This is a sad story and one many can maybe relate to. A client of mine that is 67 years old was seriously taken advantage of by predatory lending mortgage brokers over the years and he is actually my inspiration to start my website and the at http://www.loansafe.org/.
You see, my original intentions with for my blog was to give people free information and let them know they could do it all on their own and for the people who couldn't manage doing that, I was going to help people and in turn get paid for my services. I felt that if I help people avoid foreclosure then I am worth whatever I charge because I am an expert and I also need to pay my bills and feed my 4 kids.
Then Donald Bullis came along and his story touched me in a way where I couldn't sleep that night. I knew I had to help because he had no money and this isn't just a normal loan modification but a victim of predatory lending. What really struck a chord with me was that Don is a nice guy who doesn't want to sue everyone and attack them. He just wants to keep his home that he has worked so hard for.
He was refinanced into a negative amortization loan 3 times over 3 years and all loans had 3 year prepays netting the broker over $50,000 in commissions. The broker over stated his income by $5000 and forged a fake business on his application.
THIS IS A COMPLETE TRAVESTY OF JUSTICE AND WE CANNOT LET DON LOSE HIS HOME!
Unfortunately, there is no way for him to stop foreclosure. I have spoken to several attorneys and they said since it was a mortgage broker who is now out of business and most likely do not have a dime to their names. and they all tell me there is nothing Don can do. He is basically out of luck.
LENDERS ARE NOT LIABLE FOR A BROKERS FRAUDULENT ACTS!
Below is his letter:
Quote:
( Address to who)
The intent of this letter is to explain the position I find myself in, how I got there and what I could do to eliminate the problem.
I have a home loan with World Savings for $338,000, I am three payments due and ready to go into foreclosure. I am 67 years of age and on social security and my wife is on disability. Total income is $2300 per month.
About a year ago I did a refinance through a broker who was not doing me or World Savings any favor.
This loan was a ARM fixed for five years with a pre pay penalty I paid $3,000 to reduce the penalty to only one year I was lead to believe that the payment would be $1380 including tax and insurance, this would be a pick a payment plan which means that if money was tight I could pay a lesser amount, I had sticker shock when I received the payment coupon from World Savings the $1380 was the minimum payment. Nothing was explained to me about how the minimum payment worked, the loan balance goes up because the minimum
payment does not include interest which is added on. The broker told World Savings that my monthly income was $7,000 per month, how he could verify that is beyond me. I should never have qualified for this loan. I believed the broker and never did my math if I had I would have known something was not right but I never. We toped out our credit cards which was a bad idea. I had hopes of finding employment but had no luck what so ever.
To resolve this problem I check into refinancing but due to my income and a late payment nothing could be done. I am now checking into Government grants to see if there is anything I can qualify for, but that is very time consuming and I don't really know where to start any suggestions would be greatly appreciated
If and when my plan is to get current with World Savings and the next step would be to start with the credit card with the less amount and start paying it off as soon as possible and keep the others current, the next step would be to use the payment from the paid off credit card and add that amount to plus the payment to the next credit card until they are paid off. If I can find employment and not have the credit cards showing that they are over 50% of limit which has bad effects on my credit score I might look into refinancing to a fixed rate loan.
That is my story sad but true
Donald Bullis |
As you can see, Don was taken advantage of and he needS help. I will keep everyone up to date on the progress to help him avoid foreclosure.
Thanks for contributing your story Don! 
__________________
Moe
Founder
LoanSafe.org
LoanWorkout.org
951-271-6283 Phone
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