Turko Files mortgage “victim”

[jpinpb]

Ok. I am pretty sick about reading about the poor homeowners. We heard about their great success during the bubble and now we have to pity them. I am so bothered by it all, that I wrote Turko myself and gave him the link to this thread. He actually emailed me back. This is what he said:

[img_assist|nid=12517|title=Email|desc=|link=node|align=left|width=100|height=62]

Thanks for watching and for forwarding the link. Can you post this on Piggington for me?

=====================================

Yeah, yeah, I hear you all. I see both sides. I’ve avoided most stories like this for some of the reasons expressed on Piggington. In this case the woman says she would have done a short sale, except Wells Fargo kept telling her they would stop foreclosure while they tried to modify the mortgage. This went on for a year. Then they foreclosed during the process making a short sale impossible. And lets not forget that many banks make short sales difficult or impossible. IMHO this is because they are transferring “distressed properties” to their cronies or affiliated companies at very low prices, so they can profit when the recovery materializes and values rise. Why should they let the little guys in on this bonanza?

Yes, the woman quit paying her mortgage. Most lenders won’t talk seriously about a modification unless or until you have defaulted on payments. Why would they? If you can pay the mortgage you don’t need a modificiation. They claim they have to concentrate on the most serious cases first– i.e., the ones where the borrower is in such a mess they’ll almost certianly default again anyway.

Finally let’s not forget that the government gave billions to these banks, Wells Fargo being a big recipient, with the proviso that they would help small borrowers with loan modifications. I think my story shows a snapshot of a disorganized, disfunctional and uncaring effort to address and resolve the situation in this individual case. Give her a yes or a no and let her get on with her life. How can it take a big bank a solid year to determine if any of us are a candidate for a modificiation and “entitled” to keep our homes? It certainly didn’t take them a year to decide if we were qualified to buy the homes in the first place!

Michael Turko
KUSI-TV News
858 571-3453

[creechrr]

[quote=bubba99] It is a contract, and foreclosure is a remedy in the contract to either party. [/quote]

I don’t disagree with this. My point is that we as a nation should not be where we are now. If we as a nation didn’t have such a sense of entitlement, we would not be faced with such crushing debts.

It’s pretty obvious that the vast majority of “home owners” that purchased in the last decade or so, shouldn’t have. This is just the Coach purse example replayed on a grander scale.

For those that had genuine hardships, I feel for them. I don’t think anyone will deny that sh!t happens. It happens to the nicest, finest examples of humanity. The problem is now everyone is entitled to be a charity case. When that happens the real need gets lost in the noise. Eventually, those of us that are compassionate begin to loose that compassion.

I’m sure I’m not the only that feels a little short changed by the turn of events. I didn’t get the house, BMW or even the Coach purse but, I do get to pay for it.

I think the phrase is, “Privatized profits and socialized debt”.

To the “homeowners” that do end up receiving some sort of loan mod be careful. Read the fine print, consult a lawyer, and give it some serious thought this time. It might just be better to pack your stuff and rent.

The backlash will come. Reality hasn’t set in yet.

[creechrr]

[quote=bubba99] It is a contract, and foreclosure is a remedy in the contract to either party. [/quote]

I don’t disagree with this. My point is that we as a nation should not be where we are now. If we as a nation didn’t have such a sense of entitlement, we would not be faced with such crushing debts.

It’s pretty obvious that the vast majority of “home owners” that purchased in the last decade or so, shouldn’t have. This is just the Coach purse example replayed on a grander scale.

For those that had genuine hardships, I feel for them. I don’t think anyone will deny that sh!t happens. It happens to the nicest, finest examples of humanity. The problem is now everyone is entitled to be a charity case. When that happens the real need gets lost in the noise. Eventually, those of us that are compassionate begin to loose that compassion.

I’m sure I’m not the only that feels a little short changed by the turn of events. I didn’t get the house, BMW or even the Coach purse but, I do get to pay for it.

I think the phrase is, “Privatized profits and socialized debt”.

To the “homeowners” that do end up receiving some sort of loan mod be careful. Read the fine print, consult a lawyer, and give it some serious thought this time. It might just be better to pack your stuff and rent.

The backlash will come. Reality hasn’t set in yet.

[creechrr]

[quote=bubba99] It is a contract, and foreclosure is a remedy in the contract to either party. [/quote]

I don’t disagree with this. My point is that we as a nation should not be where we are now. If we as a nation didn’t have such a sense of entitlement, we would not be faced with such crushing debts.

It’s pretty obvious that the vast majority of “home owners” that purchased in the last decade or so, shouldn’t have. This is just the Coach purse example replayed on a grander scale.

For those that had genuine hardships, I feel for them. I don’t think anyone will deny that sh!t happens. It happens to the nicest, finest examples of humanity. The problem is now everyone is entitled to be a charity case. When that happens the real need gets lost in the noise. Eventually, those of us that are compassionate begin to loose that compassion.

I’m sure I’m not the only that feels a little short changed by the turn of events. I didn’t get the house, BMW or even the Coach purse but, I do get to pay for it.

I think the phrase is, “Privatized profits and socialized debt”.

To the “homeowners” that do end up receiving some sort of loan mod be careful. Read the fine print, consult a lawyer, and give it some serious thought this time. It might just be better to pack your stuff and rent.

The backlash will come. Reality hasn’t set in yet.

[creechrr]

[quote=bubba99] It is a contract, and foreclosure is a remedy in the contract to either party. [/quote]

I don’t disagree with this. My point is that we as a nation should not be where we are now. If we as a nation didn’t have such a sense of entitlement, we would not be faced with such crushing debts.

It’s pretty obvious that the vast majority of “home owners” that purchased in the last decade or so, shouldn’t have. This is just the Coach purse example replayed on a grander scale.

For those that had genuine hardships, I feel for them. I don’t think anyone will deny that sh!t happens. It happens to the nicest, finest examples of humanity. The problem is now everyone is entitled to be a charity case. When that happens the real need gets lost in the noise. Eventually, those of us that are compassionate begin to loose that compassion.

I’m sure I’m not the only that feels a little short changed by the turn of events. I didn’t get the house, BMW or even the Coach purse but, I do get to pay for it.

I think the phrase is, “Privatized profits and socialized debt”.

To the “homeowners” that do end up receiving some sort of loan mod be careful. Read the fine print, consult a lawyer, and give it some serious thought this time. It might just be better to pack your stuff and rent.

The backlash will come. Reality hasn’t set in yet.

[creechrr]

[quote=bubba99] It is a contract, and foreclosure is a remedy in the contract to either party. [/quote]

I don’t disagree with this. My point is that we as a nation should not be where we are now. If we as a nation didn’t have such a sense of entitlement, we would not be faced with such crushing debts.

It’s pretty obvious that the vast majority of “home owners” that purchased in the last decade or so, shouldn’t have. This is just the Coach purse example replayed on a grander scale.

For those that had genuine hardships, I feel for them. I don’t think anyone will deny that sh!t happens. It happens to the nicest, finest examples of humanity. The problem is now everyone is entitled to be a charity case. When that happens the real need gets lost in the noise. Eventually, those of us that are compassionate begin to loose that compassion.

I’m sure I’m not the only that feels a little short changed by the turn of events. I didn’t get the house, BMW or even the Coach purse but, I do get to pay for it.

I think the phrase is, “Privatized profits and socialized debt”.

To the “homeowners” that do end up receiving some sort of loan mod be careful. Read the fine print, consult a lawyer, and give it some serious thought this time. It might just be better to pack your stuff and rent.

The backlash will come. Reality hasn’t set in yet.

[creechrr]

Yes, I agree, the entire system is screwed up. The banks and their buddies will do their best to milk this for every bit they can. No doubt about it.

I think the point that is being missed is that most of these poor souls should have never been in the situation to begin with. They went seeking the loan without any thought towards the future. They should deal with the consequences, not the tax payer.

It sure would be nice to see more stories that deals with how this mess started. If the root cause isn’t dealt with, it’s only going to be repeated.

[creechrr]

Yes, I agree, the entire system is screwed up. The banks and their buddies will do their best to milk this for every bit they can. No doubt about it.

I think the point that is being missed is that most of these poor souls should have never been in the situation to begin with. They went seeking the loan without any thought towards the future. They should deal with the consequences, not the tax payer.

It sure would be nice to see more stories that deals with how this mess started. If the root cause isn’t dealt with, it’s only going to be repeated.

[creechrr]

Yes, I agree, the entire system is screwed up. The banks and their buddies will do their best to milk this for every bit they can. No doubt about it.

I think the point that is being missed is that most of these poor souls should have never been in the situation to begin with. They went seeking the loan without any thought towards the future. They should deal with the consequences, not the tax payer.

It sure would be nice to see more stories that deals with how this mess started. If the root cause isn’t dealt with, it’s only going to be repeated.

[creechrr]

Yes, I agree, the entire system is screwed up. The banks and their buddies will do their best to milk this for every bit they can. No doubt about it.

I think the point that is being missed is that most of these poor souls should have never been in the situation to begin with. They went seeking the loan without any thought towards the future. They should deal with the consequences, not the tax payer.

It sure would be nice to see more stories that deals with how this mess started. If the root cause isn’t dealt with, it’s only going to be repeated.

[creechrr]

Yes, I agree, the entire system is screwed up. The banks and their buddies will do their best to milk this for every bit they can. No doubt about it.

I think the point that is being missed is that most of these poor souls should have never been in the situation to begin with. They went seeking the loan without any thought towards the future. They should deal with the consequences, not the tax payer.

It sure would be nice to see more stories that deals with how this mess started. If the root cause isn’t dealt with, it’s only going to be repeated.

[CA renter]

[quote=jpinpb]Ok. I am pretty sick about reading about the poor homeowners. We heard about their great success during the bubble and now we have to pity them. I am so bothered by it all, that I wrote Turko myself and gave him the link to this thread. He actually emailed me back. This is what he said:

[img_assist|nid=12517|title=Email|desc=|link=node|align=left|width=100|height=62]

Thanks for watching and for forwarding the link. Can you post this on Piggington for me?

=====================================

Yeah, yeah, I hear you all. I see both sides. I’ve avoided most stories like this for some of the reasons expressed on Piggington. In this case the woman says she would have done a short sale, except Wells Fargo kept telling her they would stop foreclosure while they tried to modify the mortgage. This went on for a year. Then they foreclosed during the process making a short sale impossible. And lets not forget that many banks make short sales difficult or impossible. IMHO this is because they are transferring “distressed properties” to their cronies or affiliated companies at very low prices, so they can profit when the recovery materializes and values rise. Why should they let the little guys in on this bonanza?

Yes, the woman quit paying her mortgage. Most lenders won’t talk seriously about a modification unless or until you have defaulted on payments. Why would they? If you can pay the mortgage you don’t need a modificiation. They claim they have to concentrate on the most serious cases first– i.e., the ones where the borrower is in such a mess they’ll almost certianly default again anyway.

Finally let’s not forget that the government gave billions to these banks, Wells Fargo being a big recipient, with the proviso that they would help small borrowers with loan modifications. I think my story shows a snapshot of a disorganized, disfunctional and uncaring effort to address and resolve the situation in this individual case. Give her a yes or a no and let her get on with her life. How can it take a big bank a solid year to determine if any of us are a candidate for a modificiation and “entitled” to keep our homes? It certainly didn’t take them a year to decide if we were qualified to buy the homes in the first place!

Michael Turko
KUSI-TV News
858 571-3453[/quote]

jpinpb,

Thank you, thank you, thank you for sending this e-mail. 🙂

While I understand his points, I’m not sure why it should matter if she was permitted to do a short sale or be foreclosed on. There are some arguments to be made that foreclosures are better for the borrower because the lenders will not have any recourse after the foreclosure. Since she was willing to destroy her credit with a BK, why not take the free rent (which she did) and go along with the foreclosure?

Personally, I think short sales invite more fraud than the foreclosures do, but that’s just me.

[CA renter]

[quote=jpinpb]Ok. I am pretty sick about reading about the poor homeowners. We heard about their great success during the bubble and now we have to pity them. I am so bothered by it all, that I wrote Turko myself and gave him the link to this thread. He actually emailed me back. This is what he said:

[img_assist|nid=12517|title=Email|desc=|link=node|align=left|width=100|height=62]

Thanks for watching and for forwarding the link. Can you post this on Piggington for me?

=====================================

Yeah, yeah, I hear you all. I see both sides. I’ve avoided most stories like this for some of the reasons expressed on Piggington. In this case the woman says she would have done a short sale, except Wells Fargo kept telling her they would stop foreclosure while they tried to modify the mortgage. This went on for a year. Then they foreclosed during the process making a short sale impossible. And lets not forget that many banks make short sales difficult or impossible. IMHO this is because they are transferring “distressed properties” to their cronies or affiliated companies at very low prices, so they can profit when the recovery materializes and values rise. Why should they let the little guys in on this bonanza?

Yes, the woman quit paying her mortgage. Most lenders won’t talk seriously about a modification unless or until you have defaulted on payments. Why would they? If you can pay the mortgage you don’t need a modificiation. They claim they have to concentrate on the most serious cases first– i.e., the ones where the borrower is in such a mess they’ll almost certianly default again anyway.

Finally let’s not forget that the government gave billions to these banks, Wells Fargo being a big recipient, with the proviso that they would help small borrowers with loan modifications. I think my story shows a snapshot of a disorganized, disfunctional and uncaring effort to address and resolve the situation in this individual case. Give her a yes or a no and let her get on with her life. How can it take a big bank a solid year to determine if any of us are a candidate for a modificiation and “entitled” to keep our homes? It certainly didn’t take them a year to decide if we were qualified to buy the homes in the first place!

Michael Turko
KUSI-TV News
858 571-3453[/quote]

jpinpb,

Thank you, thank you, thank you for sending this e-mail. 🙂

While I understand his points, I’m not sure why it should matter if she was permitted to do a short sale or be foreclosed on. There are some arguments to be made that foreclosures are better for the borrower because the lenders will not have any recourse after the foreclosure. Since she was willing to destroy her credit with a BK, why not take the free rent (which she did) and go along with the foreclosure?

Personally, I think short sales invite more fraud than the foreclosures do, but that’s just me.

[CA renter]

[quote=jpinpb]Ok. I am pretty sick about reading about the poor homeowners. We heard about their great success during the bubble and now we have to pity them. I am so bothered by it all, that I wrote Turko myself and gave him the link to this thread. He actually emailed me back. This is what he said:

[img_assist|nid=12517|title=Email|desc=|link=node|align=left|width=100|height=62]

Thanks for watching and for forwarding the link. Can you post this on Piggington for me?

=====================================

Yeah, yeah, I hear you all. I see both sides. I’ve avoided most stories like this for some of the reasons expressed on Piggington. In this case the woman says she would have done a short sale, except Wells Fargo kept telling her they would stop foreclosure while they tried to modify the mortgage. This went on for a year. Then they foreclosed during the process making a short sale impossible. And lets not forget that many banks make short sales difficult or impossible. IMHO this is because they are transferring “distressed properties” to their cronies or affiliated companies at very low prices, so they can profit when the recovery materializes and values rise. Why should they let the little guys in on this bonanza?

Yes, the woman quit paying her mortgage. Most lenders won’t talk seriously about a modification unless or until you have defaulted on payments. Why would they? If you can pay the mortgage you don’t need a modificiation. They claim they have to concentrate on the most serious cases first– i.e., the ones where the borrower is in such a mess they’ll almost certianly default again anyway.

Finally let’s not forget that the government gave billions to these banks, Wells Fargo being a big recipient, with the proviso that they would help small borrowers with loan modifications. I think my story shows a snapshot of a disorganized, disfunctional and uncaring effort to address and resolve the situation in this individual case. Give her a yes or a no and let her get on with her life. How can it take a big bank a solid year to determine if any of us are a candidate for a modificiation and “entitled” to keep our homes? It certainly didn’t take them a year to decide if we were qualified to buy the homes in the first place!

Michael Turko
KUSI-TV News
858 571-3453[/quote]

jpinpb,

Thank you, thank you, thank you for sending this e-mail. 🙂

While I understand his points, I’m not sure why it should matter if she was permitted to do a short sale or be foreclosed on. There are some arguments to be made that foreclosures are better for the borrower because the lenders will not have any recourse after the foreclosure. Since she was willing to destroy her credit with a BK, why not take the free rent (which she did) and go along with the foreclosure?

Personally, I think short sales invite more fraud than the foreclosures do, but that’s just me.

[CA renter]

[quote=jpinpb]Ok. I am pretty sick about reading about the poor homeowners. We heard about their great success during the bubble and now we have to pity them. I am so bothered by it all, that I wrote Turko myself and gave him the link to this thread. He actually emailed me back. This is what he said:

[img_assist|nid=12517|title=Email|desc=|link=node|align=left|width=100|height=62]

Thanks for watching and for forwarding the link. Can you post this on Piggington for me?

=====================================

Yeah, yeah, I hear you all. I see both sides. I’ve avoided most stories like this for some of the reasons expressed on Piggington. In this case the woman says she would have done a short sale, except Wells Fargo kept telling her they would stop foreclosure while they tried to modify the mortgage. This went on for a year. Then they foreclosed during the process making a short sale impossible. And lets not forget that many banks make short sales difficult or impossible. IMHO this is because they are transferring “distressed properties” to their cronies or affiliated companies at very low prices, so they can profit when the recovery materializes and values rise. Why should they let the little guys in on this bonanza?

Yes, the woman quit paying her mortgage. Most lenders won’t talk seriously about a modification unless or until you have defaulted on payments. Why would they? If you can pay the mortgage you don’t need a modificiation. They claim they have to concentrate on the most serious cases first– i.e., the ones where the borrower is in such a mess they’ll almost certianly default again anyway.

Finally let’s not forget that the government gave billions to these banks, Wells Fargo being a big recipient, with the proviso that they would help small borrowers with loan modifications. I think my story shows a snapshot of a disorganized, disfunctional and uncaring effort to address and resolve the situation in this individual case. Give her a yes or a no and let her get on with her life. How can it take a big bank a solid year to determine if any of us are a candidate for a modificiation and “entitled” to keep our homes? It certainly didn’t take them a year to decide if we were qualified to buy the homes in the first place!

Michael Turko
KUSI-TV News
858 571-3453[/quote]

jpinpb,

Thank you, thank you, thank you for sending this e-mail. 🙂

While I understand his points, I’m not sure why it should matter if she was permitted to do a short sale or be foreclosed on. There are some arguments to be made that foreclosures are better for the borrower because the lenders will not have any recourse after the foreclosure. Since she was willing to destroy her credit with a BK, why not take the free rent (which she did) and go along with the foreclosure?

Personally, I think short sales invite more fraud than the foreclosures do, but that’s just me.

[Author]

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