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Posts Tagged ‘home underwater’

Calling the FBI

Posted by CM on November 25, 2009

1 in 4 UNDERWATER, You probably heard this yesterday, I sure heard it and read it in many places.  Roughly 23% of American Homeowners owe more than their house is worth1 and good luck refinancing, modifying or selling that bottomless pit.  “40% of borrowers who took out a loan in 2006 are underwater and 11% of borrowers who took out a loan in 2009 are underwater1.”  

This is a very sad and sorry state in our current homeownership world.  I can honestly say that I am not surprised.  My own home was underwater and impossible to sell and a foreclosure resulted from that.  We should expect to see another wave of foreclosure statistics just dedicated to those attributed to homes underwater.  What more is there to say on the subject?  How bad does this situation have to get before someone will do something? 

Treasury still doesn’t get it, Over the summer I wrote a lot of letters on a variety of subjects pertaining to our foreclosure crisis.  I finally got a generic letter in reply late last week.  You all have read the petition letters and I even posted one letter to Geithner on this blog.  You all know that I write about specifics (I hope you do!).  This letter is so generic and not even worth the paper it was printed on.  They didn’t even reply to any of my concerns.  The Treasury just doesn’t get it.  With our elected and government officials passing off generic form letters for replies to concerned citizens, will we ever get anything done to regulate mortgage servicers?  See the letter here

Calling the FBI, I have received some comments about people calling the FBI regarding their mortgage servicer, PHH Mortgage.  I say, Go For It!  So, all of you, think about your situation and if you think the FBI might be interested, well why don’t you call too!  I thought about my situation and I don’t think the FBI would care if PHH refused short sale offers for my house.  I could be wrong……

Sources:
1. One in Four Borrowers is Underwater. Ruth Simon and James R. Hagerty. The Wall Street Journal. 11/24/09.
URL: http://online.wsj.com/article/SB125903489722661849.html?mod=rss_whats_news_us&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fxml%2Frss%2F3_7011+(WSJ.com%3A+What%27s+News+US)&utm_content=Google+Reader

 

Note, As a result of The National Consumer Expo, I am excited to add a new link to this blog!  Please check out the Alabama Consumer Law Blog.  The blog contains incredibly useful articles related to our fight against mortgage servicers.  I plan to learn from the blog!

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Posted in Foreclosure, Mortgage Servicers, PHH Mortgage, Treasury | Tagged: , , , , , | 5 Comments »