Fannie and Freddie Go After Jingle Mailers

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Great idea, but will this work over the long run?

Roulette-Edelgard of AL 6:38PM August 24, 2009

I was not in foreclosure, paid off my house, and the company sold my servicing rights after the payoff. Then, the new servicer added almost $10K to the balance saying I owed it to them. Six weeks later, they sent out a company to lock us out of our paid off house. Too many people in America think that people just aren't making payings or they shouldn't have agreed to interest-only loans. But these servicers (look up mortgage rip-off) set payments aside and make payments late. Then, they return payments to people saying it was short because of the late fee. As the fees mount, the people fall behind and with swiftness, these services steal the homes. Can you imagine people in their 70''s dealing with this? The attorney who assisted me told me I was very low on the priority list because of what I just described. I am so saddened to hear so many people putting others down and saying it's all their fault. Even after I sent in the cancelled check the servicer still wouldn't send me my refund back (overpayment wrongly charged prepayment penalty). I sent my payment express mail and provided the tracking information as well. I quoted my mortgage contract. I contacted HUD, FTC, and more. Then, they wrote and told me they did a short sale on my home that couldn't be undone. I called the police (and found out they lied). They still tried to keep the overpayment, etc. I can't imagine dealing with them and my home wasn't paid off. I can see people walking away and I fully understand why. One of my friends has proven in court that the mortgage servicer forged their signatures (hers and the spouse) to

Not Juding Others of GA 2:01PM July 02, 2008

Amazing how many people are just handing the keys back and saying "see ya" with no thought of the future. If you've got a 2nd, it can be big trouble. Lenders can and sometimes will come after you for it. My sister was ready to bail in the night and we talked some sense into her. She checked out and went with a company that set her up with an R.E. attorney www.walkawaysmart.com .... She's still upside down, but at least she dotted her I's and crossed her T's

mark of CA 3:53PM April 15, 2008

I enjoy hearing that there will be consequences for the individuals who made bad decisions. I am tired of bailouts. It seems that too often we teach (via "rescue efforts") that if you take a risk and it turns out bad, you will be saved as long as a lot of other people do it too or it causes of lot of harm. It's ridiculous. With the opportunity to flip a house and make a 50% profit, also lies the possibility of a collapsed market and an inevitable 50% loss. Sorry folks... it IS fair for you to be forced to accept the loss and/or bankruptcy and/or any other consequences that Fannie and Freddie dole out.

Ian of FL 3:11PM April 15, 2008