Almost a year ago, Sonya Capri Ramos was in the news because she’d lost her home over a $68 dental bill. Last week, the Utah Court of Appeals gave her some hope that she might be able to get it back from the title company that bought it at auction for $1,550. [More]
mortgages
Is The Guy Who Bulldozed His Home A Folk Hero?
By 2.26.10
Terry Hoskins, the guy in Ohio who bulldozed his home earlier this month to prevent it from being taken back and auctioned off by his bank, is now the subject of a song. Someone else made t-shirts and caps–they feature a bright yellow bulldozer and the words, “Take ‘Er Down”–that are being sold to raise money for him. WLWT says Hoskins didn’t break any laws by dozing the home, but as he puts it, “I still have a mortgage of ($160,000). I still (have) to pay that.” [More]
Inexperienced Attorney Wins Epic Foreclosure Battle Against Wells Fargo
By 2.20.10
Consumerist’s Hero of the Weekend is attorney and writer Wajahat Ali, who fought an epic battle for a home loan modification against Wells Fargo and won. Eventually. It’s a well-written and terrifying look into the financial crisis, the state of America’s megabanks, and how homeowners in need seemingly stand no chance against the towering indifference, incompetence and confusion of those megabanks. [More]
Man Bulldozes Home After Foreclosure
By 2.18.10
A man in Ohio grew so angry at his bank for refusing to work with him to keep his home that he bulldozed it. He told WLWT News, “As far as what the bank is going to get, I plan on giving them back what was on this hill exactly (as) it was. I brought it out of the ground and I plan on putting it back in the ground.” [More]
ING Slashes Mortgage Rate, Jacks Fees, Leaves Me Out Cold
By 2.15.10
As complaints about mortgage companies go, Chris’s gripe about ING Direct isn’t something that will bring tears to your eye, but it does work as a fair word of warning for those considering refinancing with the e-bank. He says the bank slashed its interest rates but more than tripled the closing costs. He writes: [More]
Bank of America Screws Even Ex-Employees Of 21 Years On Mortgages
By 2.8.10
How many different ways can you screw a man? Vince couldn’t make his Bank of America mortgage, because they fired him after 21 years of service in the due diligence department. Even after he did a short sale 5 months ago, Bank of America still hasn’t cleared it off their books. Now the illegal debt collection calls start. Is new CEO Brian Moynihan powerless to stop his own company from shaking down its own employees? Let’s find out! [More]
Will A Human At BofA Finally Please Modify My $160,000 Underwater Mortgage
By 2.5.10
Jim and Susan’s mortgage is underwater by $160,000. They want to live up to their obligations, they want to keep their home, but they can’t do it with a $370,000 mortgage on a house that’s only worth $210,000. An attorney told them to send some “jingle mail,” just pop the house keys in an envelope, mail it to the bank, and move away. What they really want is a modification so they can stay in their house, but Bank of America has been jerking them around and they don’t have faith that this last hurdle will actually get them a mod. Isn’t there a decision-making human at BofA that can finalize this deal for them? [More]
Maybe Homeowners Wouldn't Strategically Default If Lenders Cooperated
By 2.4.10
There’s an interesting detail at the end of this New York Times article on borrowers who strategically default–that is, they choose to walk away from the home when its value is significantly less than the mortgage balance. It turns out that the homeowner mentioned at the start of the article applied last fall for a loan modification with Bank of America after his income level had dropped, and this was BofA’s response: “The lender came back a few weeks ago with a plan that added more restrictive terms while keeping the payments about the same. ‘That may have been the last straw,’ Mr. Koellmann said.” [More]
Get $1000 In Ameriquest Mortgage Settlement
By 2.2.10
If your home mortgage was serviced by the defunct Ameriquest or its affiliates, you could stand to receive payouts starting at $1,000. Just enter your loan number on the settlement website and it will tell you if you’re eligible. The $325 million settlement came after a multi-state investigation which found shady lending practices that failing to disclose that loans had adjustable rates, failing to disclose the terms of the loan, refinancing homeowners into inappropriate loans, inflating home appraisals, and charging excessive fees. [ameriquestmdlsettlement.com] [More]
Chase Sets Early Payment Trap For Mortgage Customers, Too
By 1.27.10
Chase’s statement cycle trap isn’t just set for credit card customers. Mortgage and loan customers can be charged a fee for paying too early, too. Serves you right for trying to be proactive and plan ahead! Dana says that Chase punished her for setting up her automatic monthly payment to send on the 30th of the month instead of the 1st, and charged her $52.96 for two months’ transgressions. [More]
Experts Answer Credit Questions From Average Americans
By 1.20.10
Henry Unger at the Atlanta Journal-Constitution has put together a multi-part series of questions and answers from readers. The detailed answers are provided by Consumer Credit Counseling Service of Greater Atlanta, and the questions–which I’ve listed below–cover a broad spectrum of personal finance issues, including credit cards, mortgages, and credit reports. [More]
Bank Of America Seizes Wrong House, Causes Big Stink. No, Really.
By 1.12.10
Last October, Bank of America screwed up and seized a vacation home that didn’t belong to them. They also changed the locks and shut off the power, leaving 75 pounds of salmon and halibut rotting for a week before it was discovered, writes Laura Elder of the Galveston Daily News.
The owner, Dr. Alan Schroit, and his wife discovered what had happened when they showed up on Halloween to prepare for a party they were going to host the next day.
5 Reasons Not To Go For A Mortgage Modification
By 1.6.10
A Wise Bread story gives five reasons a government-backed Home Affordable Modification Program (HAMP)
may not be a bright move. [More]
Citi Promises No Foreclosures Or Evictions For One Month
By 12.17.09
About 4,000 borrowers who were either scheduled to have foreclosure sales or who were going to receive foreclosure notices will be left alone until January 17th, according to CNN. [More]
Wells Fargo Steps Up, Animals Are Safe
By 12.11.09
Wells Fargo promised to secure care for the animals left without food and water when a Rhode Island sanctuary for abandoned beasts was foreclosed on. [More]
Sample Phone Scripts Used By Sleazy Subprime Lenders In 2005
By 12.2.09
An ex-subprime lender employee of a sent us the scripts they used to cold-call homeowners back in 2005 to get them to ditch their 30-year fixed mortgages for risky sub-prime loans. One of them is called, “Wholesale Gangsta Script,” which I think about says it all right there. [More]
