Comments on: Why anti-foreclosure efforts fail – Part 1 http://www.bankaholic.com/finance/why-anti-foreclosure-programs-fail-part-1/ Blogging about personal finance and economic policy Wed, 08 Feb 2012 15:02:04 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Savers Suffer From New Mortgage Scandal http://www.bankaholic.com/finance/why-anti-foreclosure-programs-fail-part-1/comment-page-1/#comment-32147 Savers Suffer From New Mortgage Scandal Mon, 18 Oct 2010 15:21:37 +0000 http://www.bankaholic.com/finance/?p=825#comment-32147 [...] year I pointed out that efforts to modify unaffordable mortgages were failing because lenders refused to hire enough people to deal with the crisis created by all of their reckless [...] [...] year I pointed out that efforts to modify unaffordable mortgages were failing because lenders refused to hire enough people to deal with the crisis created by all of their reckless [...]

]]> By: Karen Corzine http://www.bankaholic.com/finance/why-anti-foreclosure-programs-fail-part-1/comment-page-1/#comment-29929 Karen Corzine Mon, 03 May 2010 22:14:50 +0000 http://www.bankaholic.com/finance/?p=825#comment-29929 I am also working on an E-Trade backed 2nd lien, First lender has approved sale, home's offer is at the top of it's current market with no more money to be squeezed from the deal. E-Trade demanded 30% of their payoff which is unheard of when the 1st lender is already taking a big loss and doesn't have to give E-Trade anything at all in foreclosure. 10% is the industry standard. E-Trade won't even talk to us direclty we have to go through GMAC which is the worst lender on the planet when it comes to calling them. I had heard the FDIC requires charge off after 180 days, so I'm hoping the date is close and that whomever buys the debt for pennies on the dollar will settle for something that is reasonable. I am also working on an E-Trade backed 2nd lien, First lender has approved sale, home’s offer is at the top of it’s current market with no more money to be squeezed from the deal. E-Trade demanded 30% of their payoff which is unheard of when the 1st lender is already taking a big loss and doesn’t have to give E-Trade anything at all in foreclosure. 10% is the industry standard. E-Trade won’t even talk to us direclty we have to go through GMAC which is the worst lender on the planet when it comes to calling them.

I had heard the FDIC requires charge off after 180 days, so I’m hoping the date is close and that whomever buys the debt for pennies on the dollar will settle for something that is reasonable.

]]> By: Kathy Stiner http://www.bankaholic.com/finance/why-anti-foreclosure-programs-fail-part-1/comment-page-1/#comment-25797 Kathy Stiner Mon, 29 Jun 2009 16:45:19 +0000 http://www.bankaholic.com/finance/?p=825#comment-25797 I am a Real Estate Agent. I have been working on a short sale since March 4, 2009. Etrade is the investor on this loan. In the beginning etrade would have realized $13K. If they are protecting your investment then they are doing a very poor job of it because you can't get an answer from them on the status of an acceptance or denial. etrade is the second lien holder which means if the first lien holder forecloses (and it is getting very close to that stage) etrade looses all of your invested dollars. I am a Real Estate Agent. I have been working on a short sale since March 4, 2009. Etrade is the investor on this loan. In the beginning etrade would have realized $13K. If they are protecting your investment then they are doing a very poor job of it because you can’t get an answer from them on the status of an acceptance or denial. etrade is the second lien holder which means if the first lien holder forecloses (and it is getting very close to that stage) etrade looses all of your invested dollars.

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