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"WOMAN LOSES HER HOME WHILE IN TALKS ON LOAN CHANGES"....AN OMINOUS HEADLINE IN THE BOSTON HERALD YESTERDAY

By Paula Hathaway, REALTOR, LBA

Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

February 25, 2010 01:18 PM

My sister called me late yesterday afternoon from Manchester New Hampshire and told me to read this article on the internet: "WOMAN LOSES HOME WHILE IN TALKS ON LOAN CHANGES" an ominous headline right off the real estate page of the Boston Herald. As I read the article I had a terrible feeling of doom...a sense that this is never going to end. Big Brother tactics will be the end of all of us at this rate; there is more help out there for homeowners in trouble---the problem is, NONE OF THEM WORK!

BIG BROTHER IS GOING TO HELP YOU!!!

BIG BROTHER BANK

LET US HELP YOU TO MODIFY YOUR LOAN SO YOU DON'T LOSE YOUR HOME; ONLY ONE PROBLEM: WE JUST AUCTIONED IT OFF!!!

Here is the link: http://www.bostonherald.com/business/real_estate/view.bg?articleid=1235053

Please read it and let me know what you think about this: Wells Fargo AUCTIONED OFF her house while she was in the process of modification review!!! She is currently working with a lawyer who has vast experience with mortgage abuses of this sort in the Boston area. He has many successes with this same sort of problem...suing the big guys is a very frightening challenge....I wish them luck!!!

We now have, what is it? ....12 Million homeowners who are on the brink of losing their homes in this country and there is nothing anyone can do about it??? I hear all kinds of rumors of "help" that should be working for these homeowners---but nothing works.

Today, on Drudge, I read an article about how Obama has stepped in to halt foreclosures until these homeowners who are on the brink have had a HAMP modification rejection or acceptance for a modification. The financial institutions must give the homeowner time and enough warning before foreclosure or short sale---and now I guess auction!!! We will see if this helps; my feeling is that the banks have such a hold on this administration that there will always be a way out for the banks. Meanwhile, bank owned homes that are sold or foreclosed upon affect all of us and all home values!

I think it is time we all speak out in one way or another, what say you???

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William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

The banks would rather lose money than try to help someone stay in their home. Proven fact!

Feb 25, 2010 01:25 PM

Patty Luther

RE/MAX Rock-n-Roll Realty - Lewiston, ID

Lewiston ID Real Estate, Idaho-Washington

It affects everyone ... in the long run ... It is a horrible mess out there and it is getting worse, I believe ... it is very very sad ... but it is NOT just the banks fault ... these home buyers need to accept some responsibility also, I can't believe some of the houses people live in and they have brand new furniture, nice cars, snowmobiles, boats, toys toys and more toys ...

Feb 25, 2010 01:26 PM

Paula Hathaway, REALTOR, LBA

Douglas Elliman Real Estate - Southampton, NY

...A Local Expert in all The Hamptons

William--I agree. I saw the video that we apublished 2 weeks or so ago. I think you are correct! Thanks for your comment.

Patty:12 Million of those "irresponsible" homeowners??? Come on....I know many a homeowner who has had their home for years---now they are looking at the value of their home drop after they were encouraged at every turn by ADVERTISMENTS to re-fi to get money out of their homes to renovate so they would be up to the value standards that their home now had!!! You never heard of those millions of people??? wake up...

Feb 25, 2010 01:35 PM

Melinda (Mel) Peterson

Grants Pass, OR - Bend, OR

The Savvy Broker - ABR, CRS

Oh my, what's next? I have had great luck with Wells Fargo short sales, but not with Wells Fargo modifications. I just don't understand why they would choose to proceed with a costly foreclosure over keeping a paying client in the home for with a modification. I have heard some lenders say it is because their investors are pressuring them to release bad paper from their books. Who knows!

Feb 25, 2010 01:55 PM

Melinda: I have my mortgage with Wells Fargo and it gives me a real start to see what they did in the Boston case---too bad for her; she is now homeless..and what do you suppose Wells got out of it??? It would be interesting to hear what the auction price was....I do know that the banks are getting big bucks from the gov't for any short sales or forclosures; i wonder if it applys to auctioned off properties as well???..Thanks for your comment.

Feb 25, 2010 02:03 PM

Ronald Gillis

Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL

CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

Maybe, JUST MAYBE, people will start waking up to the reality of what is really going on here. This is no surprise, just made a little more headline news than many of the others in the same situation. What I think is most sad, is that people don't REALLY know what is going on in our country, and that we are on the brink of total implosion. And we did not get there by accident, we are being driven there by those in our 'government' stating they are protecting us. All I can say, is wake up people before it is too late, if it isn't already. Look at Greece for a small vision of what is to come.

Feb 25, 2010 02:46 PM

Ronald: I agree--people don't have any idea that we are in the midst of a major meltdown in the housing market---again! I live in an area that is somewhat protected from the influences of a slower economy--lots of wealth and second home owners. However, we are seeing record numbers of short sales and foreclosures. They are not easy to see or identify because there is a stigma to the idea that someone HERE may have a problem and the brokerages here do not point out the houses that are in default,just try to move them without much noise.

I believe that this end of the market is the "next shoe" to drop---watch out as we circle the drain!!! I think we all need get on any media and let it be known, loudly and consistantly!

Feb 25, 2010 10:02 PM

"WOMAN LOSES HER HOME WHILE IN TALKS ON LOAN CHANGES"....AN OMINOUS HEADLINE IN THE BOSTON HERALD YESTERDAY

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