Comments for Save the American Dream

Comment on Foreclosure facts by rocktexas

rocktexas — Wed, 16 Jan 2008 18:27:59 +0000

Common Sense Solutions to Protect America

“Save the American Dream” is calling for three critical solutions to end the foreclosure crisis.

**** ***** *****
Those 3 solutions are not efficient or effective to the problems we have, if not illegally.

From my 20 year experience in “distressed” housing market, my observation tells that we have better ways to do or handle it using the market force naturally.

My solution is so easy and simple to be understood and implemented. We can do it within the current legal frame and marketplace. Why most people make it so difficult? It is just unbelievable to me that so many people are so too close to the tree to see forestry.

If you like to know what my proposal is, I have a hint for you. Please see the hint in two articles I wrote at my other blog:
A Funny World (17): Your Tent City? Or My Tear City?
http://activerain.com/blogsview/317450/A-Funny-World-17
A Funny World (6-1): Talker with Lips, Doer with LPs http://activerain.com/blogsview/291943/A-Funny-World-6

In the 2nd article, I put it as follows:

All of programs are focusing on one side of a coin. Passively asking a help or cooperation from the lenders. Gee! how about the other side? Sorry, they are all good sharp boys from Ivy MBA schools, not street-wise sharks.

For an example, one of my neighbors had his home foreclosed on Nov. 6, 2007. It is too late for me to work on when I knew it. There is only 3 days left for me actively and positively “attack” from the other side. [in fact, there is one business day since it is a weekend.] They owe a bank $82K that is the minimun bid amount on auction block. The real market value is lower than $60K.

If they let me know earlier and give me at least 2 weeks to work on. It is very possible for them to stay at their home now. They may be able to owe a new loan of less than $40k and pay 50% less of monthly payments. It is a very possible practical goal for me to reach.

BTW, you guys may ask what’s in it for me since you know I am very selfish and good at return calculations? Ooh! you are smart to ask! Let me tell you, it won’t make me feel guilty to my pre-set investment goal: 200% return in a year.

How can I do it? That’ what I mean the other side of a coin: know the “sofeware” real estate well enough to set your own rules to play with a lender shark, not to follow theirs.

Comment on Moratorium on foreclosures is proposed in Cuyahoga County by links for 2007-12-17 | Brewed Fresh Daily

links for 2007-12-17 | Brewed Fresh Daily — Wed, 02 Jan 2008 20:52:32 +0000

[...] Moratorium on foreclosures is proposed in Cuyahoga County « Save the American Dream [...]

Comment on BBC reports on Cleveland foreclosures by links for 2007-10-30 | Brewed Fresh Daily

links for 2007-10-30 | Brewed Fresh Daily — Mon, 31 Dec 2007 15:31:19 +0000

[...] BBC reports on Cleveland foreclosures « Save the American Dream [...]

Comment on Foreclosure facts by mplw

mplw — Mon, 17 Dec 2007 05:02:49 +0000

Thank you for the information. I have a loan with Countrywide and I was a Stated loan w/ high interest and no doc’s… We are now in foreclosure. Any information we be appreciated.

Comment on Homeowners to Banks: We Want To Be Home for the Holidays Too by paoldani2000

paoldani2000 — Wed, 28 Nov 2007 18:30:23 +0000

Once again a cry goes out to save the ignorant. How big was the gun the mortgage companies held against these people’s heads that forced them to sign the 30-plus pages of documents at their closings which include acknowledgement of reading the Truth in Lending Act and a detailed description of the nature of the loan? How much crack do you have to smoke to think you can afford a $2500.00/month mortgage payment when you make $750.00/month? Most of these people shouldn’t have been looking to buy a house in the first place and should be happy they got to stay in one for as long as they did. It’s time to stop supporting stupidity and irresponsibility. If you want to help somebody, why not send checks to those of us who got a house and a loan they could afford and have been making payments on time since signing the papers. But why would we want to reward people for doing the right thing and exercising a sense of reason and responsibility in their personal lives?

Comment on Homeowners to Banks: We Want To Be Home for the Holidays Too by nikkicrez1

nikkicrez1 — Wed, 28 Nov 2007 18:29:08 +0000

I’m writing because I’m so SICK of all these people that are looking for handouts its really PATHETIC!First off my husband and I purchased our first home at the ages of 22 and 20,we had two kids age 4 and 2,and 2 dogs.My husband was the only one working I had a part time job to be able to raise my kids,we had about 550.00 coming in on a weekly basis we lived check to check.Well guess what our first home turned out to be the BIGGEST LEMON EVER! We had termite damage so bad that terminex wanted to come and actually teach class here,well they ended up taping the whole house to be able to show to students,it was so bad that our contractor wouldnt even get a permit because he thought they would condem our house,needless to say we couldnt live here we had to move into a 10/10 size room with a crib a toddler bed a futon because we couldnt fit our bed in the room one dresser and 1 closet between four people our dogs couldnt move in because they were not aloud we lived 20 miles away so that meant we had to drive to the house 3 times a day to feed and tend to our poor dogs atleast they had eachother but they wanted to be with us,.for a whole year. because we couldnt afford to pay for a 1300.00 a month mortgage and have to put out over 80,000.00 dollars worth of damageback together.so we sacrificed allot of everything we did not get any ANY HANDOUTS FROM NO ONE .we suffered sure but this is what we got ourselves into we had to fix it we knew a mortgage was a HUGE responsibilty thats why we talked to allot of people we trusted before we got into this mess it wasnt their fault it was actually the sellers and the agents from both sides that screwed us but we sucked it up and rebuilt we learned allot about home improvement because we had no choice but too! now when I see all this bull about they sold all the bad mortgages I can’t believe my eyes and ears I’m not saying its not sad for people who are losing the homes but my family our whole lives had huge sacrifices and still do when times were and are tough! but we DONT EVER… LOOK FOR HANDOUTS FROM ANYONE EVER! my husband worked and i mean worked 7 days a week so much so that he had to go for numerous surgeries already at the age of 35 from bone spurs all over bad back carpal tunnel you name it he has it and yet everyone is crying wolf like they made you take these loans out did they hold a gun to your heads NO! so did all these people think it was a JOKE to own a home because it most certainly isnt and if you didnt know what the hell you were getting into SEEK HELP FIRST! I’ve never seen a sorry bunch of AMERICANS in all my life! now you want the country to bail you out give me a break! when something goes wrong with the house you want that fixed too I’m sorry but these people dont deserve to own a home get off your lazy f-in a sses and get a second third fourth job you do what you gotta do to make it work get over it

Comment on Platform by elconquistador

elconquistador — Wed, 28 Nov 2007 18:15:07 +0000

To hell with personal responsibility, let’s all have McMansions!

Comment on About NTIC by nobailout

nobailout — Wed, 28 Nov 2007 18:02:26 +0000

I think your mission is noble, but I just saw a representative of yours on CNBC asking for wall street to give up bonuses? Huh? This devalues all the good works that you do.

I am all for more transparency in lending practices, but the borrowers need to understand they are accountable to what they signed up for in a contract. If there was fruad then sue the lender or broker. If there was ignorance on the borrower’s part then it is hard to have sympathy for that excuse as no one is going to bail me out if I do not live up to contractual obligations.

Comment on Countrywide to the world: Borrowers made them do it by mariahsf

mariahsf — Fri, 16 Nov 2007 00:09:37 +0000

Shame on youCountry Wide!!!! I just called them to lower my intrest rate, so I would not forclose, and they said they can’t lower it. I told the guy ” you mean to tell me, you rather have a forclosure than reducing from 7.5% to 6.5%? and he said no, than I say then why don’t you lower the intrest so I could make my payments, he went on with so much garbage, that I came to the conclusion, this companies are the ones that get you in trouble! To tell you, they even charge me $6.00 dlls just to make my payment online!!!!. So they don’t want to help anyone. I hope something or someone really can help.

Thanks,
Marie.

Comment on Cincinnati community groups call on lenders to stop foreclosure “tricks” by david1962

david1962 — Thu, 01 Nov 2007 18:09:08 +0000

Morgages are contracts - both parties must agree to the terms and conditions. Shame on Wells Fargo if they didn’t disclose the terms completely or accurately, BUT I suspect that they probably did as there are requirements and regulations on what must be disclosed in a mortgage. My mortgage documents actually listed the prospective payment amount after the initial introductory period in dollars and cents.

I really suspect the problem was “Homeowners To Be” were “Irrationally Optomistic” to borrow Greenspans phrase, and ignored the potentially higher payments. SHAME on them and SHAME You for advocating a Breech of Contract such as moratiria on ARM adjustments.

It hurts all of us when mortgage recipiants aren’t responsible for thier debts. If we want the access to loans, we have to be willing to repay them - Its that simple !