missed the majority of the information, because the only thing I can't help wondering is: if he had the money to put in a separate account, why not just pay his mortgage payment on time?

Musicmystery -> RE: My Neighbors Foreclosure updated (10/16/2009 3:59:49 PM)
Orion has already explained this: quote: The company did not want to accept payments unless it was total amount due. I had him set up an escrow account to deposit these in until court. Before court he was able to get it to being only one payment behind but they still would not accept it. Prior to court I had him request a statement from the mortgage company, and I discovered they had calculated the escrow for him incorrectly. His escrow balance after payment of insurance and property taxes, was almost $3000. I contacted the mortgage company for him, but they gave me stall and run around. The court date finally came and we presented everything to the judge. My neighbor filed a counter suit. The judge was not happy with the mortgage company. With what my neighbor had been depositing each month in an escrow account as his house payment plus some, the surplus escrow the mortgage company had, and all the certified letters where my neighbor attempted to work things out, the judge ruled against the foreclosure, and found in favor of the counter suit. This meant all late fees were stripped from what was owed, and the judge allowed my neighbor to charge them interest on the escrow the mortgage company had been holding. Net result is he got $4000 (his escrow surplus, plus the late charges for 7 months refunded, plus interest on the surplus) which he had applied to the next three house payments.

DarkSteven -> RE: My Neighbors Foreclosure updated (10/16/2009 5:43:28 PM)
You're kidding. He and you both notified the mortgage company that they' made a mistake, and their response was "See you in court!"? No wonder the judge threw the book at them.

OrionTheWolf -> RE: My Neighbors Foreclosure updated (10/16/2009 5:47:56 PM)
It was not so much "see you in court" it was the fact that the department that handles escows did not want to communicate with the collection/foreclosure department. Then at a certain point, about three weeks ago, they just kept refering us to the attorney's office that was handling it, and they took messages but never returned a call. We were able to get one certified letter to them, and get the return receipt prior to the court date. The judge had a couple of choice words for the attorney who offered the excuse that his office was so busy with these kinds of cases, the Judge came back without missing a beat "No wonder if this is how you handle them all."

DarkSteven -> RE: My Neighbors Foreclosure updated (10/16/2009 6:02:33 PM)
quote: ORIGINAL: OrionTheWolf The judge had a couple of choice words for the attorney who offered the excuse that his office was so busy with these kinds of cases, the Judge came back without missing a beat "No wonder if this is how you handle them all." [:D]

DomMeinCT -> RE: My Neighbors Foreclosure updated (10/16/2009 6:33:05 PM)
quote: ORIGINAL: OrionTheWolf Here is the update that I promised. My neighbor was being foreclosed on. The company did not want to accept payments unless it was total amount due. I had him set up an escrow account to deposit these in until court. Before court he was able to get it to being only one payment behind but they still would not accept it. Prior to court I had him request a statement from the mortgage company, and I discovered they had calculated the escrow for him incorrectly. His escrow balance after payment of insurance and property taxes, was almost $3000. I contacted the mortgage company for him, but they gave me stall and run around. The court date finally came and we presented everything to the judge. My neighbor filed a counter suit. The judge was not happy with the mortgage company. With what my neighbor had been depositing each month in an escrow account as his house payment plus some, the surplus escrow the mortgage company had, and all the certified letters where my neighbor attempted to work things out, the judge ruled against the foreclosure, and found in favor of the counter suit. This meant all late fees were stripped from what was owed, and the judge allowed my neighbor to charge them interest on the escrow the mortgage company had been holding. Net result is he got $4000 (his escrow surplus, plus the late charges for 7 months refunded, plus interest on the surplus) which he had applied to the next three house payments. So everything is done, and he has paid three months ahead on his house payment. He paid in advance because he still does not have steady work. Mortgage companies really suck, but at least the judiciary here saw what was going on. Now to look into a complain to the FTC about this. You are a very good man performing a deed that will change your neighbor's life. Is there any way to report the loan company to your state's attorney general and/or state banking commission? By their own attorney's admission, they're not handling their licensed/contracted business properly, and they know they don't have the staff to do it fairly.

OrionTheWolf -> RE: My Neighbors Foreclosure updated (10/16/2009 7:11:19 PM)
There are a couple of groups that the situation is being listed with. The angle I am looking at is the handling of the escow, and how the FTC rules and regulations may apply. It will take a while to look through all of those R & R's though. I also listed my neighbors information on a site that is proposing a class action lawsuit against Litton Loan Services.

DarkSteven -> RE: My Neighbors Foreclosure updated (10/16/2009 7:15:12 PM)
The mortgage companies are WAY outta hand. Doing sloppy work, jacking up appraisals and getting stuck with overvalued properties, and then getting government handouts when they can't make their business work after alienating their customers... Stick 'em, Orion. Go get the bastages.

DomMeinCT -> RE: My Neighbors Foreclosure updated (10/16/2009 9:07:50 PM)
quote: ORIGINAL: OrionTheWolf There are a couple of groups that the situation is being listed with. The angle I am looking at is the handling of the escow, and how the FTC rules and regulations may apply. It will take a while to look through all of those R & R's though. I also listed my neighbors information on a site that is proposing a class action lawsuit against Litton Loan Services. Excellent news, thank you.

Loki45 -> RE: My Neighbors Foreclosure updated (10/17/2009 12:13:07 AM)
quote: ORIGINAL: Musicmystery Orion has already explained this: Evidently not well enough, hence my post. You see, there was no explanation of 'why' they only wanted the full amount. In experiences I have witnessed, the only thing that would make a company do that is significant delinquency -- which of course leads back to my question. If he had the money for the payments, why would they 'all of a sudden' want the full amount only?

OrionTheWolf -> RE: My Neighbors Foreclosure updated (10/17/2009 6:44:55 AM)
I had posted a few months back about the troubles my neighbor was having. I attempted to find that post, but was not persitant enough, so I created a new one. He got a few months behind after becoming unemployed. Since that previous post he has gotten work her and there, to be able to make his bills plus a little extra for the mortgage payment. The mortgage company did not want to accept these payments. By the time it went from getting his first certified letter, to the court date, he was able to only be one month behind, but they still would not accept the payments unless it caught him up entirely. This is one of the things the judge spoke about. The attorney tried offering that my neighbor had bad credit as the reason to not work things out with him, and the judge said that those with bad credit are more likely to stay and work things out, if the mortgage companies would work with them. Well there it is. quote: ORIGINAL: Loki45 quote: ORIGINAL: Musicmystery Orion has already explained this: Evidently not well enough, hence my post. You see, there was no explanation of 'why' they only wanted the full amount. In experiences I have witnessed, the only thing that would make a company do that is significant delinquency -- which of course leads back to my question. If he had the money for the payments, why would they 'all of a sudden' want the full amount only?

Page: [1] 2 next > >>

Collarchat.com © 2025

Terms of Service

0.2773438