Hope for Homeowners and How to Stop Foreclosure
Posted on March 5, 2010
Filed Under Bank Foreclosure |
If you have a home home mortgage loan that was issued through Countrywide Bank that you fear may in danger of foreclosure then you don’t have to wait for a government bailout package that may or may not come through. This is because you can get immediate relief right now through an independent program that is being offered by Countrywide Bank.
Your Need for Relief Must Be legitimate
However; to qualify, your needs must be legitimate. This means that you must be delinquent and be able to demonstrate unoqivically that the level of you home loan payments are such that you they are in effect driving you towards home foreclosure.
Get Your Story Together
Begin by crafting a letter that details how you found yourself in your financial predicament. Remember that this is not a charity operation that they are running but simply a business proposition for those who they deem eligible. So explain how you got yourself into the mess your in and how you plan on getting yourself out of it.
Show them a Way out if You Quailify
Foreclosures are not anything new and no bank is going to throw good money after bad, so if you can’t show them a light at the end of the tunnel if given a loan restructuring deal then don’t get your hopes up too high.
Compile All Your Financial Records
So gather together any financial document that you can get. This would of course include pay stubs and any bank records that you may have. Also include any and all documents concerning anything that you owe on and are still making payment such as a car.
Be Open and Honest
Bear in mind that you will have to sign your name to any contracts that you agree to and just as with any loan agreement all laws apply. So don’t go in expecting to B.S. your way into anything that you can’t sign your name to because bank fraud is still against the law. Also, if you have been watching the news recently then you may already know that there is a new emphasis on accuracy in declaration in bank loan agreements so be absolutely truthful.
Benedict Reckard
http://www.articlesbase.com/loans-articles/hope-for-homeowners-and-how-to-stop-foreclosure-669982.html
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9 Responses to “Hope for Homeowners and How to Stop Foreclosure”
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Why is everyone so down on the bail out? Please read on!?
The bail out is not about rescuing homeowners, but saving banks. The mortgages are supposed to be bought up so that banks stop failing. There may be a little more effort to avoid foreclosures, but for the most part the government will end up owning a bunch of houses.
The big deal is that if the banks go broke, they have no money to loan to business. When there is no operating capital for the company’s that we work for they cant do what they do. I hope you should be able to see where this is leading.
The bail out will probably cost us all a little bit, but in the end the property the government will be holding should be sell-able again in a few years. With greater oversight, and better judgment, our future may be OK, but there ARE other problems in the economy.
I think that yet again there has been a media breakdown somewhere. Or people have just become so set in a certain train of thought that they are ignoring the details. This could be a disaster much greater than it already is if we keep doing nothing. There is no time to wait.
I would like to go back to work after my seasonal layoff. Right now the large manfacturing corperation I work for went down to nothing for fiscal invintory, and will need capital to resume operations. My stocks have been falling for the last 6 months, and yesterday dropped by over 5%. This means that operating capital is going to have to come from elswhere. Since this company is upper crust on the NYSE I hate to see where lesser corperations stand right now.
As for bailing out the individuals, NO WAY! They may have been encouraged, but they signed the papers themselves. Ten years ago I saw a great deal on a piece of land and bought. I would never have gone in debit for $50,000 and I am two years from being rewarded for my good judgment, (with LOW payments I need to add).
Many of my peers are living in two and three bedroom tract housing, which by my standards are "McMansions". They drive new cars, and lived at the verge of default before gas started going up. There is no way on earth that I could condone bailing a one of them out when they get in trouble. I did not set the bar for them.
Ah but there is time to "wait". There is time to come up with a viable plan that might actually help. It should not come from us the taxpayers. Don’t listen to all the "hype" everyone is expounding. There are various OTHER WAYS to help out this financial fiasco WITHOUT going to we the taxpayer. OUR GOVERNMENT should not be involved with running the financial markets. WHY are the same people who caused this mess the ones perpetrating the plans??? THAT IS INSANE. There are many economists who have very interesting ideas…………and our Politicians will NOT LISTEN TO THEM. WHY??
There is time, there are better ways. You have been drinking the "fear" mantra that some Politicians and our News Media are expounding. They can’t even tell us taxpayers if such a plan will work. NO TO TAX PAYER BAIL OUT.
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I’m not against the bailout, I against the idea of a bail out with no oversight. I wouldn’t trust this administration to water my plants much less give them 700 billion dollars no strings attached.
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Why not let private investors take it on rather than the taxpayers?
Let the government insure it, rather than invest in it.
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why bail out the big boys who played the game and lost? how about bailing out the little folks who are fucked?
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There are two reasons not to support the bailout bill.
First, where is the money going to come from. We are running a deficit in this country so that means the government will have to take out foreign loans to pay fo this bailout. It’s a lot like using your credit card to pay for your car loan. You’re just moving the debt around.
Secondly, there needs to be some changes in the system. This bill called for a cash bailout but not for a change in the way loans are doled out. Keeping things like this would mean having to do another bailout in a few years.
If we are going to add an additional 2.5k tax burden on to every man, woman and child in America it had better be done right. This bill was rushed through and shoved down out throats. I am happy it was defeated. Now there might be some intelligent discussion about some real solutions and not just a patch job.
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Because the Banks created the problem in the first place.
They knew those mortgages were risky, yet in search of
profit, they violated their fiduciary duty to their depositors
by making those loans.
There is no way that they should be bailed out without penalty
from the mess that they created.
Those same banks have been permitted to basically install
toll booths on the entire economy.
They get a cut of every credit card transaction.
The laws grant them special privilege.
They should be held to a higher standard.
The same goes for investors in those Mortgage backed notes.
They were warned that the notes were risky, but
attractive because of their high return.
I know, because I was offered some of those notes,
and I was warned by the vendor as a matter of law.
(Disclosure statement).
I passed on the offer because of the risk.
Why should someone foolish enough to take it be bailed out?
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Well for one thing, this bill would give dictatorial like powers to Paulson, Bernanke and a few others, who are not elected and therefore not beholding to the people. Do we really want that? Secondly, it contained a lot of unwanted and irrelevant pork barrel spending? Why?
In the business world, bad debts when sold are never sold for face value, but for a discounted value. Why would the taxpayers buy bad debt for anything more? Also, why are some banks too big to fail and others are not? Legally and ethically, shouldn’t we either bail out all or none? BTW, where did $750 billion come from? Are we sure that is enough to cover or will we be needing more later?
This bill, despite what the spin doctors say, did not have bipartisan support. I’m glad that 95 democrats joined with the republicans and voted no. Even 17 of Sen. Franks own committee voted no, so what does that tell you?
Lastly, if we do this, how do we the people know that a year from now that we’re not facing the same problem or worse all over again? Currently Federal Revenue is $2.5 - $3 trillion. We run a deficit now and have a debt of $9 trillion. So we’re going to add more? Then have to raise taxes, taking money out of the economy to pay for it? The dollar has fallen in value and nobody is factoring in that was a cause as well. We do this bailout and next year when the dollar is worthless like the Argentine Peso, what then?
I’m glad for once that Congress listened to the people!
Don’t get me wrong, I agree something needs done, but what was drafted wasn’t the answer.
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I can’t believe none of this was regulated. I was convinced, by Wall Street, that my 401k was the only way that I could ever afford to retire. I was assured that everything would always be on the up-and-up. Now, rich tycoons have squandered it, by making criminal investments and unsafe economic decisions, and now want ME to save their hides.
I lost money too. No one is bailing me out of that.
One good thing is that Oil is dropping rapidly. It’s predicted to tank if the bailout never happens. Seems like a few weeks ago, before this mess, that’s all the everyone was worried about. Well, we got our wish, oil is coming down.
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