Do not believe the folks @ home loan services, they go to great lenghts and tell elaborate lies, string you along, making you believe you are getting a modification, repayment or refinance. National City dumped their mortgage wholesaler; First Franklin, back in aug-sept exiting the third-party subprime loan business alltogether. FF was no longer making money, securities fraud lawsuit was looming, and investors were not happy. Merril Lynch bought FF along with its highly problematic, and risky loans, but make no mistake, these types of loans actually have potential of huge returns for investors. Lenders often seek out these types of loans... Espically if they are in default status, even better. The longer in default, the more money they make.
Yes it is costly for foreclosures, but the rewards are much greater, if you know what you are doing, to keep these units in default for long periods of time. Thus, the housing market is brought to its knees, and who is the scape goat you ask? Of course, the sub-prime Borrower, who has no idea that the mortgage brokers who bundle these loans and sell them off to the lender. Pocketing huge profits. Or the lender who automatically breaks these loans up into tiny units, sells them to wall street, pension funds, investors, making huge profits. Be fully aware that these people expected you to default and not be able to make payments, a calculated risk. They probably had you pay for title insurance to cover them if you defaulted, and you probably never knew it, They also, in most cases, have a guarantee from Fannie Mae or Freddie Mac to secure payment to them if you default. They are allowed to foreclose and take your house after 1 payment because we signed the contract to allow them that right. First Franklin was dissolved, finished, kaput... Early this year, and then theres Home Loan Services...
This is not a bank or a mortgage company or a credit union. These people are debt collectors. They will lie, cheat, manipulate, lead you to believe you have saved your home... But they were hired for one reason, and that was to basically collect on their investment. They have quotas put in place by investors, to foreclose on certain homes, within certain areas, in a certain time frame. If they meet these goals, they get paid, and maybe a bonus as well. All they want is that piece of paper that shows a judgement was awarded to them for a certain amount, and it was ordered by the court. To their investors, that is a guarantee that one day they will collect by means of property or payment. So they look good to their investors, because they are taking necessary steps to collect money due, because they claim to be the real victims here... We all know better. I just lost my home, had no dam idea until days before a sale was to be recorded, I made all my payments, on time... Be very afraid... I showed up to court and the judge diddnt care that I had all my receipts for payment, or I had policies of insurance paid for 2 years, or my taxes paid. He didnt care that I had A signed contract, by them (Hans Anderson) entering into a refinance agreement, showing down payment, planned dates of payment faxed to me 1 month after court documents show foreclosure case was closed. He diddnt care that they were accepting my money and payments for 9 months, while they were in court over 9 times filing foreclosure behind my back. I was told by the only lawyer who agreed to meet with me 1 day before final date... It says here that you defaulted. But I didnt. I can prove it.
That diddnt matter either. So I have 30 Days from July 16. Nice huh. They will have to physically remove my ass, I 'm not going anywhere, and I have been researching tirelessly 20 hrs per day to find the truth. The corruption started with my mortgage broker, followed by the lender, I believe The title company, insurance company, foreclosure sales co., attorneys, judge, M.E.R. S, Fannie Mae, Freddie Mac, and HUD were all participants, willing or by association. There are links between all these people or companies, some very faint, but things just dont add up when you do everything right, pay your payments on time you should be safe.
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