You received the NOTICE OF DEFAULT because you most probably are behind at least 90 days.
Down payment assistance programs are created to assist financial support for home buyers to be approved of their mortgage loans and closing costs. This is beneficial for individuals who are having a hard time saving up money to purchase their own houses. With our economy today, it is indeed difficult to come up with enough money to make your own real estate purchase. Not to mention that closing costs can be tremendously expensive since the home buyer needs to settle additional fees such as attorney fees, title service fees, notaries, brokerage commissions, mortgage application fees, appraisal fees, and so much more.
George Soros is known as an ultra-liberal billonaire whom many claim is the sole reason Barack Obama made it to the Presidency. Silly me I thought it was Oprah!
So, here’s the timeline in California once you receive the Notice of Default. .
The qualifications to be approved for down payment assistance are not hard to meet, considering that the candidates for approval are first time home buyers with no experience, not enough funds, or even those that have bad credit ratings. You need to be aware that bad credit mobile home loans will carry the highest interest rate. If you are looking to finance a mobile home, don’t expect to get any of the best mortgage deals. Your income will be checked and it should not be above 80% of the local median income in the state you are residing under. Different states have different program offers and it is essential to check additional specifications by visiting the website of the Dept. of Housing and Urban Development. More often than not, if you have two years of working experience, some saved funds, and credit rating of at least 580, then you are most likely qualify for down payment assistance programs and the best fixed rate mortgage.
Within 1 monthMail Notice of Default
25 days before Trustee Sale dateSend notice of sale to I.R.S.(when necessary)
Information can be found all over the internet which confirms Soros and Dell purchased the failing Indy Mac Bank from the FDIC who had taken it over when Indy Mac’s reserves fell below the legal amount. Soros and Dell bought the bank for $20.7 billion. The bank’s assets at the beginning of this year (2009) totaled $23.5 billion. They made $3.5 billion immediately at the time of purchase.
I am trying to figure how this plays out in my personal situation. If Indy Mac forecloses on my loan and I owe $603,000 does this mean Soros and Dell only get stuck with a loss of $120,600 and the FDIC takes care of the rest? Indy Mac will own the house which as of today is still valued around $750,000. Does Indy Mac then sale and make a profit? WTF is this?
Now I am angry! I am angry that the making Home Affordable plan by Obama is a big scam. I am angry that Indy Mac is acting in bad faith refusing to offer any helpful solutions. I am angry Indy Mac and others got a bail out without the Bush or Obama Administrations placing any contingentcies on their use of the bail out money, i.e like setting up a real loan modification program at every lending bank.
Sale dateProperty is sold to highest third party bidder or reverts to Beneficiary at public auction
So what do you do?
Loan Modification We’ve had clients in the past who were able to obtain a trial loan modification. Some of them received a permanent modification, some ended up losing their home because after their 3 month trial loan mod, when they received the permanent monthly payment, they could not afford it. You have to be very careful choosing a company that will do your loan modification for you. AVOID SCAMS. There are many websites to learn from. TAKE YOUR TIME – read and learn.
I started this hub in October, 2008 as Part 2 to my very first hub about the farce of loan modification and my decent into that hell.(see web site I learned more than I ever thought I would about investors, mortgage lenders, California foreclosure process versus other states. The mortgage crisis was more than I ever imagined and impacted more people then I could conceive. Along the way, I think I provided an ear to those struggling like me, who needed someone to listen who stood in their shoes, who understood. This hub was intended to be a place where those going through similar hardship could vent, share and find solutions. I think, based on the postings here, the hub did become what I intended it to be.
From 2003 when we purchased our 2nd home then refinanced in 2005 and up until OneWest’s take over of the failed IndyMac in 2008, there was no need to even think about my mortgage. Lenders held to the agreement and I paid as planned. Of course that all changed when my mortgage was chopped up, securitized and sold off to “investors” who had no idea how to be in the mortgage business and paid attention only to the bottom line: Profits at all costs. How did they plan to make those profits? By dumping outrageous interests rates on existing customers or finding loopholes in their current loan agreements that would allow them to increase monthly payments by double or triple.
I understand at the time of their take over of IndyMac, the place was in utter chaos thus the need to be aggressive, but aggressive is one thing, predatory is another. Making up lies, defrauding customers or creating/inventing procedures like “escrow analysis” or “shortfalls in forced impound accounts” forcing a customer to pay unreasonable amounts each month that were not previously agreed to is—- EVIL!
Get money from relatives, friends. This sounds desperate because, well, in fact, it is, It is YOUR HOME. If you have equity in your home, your home is not “under” [owing more than what the home is worth], borrow the money to pay the defaulted amount. Once the default amount is paid, they will rescind the Notice of Default and no foreclosure proceedings should occur. BUT, you will need to start making your monthly mortgage payments timely, otherwise, the whole process starts over again.
DO AVOID law firms that handle everything from personal injury, family law and the like. There are many law firms who specialize in real estate only.
OneWest tactics Caused my Mortgage Problems
My mortgage problems did not start with buying too much home for my income or living “high on the hog” or using my home as an ATM. All excuses the investors of OneWest use to detract from their dishonest, fraudulent practices and place misdirected blame on the customer instead of where it rightly belongs squarely on their fraudulent business practices.
I could and would still be able to afford the monthly payment IF OneWest had not taken it upon themselves to force-place an impound account onto my mortgage because I missed a payment to the tax assessor due to a temporary financial situation. OneWest did this immediately upon taking over IndyMac Federal Bank-this was my introduction to my new lender.
This amount of $30,000 was not actual cash placed into the forced impound account and available to me. It was some made up on paper deficit. It was not money loaned to me in the refinance of my home nor money OneWest paid on my behalf to the tax assessor. The worse part was OneWest demanded the make-believe deficit be paid in full within 18 months. $33,800, now I was in trouble. This caused my monthly mortgage payment to double.
With having to pay an extra $2,000 toward the impound account, I could not afford to pay more than the minimum “interest only” which none of the payment went to the principal non profit mortgage assistance. This put me way behind the 8 ball. My balance grew bigger and bigger so that when the next adjustable payment increased, it would increase significantly because my balance was now reaching 125% of the original loan amount!
Is OneWest Evil or just Dysfunctional or Incompetent?
The lawyer said OneWest, the successor firm to disgraced lender IndyMac Bank, can make more money doing that than keeping borrowers in their homes. This is what I find to be the truth when dealing with OneWest.
OneWest is so incompetent, their REO department cannot keep track of when or to whom they have sold foreclosed homes to or maybe they just like using bait and switch tactics to gain double their money. Make that triple, sell a foreclosed home twice, then collect when they file a loss with the FDIC under their loss/share agreement. They end up making twice as much having paid pennies on the dollar for the home. Why work with the homeowner when they can legally steal your home from you. What a racket! Average Joe would go to jail on RICO charges if we did the same thing. Not so for the Brotherhood of the MafiaOH-SO-Soros, they skate free of following any laws or human decency .
I am not the Only One
UPDATE JANUARY 16, 2013: ONE EVIL BANK IS AT IT AGAIN, WILL THEY NEVER STOP TO PROVE MY POINT OF HOW EVIL THEY ARE?
As an example of what blood sucking, uncaring, predatory foreclosure creeps OneWest and their merry band of billionaire investors are, I have it on documentation they are foreclosing on Hurricane Sandy homeowners. At a time of a disaster unprecedented and when most lenders have placed a moratorium on paying your mortgage, OneEvil Bank rides in as the grim reaper to add salt to the exposed wounds of those suffering homeowners. Way to go OneEvil! Prove all of our points that you are the most despicable, evil bank of ruthless people ever.